[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

[Quinacridone]

I hate financial ratios.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[sandcastle]

Hey Everyone,

I am retaking audit for the 2nd time in the beginning of the next testing window (failed with a 69 the first time after studying for almost 3 weeks and thinking that I passed), and have switched up my studying a bit. I came across differing answers from Roger's Cram and one of Becker's questions. So figured I would post it in here and see if anyone knew:

If a company does not issue a cash flow statement, what opinion is given? Also, are we supposed to assume that the company is public and following GAAP? Because this could also affect this answer.

Thanks!! Good luck to everyone in their studies!!

[Quinacridone]

Sandcastle, I'm not sure of the correct answer. My instinct tells me that this would be a departure from GAAP – thus a qualified opinion. What do Rogers and Beckers say it is?

If the question uses the term Cash Flow Statement, then I would lean towards an implicit correlation with GAAP, and likely an issuer.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[yourmomsaCPA]

All companies have to follow GAAP – issuer or not. I would mark qualified or adverse (the answer should have both options. You shouldn't have to choose between one or the other) since it's a GAAP departure.

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[Quinacridone]

YourmomsaCPA,

Careful – there are special purpose frameworks where auditors will have to go in and perform audits. These are the other comprehensive bases of accounting (OCBOA) and include frameworks such as cash basis, tax basis, and regulatory agency basis. None of these are GAAP and are required to use non-GAAP titles for their financial statements.

Then there is also IFRS which is not GAAP.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[yourmomsaCPA]

Wouldn't the question explicitly say it?

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[ruggercpa2b]

I have always been under the impression that if they dont specifically state it in the question then you assume that its an issuer.

Its sad to say but I know that question and have seen it and I have always answered it wrong. I do now know that the answer is that the report would be an Unmodified Report but I cannot remember the explanation behind the answer. (Talk about memorizing answers).

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[yourmomsaCPA]

Unmodified = nonissuer; unqualified = issure (I think)

Per 2014 Wiley Book #47:

“If a publicly held company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows, which of the following types of opinion is most likely to be appropriate?

a. Disclaimer

b. Qualified

c. review report with negative assurance

d. unmodified opinion with a separate emphasis-of-matter paragraph.

(b) is correct b/c omissions of required information, a departure from GAAP, leads to either a qualified or adverse opinion.”

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[Priscilla]

Just stopping by to say Hi to everyone!

I'm taking AUD in May and this is going to be x3 🙁

Good luck everyone!

Priscilla

AUD - Done
REG - Done
BEC - Done
FAR - August 2015

[Anonymous]

Doing A4 Sims…will this chapter ever finish???

Wanted to start A5 today

[LIZZ]

Hello Priscilla !

This is also my 3x with AUD over i think 10 years! I just need to get that 1st pass to get my butt in gear. Plus I need to stick with a study strategy long enough to finish the entire material.

FAR - 05/2015
AUD - 75,11/2014
REG - 07/2015
BEC - 09/2015

[Quinacridone]

ayafzal78, I started doing A5 lectures last night, and am just continuing to work on the remaining questions I have in A4 in my spare time. I only got through about 1/2 of the questions in the 147 additional questions last night and this morning before work. My plan is to push hard and get through both A5 and A6 lectures and MCQs before Sunday (not including Sims or any “additional” MCQs).

I feel like I'm doing reasonably well with A4 – averaging between 76 and 82% without using the book. I want to get that up to at least 85% before I leave A4 and move into the A5 MCQs. I REALLY wish I didn't have to work tomorrow and could sit at home and do nothing but MCQs.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[titoav15]

Thank you olio and ruggercpa2b, at least Im clear on that! Hope everyones studying is going well 🙂

BEC: 5/21/14 82! PASSED HALF WAY THERE!
FAR: 4/2/15 80! Almost there!
AUD: 69, 74, 4/3/14 81! PASSED
REG: TBD

[Anonymous]

starting A5 finally!

[titoav15]

Any thoughts on what would be a good section to take after AUD? was thinking BEC or REG?

BEC: 5/21/14 82! PASSED HALF WAY THERE!
FAR: 4/2/15 80! Almost there!
AUD: 69, 74, 4/3/14 81! PASSED
REG: TBD

[Author]

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