[jeff]

Trying something new …

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

[nimmle02]

I'll get back to you tomorrow???

Just finishing A3 and moving onto A4

REG - 5/21/2012 - 85
FAR - 7/24/2012 - 86
BEC - 8/27/2012 - 85
AUD - 10/5/2012 - 72....rematch 1/3/13 (waiting)

[mgoloubenko]

Hey guys,

Would someone be so kind to explain the GAGAS Yellow Book engagements. Like the report on Compliance and Report on Internal Control over Compliance? I understand the basic gist of the concepts but I keep getting questions wrong about when to issue a disclaimer of opinion on compliance, or whether to give an opinion? I'm basically confused about how Compliance and Internal Control over compliance is presently differently.

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[Jpgrocho]

@mgoloubenko

Short answer and not sure if this helps….but, its ALWAYS a disclaimer when reporting internal control over compliance. We don't provide an opinion on internal control over compliance. Report on compliance will provide an opinion on whether the government entity complied in all material respects with applicable compliance requirements (NOT INTERNAL CONTROL……other stuff like the procurement compliance requirement if doing a single audit) . I think the most important thing is to remember that we always disclaim an opinion on internal control over compliance. Personally, whenever I see Internal control over compliance…I immediately think DISCLAIMER!

This is my opinion. If inaccurate…please correct…just putting in my two cents.

10/03/12 AUD- 91!!!
12-07-12 BEC- 75!!! (Half way)
01/18/13 REG - 68, 78.
02/28/13 FAR -68, 65 11/6/13 PLEASE!!!!
Using Becker Self Study 2012

[M]

thanks to Jeff's audio for audit sampling. I finally got it!!

Finally done with A1-A5 with about 80% Avg.

Scheduled for the 6th! Don't know where to start the review!! So little time so much material!!!

“If you dont have time to do it right, when will you have time to do it over?"
FAR - 64, 81... exp 11/30/13
AUD - 54, 67 Retake Jan
BEC - Feb 28th
REG - TBD

[sbarkerACPA]

I rescheduled my exam for 10/17. I started feeling so overwhelmed with the information on top of getting sick in the last couple days. I worked on audit sampling for 3 hours today and still couldn't nail it down funny part is i understood it very well the first time I read it! I think I am freaking out!! **sorry for ranting guys**

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[FruitSnacksAreAwesome]

Does anyone find this problem problematic?

Question CPA-03612

In performing a financial statement audit in accordance with Government Auditing Standards, an auditor is required to report on the entity's compliance with laws and regulations. This report should:

a.State that the audit should be planned to obtain reasonable assurance about whether noncompliance could have a material effect on the entity's programs

b.Describe the laws and regulations that the entity must comply with.

c.Provide an opinion on overall compliance with laws and regulations.

d.Provide negative assurance of the entity's legal compliance.

Explanation

Choice “a” is correct. Basic elements of a report on compliance include a statement that the audit should be planned to obtain reasonable assurance about whether noncompliance could have a material effect on the programs audited.

Choice “b” is incorrect. It is not necessary to describe the laws and regulations with which the entity must comply.

Choice “c” is incorrect. The objective of the audit of the financial statements is not to provide an opinion on overall compliance with laws and regulations.

Choice “d” is incorrect. The report should specifically state that a compliance audit does not provide a legal determination of the entity's compliance.

Isn't reasonable assurance only obtained from a compliance audit because an opinion on compliance is required? But the question asks about GAGAS financial statement audit (with the assumption that A-133 requirement is not applicable here) so the auditor only needs to report rather than express an opinion on compliance. This question is adapted by Becker so it's not originally from CPA Exam.

[nimmle02]

Fruit snacks ARE awesome

forgive me…14 hours of machine like productivity is starting to get to me….some five hour at 9:30pm because I have that much more to go is becoming a serious consideration

REG - 5/21/2012 - 85
FAR - 7/24/2012 - 86
BEC - 8/27/2012 - 85
AUD - 10/5/2012 - 72....rematch 1/3/13 (waiting)

[Jpgrocho]

@fruit snacks

What study material are you using? Definitely problematic! Ha

10/03/12 AUD- 91!!!
12-07-12 BEC- 75!!! (Half way)
01/18/13 REG - 68, 78.
02/28/13 FAR -68, 65 11/6/13 PLEASE!!!!
Using Becker Self Study 2012

[NGUYEN]

@Jpgrocho,

Your reason to pick D makes senses.

@nimmle02

Do you agree?

I leaning on picking D now unless some one jumps in and points out other choices make more senses!!!

FAR - 74;76
BEC - 70;80
REG - 66,67,66,85
AUD - 74,74 82 I am done!!!
AICPA Ethic: 95
Using Yearger for FAR & BEC; Rogers for AUD and REG and Ninja Notes

[NGUYEN]

Today Ethich question is:

A former client of Gloria Goodrum, CPA, filed a lawsuit in state court alleging that Gloria

failed to exercise due care in the performance of tax and compilation services performed in

2009. Gloria firmly believes that she discharged her professional responsibilities with

competence and diligence. In her defense,she plans to admit to making one minor error

which she says was inadvertent and did not have a material effect on the client's taxes or

financial position. In light of her admission, has Gloria complied with the AI CPA Code's

standard of due care and why?

A. No, because he obviously did not discharge his professional responsibilities with

competence and diligence.

B. No, because Charlie did not perform professional services to the best of his abilities.

C. Yes, because he has chosen to be honest in reporting that he made an error.

D. Yes, because the AICPA standard for due care does not require CPAs to be infallible.

A or B cant' be the correct answer. Now C or D is correct? I wanted to pick D but C looks correct too!!! Anyone wants to help me out?

Thank you in advance.

FAR - 74;76
BEC - 70;80
REG - 66,67,66,85
AUD - 74,74 82 I am done!!!
AICPA Ethic: 95
Using Yearger for FAR & BEC; Rogers for AUD and REG and Ninja Notes

[wldcatnc]

If I remember correctly another question states that the auditor is “generally” responsible to follow the standards and must justify all departures. Plus the mistake was not material and did not affect the overall outcome of the FS. I think the answer has to be D. Just my opinion though

FAR: 81
REG: 85
AUD: 73,71,83
BEC: 82

DONE!!!!!!

[adampierson1]

D – The mistake was not intentional and is immaterial.

BEC - 84 (expired), 79
AUD - 81 (expired), 90
FAR - 69, 73, 73, 77
REG - 74, 72, 73, 78

[Tootsie]

Just finished reviewing A1-A4. Now on to the last chapter, A5. I have 17 days left to study. How's everyone coming along in their studies? Who's taking the exam next week?

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Shay]

Finished all A6. Review again A1 today. And took progress test on ch 1-2. Got 73, 86. I will take final exam review on Saturday

@sbarkerACPA everyone feels the same way few days before the exam. I am also in MCQ mode.

What were your mistakes 1st time around? Was it study material or study habits?

Were you surprised to see actual exam material compare to what u saw in study material.

[M]

how many MC's is everyone doing in one day?

what score should i be getting overall to do well on the exam?

i'm still doing poorly on A4. transaction cycles are too tough.

8 days left to exam day.

“If you dont have time to do it right, when will you have time to do it over?"
FAR - 64, 81... exp 11/30/13
AUD - 54, 67 Retake Jan
BEC - Feb 28th
REG - TBD

[Author]

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