[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[Pete]

thanx payaza2000 🙂

so if the management refused to fix the FS, the auditor decide then if it's qualified or adverse.

[Pete]

what're matters that may be communicated orally with written or orally only ?

I have that one

The auditor should communicate , in writing or orally, only to management other deficiencies in internal control identified during the audit that have not been communicated to management by other parties and that, in the auditor's professional judgment, are of sufficient importance to merit management's attention.

[FAR_WARS]

What are the factors that effect sample size? Are they different for a Test of details vs Test of controls?

FAR- 80
BEC- 75
AUD- 78
REG- ?

[FAR_WARS]

Significant audit findings should be communicated in writing when, in the auditor's judgment, oral communication would be inadequate.

Audit documentation may be in paper form, electronic form, or other media. Oral explanations alone are insufficient, but may be used for clarification of information included in the audit documentation.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Pete]

@FAR-WARS I didn't go through sampling chapter in my review yet but I will review it this week

There are no communication done by orally “only” through an audit?

[payaza2000]

@Peter

Sorry was taking a little break. Yes I believe if management refuses to make the adjusting entries than you issue a qualified or adverse opinion. As FAR_WARS said it would depend on whether or not it is pervasive to make you issue either a qualified or adverse opinion.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[Pete]

Which of the following is a false statement regarding restrictions on the use of an accountant's compilation or review report on subject matter or presentations based on measurement or disclosure criteria contained in contractual agreements or regulatory provisions?

Incorrect A.
Accountant's reports on subject matter or presentations prepared in conformity with an OCBOA are ordinarily not restricted regarding use.

B.
If an accountant issues a single combined report covering both subject matter or presentations that require a restriction and subject matter or presentations that do not ordinarily require a restriction, use of the combined report should be restricted to the specified parties.

C.
Where required by law or regulation, a separate restricted-use report may be included in a document that also contains a general-use report.

D.
If an accountant issues a document including both a separate restricted-use report and a general-use report, both reports should be restricted to the specified parties.

why d is correct ?

[payaza2000]

Does the NINJA book do a better job of explaining Financial Statement Assertions, and how they relate to Balances, transactions, and disclosures. This (and part of Sampling) is the area that I am most uncomfortable with.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[FAR_WARS]

D is false because a general use report would not need to be restricted?

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Pete]

@far-wars oh cuz it's separated not combined report, right?

@payaza2000, i am reviewing from roger, what material you are using ?

[payaza2000]

Becker.

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[Anonymous]

So who's on the chopping block on Monday besides me.

[FAR_WARS]

i wussed out and gave myself a couple extra weeks. May the force be with you.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Pete]

anyone know about 10% of attest client's outstanding interest rule in professional responsibilities & ethics chapter? and what's the difference between 5% rule and 10% rule?

[amandafaith15]

@FAR_WARS: What are the factors that effect sample size? Are they different for a Test of details vs Test of controls?

Factors that affect sample size:
-tolerable rate of error – inverse relationship
-risk of assessing CR too low – inverse relationship
-expected population error rate – direct relationship
***population size does NOT affect sample size***

I haven't read anything that differentiates between test of details vs. test of controls

@CPA2021 – I'm taking AUD on Wednesday… good luck to you on Monday!

REG -73 (8/2015) 81 (10/2015)
AUD - 73 (11/2015) 84 (1/2016)
BEC - 84 (2/2016)
FAR - 77 (6/2016)

[Author]

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