[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

[barelystayingsane]

Hmm Becker didn't differentiate between the two. They just said the Accounts Payable department prepared the vouchers to send to the Treasurer for payment. I don't think you have to worry about that either! Just know that ARC duties (authorization, record keeping, and custody) should be kept separate. Technically the AP department would be doing both payment authorization and record keeping in this instance, but it's not a big deal since the Treasurer has custody of the funds. Maybe Kaplan is breaking it down further by saying vouchers payable has the payment authorization duties and accounts payable has the record keeping duties (even though they're both still in the accounting department)? That would be my best guess.

[barelystayingsane]

Hmm Becker didn't differentiate between the two. They just said the Accounts Payable department prepared the vouchers to send to the Treasurer for payment. I don't think you have to worry about that either! Just know that ARC duties (authorization, record keeping, and custody) should be kept separate. Technically the AP department would be doing both payment authorization and record keeping in this instance, but it's not a big deal since the Treasurer has custody of the funds. Maybe Kaplan is breaking it down further by saying vouchers payable has the payment authorization duties and accounts payable has the record keeping duties (even though they're both still in the accounting department)? That would be my best guess.

[Anonymous]

That makes more sense than the stuff I'm reading out of Kaplan. Thanks again!

[Anonymous]

That makes more sense than the stuff I'm reading out of Kaplan. Thanks again!

[Anonymous]

Anyone know why the answer is B?

Which of the following is a management control method that could most likely improve management’s ability to supervise company activities effectively?

A) Supporting employees with the resources necessary to discharge their responsibilities.

B) Establishing budgets and forecasts to identify variances from expectations.

C) Limiting direct access to assets by physical segregation and protective devices.

D) Monitoring compliance with internal control requirements imposed by regulatory bodies.

I chose C. I don't understand why being able to recognize variances, which would be AFTER the fact, helps more than using protective devices and controlling access, which would help prevent rather than detect.

[Anonymous]

Anyone know why the answer is B?

Which of the following is a management control method that could most likely improve management’s ability to supervise company activities effectively?

A) Supporting employees with the resources necessary to discharge their responsibilities.

B) Establishing budgets and forecasts to identify variances from expectations.

C) Limiting direct access to assets by physical segregation and protective devices.

D) Monitoring compliance with internal control requirements imposed by regulatory bodies.

I chose C. I don't understand why being able to recognize variances, which would be AFTER the fact, helps more than using protective devices and controlling access, which would help prevent rather than detect.

[Anonymous]

@CPA mommy , i guess cus the question didn't mention “physical acess control procedures”, it requested control over the company activities, which is could be sales, manufacturing ,etc.. so to monitor those activities you need to make budget and variance analysis based on them to analyze the reasons for any variances that could happen, and monitor the company activities.

[Anonymous]

@CPA mommy , i guess cus the question didn't mention “physical acess control procedures”, it requested control over the company activities, which is could be sales, manufacturing ,etc.. so to monitor those activities you need to make budget and variance analysis based on them to analyze the reasons for any variances that could happen, and monitor the company activities.

[jeff]

NINJA Katie: Taking AUD in November

Introducing NINJA CPA Blogger Katie

NINJA Leah: AUD Retake in the books

https://www.another71.com/ninja-cpa-blogger-leah-20/

[jeff]

NINJA Katie: Taking AUD in November

Introducing NINJA CPA Blogger Katie

NINJA Leah: AUD Retake in the books

https://www.another71.com/ninja-cpa-blogger-leah-20/

[LoxRican]

I just got back home from my audit retake. The first attempt was 7/31 with a score of 68. I have to say there was a variety of topics covered on the mcq's. Now it the waiting game 🙂

[LoxRican]

I just got back home from my audit retake. The first attempt was 7/31 with a score of 68. I have to say there was a variety of topics covered on the mcq's. Now it the waiting game 🙂

[Jsingh23]

Hey I'm taking my test tomorrow and just wanted to ask you guys a quick question.

I was going over some questions in the Wiley book it says after the documentation completion date… the auditor can delete or add information to audit documentation…. However, Im pretty positive that they can only add information which has to be documented and cannot deleted anything after the documentation completion date.

Just wanted to double check with the audit community haha

AUDIT-89
BEC-83
REG-78
FAR- April 19

[Jsingh23]

Hey I'm taking my test tomorrow and just wanted to ask you guys a quick question.

I was going over some questions in the Wiley book it says after the documentation completion date… the auditor can delete or add information to audit documentation…. However, Im pretty positive that they can only add information which has to be documented and cannot deleted anything after the documentation completion date.

Just wanted to double check with the audit community haha

AUDIT-89
BEC-83
REG-78
FAR- April 19

[Anonymous]

@Jsingh23

After the audit report is released, the firm has 60 days to delete documents from the file. However you can still add to the file as long as you document it.

The PCAOB only allows deletions of documents from the file for up to 45 days after issuance of the audit report.

Hope it helps.

[Author]

Replies