AUD Study Group April May 2017 - Page 20

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  • May 3, 2017 at 8:59 pm #1550071
    Sonia
    Participant

    …

    May 4, 2017 at 1:54 pm #1550457
    Anonymous
    Inactive

    Anyone else wanting to form a study group in the dallas area?



    @sonia     I emailed you!

    May 4, 2017 at 9:52 pm #1550691
    Teal
    Participant

    Can anyone help me understand this? I got it right, but mainly through process of elimination. Is this literally just because a “clerk” would be doing the issuing and a manager doing the approving? Is that pretty much how the rule goes? Thanks for any help!

    Which of the following describes a weakness in accounts payable procedures?

    A.
    The accounts payable clerk files invoices and supporting documentation after payment.

    B.
    The accounts payable clerk manually verifies arithmetic on the vendor invoice.

    C.
    The accounts payable system compares the receiving report to the vendor invoice.

    Correct D.
    The accounts payable manager issues purchase orders.

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    May 4, 2017 at 11:18 pm #1550736
    Smith
    Participant

    @kenneth kang What did you used to study? Were the sims that bad? I'm retaking it the 24th.

    May 5, 2017 at 10:42 am #1550845
    Anthony
    Participant

    @Teal Know the flow chart of how things work in the cycle. AP manager would never issue a purchase order, it should be issued by the departments who need the goods. Not to mention, by giving the AP manager the power of issuing and and authorizing powers, it would be a conflict of responsibility.

    May 5, 2017 at 11:24 am #1550856
    Teal
    Participant

    thanks @Anthony I don't think the book I read had the flowchart, I will look it up!! Thanks again

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    May 5, 2017 at 4:43 pm #1551061
    KrishnaCPA2017
    Participant

    Just started to read Auditing ..lets see..

    May 6, 2017 at 1:48 am #1551214
    IwannabeaCPA2017
    Participant

    Wow my studying has been terrible and exam date is coming up in 2 weeks with 3 more chapters to go through. This whole new becker style is so time consuming which sucks.

    on top of that the new score release just messing up my plan date to be done.. Im just worried won't be able to pass this and need a retake in OCT. My BEC def needs to be retake in DEC if that ever happens. Pray for the best. Rather have the 18 month extended to 24 months instead of the end of year as if that stupid 2 months would do anything if I'm already waiting on scores.. Cant even retake yet.

    How are you guys dealing with the score delay?

    May 6, 2017 at 6:57 pm #1551411
    mardybum13
    Participant

    A misstatement is currently immaterial but will have a material effect on the financial statements in the future. Based on just this info, which would you pick?

    a) The misstatement is material
    b) The misstatement is immaterial
    c) Cannot be determined based on the given information

    May 6, 2017 at 11:09 pm #1551496
    jdahl
    Participant

    @mardybum13 I think because it is immaterial in the current period, you would still issue an unqualified opinion as the F/S are still fairly presented. So B)

    May 7, 2017 at 4:45 am #1551522
    mardybum13
    Participant

    Its the wording of questions like this and the option of choice C that confuses me. Because the possible future materiality is one of the things the auditor is supposed to consider in determining present materiality.

    May 7, 2017 at 7:20 am #1551529
    KrishnaCPA2017
    Participant

    i think so. thanks

    May 7, 2017 at 7:21 am #1551532
    KrishnaCPA2017
    Participant

    hi did u attain Aud? I am also in NY. Let's share the ideas.

    May 7, 2017 at 12:33 pm #1551582
    studysled
    Participant

    Are there definitely 8 Sims in the new format? I know they finalized the format recently, but wasn't sure if they reduced to 7.

    My understanding of the format is:

    Testlet 1: 36 MCQ
    Testlet 2: 36 MCQ
    Testlet 3: 2 Sims
    Optional 15 min break where clock doesn't run
    Testlet 4: 3 Sims
    Testlet 5: 3 Sims

    Is this correct?

    May 7, 2017 at 12:35 pm #1551585
    Anthony
    Participant

    @studysled Correct, 8 total sim.

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