[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. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

So just to make it clear…if one or more F/S are omitted its a qualified opinion…?

However, if beg or ending inventory bal. cannot be determined disclaimer of opinion on I/S but unmodified on B/S? In this case, would it not be a piecemeal opinion, which is not allowed?

[scarletknight91]

ayafzal78, maybe the explanations for this question will explain it better –

Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, Year 3. Park obtained sufficient audit evidence for all of Tech's financial statement items except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, Year 3, inventory balances. Park's opinion on Tech's Year 3 financial statements most likely will be:

a. Disclaimer B/S, Disclaimer I/S

b. Unmodified B/S, Adverse I/S

c. Disclaimer B/S, Adverse I/S

d. Unmodified B/S, Disclaimer I/S

Explanation

Choice “d” is correct. When the auditor is unable to satisfy himself or herself regarding the amount of beginning inventory, he or she must disclaim an opinion on the income statement because of the inability to verify the cost of goods sold during the year. The auditor may, however, still be able to issue an unmodified opinion on the balance sheet, since inventory can be verified as of the balance sheet date

By the way, piecemeal opinions relate to when youre auditing both single financial statement or element along with the entire financial statements. For instance, you cannot issue an unmodified opinion on the Accounts Receivable balance if you have disclaimed an opinion on the overall financial statements since this contradicts. Of course there are is an exception.. look at page A2-13 for more info. hope this helps! Im trying to remember statistics that I learned 6 years ago in high school… ugh

FAR: PASSED
REG: PASSED
AUD: PASSED
BEC: PASSED

DONE

[Anonymous]

Thanks Scarletknight!! It def helps

I am so upset and scared right now!! Getting 70% in A1 MCQs..I had to go back and review almost all of the material in that chapter!!

[Quinacridone]

Ayafzel, DON'T GET DISCOURAGED. Get efficient. Finding your weak areas NOW as opposed to on the test is a good thing. As you know, I copy and paste the questions I get wrong into a table (question in one column, solution in the next). All of my A1 are listed together, A2, A3, etc. I go through these questions on a daily basis (not the whole table, but sections). At the top of the table, I also put comparisons – i.e. for A2, I had a brief table comparing the requirements for a financial forecast vs. a financial projection. Writing out the differences or key points in my words really makes a huge difference in my ability to capture the concept and memorize the key points well enough to pass the tests. I did this for all my ratios too and then suddenly they started clicking for me (remember how I struggled with those dang things when I first hit A4).

I know I tend to be overkill on my studies, but my goal is to pass all of the tests in less than 6 months. Discouragement of any kind is going to hurt you – remember just to realize that any weak areas mean you just need to focus in that direction for a few more hours.

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!!)

[scarletknight91]

ayafzal78, i used to get mid 60s for far and i got a very high score so i wouldnt freak out

FAR: PASSED
REG: PASSED
AUD: PASSED
BEC: PASSED

DONE

[Anonymous]

Took a progress test last night for all chapters and scored 71 % in 2 chapters, A4 and A6. It seems like I am forgetting everything I thought I had learnt.

I don't know how to study effectively…I am will do all the MCQS again at least one more time.

[Anonymous]

I made a 72, and then a 73 on Audit.

I'm taking it 05/03.

We get the rest of the week off after the 15th. I've used Becker, and plan on putting in at least fifty hours the rest of that week, plus several hours every work day, and ten or so a day the last weekend.

My question is, do you all think I need to buy the ninja 10 point?

I've only got AUD and FAR (05/27) left.

Any advice greatly appreciated.

[Julia_anika]

Guys, please help!!!

CPA excel SIMS explanation says that:

Days' Sales in Accounts Receivable is:

Accounts Receivable / Credit Sales per day

Credit Sales per day = Total Credit Sales / 365 days

I've always thought is should be 365/AR TO

I'm lost and confused.

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[seattleacct]

This may be a stupid question, but… is a “modified” report basically just a qualified report, never an adverse opinion or disclaimer of opinion? Or are adverse opinion and disclaimer of opinion reports also considered “modified” reports? I know they're not unmodified reports, so I guess I've considered them as modified reports.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[Julia_anika]

To my understanding there are 3 types of modified=qualified reports:

Qualified

Adverse

Disclaimer

NYC, NY
FAR - 82 Jan 2014
AUD - 86 Apr 2014
BEC - 77 Aug 2014
REG - 79 Nov 2014

[seattleacct]

Great thanks! I've come across a few questions, including one on the AICPA sample test, that led me to question that.

And to answer your question, I think that's just another way to calculate the question. I think both ways will get to the same answer. I've always used 365 / AR TO as well.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[Anonymous]

It is 365/AR TO..

And seatleacct..as Julia pointed out there are 3 types of modified opinions: qualified, adverse and disclaimer

I moved my exam to the 18. Feel a lil better now that I have 4 more days. But panic sets in every few hours..esp when I get the MCQs wrong.

[smsingla]

Might be a stupid question, but its been bugging me for a long time. Why would a client want the predecessor auditor to reissue the prior-period report on financial statements?

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Anonymous]

hm good question…no idea

[funtiks]

this is fcking annoying….i spent 2 weeks studying A3, did all homework questions twice and I'm scoring 57-60 on progress for A3…WTF?????

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Author]

Replies