[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

[red_rose]

Hello all, I just want to say I really enjoy this forum, it definitely helps. I have my exam in less than 3 weeks.I hope I'm ready, good luck to everyone!! Here's a question:

William, CPA, completed the fieldwork of the audit of Hico's December 31, Year One financial statements on March 6, Year Two. A subsequent event requiring adjustment to the Year One financial statements occurred on April 10, Year Two, and came to William's attention on April 24, Year Two. If the adjustment is made without disclosure of the event, William's report ordinarily should be dated as of which of the following dates?

A. March 6, Yr 2
B. April 10, Yr 2
C. April 24, Yr 2
D. Dual dating must be used

[FAR_WARS]

is it A?

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

[EuroAddict]

I would say A as well since it asks “William's report ordinarily should be dated as of….”.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[If I can, u can too!]

Going against the flow.
I would say D since the auditor must audit the subsequent event as there was an adjustment?

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).

[monikernc]

C

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Pete]

I would say d too

[If I can, u can too!]

uh oh moniker says c… how's your BEC study going moniker?

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).

[monikernc]

Hokinizeu. Bec is awful. It is just too much information. They should call it the TMI exam. Rescheduled for late february so i can review 100 times.
When do you take audit? And how is your studying going? Rethink your answer to that last question. They want to issue report without any disclosure of the subsequent event. Honestly, i am waiting to see the answer myself.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Pete]

I feel like we wait NASBA exam's score right now 🙂

[FAR_WARS]

i still say “a”- we don't want to provide false assurance past last day of fieldwork.

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

[If I can, u can too!]

You will do fine in BEC, esp if you're studying until perfection. I'm scheduled to take mine on the last Sat in Feb only because I want to give myself couple days for review after we file our 10K (I work in Fin. Reporting).

My reasoning for answer D was since the auditor would be giving an opinion on the work up to March 6 and on the subsequent event, not through the date the subsequent event (requiring adj) was required? Maybe the a AU-C should provide an answer otherwise or I'm not interpreting the question correctly.

LOL @ peter. Thanks for the laughter.

What's the answer and explanation Red_Rose?

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).

[Pete]

hehe you are welcome 🙂

I would say the same as hokinizeu said 🙂

[monikernc]

I just read the standard and i still don't know for sure. It is extra special confusing to read.

Hokini when does far expire for you? I am taking last saturday in february, too. More time to study. Less time to wait for score. Unless they take the extra week.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[If I can, u can too!]

my FAR certification expires unless i pass far in Q1 2016; the NASBA report says “FAR Credit Expires 02/29/16” so i am correct right?

i'm reading wiley books on weak areas (internal control/audit evidence) then doing ton of ninja MCQs after until i reach that 100% trending. i plan to solve all SIM twice. obviously i'll be reading standards AU-C 315 etc along the way and try to listen to some Rogers lectures on youtube. does that seem like a good preparation plan in your opinion?

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).

[monikernc]

I don't know about the expiration date. I know some states go by the exam date and others the end of the quarter/testing window that date falls in, so i can't say. Just make sure you know without a doubt.
When is she coming back with answer? I wonder where the question is from.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

Replies