[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

[jeff]

Free BLITZ: Audit Sampling

https://www.another71.com/ninja-blitz/

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

[jeff]

Free BLITZ: Audit Sampling

https://www.another71.com/ninja-blitz/

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

[Thomas_]

Is anyone experiencing issues with AUD research SIMs in the Wiley Online test bank?

Either I have no clue what I'm doing, or there is a problem with the software.

I had no issues with FAR or REG on this.

For example: “Research the professional standards for significant findings or issues from an audit that should be communicated by the auditor to those charged with governance. You need only present those requirements themselves, and not the application or other explanatory material.”

The answer I found in the Wiley AL AU 380.34

Significant Findings From the Audit .34 The auditor should communicate with those charged with governance the following matters:

The auditor's views about qualitative aspects of the entity's significant accounting practices, including accounting policies, accounting estimates, and financial statement disclosures (see paragraphs .37 and .38).

Significant difficulties, if any, encountered during the audit (see paragraph .39).

Uncorrected misstatements, other than those the auditor believes are trivial, if any (see paragraphs .40 and .41).

Disagreements with management, if any, (see paragraph .42).

Other findings or issues, if any, arising from the audit that are, in the auditor's professional judgment, significant and relevant to those charged with governance regarding their oversight of the financial reporting process.

HOWEVER, the correct answer per Wiley is AU 260.12-14 WHICH is NOT even available to search in the AL.. What the heck???

This is just one example, but there are several.

Any assistance would be greatly appreciated!

-Thomas

FAR - 85 (4/12/13)
REG - 85 (7/18/2013)
AUD - 89 (10/7/2013)
BEC - 84 (11/27/2013)
Done!!!!!!

DO your best, and Forget the rest. - Tony Horton

[Thomas_]

Is anyone experiencing issues with AUD research SIMs in the Wiley Online test bank?

Either I have no clue what I'm doing, or there is a problem with the software.

I had no issues with FAR or REG on this.

For example: “Research the professional standards for significant findings or issues from an audit that should be communicated by the auditor to those charged with governance. You need only present those requirements themselves, and not the application or other explanatory material.”

The answer I found in the Wiley AL AU 380.34

Significant Findings From the Audit .34 The auditor should communicate with those charged with governance the following matters:

The auditor's views about qualitative aspects of the entity's significant accounting practices, including accounting policies, accounting estimates, and financial statement disclosures (see paragraphs .37 and .38).

Significant difficulties, if any, encountered during the audit (see paragraph .39).

Uncorrected misstatements, other than those the auditor believes are trivial, if any (see paragraphs .40 and .41).

Disagreements with management, if any, (see paragraph .42).

Other findings or issues, if any, arising from the audit that are, in the auditor's professional judgment, significant and relevant to those charged with governance regarding their oversight of the financial reporting process.

HOWEVER, the correct answer per Wiley is AU 260.12-14 WHICH is NOT even available to search in the AL.. What the heck???

This is just one example, but there are several.

Any assistance would be greatly appreciated!

-Thomas

FAR - 85 (4/12/13)
REG - 85 (7/18/2013)
AUD - 89 (10/7/2013)
BEC - 84 (11/27/2013)
Done!!!!!!

DO your best, and Forget the rest. - Tony Horton

[Thomas_]

Is anyone experiencing issues with AUD research SIMs in the Wiley Online test bank?

Either I have no clue what I'm doing, or there is a problem with the software.

I had no issues with FAR or REG on this.

For example: “Research the professional standards for significant findings or issues from an audit that should be communicated by the auditor to those charged with governance. You need only present those requirements themselves, and not the application or other explanatory material.”

The answer I found in the Wiley AL AU 380.34

Significant Findings From the Audit .34 The auditor should communicate with those charged with governance the following matters:

The auditor's views about qualitative aspects of the entity's significant accounting practices, including accounting policies, accounting estimates, and financial statement disclosures (see paragraphs .37 and .38).

Significant difficulties, if any, encountered during the audit (see paragraph .39).

Uncorrected misstatements, other than those the auditor believes are trivial, if any (see paragraphs .40 and .41).

Disagreements with management, if any, (see paragraph .42).

Other findings or issues, if any, arising from the audit that are, in the auditor's professional judgment, significant and relevant to those charged with governance regarding their oversight of the financial reporting process.

HOWEVER, the correct answer per Wiley is AU 260.12-14 WHICH is NOT even available to search in the AL.. What the heck???

This is just one example, but there are several.

Any assistance would be greatly appreciated!

-Thomas

FAR - 85 (4/12/13)
REG - 85 (7/18/2013)
AUD - 89 (10/7/2013)
BEC - 84 (11/27/2013)
Done!!!!!!

DO your best, and Forget the rest. - Tony Horton

[Thomas_]

Is anyone experiencing issues with AUD research SIMs in the Wiley Online test bank?

Either I have no clue what I'm doing, or there is a problem with the software.

I had no issues with FAR or REG on this.

For example: “Research the professional standards for significant findings or issues from an audit that should be communicated by the auditor to those charged with governance. You need only present those requirements themselves, and not the application or other explanatory material.”

The answer I found in the Wiley AL AU 380.34

Significant Findings From the Audit .34 The auditor should communicate with those charged with governance the following matters:

The auditor's views about qualitative aspects of the entity's significant accounting practices, including accounting policies, accounting estimates, and financial statement disclosures (see paragraphs .37 and .38).

