[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

[If I can, u can too!]

@Eric Anthony you should memorize the suggested formulas as they will come in handy (trust me, you'll need to know these for other exams). if asked in SIM, you can look up the formula easily but if asked in MCQ, you can't.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[payaza2000]

@hokinizeu

The Ratios (CR, QR, etc) can be found in the authoritative literature

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

[csvirk]

Just did Difficult version of AICPA test-let and Bombed it. Not sure what I am gonna do this coming Saturday. I am freaking out right now!!!

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[payaza2000]

@csvirk

I wouldn't panic over it. Just review the weak areas.

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

[red_rose]

I have one: Which of management's concerns with respect to implementing internal controls is the auditor primarily concerned?

A. Reliability of Financial Reporting
B. Effectiveness of Operations
C. Compliance with applicable laws & regulations
D. Efficiency of Operations

[Pete]

After issuing a report, an auditor has no obligation to make continuing inquiries or perform other proce­dures concerning the audited financial statements, unless:

A.
information, which existed at the report date and may affect the report, comes to the auditor’s attention.

B.
management of the entity requests the auditor to reissue the auditor’s report.

C.
information about an event that occurred after the audit report date comes to the auditor’s attention.

D.
final determinations or resolutions are made of contingencies that had been disclosed in the financial statements.

[Pete]

@red_rose A?

[csvirk]

@red_rose A @peter A

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[D]

Agree with @csvirk.

@red_rose – A


@peter – A

----------
AUD - 74, 77! (1/2016)
BEC - 80! (5/2016)
REG - tbd (8/2016)
FAR - tbd

Study materials: NINJA MCQ/Audio/Notes

"I can do ALL things through Christ who strengthens me!"
----------

[red_rose]

@peter & @csvirk: Yes! I chose C when studying, but according to the answer key, the auditor's primary concern is reporting on the reliability of financial reporting good job! 🙂

[red_rose]

@peter: A?

[Pete]

@red_rose @csvirk yes right answer 🙂

[CPA2BEE]

How does this explanation indicate that C is the answer at all? Am I missing something here?

Which of the following would an auditor ordinarily consider the greatest risk regarding an entity’s use of electronic data interchange (EDI)?

A.
Authorization of EDI transactions

Incorrect B.
Duplication of EDI transmissions

C.
Improper distribution of EDI transactions

D.
Elimination of paper documents

You answered B. The correct answer is C.
An EDI system must include controls to make certain that EDI transactions are processed by the proper entity, using the proper accounts.

FAR - 80
AUD - 82
BEC - 80
REG - 85

ETHICS - 90
EXPERIENCE - COMPLETE
Application for California license mailed 8/4/2016

[FAR_WARS]

“processed by the proper entity” must mean we don't want them being distributed to anyone else.

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

[Pete]

When an auditor is asked to report on the fair presentation of financial statements of a regulated entity that are prepared in accordance with a basis of accounting prescribed by a regulatory agency, the auditor's report should:

A.
include a standard unmodified opinion if the entity has complied in all material respects with the basis prescribed by the regulatory agency.

B.
include a standard audit report modified as appropriate because of the departures from generally accepted accounting principles and in an additional paragraph express an opinion on whether the financial statements are presented in conformity with the regulatory basis of accounting.

C.
indicate that the financial statements are prepared on a comprehensive basis of accounting other than GAAP and include a paragraph that explains how the basis differs from GAAP.

D.
include an emphasis-of-matter paragraph describing the regulatory basis of accounting and indicating that the statements should not be used by those unfamiliar with the regulatory basis.

[Author]

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