[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

[Hcohen91]

I've been studying Becker and Wiley and I haven't look at Audit A in Becker should I? What's the big picture in terms of the changes?

FAR 80 (7/3/2013)
REG 84 (7/15/2013)
BEC 87 (7/25/2013)
AUD (8/24/2013)

[Hcohen91]

I've been studying Becker and Wiley and I haven't look at Audit A in Becker should I? What's the big picture in terms of the changes?

FAR 80 (7/3/2013)
REG 84 (7/15/2013)
BEC 87 (7/25/2013)
AUD (8/24/2013)

[Anonymous]

Hcohen91- I'm not sure what you are referring to with Audit A. If you mean the clarity update, Jeff does a good job explaining the clarity changes in his July update video (the site has issues now, otherwise I would post a link.) He emailed the video back in July so you may have it in your email.

[Anonymous]

Hcohen91- I'm not sure what you are referring to with Audit A. If you mean the clarity update, Jeff does a good job explaining the clarity changes in his July update video (the site has issues now, otherwise I would post a link.) He emailed the video back in July so you may have it in your email.

[PC]

I've finished the first 3 chapters of Becker and did fairly well (cumulative average on my HW was close to 80% on my first try) but stumbled on 4 and couldn't get through it. I'm in the process of just going over every single HW problem and reading explanations for chapter 4 (bypassing reading the text this time around but I'd get around to it later), which I should be done with by today. My exam is on the 31st so that would give me 9 days to kind of go over the remaining material and do somewhat of a review.

Since chapters 1-3 I did well on, I figured I'd review the questions I marked/got wrong which should take about a day. I thought I'd take the next 2 days reading chapters 4-6 and going over the HW quickly for 5 and 6 and re-review chapter 4 HW questions. That'd leave me with 6 days before exam day and I planned on just going through a chapter a day (re-reading the text, working all the MC problems, and practicing sims). I figure that would keep the newer chapters I haven't really looked at carefully (4-6) fresh.

Am I rushing things or is that a sound plan?

[PC]

I've finished the first 3 chapters of Becker and did fairly well (cumulative average on my HW was close to 80% on my first try) but stumbled on 4 and couldn't get through it. I'm in the process of just going over every single HW problem and reading explanations for chapter 4 (bypassing reading the text this time around but I'd get around to it later), which I should be done with by today. My exam is on the 31st so that would give me 9 days to kind of go over the remaining material and do somewhat of a review.

Since chapters 1-3 I did well on, I figured I'd review the questions I marked/got wrong which should take about a day. I thought I'd take the next 2 days reading chapters 4-6 and going over the HW quickly for 5 and 6 and re-review chapter 4 HW questions. That'd leave me with 6 days before exam day and I planned on just going through a chapter a day (re-reading the text, working all the MC problems, and practicing sims). I figure that would keep the newer chapters I haven't really looked at carefully (4-6) fresh.

Am I rushing things or is that a sound plan?

[Anonymous]

Peter.-Sounds like an awesome study plan. Good luck to you!

[Anonymous]

Peter.-Sounds like an awesome study plan. Good luck to you!

[Anonymous]

One of MCQs asks, in which of the following circumstances would an auditor be required to issue a qualified report with a separate basis for qualified opinion paragraph?

One of the choices given, which states “The FS reflect the immaterial effects of a change in accounting principles from one period to the next.” I believe was incorrect. And I was right.

However, I found the explanation confusing. “This answer is incorrect because no emphasis-of-matter paragraph is required when the opinion paragraph is modified due to an immaterial change in accounting principle.”

I thought if the material misstatement is IMMATERIAL (or if the FS reflect the IMMATERIAL effects of a change in accounting principle), it is appropriate to issue an unmodified opinion.

Do we modify an opinion when there is an immaterial change in accounting principle?

[Anonymous]

One of MCQs asks, in which of the following circumstances would an auditor be required to issue a qualified report with a separate basis for qualified opinion paragraph?

One of the choices given, which states “The FS reflect the immaterial effects of a change in accounting principles from one period to the next.” I believe was incorrect. And I was right.

However, I found the explanation confusing. “This answer is incorrect because no emphasis-of-matter paragraph is required when the opinion paragraph is modified due to an immaterial change in accounting principle.”

I thought if the material misstatement is IMMATERIAL (or if the FS reflect the IMMATERIAL effects of a change in accounting principle), it is appropriate to issue an unmodified opinion.

Do we modify an opinion when there is an immaterial change in accounting principle?

[Anonymous]

@mo_duban Attribute sampling relates to internal control and variable sampling relates to dollar amounts. When you review your MCQs through Becker it will ask you to identify certain procedures that relates to attribute sampling or variable sampling. All the answers that you see that calculates a dollar amount would be variable while the ones that involves the calculation of error percentage rate most likely will relate to attribute. Try to learn to catch the key word or key points they are asking. Don't freak out, take a deep breath, go through the notes and do the practice MCQs and you will be able to see the key word/key point I am referring to. Good luck!

[Anonymous]

@mo_duban Attribute sampling relates to internal control and variable sampling relates to dollar amounts. When you review your MCQs through Becker it will ask you to identify certain procedures that relates to attribute sampling or variable sampling. All the answers that you see that calculates a dollar amount would be variable while the ones that involves the calculation of error percentage rate most likely will relate to attribute. Try to learn to catch the key word or key points they are asking. Don't freak out, take a deep breath, go through the notes and do the practice MCQs and you will be able to see the key word/key point I am referring to. Good luck!

[Anonymous]

Before clarity standards, engagement letter is not required for compilation engagements. Later, it has become a presumptive mandatory requirement then.

I had this practice SIM for compilation which suggests that management representation is NOT required for compilations.

Can someone straighten this out for me please? Thanks.

[Anonymous]

Before clarity standards, engagement letter is not required for compilation engagements. Later, it has become a presumptive mandatory requirement then.

I had this practice SIM for compilation which suggests that management representation is NOT required for compilations.

Can someone straighten this out for me please? Thanks.

[Anonymous]

The engagement letter and management rep letter are two different things… Engagement letter is obtained at the start of the engagement to obtain an understanding of what the engagement will entail and the rep letter is signed by management upon completion of the engagement, which is more of an auditor's final “cover your butt”. You said it was a compilation, which provides no assurance (as opposed to an audit or review), therefor the “cover your butt” isn't needed. You still want the engagement letter because you want the client to know you are not providing assurance. Does that make sense?

[Author]

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