[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

[Gabe]

Ok…so was it ever settled re: qualified opinion on IC? I just got this question:

Which of the following types of audit opinion(s) are appropriate when circumstances result in a scope limitation in relation to an audit of a public company’s internal control?

Qualified? YES

Adverse? NO

I thought there were no qualified opinions on IC…anyone have a page reference?

CPA, CFE
CISA- Experience will be completed by August 2016

[NYCaccountant]

Scope limitation could result in either a qualified opinion or disclaimer of opinion.

Material weakness results in adverse opinion.

I am using Wiley and this is how it's described on the section regarding providing an opinion on the operating effectiveness of internal control for public companies. Don't have an exact page number though, I read it on Saturday.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Gabe]

@NYC…ok what about this:

Which auditor actions are possible when that auditor incurs a scope limitation relating to a public company engagement on whether a previously reported material weakness continues to exist?

Disclaimer- YES

Qualified- NO

CPA, CFE
CISA- Experience will be completed by August 2016

[NYCaccountant]

It's states which actions are possible, correct? A disclaimer is possible, so yes. A qualified opinion is also possible, so I'm going to go with disclaimer because the fact pattern states qualified – no, when we know it's possible.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Gabe]

@NYC I should clarify…those were the “correct” answers. So WTB was saying a Disclaimer was appropriate but a qualified opinion was NOT.

CPA, CFE
CISA- Experience will be completed by August 2016

[NYCaccountant]

Ok, I did not get to the reporting chapter yet, so I looked up the difference of a qualified opinion, and it states that you give these out for when the engagement results in a limited scope, but the financials still present fairly. Looking at the question, there is no way to know if the financials still present fairly because of the material weakness and the fact the info is limited, so you giving a qualified report would be wrong in that sense.

The key is whether they present fairly, which they probably don't, which is why information is being restricted.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[klink24]

@gabequinn, thanks for the explanation! I'm still a little fuzzy though. When I think of securities I'm thinking stocks and bonds. I didn't think the buyer actually got the certificates given the speed at which people trade securities online. So what you're saying is the client has actual paper certificates for all of the securities they own?

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[Gabe]

@nc depends on the client…but I've seen it done.

CPA, CFE
CISA- Experience will be completed by August 2016

[ruggercpa2b]

Is anyone using WTB? I just did a simulation under audit sampling and I feel like the response is out of left field. This is not the first time I did a research question and the correct answer according to Wiley made no sense. I am getting frustrated. Might ditch them for practice SIMs and just stick to Ninja MCQs. The last thing I need is to study the incorrect responses.

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.

[Gabe]

I am using WTB and Ninja (since I finished Becker earlier than anticipated), what sim were you doing? I don't even bother with the research sims because on test day I'll actually be able to search the AL…

CPA, CFE
CISA- Experience will be completed by August 2016

[ruggercpa2b]

@gabequinn I think I am not going to bother with the research either because I was getting flustered with not being able to search the AL. I wasted at least an hour last night.

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.

[Gabe]

@rugger definitely not worth it. I see you take the exam the same day as me. How are you doing with review?

CPA, CFE
CISA- Experience will be completed by August 2016

[NYCaccountant]

@gabequinn How long have you been studying for Audit? I'm wondering if you're studying longer for Audit than FAR

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Gabe]

@NYC haha…started on tax day. I planned a bit of a cushion because I was supposed to be traveling for my job…then I got through the chapters pretty quickly. I thought about moving it up, but at this point it's about a week away so I'm going to hone my skills with the NINJA MCQs and focus on some trouble areas

CPA, CFE
CISA- Experience will be completed by August 2016

[ruggercpa2b]

My review is going well. I am trying to focus on some trouble areas. I am going to try and get through the Ninja questions by the weekend so I can focus on my weak areas. I am also thinking of rewriting the Ninja notes but my hands are on fire.

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.

[Author]

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