[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[Anonymous]

TRANSACTION CYCLES….So much damn information. I am using Becker and I watched the online lecture, and attended the live class, and I still do terribly in this section. About to watch this section online again.

What are the main take away points with transaction cycles, and how do YOU remember everything? Any advice on this section? Thanks, ladies and gents

[Anonymous]

@mjp44: but if there's no opinion change on prior year's financial statement, what's the whole point of reissuing?

Also, i know review only provides limited assurance, but my quesiton is, does review provide any opinions?

[Anonymous]

Azer14,

What chapter is that in?

[ruggercpa2b]

Azer14 I have been struggling with transaction cycles. I searched the forum and found some good pointers people posted years back. I also found where someone mentioned a youtube channel called Amanda Loves To Audit and she breaks down the assertions which is one of the areas I have struggled with. I plan on spending Saturday on that section so I have a good handle on the material. I find that if I don't truly understand the material you can throw the same questions at me a million times and tell me the answers and I will still get them wrong.

I hope this helps. Good Luck!

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[cpain2015]

What main section is transaction cycles under? I don't think I have hit that in my CPAExcel lessons.

FAR - 73, 75 PASSED
AUD - 74, 96
BEC - 79
REG - 89! Done. I'm a CPA!!

[Cpachance]

What is the deal with the AICPA site? I have seen a lot of people using that as a resource. Can someone point me in the right direction if this is not considered a violation? I think I saw earlier that NYC thought they deleted his post for linking something?

[mjp44]

Which of the following statements is true regarding an accountant's consideration of fraud/illegal acts in compilation and review engagements?

a. The accountant is not required to perform procedures designed to detect material misstatements due to fraud or illegal acts.

b. The accountant must inform an appropriate level of management of all instances of fraud or illegal acts.

c. The accountant must report only definite instances of fraud or an illegal act, but need not report information indicating that fraud or an illegal act may have occurred.

d. Information indicating that fraud or an illegal act may have occurred should be reported in writing to an appropriate level of management.

Correct answer is A but isnt the accountant still responsible to report fraud/illegal acts if he or she comes across it during review/compilation?

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[iddyrashy]

@mjp44 choice D could be a right answer except “reported in writing” wording. That make A a best choice. True if you find fraud or illegal acts during Review or Compilation then you need to communicate with management. You don't need to search for it like audit where you prepare the audit procedure to obtain reasonable assurance that the financial statement are free from material misstatement due to fraud or error.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[iddyrashy]

@cpain2014 yes it includes on Evidence II section where they cover cash, Inventory, AR….

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[Cpachance]

Maybe it's late but these two answer choices from becker are confusing me. Are they both correct? Edit: they came from two different questions in the same section of chapter 1.

• Choice “c” is correct. When a qualified opinion results from an inability to obtain sufficient appropriate audit evidence, the situation should be described in a Basis for Qualified Opinion paragraph preceding the Opinion paragraph and should be referred to in the Opinion paragraph. The scope limitation is not mentioned in the Management's Responsibility paragraph.

• Choice “a” is correct. When a qualified opinion is issued due to a lack of sufficient audit evidence, the lack of evidence should be disclosed in the Auditor's Responsibility paragraph and discussed in an explanatory paragraph before the opinion paragraph. This paragraph should be titled Basis for Qualified Opinion. 


[Qlad]

@CPAchance….the way i see this right is ..in the Auditor's responsibility the last line says “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for a QUALIFIED opinion”….the comes EoMP and then Opinion where it is referred to EoMP …

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[iddyrashy]

Question (SIM)

Identify the section of professional standards that describes the circumstances in which an auditor may decide to use negative confirmation requests as the only substantive audit procedure to address an assessed risk of material misstatement at the assertion level.

WTB have it AU-C § 505 · 15 I dont think that is correct. I think 330.20 is correct can someone assist me on WTB basis of that answer.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[Qlad]

got my NTS …trying to schedule…no dates available in July???? the other center is 2 hrs away…don't kno what to do…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[iddyrashy]

@Qlad if you prepared schedule July and drive for 2hrs. Or schedule for August.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[Anonymous]

I'm going to have to drive 45 mins away myself because the first few dates in July were already booked.

[Author]

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