[jeff]

Post by Another71.

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

[mariam almas]

@Martin

according to Becker, the last sentence in auditor's resp. paragraph always changes when the report is modified.

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[Martin]

As if Auditing was not already difficult as it is, now I have to verify errors made by the review course. Thanks!

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Martin]

In which of the following should an auditor's report refer to the lack of consistency when there is a change in accounting principle that is significant?

A.

The scope paragraph

B.

The opinion paragraph

C.

An other-matter paragraph following the opinion paragraph

D.

An other-matter paragraph before the opinion paragraph

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Martin]

Here is a tip, I just discovered. Do not try to memorize every single detail about what the Auditor needs to communicate to those in charge with Governance. Just memorize and understand the following=

The auditor must communicate with those charged with governance matters related to the financial statement audit that are, in the auditor's professional judgment, significant and relevant to the responsibilities of those charged with governance in overseeing the financial reporting process.

I have answered around 10 questions with just the above as I did not remember all the the little details. This is Audit in a nutshell. You need to understand this little pieces of information that will help you understand Audit and answer all the questions they throw at you. I think Audit has the highest fail rate cause people just worry about memorizing everything, and since the questions from the exam are tricky, they fool you most of the time.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Anonymous]

@Martin: Is the answer C?

[superstani]

@Martin I think its C.

Does anyone know who is suppose to initiate contact with predecessor auditor? Client or successor?

FAR-79
REG-79
BEC-81
AUD-82

[Anonymous]

@superstani – I believe the successor auditor is responsible for initiating contact with the predecessor auditor but must first request permission with the client. The client must authorize the predecessor auditor to communicate what is requested by the successor auditor with the purpose of preventing a breach in confidentiality.

[Anonymous]

Financial statements are considered special-purpose financial statements when:

A. prepared in accordance with either a regulatory or contractual basis of accounting.

B. restricted as to use.

C. prepared in accordance with either a contractual or an other comprehensive basis of accounting.

D. prepared on a pro forma basis designed to demonstrate the effects of hypothetical transactions.

[rachel525]

@ARCPA Is it A?

[Anonymous]

A is correct.

An entity's compliance with aspects of contractual agreements or regulatory requirements related to audited financial statements is specifically listed as a special-purpose financial statement in AU-C 800.04 and .07.

[wongl0786]

I sat for the test today which is my last one. first testlet went well, second testlet was hard, third testlet was medium/hard.

i have 1 research question which i got it right. I hope it is not the pre-test question. I got in 3 minutes. It is really a bonus question if you know how to nagivate around with the literature literacy.

One simulation question was journal entry which was straight forward; common journal entry.

The other five questions were drop down questions which i could manage moderately well. Properly, i could get 60% or more right. I attempt every part which at least i know moderately well for the topic but could not be absolute with the answers.

I really need to pass this one because the regulation will expire if i fail.

3 already down!

Audit : 66! in Nov 14.

[Anonymous]

Sounds like you were well prepared Wong, good luck with your hopeful last wait.

[Anonymous]

Field, CPA, is auditing the financial statements of Miller Mailorder, Inc., (MMI) for the year ended January 31, 20X1. Field has compiled a list of possible errors and fraud that may result in the misstatement of MMI's financial statements, and a corresponding list of internal controls that, if properly designed and implemented, could assist MMI in preventing or detecting the errors and fraud. Select the internal control that most likely could assist MMI in preventing or detecting the sending of an invoice for shipped goods and its recording in the sales journal without being posted to any customer account.

A. Shipping documents are compared with sales invoices when goods are shipped.

B. Control amounts posted to the accounts receivable ledger are compared with control totals of invoices.

C. Shipping clerks compare goods received from the warehouse with approved sales orders.

D. Daily sales summaries are compared with control totals of invoices.

[rachel525]

B?

[rachel525]

I have a question regarding fraud.

Do auditors have responsibility to report fraud?

[Author]

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