[Q1] AUD Study Group 2014 - Page 32

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  • February 18, 2014 at 10:42 pm #521442
    oblio
    Member

    zxiao, there are 1,112 mcq's, 24 sims and 17 research.

    February 18, 2014 at 11:44 pm #521395
    taxman89
    Participant

    I swear 95% of the audit M/c questions i miss , the correct answer is my second choice. I usually pick the right one and then rationalize my way to the second best answer….@#$@ you audit

    Aud-75 3x I knew i never liked you
    Bec-77 1x being in the bubble is stressful
    Reg-82 4x its not me its you...and no we cant be friends
    Far-78 1x easiest section

    February 18, 2014 at 11:44 pm #521444
    taxman89
    Participant

    I swear 95% of the audit M/c questions i miss , the correct answer is my second choice. I usually pick the right one and then rationalize my way to the second best answer….@#$@ you audit

    Aud-75 3x I knew i never liked you
    Bec-77 1x being in the bubble is stressful
    Reg-82 4x its not me its you...and no we cant be friends
    Far-78 1x easiest section

    February 19, 2014 at 2:18 am #521397
    Roseanne87
    Participant

    Ugh I do the same thing Taxman! I better get this straight since my test is next Friday!

    Audit- 2/28/2014 UGH 73--8/2/2014 85!!!!

    February 19, 2014 at 2:18 am #521446
    Roseanne87
    Participant

    Ugh I do the same thing Taxman! I better get this straight since my test is next Friday!

    Audit- 2/28/2014 UGH 73--8/2/2014 85!!!!

    February 19, 2014 at 2:49 am #521399
    MassCPA2014
    Member

    My notes are kind of mixed up all over the place, could anyone clarify for me what situations you need to report on the operating effectiveness of internal control, when you just need to evaluate internal control, and if reviews and compilations are the only time you don't need to worry about internal control?

    And then when do reports need to be restricted and when do they not?

    FAR: 86
    AUD: 88
    REG: 85
    BEC: 84
    DONE!

    February 19, 2014 at 2:49 am #521448
    MassCPA2014
    Member

    My notes are kind of mixed up all over the place, could anyone clarify for me what situations you need to report on the operating effectiveness of internal control, when you just need to evaluate internal control, and if reviews and compilations are the only time you don't need to worry about internal control?

    And then when do reports need to be restricted and when do they not?

    FAR: 86
    AUD: 88
    REG: 85
    BEC: 84
    DONE!

    February 19, 2014 at 8:01 pm #521401
    zxiao
    Member

    @oblio Thank you.

    I'm just not sure if I need WTB or not. In the last 8.5 days, should I just focused on my review material then? I need to have faith in Becker.

    @MassCPA2014 When a CPA is doing integrated audits for issuers or doing examination of internal control for nonissuers, report on effectiveness of internal control is required. If one only conduct a financial audit for a nonissuer, report on effectiveness of international control is not required.

    When a CPA performs a compilation on financial statement in accordance with SSARS, restricted use is not required. The restriction only used when the FS is not expected to be used by third parties and it's on engagement letter not a report. No need to understand internal control because no assurance is provided.

    When a CPA performs a review on FS in accordance with SSARS for a nonissuer, no need to understand internal control. However, an understanding of the client's internal control is needed when one performs a review on FS for a issuer. No requirement on review report to restricted its use.

    If I made a mistake, please let me know.

    Hope this helps.

    I Can Do This!!!!!

    BEC: 89
    AUD: 99
    REG: 93
    FAR: 8/2/2014

    February 19, 2014 at 8:01 pm #521450
    zxiao
    Member

    @oblio Thank you.

    I'm just not sure if I need WTB or not. In the last 8.5 days, should I just focused on my review material then? I need to have faith in Becker.

    @MassCPA2014 When a CPA is doing integrated audits for issuers or doing examination of internal control for nonissuers, report on effectiveness of internal control is required. If one only conduct a financial audit for a nonissuer, report on effectiveness of international control is not required.

    When a CPA performs a compilation on financial statement in accordance with SSARS, restricted use is not required. The restriction only used when the FS is not expected to be used by third parties and it's on engagement letter not a report. No need to understand internal control because no assurance is provided.

    When a CPA performs a review on FS in accordance with SSARS for a nonissuer, no need to understand internal control. However, an understanding of the client's internal control is needed when one performs a review on FS for a issuer. No requirement on review report to restricted its use.

    If I made a mistake, please let me know.

    Hope this helps.

    I Can Do This!!!!!

    BEC: 89
    AUD: 99
    REG: 93
    FAR: 8/2/2014

    February 19, 2014 at 8:38 pm #521403
    jeff
    Keymaster

    Hail Mary on AUD?

    https://www.another71.com/ninja-cpa-blogger-ben-35/

    February 19, 2014 at 8:38 pm #521452
    jeff
    Keymaster

    Hail Mary on AUD?

    https://www.another71.com/ninja-cpa-blogger-ben-35/

    February 19, 2014 at 10:38 pm #521405
    taxman89
    Participant

    WHy are there JE sims in Aud? i dont have any Aud exp but if something needed to be adjusted wouldnt the CPA just tell the client to make the adjustment

    Aud-75 3x I knew i never liked you
    Bec-77 1x being in the bubble is stressful
    Reg-82 4x its not me its you...and no we cant be friends
    Far-78 1x easiest section

    February 19, 2014 at 10:38 pm #521454
    taxman89
    Participant

    WHy are there JE sims in Aud? i dont have any Aud exp but if something needed to be adjusted wouldnt the CPA just tell the client to make the adjustment

    Aud-75 3x I knew i never liked you
    Bec-77 1x being in the bubble is stressful
    Reg-82 4x its not me its you...and no we cant be friends
    Far-78 1x easiest section

    February 20, 2014 at 2:47 am #521407
    Hunnsterr
    Member

    Is it safe to use the Wiley AUD 2013 book for the first half of 2014 exams?

    I couldn't find the post where Jeff mentioned all the changes in 2014 that we are required to know.

    I realize that there have been a few changes in terminologies. Could someone please elaborate on chapters/section which have changed from 2013.

    BEC - 88
    REG - 72, 78
    FAR - 75
    AUD - 64, 64, 3rd attempt!!!

    "A day of worry is more exhausting than a day of work" - John Lubbock

    February 20, 2014 at 2:47 am #521456
    Hunnsterr
    Member

    Is it safe to use the Wiley AUD 2013 book for the first half of 2014 exams?

    I couldn't find the post where Jeff mentioned all the changes in 2014 that we are required to know.

    I realize that there have been a few changes in terminologies. Could someone please elaborate on chapters/section which have changed from 2013.

    BEC - 88
    REG - 72, 78
    FAR - 75
    AUD - 64, 64, 3rd attempt!!!

    "A day of worry is more exhausting than a day of work" - John Lubbock

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