[jeff]

Post by Another71.

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

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

[jackaroe]

“3) If internal control was evaluated as part of an audit, the auditor must restrict use of the report on internal control.”

by-product

AU-C 905.A4 which refers back to AU-C 904.06c – “matters identified by the auditor during the course of the audit

engagement when the identification of such matters is not the primary objective of the audit engagement (commonly referred to as a by-product report).”

[uokoro]

mtwst113- thanks for posting the question, i agree with the answer.

AUD - 83
FAR - 77
BEC - TBD
REG - TBD

This too shall Pass

[jackaroe]

Anyone have any ideas how to memorize effects of LIFO on financial ratios and when prices are rising?

[jstay]

jsckaroe, just keep writing it out.

LIFO will have a lower ending inventory so therefore COGS will be higher and thus leading to a lower new income.

[GoVPI]

Well just got back from taking AUD the first time ever.. I have only taken BEC and passed it.

This was interesting. Thank god I reviewed those AICPA released questions from 2006-2013 because Beckers questions were wasted worthless time just like BEC. I think I'm more mad about that than anything! Then Task Based Sims… everyone was really right about FAR. I mean, I'm studying for FAR next because I don't think I'll pass audit without it to be quite honest. I was shocked, calculations and all. Becker did not prepare me well for the TBS (so I suggest another source for those). Research was easy found it right away in AL and had a word for word SIM too that was nice. But the others, yikes, if you haven't taken FAR yet. The MCQ were okay, I just get so pissed off Becker gives you these 5 line questions and the test has like 1-3 lines, I think all of us would pass AUD if it were just MCQ. I think I failed, I did enough on MCQ but not enough on TBS.

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Anonymous]

How can i tell if they are asking about compilation or review?

Also, is there just management (not senior) and senior management or all management is senior?

Ordinarily, communications that fraud or noncompliance with laws and regulations may have occurred to parties other than the client's senior management (or the client's board of directors) is which of the following?

I Not part of the accountant's responsibility

II Would be precluded by the accountant's ethical or legal obligations of confidentiality

A. I only

B. II only

Correct C. Both I and II

D. Neither I nor II

The disclosure of any evidence or information that comes to the accountant's attention during the performance of compilation or review procedures that fraud or noncompliance with laws and regulations may have occurred to parties other than the client's senior management (or those charged with governance, if applicable) ordinarily is not part of the accountant's responsibility and, ordinarily, would be precluded by the accountant's ethical and legal obligations of confidentiality.

Under certain circumstances, the accountant may have a duty to disclose this information to parties outside the entity, for example, in order to comply with legal and regulatory requirements, to a successor accountant, or in response to a subpoena.

[M.O.D.]

@ anja

This question applies to all engagements.

Governance: Board of Directors

Senior management: CEO, CFO

Middle/junior management: office manager, plant manager, warehouse manager.

BA Mathematics, UC Berkeley
Certificates in CPA and EA preparation, College of San Mateo
CMA I 420, II 470
FAR 91, AUD Feb 2015 (Gleim self-study)

[ruggercpa2b]

Anjanja for me when the question says Senior Management I associate that with those charged with governance and then if they just say management I associate that with those involved with the day to day activities of running the company. For some reason whenever the question says “accountant” I automatically think of reviews and compilations and not an audit.

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.

[GoVPI]

A2 was like so big. I can't stress that enough!

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[FutureHokieCPA]

I am noticing that many Ninja MCQ question refer to specific authoritative literature—-for example:

Which of the following actions would violate Title III, Section 303, of the Sarbanes-Oxley Act?

I have noticed numerous questions in reference to sections 402,403,404, etc. I just guess and mark these wrong as soon as I see them–we're not required to know those details, correct?

FAR-72,80
AUD-74,88
BEC-89
REG-72,82

[jstay]

CPAin14, did you supplement with ninja?

im taking it on 1/15 and so far have gone through becker twice and am doing progress tests each morning before i switch to ninja. im doing like 250+ questions each day and since 12/26 ive done nearly 2,500 questions which doesnt include the 1,500 in becker i did before i hit the review phase..idk i feel like either way the sims are going to kill me

[kroopwv]

I have a rematch with AUD on Monday… passing all my sets of 30MCQs with 80-85+ consistently for over a week now (NINJA MCQs and CPAExcel MCQs)

I made the mistake last time of taking three whole practice exams the day before my exam… (BURNOUT much?) Any tips on stuff to review tomorrow (day before exam)?? Will probably do some more MCQs and review NINJA notes… anything else??

[Anonymous]

right, it says accountant, I didn't pay attention

[GoVPI]

I wish I would've spent more time on the AICPA released. I didn't use anything else except Becker and those. I did a lot of Mcq. I think you will be fine on MCQ. But like I said FAR stuff on the TBS. It sucked. Other reports Is big. Those AICPA questions got me at least 5 question word for word.

BEC 8/14/14 - Passed
Graduated from college 12/13/14
AUD 8/31/15 - 74. Retake - Passed
REG
FAR

[Anonymous]

How about this one? How does the explanation correspond with the question? Downgrading the engagement?

I do think it would be suspicious if CPA was prohibited by the client from corresponding with the entity's legal counsel, but I don't see how it would affect review or a compilation report

Which of the following circumstances would ordinarily preclude a CPA from issuing a review or a compilation report on the financial statements of a nonissuer client that had originally engaged the CPA to perform an audit?

The CPA has been prohibited by the client from corresponding with the entity's legal counsel.

The entity refuses to provide the CPA with a signed representation letter.

A. I only

B. II only

Correct C. Both I and II

D. Neither I nor II

When a client refuses to allow correspondence with legal counsel (a required procedure for an audit) or to provide a representation letter (a required procedure for both an audit and a review), the accountant cannot ignore that there may be reasons behind the client's refusal to cooperate. SSARSs ordinarily preclude the accountant from downgrading the engagement under these circumstances.

[Author]

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