Significant difficulties, if any, encountered during the audit (see paragraph .39).

Uncorrected misstatements, other than those the auditor believes are trivial, if any (see paragraphs .40 and .41).

Disagreements with management, if any, (see paragraph .42).

Other findings or issues, if any, arising from the audit that are, in the auditor's professional judgment, significant and relevant to those charged with governance regarding their oversight of the financial reporting process.

HOWEVER, the correct answer per Wiley is AU 260.12-14 WHICH is NOT even available to search in the AL.. What the heck???

This is just one example, but there are several.

Any assistance would be greatly appreciated!

-Thomas

FAR - 85 (4/12/13)
REG - 85 (7/18/2013)
AUD - 89 (10/7/2013)
BEC - 84 (11/27/2013)
Done!!!!!!

DO your best, and Forget the rest. - Tony Horton

[MarquetteMadman]

Audit question here. Looking at Becker sim #4 from chapter 1. It's a check box choosing appropriate opinions and report modifications. The question explains a company that is going through litigation, and discloses it properly despite a reasonable estimate cannot be formed regarding an amount. The answer is Unmodified and issue the report without modification.

In the literature under AU-C 706 A13 it states that the report includes an emphasis of matter paragraph relating to the pending litigation. Isn't that conflicting with becker's answer? There was a “add emphasis of matter paragraph” as a check box choice, and you could check more than one.

Ps. I hate when becker's explanations in mc and sims are them literately retyping the answer again.

FAR: 78
AUD: 71, Aug 27
REG: 77
BEC: 80

[MarquetteMadman]

Audit question here. Looking at Becker sim #4 from chapter 1. It's a check box choosing appropriate opinions and report modifications. The question explains a company that is going through litigation, and discloses it properly despite a reasonable estimate cannot be formed regarding an amount. The answer is Unmodified and issue the report without modification.

In the literature under AU-C 706 A13 it states that the report includes an emphasis of matter paragraph relating to the pending litigation. Isn't that conflicting with becker's answer? There was a “add emphasis of matter paragraph” as a check box choice, and you could check more than one.

Ps. I hate when becker's explanations in mc and sims are them literately retyping the answer again.

FAR: 78
AUD: 71, Aug 27
REG: 77
BEC: 80

[Anonymous]

@Marquette

A2 In addition to the required emphasis-of-matter paragraphs listed in

exhibit B, the following are examples of circumstances when the auditor ***may***

consider it necessary to include an emphasis-of-matter paragraph:

•

The key word is “may” consider it necessary. Since the client adequately disclosed everything, unless the fact patter suggested this was a very material lawsuit. I would say Unmodified Clean opinion is the way to go. Becker notes that really anything could be added into an emphasis of matter paragraph if the auditor deemed it as material information related to he financial statements. Same thing with other matters paragraphs. If there is an issue that is unrelated to the financials, and the auditor wanted to disclose it, other matters paragraph would be added.

[Anonymous]

@Marquette

A2 In addition to the required emphasis-of-matter paragraphs listed in

exhibit B, the following are examples of circumstances when the auditor ***may***

consider it necessary to include an emphasis-of-matter paragraph:

•

The key word is “may” consider it necessary. Since the client adequately disclosed everything, unless the fact patter suggested this was a very material lawsuit. I would say Unmodified Clean opinion is the way to go. Becker notes that really anything could be added into an emphasis of matter paragraph if the auditor deemed it as material information related to he financial statements. Same thing with other matters paragraphs. If there is an issue that is unrelated to the financials, and the auditor wanted to disclose it, other matters paragraph would be added.

[MarquetteMadman]

Got it. Thanks @dutkas

FAR: 78
AUD: 71, Aug 27
REG: 77
BEC: 80

[MarquetteMadman]

Got it. Thanks @dutkas

FAR: 78
AUD: 71, Aug 27
REG: 77
BEC: 80

[Anonymous]

I have a Wiley TB question that I seriously disagree with.

Question:

During an audit there is ordinarily a presumption of overstatements relating to:

Correct answer:

Revenue

Other answers:

Inventory

Purchasing

Payroll

Explanation: “This answer is correct because the professional standards suggest that there is a presumption that improper revenue recognition is a fraud risk.”

I agree with the explanation (improper revenue recognition is a big deal), but not with the answer. I thought the presumed overstatements were expenses, and understatements were revenue? Of course you have to test all of these for both over and under statements, but general revenues are more likely to be under than over stated…

[Anonymous]

I have a Wiley TB question that I seriously disagree with.

Question:

During an audit there is ordinarily a presumption of overstatements relating to:

Correct answer:

Revenue

Other answers:

Inventory

Purchasing

Payroll

Explanation: “This answer is correct because the professional standards suggest that there is a presumption that improper revenue recognition is a fraud risk.”

I agree with the explanation (improper revenue recognition is a big deal), but not with the answer. I thought the presumed overstatements were expenses, and understatements were revenue? Of course you have to test all of these for both over and under statements, but general revenues are more likely to be under than over stated…

[PC]

Is AUD similar to FAR in respects to HW grades?

I'm just wrapping F1 and I did well on a few of the shorter ones (80s-90s) but there was a 102 question beast that I scored a 66% on. I did very well with conceptual on FAR HW problems and was expecting to do very well on AUD HW because it seems like it's all conceptual so I was disappointed by that.

[Author]

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