[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]

Okay, here's the difference between positive and negative assurance as it relates to the FS… Positive assurance means that the auditor feels that the financial statements are fairly presented in all material respects in accordance with GAAP (or whatever the reporting framework is). Negative assurance means that the auditor only performed limited procedures (i.e., not as extensive as an audit) and is not aware of any material modifications that would need to be made to make the FS conform with GAAP.

Now, as the explanation to c. states, you can provide negative assurance regarding compliance, which means that you perform limited procedures and state whether or not you are aware of anything that caused you to believe that the company failed to comply with the requirements. Notice that you're not making the stronger statement that the entity complied in all material respects. You're merely stating that you're not aware of anything that would cause you to believe that the entity failed to comply. It's a lower level of assurance.

Choice b is saying that you're basically auditing and providing an opinion (positive assurance) on those three types of reports.

[barelystayingsane]

Okay, here's the difference between positive and negative assurance as it relates to the FS… Positive assurance means that the auditor feels that the financial statements are fairly presented in all material respects in accordance with GAAP (or whatever the reporting framework is). Negative assurance means that the auditor only performed limited procedures (i.e., not as extensive as an audit) and is not aware of any material modifications that would need to be made to make the FS conform with GAAP.

Now, as the explanation to c. states, you can provide negative assurance regarding compliance, which means that you perform limited procedures and state whether or not you are aware of anything that caused you to believe that the company failed to comply with the requirements. Notice that you're not making the stronger statement that the entity complied in all material respects. You're merely stating that you're not aware of anything that would cause you to believe that the entity failed to comply. It's a lower level of assurance.

Choice b is saying that you're basically auditing and providing an opinion (positive assurance) on those three types of reports.

[MrsBing]

Thanks @barely that helped.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[MrsBing]

Thanks @barely that helped.

Becker, Wiley Test Bank, and Ninja 10 Point Combo!

FAR: 89
REG: 87
AUD: 92
BEC: 75
Ethics: 90

Licensed Arizona CPA

[Anonymous]

In my review it says that tests of controls can be performed every year as long as they are performed every 3 years. The controls have to be tested if anything in the control has changed. Is this just for nonpublic companies? Our auditors test our controls EVERY year whether anything has changed or not and our controller (licensed CPA) said she has not heard of the auditors not being required to test the controls every year. Is this a new option?

[Anonymous]

In my review it says that tests of controls can be performed every year as long as they are performed every 3 years. The controls have to be tested if anything in the control has changed. Is this just for nonpublic companies? Our auditors test our controls EVERY year whether anything has changed or not and our controller (licensed CPA) said she has not heard of the auditors not being required to test the controls every year. Is this a new option?

[Anonymous]

The Kaplan book is unclear as to the differences in the examination of internal control is between public companies and nonpublic companies. Can anyone tell me what the differences are?

[Anonymous]

The Kaplan book is unclear as to the differences in the examination of internal control is between public companies and nonpublic companies. Can anyone tell me what the differences are?

[barelystayingsane]

@CPAMommy I've got answers to your IC questions, but I'm on vacation until noon tomorrow with only my smartphone, which isn't the easiest to write long explanations with. If no one has answered your questions by then, I'll help you out!

[barelystayingsane]

@CPAMommy I've got answers to your IC questions, but I'm on vacation until noon tomorrow with only my smartphone, which isn't the easiest to write long explanations with. If no one has answered your questions by then, I'll help you out!

[Anonymous]

@barely–Thank you! I'll check back tomorrow.

[Anonymous]

@barely–Thank you! I'll check back tomorrow.

[Anonymous]

Is anyone doing WTB for practice?

I've been doing sets of 30's, and averaging from 70-80%.

I also just did the all of the MC's for the AICPA '13 release questions and got 47/50 on those, but almost all of them seemed really easy.

Anyone have experience w/ WTB MCQ's?

[Anonymous]

Is anyone doing WTB for practice?

I've been doing sets of 30's, and averaging from 70-80%.

I also just did the all of the MC's for the AICPA '13 release questions and got 47/50 on those, but almost all of them seemed really easy.

Anyone have experience w/ WTB MCQ's?

[Anonymous]

I'm using Kaplan and WTB MCQs. I like the WTB better because the wording is not as confusing. They also seem to be more in line with actual exam questions than my other study materials, based on my experience of taking the AUD exam in August. Where do you find the MCQ's for the AICPA '13 Release questions?

[Author]

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