[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

[Ssbknyc]

I'm using Becker and feeling the same way.. I keep taking 30 mcq progress tests for each chapter and answer every question in 30 seconds scoring 90 and above. Aren't these questions randomly selected in a bank of 600 or more? I say keep taking questions and skim the book. Maybe the repetitive questions are the most commonly seen on the exam

Done 08/2014-08/2015

[Anonymous]

I am just ready for this test to be done. So much so, that I tried to move my test up to this coming Saturday but no slots were open. I'm scoring 75% and above on Ninja, 90%+ on Becker, doing well on almost all of the Sims, and scored above an 80% on my first time through most of the homework. Typing that out, I feel like I'm ready but I don't feel confident to actually sit for it but I just want it to be done so badly. I am so so so tired of studying.

[Future Ninja]

correct me if I'm wrong, the Congress created the PCAOB and then the SEC will oversee PCAOB?

please help anyone?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[greg422]

@Amanda I am right there with you. I am sitting Friday and thought about moving it up as well! Just gotta keep working at the trouble MC questions until the end

REG - 82
AUD - 97
BEC - 81
FAR - 84
DONE!

[Ssbknyc]

@ninjacpa correct, PCAOB rules and standards must be approved by the SEC.

Done 08/2014-08/2015

[Anonymous]

Good luck @greg!!!!

[kdutch]

Hey All – Just looking for some confirmation on this answer from Becker AUD materials A-5:

In which case might an auditor of an issuer render a qualified opinion on internal control?

I.When there is a scope limitation.

II.When there is a material weakness in internal control.

a. II only.

b. Neither I nor II.

c. Both I and II.

d. I only.

Explanation

Choice “b” is correct. A scope limitation requires the auditor to disclaim an opinion or withdraw from the engagement, and a material weakness in internal control requires the auditor to issue an adverse opinion. Neither situation would result in a qualified opinion.

Choice “d” is incorrect. A scope limitation requires the auditor to disclaim an opinion or withdraw from the engagement.

Choice “a” is incorrect. A material weakness in internal control requires the auditor to issue an adverse opinion.

Choice “c” is incorrect. A scope limitation requires the auditor to disclaim an opinion or withdraw from the engagement, and a material weakness in internal control requires the auditor to issue an adverse opinion. Neither situation would result in a qualified opinion.

—

I am confused about material weakness point: That material weaknesses require the auditor to issue an adverse opinion. Is this true? Can an unmodified opinion not be issued due to a material weakness in internal control? I was under the impression that material weaknesses in internal control would lead to more substantive testing, but not necessarily require an adverse opinion.

REG - 73, 76
BEC - 80
FAR - Aug 21 Release
AUD - Taking Aug 22!!

[Ssbknyc]

Regarding Government audits, an auditor will include in the report the results of the auditor's test of controls but will not express an opinion on the effectiveness of internal control over compliance. Is this correct?

Done 08/2014-08/2015

[Ssbknyc]

@kdutch, material weakness in internal control will always result in an adverse opinion. If a client has weak internal controls this will result in little or no reliance on internal controls and therefore the auditor will increase substantive testing.

Weak internal controls do not necessarily mean there is a material weakness regarding the FS.

Done 08/2014-08/2015

[Anonymous]

Question about this MCQ from Ninja:

When third-party use of prospective financial statements is expected, an accountant may not accept an engagement to:

A.

perform a review.

B.

perform a compilation.

C.

perform an examination.

D.

apply agreed-upon procedures.

Correct answer is A. I selected D. I thought AUP's were always restricted use? This question has me confused.

[Ssbknyc]

@Amanda_88 When a third-party is using prospective financial statements, such as a bank to determine the qualifications of a company for a loan, an auditor cannot conduct a review of the information. An examination or compilation can be performed. AUPs are restricted (not for general public use) in this example the bank is not the general public.

Done 08/2014-08/2015

[kdutch]

Thanks for clearing that up @Ssbknyc !

REG - 73, 76
BEC - 80
FAR - Aug 21 Release
AUD - Taking Aug 22!!

[willpassby2014]

An auditor concludes that there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time. If the entity’s disclosures concerning this matter are adequate, the audit report may include a(n)

Disclaimer of opinion Qualified opinion

Yes Yes

Yes No

No Yes

No No

I am confused. I thought we will add only emphasis paragraph . how come disclaimer of opinion?

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

The auditor always has the option of disclaiming an opinion over the entity having a going concern.

[Anonymous]

Anyone have a good way to remember when they're testing completeness and when they're testing cutoff? I always get them wrong! For example this question:

Tests designed to detect purchases made before the end of the year that have been recorded in the subsequent year most likely would provide assurance about management's assertion of:

A.

occurrence.

Incorrect B.

completeness.

C.

cutoff.

D.

accuracy.

[Author]

Replies