[Q1] AUD Study Group 2014 - Page 20

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  • January 13, 2014 at 2:44 pm #521261
    23K
    Participant

    Took exam yesterday – didnt seem too diffcult –

    MC's seem a little harder this time around and SIMs wasnt too bad –

    But it could have gone either way again this time around

    Good Luck with Audit everyone

    AUD--52,68,83, expired. Retake = 74 RETAKE - 7.24.26
    FAR--73,70,68,75
    BEC-- 79
    REG-- 68,62,75

    January 14, 2014 at 12:36 am #521214
    Jsingh23
    Member

    Hey guys quick question…in Becker on page 44 of chapter 1 it tells us we should modify the auditors opinion paragraph for inadequate disclosure. However, in WTB it says the auditors responsibility paragraph would not be modified. Just wanted to see what you guys thought.

    AUDIT-89
    BEC-83
    REG-78
    FAR- April 19

    January 14, 2014 at 12:36 am #521263
    Jsingh23
    Member

    Hey guys quick question…in Becker on page 44 of chapter 1 it tells us we should modify the auditors opinion paragraph for inadequate disclosure. However, in WTB it says the auditors responsibility paragraph would not be modified. Just wanted to see what you guys thought.

    AUDIT-89
    BEC-83
    REG-78
    FAR- April 19

    January 14, 2014 at 3:53 am #521216
    nika_cpa
    Member

    Auditor's responsibility and auditor's opinion are two different paragraphs. Auditor's opinion paragraph should be modified for inadequate disclosure. I hope this helps.

    Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

    AUD - PASSED!
    FAR - PASSED!
    REG - PASSED!
    BEC - PASSED!

    January 14, 2014 at 3:53 am #521265
    nika_cpa
    Member

    Auditor's responsibility and auditor's opinion are two different paragraphs. Auditor's opinion paragraph should be modified for inadequate disclosure. I hope this helps.

    Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

    AUD - PASSED!
    FAR - PASSED!
    REG - PASSED!
    BEC - PASSED!

    January 14, 2014 at 7:39 pm #521218
    jeff
    Keymaster

    NINJA Bridgette PASSED AUD 🙂

    https://www.another71.com/ninja-cpa-blogger-bridgette-4/

    January 14, 2014 at 7:39 pm #521267
    jeff
    Keymaster

    NINJA Bridgette PASSED AUD 🙂

    https://www.another71.com/ninja-cpa-blogger-bridgette-4/

    January 14, 2014 at 9:48 pm #521220
    maw428
    Member

    Question with a Wiley Test Bank question regarding evidence. Does not make sense…

    If the objective of a test of details is to detect overstatement of sales, the auditor should trace transactions from the

    a. Cash receipts journal to the sales journal.

    b. Sales journal to the cash receipts journal.

    c. Source documents to the accounting records.

    d. Accounting records to the source documents.

    Answer they give is D. with this explanation…

    This answer is correct because tracing from the accounting records to source documents tests for overstatements (the existence assertion). For example, an auditor might trace from the sales journal to support such as sales invoices, shipping documents and customers' orders.

    I think it should be letter C. I thought you trace from source docs to accounting records. Also, I thought the existence assertion has to do with vouching not tracing. I know vouching has to do with overstatements I thought. Makes no sense, please help. Thanks.

    January 14, 2014 at 9:48 pm #521269
    maw428
    Member

    Question with a Wiley Test Bank question regarding evidence. Does not make sense…

    If the objective of a test of details is to detect overstatement of sales, the auditor should trace transactions from the

    a. Cash receipts journal to the sales journal.

    b. Sales journal to the cash receipts journal.

    c. Source documents to the accounting records.

    d. Accounting records to the source documents.

    Answer they give is D. with this explanation…

    This answer is correct because tracing from the accounting records to source documents tests for overstatements (the existence assertion). For example, an auditor might trace from the sales journal to support such as sales invoices, shipping documents and customers' orders.

    I think it should be letter C. I thought you trace from source docs to accounting records. Also, I thought the existence assertion has to do with vouching not tracing. I know vouching has to do with overstatements I thought. Makes no sense, please help. Thanks.

    January 14, 2014 at 10:43 pm #521222
    G3
    Member

    I thought C as well

    Tracing -> Completeness -> understatement -> source to records

    Vouching -> Existance -> overstatement -> records to source

    Because:

    1) T and C are before V and E (thanks Jeff)

    2) A, E, I, O, and U (E and O is closer together)

    Sometimes, Mistakes are found in Wiley 🙁

    3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

    “It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

    January 14, 2014 at 10:43 pm #521271
    G3
    Member

    I thought C as well

    Tracing -> Completeness -> understatement -> source to records

    Vouching -> Existance -> overstatement -> records to source

    Because:

    1) T and C are before V and E (thanks Jeff)

    2) A, E, I, O, and U (E and O is closer together)

    Sometimes, Mistakes are found in Wiley 🙁

    3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

    “It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

    January 14, 2014 at 10:47 pm #521224
    G3
    Member

    Oops, meant to write D before my explanation.

    Sometimes on Wiley Vouching and Tracing are both referred to as “tracing”

    Wiley can give tricky explanations 🙁

    3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

    “It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

    January 14, 2014 at 10:47 pm #521273
    G3
    Member

    Oops, meant to write D before my explanation.

    Sometimes on Wiley Vouching and Tracing are both referred to as “tracing”

    Wiley can give tricky explanations 🙁

    3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

    “It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

    January 15, 2014 at 12:46 am #521226
    nika_cpa
    Member

    Overstatement will detect vouching (books down to source docs); tracing will detect understatement (source docs to books).

    Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

    AUD - PASSED!
    FAR - PASSED!
    REG - PASSED!
    BEC - PASSED!

    January 15, 2014 at 12:46 am #521275
    nika_cpa
    Member

    Overstatement will detect vouching (books down to source docs); tracing will detect understatement (source docs to books).

    Becker self-study, Wiley Test Bank and books, Becker final review. NINJA MCQ bank and NINJA notes for BEC only!

    AUD - PASSED!
    FAR - PASSED!
    REG - PASSED!
    BEC - PASSED!

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