[jeff]

Post by Another71.

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

[SullivanNJD]

came across this question today

How long do the standards require a firm to retain documentation for engagements other than audits?

A.

7–10 years

B.

The firm should establish policies and procedures for the retention of the records for a sufficient period.

C.

There is no specific requirement.

D.

As long as the client wants the records retained

Explanation:

The Statements of Standards for Accounting and Review Services (SSARS) do not specifically give a time period for retention of records. Therefore, the firm must establish policies and procedures to retain the engagement records for a period sufficient to meet the needs of the firm, standards, and regulations. Note that AU-C 230.17 requires the firm to keep audit engagement documentation for a minimum of five years for non-issuer clients. Under PCAOB rules, firms must keep audit documentation for issuer clients for a minimum of seven years.

I chose C, because I just didn't remember reading any sort of non-audit documentation requirements. The answer is B, but isn't C also correct based on the explanation? The first sentence clearly states that SSARS has no specific requirements. Is this just one of those “choose the best answer” type of questions?

FAR- 87
REG- 81
AUD- 88
BEC-

Who's Better Than Us? nobody

[Anonymous]

@Sullivan – I'm going to assume one of those “choose the best” situations. However, since you have shared that with all of us, if it were to pop up on exam day I know that I would remember it! Thanks haha.

[Anonymous]

@arcpa2b

I'm using Becker and that question stemmed from A6 governmental auditing.

[uokoro]

For those of you that are really good with SIM, can you please tell me how to approach it. am currently scoring in the 50%.

thanks

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

This too shall Pass

[Anonymous]

@cpa8488 – I'm not sure on an answer in that case. I haven't made it that far in my review, pushing through A4 right now…

All I really know at this point…

Governmental Auditing Standards

– Focus on compliance and regulation

– Single Audit Act

– Report must state compliance with laws and regulations

– Requires a report on internal controls and effectiveness of internal controls

The only thing that I can think of is that the auditor is issuing an opinion over compliance with laws and regulations but not issuing an opinion on specific internal controls over compliance.

Edit: Found this online…

The audit opinion states that the audit was conducted in order to express an opinion on

compliance but not for the purpose of expressing an opinion on the effectiveness of internal control over

compliance.

The statement “…but not for the purpose of expressing an opinion on the effectiveness of internal control over complians.” Is the disclaimer mentioned in the answer options.

So, the question is worded strange as it is asking for a report on the internal control over compliance, but you just have to keep it straight in your head that the auditor does not explicitly express an opinion on the internal control over compliance.

Additionally; the scope of the auditor's testing of internal controls is required to be included in the

auditor's report on internal controls and compliance with laws and regulations in accordance with Government

Auditing Standards (the Yellow Book).

[Anonymous]

yea that makes sense now. So the disclaimer is on the EFFECTIVENESS of IC. But if your in noncompliance you can issue a qualified/adverse opinion. I still think the question is worded bad. Good luck on A4 that was my worst chapter!

[Anonymous]

Three weeks till AUD retake. Just started re-studying last night. I'm hoping three weeks is enough. I was close last time. If I fail again it will be a May re-re-take. So busy at work it might be a bad idea, but Im going for it anyway.

My fail report was weaker on 4/6 MCs, comparable on 2/6 MCs, and stronger on the the SIMS (go figure).

[Anonymous]

You can do it, just think if you bite the bullet now and dedicate the time necessary to put this behind you all you will have to conquer is BEC in May and potentially be able to enjoy your Summer!

[Anonymous]

Ya I just want to get this over. I just took BEC last week. I hope I passed, unless you know something I don't. Are you from NASBA ARCPA2B? Was I atleast close?

[Anonymous]

Ha! Sorry, didn't see where you had just taken it in your signature! Even better, if you can knock out AUD you can def have a good Summer! I don't know how I missed that date I was thinking you hadn't taken it yet.

[Boate]

I took the AUD exam yesterday, my goodness the SIMS were difficult. I've taken then exam for the 3rd time and each and every time I go into the exam, the SIMS are just ridiculous. Lucky enough I know I got the research question right considering I found it word for word which is the first time I think I've done that but does anyone else feel that the SIMS are insanely difficult…..

AUD: (65)(66) 77
REG: (66) (48) destroyed me mentally.....
FAR: (68) (66)(69)(71)
BEC: (63) 75

"Greatness is not some precious thing, it is no more unique to us than breathing. We are ALL capable of it."

[Anonymous]

I took the exam 2 days ago, and Yes the Sim's are definitely the most difficult part of the exam. The fact they are either 100% right or wrong (in terms of the dropdown answer you select) is quite worrisome. Even though I have studied and practiced the style of questions over and over, it never seems to minimize the difficulty and/or subjective-ness feel of the questions. And I never know how I did on the JE adjustment question.

[koolkat]

I took the AUD exam on yesterday, too. After beginning the first testlet, I thought that I might be leaving out of the exam a little early because I was moving through the questions……AND then, the 2nd & 3rd testlet got tougher. I started seeing a few more tricks, and a couple of things that I did not study. My SIMs were mediocre, but unfortunately, I just did not get through 2 of them! UGH!!! I am so disappointed because I got off to a great start with the MCQs and then had 70 minutes left to do the SIMs. I tried to manage my time to go through them and get them right, but must have spent too much times, so I did not get to the Research and a Sampling SIM. With my last minute, I just chose some answers and entered some #s in the Sampling one. Hopefully, I chose a couple of right answers. If I had at least had a chance to finish the Sampling SIM, I would have felt better about my chances of passing. As it stands, I am truly praying to God to help me get a 75 or above even with missing 2 SIMs. To Be Continued….Has anybody passed a part after not completing 2 SIMs? I know I have with missing one.

2002-2003 (when it was 2 Day Test):
AUD - 69, 80, 81
LAW - 73, 73, 73
TAX- 71, 72, 67*
FAR- 66, 63, 57*
(*on 3rd try, just tried to pass AUD & LAW while getting above 50 on these;didn't work)

2012-Present:
AUD - 73, 76 (expired 01/31/14), 70 (UGH)!, 86 (4/4/15 - praise God)!!
BEC- 55, 69, 69, 78 (expired 10/31/14), 5/26/15...76!!!! AND I'M FINALLY DONE!!!
FAR- 71, 71, 70, sat 11/24/14 - 75 PASSED!
REG- 65, 67, 71, 66, sat 10/4/14; 75 PASSED!

[Anonymous]

Are there any becker homework packets for audit that test us on what we need to know concerning IFRS? I cannot remember there being any

[Boate]

@ Sunni: Becker doesn't have to many questions in the HW regarding the International Standards but as long as you take note of all the rules in the Grey Boxes, you should have all the information you need to answer most questions regarding IFRS. I have noticed that the Wiley Test Bank asks a good amount of questions regarding IFRS so if need be, I'd supplement the wiley test bank into your studies. I also found the wiley test bank to be much more difficult than the Becker questions and they're worded much closer to how the CPA exam questions are. Just my 2 cents. Hope this helped.

AUD: (65)(66) 77
REG: (66) (48) destroyed me mentally.....
FAR: (68) (66)(69)(71)
BEC: (63) 75

"Greatness is not some precious thing, it is no more unique to us than breathing. We are ALL capable of it."

[Author]

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