AUD Study Group Q1 2015 - Page 32

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  • January 7, 2015 at 6:42 pm #650254
    salring
    Participant

    SAS 5yrs and PCAOB 7yrs?

    January 7, 2015 at 7:26 pm #650255
    jstay
    Participant

    indeed it is

    January 7, 2015 at 7:26 pm #650256
    salring
    Participant

    Awesome, thanks!

    January 7, 2015 at 8:58 pm #650257
    Anonymous
    Inactive

    Leach2587

    I did, but it said I was wrong

    January 8, 2015 at 12:14 am #650258
    howmany74s
    Member

    The only reason why I would pick all of the standards is that they included GAAS and GAGAS together as an option. They're both auditing standards.

    January 8, 2015 at 12:50 am #650259
    jstay
    Participant

    /// agreed

    January 8, 2015 at 1:22 am #650260
    Anonymous
    Inactive

    I know but I am irritated

    January 8, 2015 at 3:42 am #650261
    salring
    Participant

    Anyone studying with Wiley, what are your scores currently trending at. Am only at 75% and don't know if I should be worried since I have a test in 2 weeks.

    January 8, 2015 at 4:30 pm #650262
    jstay
    Participant

    i just got a 70% on Final Exam one in becker

    January 8, 2015 at 4:50 pm #650263
    howmany74s
    Member

    Quiz – What is the difference between PCAOB vs. ISA when it comes to providing an opinion on large public firms' records?

    January 8, 2015 at 5:58 pm #650264
    Anonymous
    Inactive

    so what is the difference? I am not sure there is anything on it in my book

    January 8, 2015 at 7:15 pm #650265
    howmany74s
    Member

    PCAOB requires an opinion on both f/s and internal control. ISA requires opinion on f/s only.

    January 8, 2015 at 7:17 pm #650266
    howmany74s
    Member

    Also, IFRS's going concern related disclosure issues result in a qualified or adverse opinion. Under US GAAP, going concern disclosure issues creates a qualified or disclaimer.

    These notes are for ‘disclosure' only though. Not the regular going concern, where we just put an emphasis of matter.

    January 9, 2015 at 12:25 am #650267
    jstay
    Participant

    Quiz- what are kiting and lapping? what are possible ways to detect?

    January 9, 2015 at 1:02 am #650268
    salring
    Participant

    Kiting stealing money ( towards end of a period) and transferring money from another account to cover up. To detect look at period end and beginning of the next period bank statements of all accounts for suspicious transfers/transactions. Lapping stealing money from the account and covering up by not recording the cash receipt. To detect lapping compare the deposit slips with cash receipts with the hope that you don't have the same person receiving the cash, depositing and entering the JE.

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