[NeedsA75]

For those of you studying for AUD, I thought we could have a thread where we asked each other questions that we are unsure of…I saw a similar thread for BEC and it really helped me in certain areas..

It goes like this: answer the most recent question in the thread, and then ask a question of your own. It doesn’t have to be a question right out of the study material, but can be more of a general question..

I’ll go first:

Q. How long does an auditor have to retain their working papers after the completion of an audit for issuers and non-issuers?

[NeedsA75]

Did you guys learn tick marks? I'm using my friend's Becker book and it has a note to ignore that crap so I haven't bothered with it

[Anonymous]

I would know them. People have gotten sims on them.

[Spartans92]

@moose, internal control is only for audits of ISSUER! Those are required. We do not issue an opinion on them but we do need to look at them and see if they are operating as designed to attest to management's assertions. While, for non-issuers no internal control testing is required but could do a separate engagement to review/examine it. That is under SSAE an attestation engagement in that case.

Govt audit is under the single audit act for companies expending 750k or more. Theres also the Circular OMB A1-333 or some crap like that?? I forgot exactly what that is for lol. It may be the same thing just different names etc.

BEC- PASS

[mooseonloose]

Spartan, I am so confuse regarding it because I see a becker question mentioning giving adverse opinion to internal control in integrated finical report.

[mooseonloose]

I thought this was pretty helpful:

The representation letter typically includes information in four categories: financial statements; completeness; recognition, measurement, and disclosure; and subsequent events. The communication of significant deficiencies in internal control does not fall within these categories.

[NeedsA75]

When are you allowed to reference the service auditor in your report?

[Spartans92]

Generally u don't need to. They do not examine F/S. I dislike referencing service auditor, specialist, component etc. Too much stuff to even remember lol

BEC- PASS

[mooseonloose]

you reference them when you modify you report because of their findings.

[NeedsA75]

That's what I thought. Is there ever a time you do reference one of them other than when you don't want to take responsibility for the component auditor's work?

[mooseonloose]

I don't believe so.

[Spartans92]

@moose, what u said is for specialist. @NEeds, I can give u a brief summary later after work

BEC- PASS

[mooseonloose]

We don't mention the component auditor when We take responsibility of the work. If we don't trust them, that's when we mention them.

Can you please explain the difference between specialist, service auditor, component auditor, actuary?

[NeedsA75]

Hey guys, if you are reporting on a special purpose framework and the client uses GAAP titles for their financials (instead of Non-GAAP titles) don't you have to issue a qualified or adverse opinion?

I thought I read that somewhere and now I can't find it in the Becker text

[NeedsA75]

Also, are management rep letters required for attest engagements? I want to say yes but I can't find where it says that in my text..

[Author]

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