AUD Study Group Q1 2015 - Page 35

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  • January 10, 2015 at 3:31 am #650299
    salring
    Participant

    Because it's a compilation and compilations have nothing to do with internal controls or RM. For me it was just eliminating what is not looking at the accounting personnel's qualifications is acceptable in a compilation so that seems right like the more reasonable answer.

    January 10, 2015 at 3:43 am #650300
    Anonymous
    Inactive

    What about answer C

    January 10, 2015 at 3:44 am #650301
    Anonymous
    Inactive

    I guess they don't care about risk factors?

    January 10, 2015 at 3:51 am #650302
    salring
    Participant

    For a compilation they really don't care about risk factors.

    January 10, 2015 at 4:37 pm #650303
    Anonymous
    Inactive

    I am taking Audit at the end of February. This is my first attempt. Without breaking any disclosure rules, what are the most important topics to have down pat for this section?

    January 10, 2015 at 5:17 pm #650304
    hunter32
    Member

    Well, I take my exam on Monday, took both Becker Finals and got an 87 and an 80, while trending at 85 on Ninja MCQ. I hope that means I'm ready

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    January 10, 2015 at 5:49 pm #650305
    jstay
    Participant

    hunter32, those are better then my becker finals. mine were 69 and 72. Although the second had me confused because initially i got a 67 and i was upset however it graded me wrong on the research but i actually got it right so now idk which grade to use, i obviously like a the 72 better and felt that i should have been marked correctly.

    im trending high 70s in ninja but will hopefully get that into the 80s by exam day..which is next thursday.

    January 10, 2015 at 6:41 pm #650306
    hunter32
    Member

    At this point, I'm just concerned with what luck of the draw I get with the SIMS. Some of them can be pretty rough

    BEC - 80 (Becker)
    AUD - 92 (Becker+NINJA MCQ)
    FAR - 87 (Becker+NINJA MCQ)
    REG - 90 (Becker+NINJA MCQ and Audio)

    January 10, 2015 at 7:01 pm #650307
    jstay
    Participant

    yeah same, like i said before becker didnt count my research question and when i found i got it right i recalculated my score and it added 5 points which can be a big difference. hopefully i can look sims up in AL but idk.

    hopefully i can reason myself through MCQ as well

    January 10, 2015 at 7:23 pm #650308
    Anonymous
    Inactive

    if research SIM is asking to identify the section of auditing standards, do I need to also type in the paragraph #? I did in ninja sim and it marked my answer as wrong. I didn't in Gleim sim and it also marked my answer is wrong. Confused

    January 11, 2015 at 4:02 am #650309
    Mystro
    Participant

    In searching for the required auditing standard, you should look for the main paragraph that relevant to the standard.

    Let's say you are searching for Materiality.

    There are a lot of topics contains ” Materiality”, however you should chose AR 60-50.

    January 11, 2015 at 5:42 am #650310
    Anonymous
    Inactive

    What section of the AICPA's Codification of Statements on Auditing Standards (clarified standards) discusses where the auditor must disclose substantial doubt about the entity's ability to continue as a going concern?

    AU-C 570.15 – incorrect

    Under AU-C 570, an auditor has “responsibilities in an audit of financial statements with respect to evaluating whether there is a substantial doubt about the entity's ability to continue as a going concern. This section applies to all audits of financial statements, regardless of whether the financial statements are prepared in accordance with a general purpose or a special purpose framework.” (AU-C 570.01)

    Note: This simulation asks for the section of the standards, not the section and paragraph, so the correct answer is AU-C 570. <

    January 11, 2015 at 6:55 pm #650311
    howmany74s
    Member

    @anjanja, the test is usually very direct when it comes to the research question so if I were you, I wouldn't worry too much. You usually know that you find the correct answer as they tailor the question very well.

    I took it 3 times, passed once already.. and took it the 3rd time yesterday. So I kind of know what I'm talking about 🙂

    January 11, 2015 at 7:44 pm #650312
    Anonymous
    Inactive

    Just finished all 100 of Gleim SIMs, a lot of them seemed kind of easy, I got 80% correct.

    hope I don't get any of those assertion questions or IFAC.

    January 11, 2015 at 9:26 pm #650313
    jstay
    Participant

    Anna, what are you doing for studying this week?

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