[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

[slcarrillo1]

Due to poor planning I have run out of time on Becker. Any suggestions on how to proceed without spending a lot of money again ?

[jeff]

Auditing Changes Summary:

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

[TAJCPA]

AUD Retake _ July 5th! NO JOKE! NO LIFE UNTIL I have pass! I am getting really upset with the CPA exam

GOOD luck everyone! We will do this!! CPA2013!!

[23K]

I'm using Wiley Test Bank and was wondering if I'm using it effectively.

So for example if “Reports” has 250 questions – but they only allow you to do 200 in pratice mode.

Once I finish the 200 do I go back and do the other 50 ?

How does this ensure I get the new 50 questions that I havent done

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

[10keyLeah]

23k, there's a drop down box where you can select to do questions that you haven't seen yet. So, if you select just ‘reports' after you've completed 200 MCQ's, then select ‘reports' again, but then choose to do questions you haven't seen yet from the drop down. That should limit you to the 50 you haven't seen.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[Anonymous]

Quick question regarding the Clarified Standards.

Under the old standards you could place your explanatory paragraph before the opinion paragraph for an adequate departure from GAAP and for an emphasis of matter. Under the new standards does the Emphasis of Matter paragraph ALWAYS go after the opinion?

[Anonymous]

Goal today is to finish up module 5 – Reporting. Good luck guys!

[Anonymous]

DC – I think the Emphasis of Matter paragraph would always go after the opinion for an Unmodified opinion

[10keyLeah]

I agree with biorenb… with clarified standards the emphasis of matter and other matter paragraphs always come after the opinion paragraph.

Also noteworthy is that if there is a qualified, adverse, or disclaimer report, then the basis for the opinion paragraph goes right before the opinion paragraph.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[m1kal]

is it possible to pass AUD with no previous audit class taken? I'm taking it 7/9

REG - 76
BEC - 76
AUD - 93
FAR - 71, 68,69, 70, retake 7/19/16

[GodsSport]

I'm a little confused on audit engagement letters. I understand the agreement contents. But I'd appreciate any clarification on whether audit engagement agreements must be in writing, or should be in writing.

Jeff's notes on engagement planning state that the engagement agreement MUST be in writing (p. 18). The CAS say the agreement SHOULD be in writing (link below, see paragraphs 9 and 10). To me, Wiley material suggests that while the understanding between auditor and client must be reached, and should be written, the written document is not required.

https://www.aicpa.org/research/standards/auditattest/downloadabledocuments/au-c-00210.pdf

Thanks everyone, and happy studying

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[GodsSport]

For folks discussing the new reporting format under clarified auditing standards, here's how I'm remembering the new paragraphs. Please let me know if you find these inaccurate

For the report formats under SAS, I'm still using Jeff's terminology

Unqualified – TAISO

Unqualified w/ Emphasis – TAISO-E

Qual/Adverse/Disc – TAISEO

For the new CAS, I'm using these acronyms:

Unmodified – IMAO (“In My Audit Opinion”)

Unmodified w/ Emphasis-of-matter or Other matter – IMAO E/O

Modified (Qual/Adverse/Disc) – IMABO (“In My Audit Bad Opinion?) to me, the logic behind this paragraph order is that you're providing context for bad news, then you tell them the bad news

Hope this is helpful.

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[Newbe654]

@Gsport

I'm using Wiley and Becker, I also read the Wiley that the documentation should be written. Becker 2013 (July edition) states that “the auditor SHOULD agree to the terms of the engagement with management or those charged with governance, as appropriate. This agreement SHOULD be documented in an engagement letter or other suitable form of written agreement.” Becker also states that SHOULD means but i cant find it in my book right now :/ I know it's not MUST though. I'm not quite sure if I should be quoting review books either…

[10keyLeah]

@Godsport – I just did a MCQ on this in Wiley, and it says that communication should be in writing. The understanding should be documented in written communication, but the use of an engagement letter is not required (although frequently used).

So, my understanding of that would be that written documentation is required, but not necessarily in the form of an ‘engagement letter'.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[GodsSport]

10key, Yes, I think you clarified that! Audit engagement agreement must be in writing, but not necessarily in form of engagement letter. Though the engagement letter is encouraged. This complements the exam CSO, which I just read. It states “Establish an understanding… through an engagement letter or other written communication”

Thanks!

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[Author]

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