[MCLKT]

Hi all of my Auditing class of 2013 Ninjas!

Is there a study group topic for Jan/Feb 2013 yet?

If not, can we start one?

I have scheduled my exam for 1/11. This is my second try (73 in Aug. 2012). Tonight I am going to take a mini practice exam to see what I remember and get and idea of my weak spots. And tomorrow I begin re-watching Yaeger vidoes. The entire timeline is to work book questions as I go through each module. Wrapping up the last video by Dec 14. And will do nothing but review, review, review until 1/10. Oh, and take my holiday vacation at the end of December, yikes!

What review material are you using? When is your exam? What topics have you covered? Any tips yet?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[whatamidoing]

Re: restriction of audit reports, don't forget that reports of SD/MW identified during audits of financial statements of non-issuers are restricted too.

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[GreenMonkey]

Thanks @badger, that was a good explanation.

REG- 91
AUD- 97
BEC- 91
FAR- May

[wendywhite]

audit sampling, standard deviation, etc… kill me now.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[wendywhite]

badger – without seeing the whole question – the basic question that comes to my mind when looking at those dollars and dates is how was it possible for the bank to receive funds in the period before it was disbursed according to the client's records. While it may or may not be kiting – it would indicate something wrong – potentially kiting.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[wendywhite]

james b: subsequent events –

Authoritative Literature on this is: AU560 & AU561.

Type 1 Event: Keep the end of the fieldwork date for the date of the auditors report

Type 2 Event: Dual Date the report & add a paragraph to the report about the new unaudited note in the fin stmts (if there is one)

Type 1 events: Existed on or before the Balance Sheet date – but were not discovered until later. Prime example – a company that has a significant AR balance with your client files bankruptcy in a short period after the BS date. This indicates that the problem they had did exist as of the BS Date of your client and the AR should be adjusted. There would not necessarily be a note added to the fin stmts. Use the date of the end of the field work.

Type 2 events: Occur after the BS date – do not require the financials to be adjusted but MAY require the addition of a new financial statement note disclosure. Example would be a natural disaster causing significant financial loss to your client weeks after the BS date. The date of the auditor's report would be dual dated (unless they choose to accept responsibility through the subsequent event date) and the auditor would add an explanatory paragraph to the report about the note. The note the company prepares should be separate & marked “unaudited”.

This is from my notecards – but I would recommend reviewing AU 560 & 561. Wiley Auditing book had a good section on this and said it subsequent event & report dating is usually tested.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[mypetmeatball]

AUD may be the “easiest” section for many people, but I am yet to see a lecture/MCQ section shittier than the “Audit Procedures by Transaction Cycle”

[Anonymous]

@GreenMonkey, no problem, glad you found it useful.

@wendywhite- you're right in that its not 100% sure its kiting (I remember seeing that particular homework question before and the answer was it was kiting)- but its suspicious because we have this transfer at year end, and the company waits to recognize it in the books until after the balance sheet date.

How's everyone doing with government auditing? I'm getting some things a little mixed up. Does anyone know if we ever actually have to issue a full-fledged opinion on Internal Control under GGAS (or for that matter, OMB Circular A-133)? I know we have expanded reporting requirements for explaining scope/understanding of internal control, but do we need to express any kind of opinion/assurance?

[wendywhite]

badger – I'm reading gagas right now online – it's just over 100 pages – my material is 2011 so I wanted to read gagas in full since my material seems super light on it.

My issue is the audit sampling section – i know the calculations are lightly tested but I hate knowing i have something that i will most likely miss before I even get to the exam – maybe I'll find some clarity over the next week on it.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[Anonymous]

Got it- good luck and that's impressive you're reading it through!

Also, right after I posted that question I think I found my answer- I just had 5 MCQs in a row where the answer was something along the lines of “we should express no opinion on I/C”. Ask and ye shall receive.

[wendywhite]

https://www.gao.gov/govaud/iv2011gagas.pdf

scroll to page 70 for the info straight from GAGAS on reporting on internal control if you still have questions.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[mypetmeatball]

I cannot get over how hard these MCQs are. How do people do so well on this exam?!?!?!?!

[GreenMonkey]

I've found them relatively easy (compared to the nightmare that was REG) with one major exception: Audit Transactions by Cycle. 106 questions of torture. Managing to get 68% of them correct the first time without throwing my computer out the window was a victory in my mind.

REG- 91
AUD- 97
BEC- 91
FAR- May

[mypetmeatball]

lol, that's precisely the area I'm talking about. Just finished that monster. I got 75% right but I have no idea how, every question seemed to involve some sort of guessing. I thought REG was much more straightforward in comparison.

[Anonymous]

I can draw one up, but does anyone have a link to a good decision tree of the various audit reports?

[whatamidoing]

Those MCQs from A-4 were terrible…the optional questions were even worse. I had to keep doing like 10-15 at a time because there was no way I could get through them any other way.

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[Author]

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