[jeff]

AUD Resources:

Free AUD Notes & Audio – https://www.another71.com/cpa-exam-study-plan

AUD 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

AUD Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Kenada]

Good Luck in your exam tomorrow Inferno!

FAR 05/27/14; 786/110 - Done !

[Kenada]

Good Luck in your exam tomorrow Inferno!

FAR 05/27/14; 786/110 - Done !

[Kenada]

Good Luck in your exam tomorrow Inferno!

FAR 05/27/14; 786/110 - Done !

[Amay]

How realistic is it to study for AUD in 3 weeks time, working full time?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

How realistic is it to study for AUD in 3 weeks time, working full time?

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Kenada]

Why would the answer be C and not B?

The primary source of information to be reported about litigation, claims, and assessments is the

A. Independent auditor.

B. Client’s legal counsel.

C. Client’s management.

Answer (C) is correct.

According to AU-C 501, “Management is responsible for adopting policies and procedures to identify, evaluate, and account for litigation, claims, and assessments as a basis for the preparation of financial statements in accordance with the requirements of the applicable financial reporting framework.” The auditor should discuss with management its policies and procedures for identifying and evaluating these matters.

D. Court records.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Why would the answer be C and not B?

The primary source of information to be reported about litigation, claims, and assessments is the

A. Independent auditor.

B. Client’s legal counsel.

C. Client’s management.

Answer (C) is correct.

According to AU-C 501, “Management is responsible for adopting policies and procedures to identify, evaluate, and account for litigation, claims, and assessments as a basis for the preparation of financial statements in accordance with the requirements of the applicable financial reporting framework.” The auditor should discuss with management its policies and procedures for identifying and evaluating these matters.

D. Court records.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Why would the answer be C and not B?

The primary source of information to be reported about litigation, claims, and assessments is the

A. Independent auditor.

B. Client’s legal counsel.

C. Client’s management.

Answer (C) is correct.

According to AU-C 501, “Management is responsible for adopting policies and procedures to identify, evaluate, and account for litigation, claims, and assessments as a basis for the preparation of financial statements in accordance with the requirements of the applicable financial reporting framework.” The auditor should discuss with management its policies and procedures for identifying and evaluating these matters.

D. Court records.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Why would the answer be C and not B?

The primary source of information to be reported about litigation, claims, and assessments is the

A. Independent auditor.

B. Client’s legal counsel.

C. Client’s management.

Answer (C) is correct.

According to AU-C 501, “Management is responsible for adopting policies and procedures to identify, evaluate, and account for litigation, claims, and assessments as a basis for the preparation of financial statements in accordance with the requirements of the applicable financial reporting framework.” The auditor should discuss with management its policies and procedures for identifying and evaluating these matters.

D. Court records.

FAR 05/27/14; 786/110 - Done !

[JRyan154]

Hey guys! Are control risk and the risk of assessing control risk too low different things? My understanding is that they are, but I'm confused as to why if there is a high risk of assessing control risk too low, you would lower your SS. Or are they actually saying that you have a higher ACCEPTED risk of assessing control risk too low? Then it would make sense…

AUD: 78
BEC: 81
FAR: 72 (TBD)
REG: TBD (2/14/14) <3

[JRyan154]

Hey guys! Are control risk and the risk of assessing control risk too low different things? My understanding is that they are, but I'm confused as to why if there is a high risk of assessing control risk too low, you would lower your SS. Or are they actually saying that you have a higher ACCEPTED risk of assessing control risk too low? Then it would make sense…

AUD: 78
BEC: 81
FAR: 72 (TBD)
REG: TBD (2/14/14) <3

[JRyan154]

@Yama1317

It will be difficult, but manageable The nice thing about AUD is that it's mainly concepts, so if you can grasp the concepts fairly quickly, it's not too difficult. That being said, I would make sure you try and devote all your lunch breaks to studying. Try and knock out one lecture per day, and just pound through MCQs the rest of the way. With 3 weeks, I think that's your best bet. .

AUD: 78
BEC: 81
FAR: 72 (TBD)
REG: TBD (2/14/14) <3

[JRyan154]

@Yama1317

It will be difficult, but manageable The nice thing about AUD is that it's mainly concepts, so if you can grasp the concepts fairly quickly, it's not too difficult. That being said, I would make sure you try and devote all your lunch breaks to studying. Try and knock out one lecture per day, and just pound through MCQs the rest of the way. With 3 weeks, I think that's your best bet. .

AUD: 78
BEC: 81
FAR: 72 (TBD)
REG: TBD (2/14/14) <3

[Kenada]

Control Risk – is one of the components used to assess what the RRM is. From the RMM can the auditor determine what their DR should be – to be at the acceptable Audit Risk he is willing to take.

Therefore –

If you assess Control Risk RMM as High you will – Set your Detection Risk Low and Increase Sub Test.

If you assess Control Risk RMM as low you will – Set your Detection Risk High and Decrease Sub Test. .

This my understanding.

FAR 05/27/14; 786/110 - Done !

[Kenada]

Control Risk – is one of the components used to assess what the RRM is. From the RMM can the auditor determine what their DR should be – to be at the acceptable Audit Risk he is willing to take.

Therefore –

If you assess Control Risk RMM as High you will – Set your Detection Risk Low and Increase Sub Test.

If you assess Control Risk RMM as low you will – Set your Detection Risk High and Decrease Sub Test. .

This my understanding.

FAR 05/27/14; 786/110 - Done !

[Author]

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