[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

[EuroAddict]

It's 750.

I HATE SIMS lol

-----------------------------
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!]

yes per google, it INCREASED to $750k from $500k in Dec 2013! wonder if threshold for classification of a major program remains at $300k?

hate SIMs too, gives me headaches…

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, it is just about GO time!!! best of luck!! read the question and the answers. choose the best one. sims are usually in the AL or they are JEs – you've got this!!!

did VA board ever respond to you?

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!]

A non-profit company receives financial assistance over $750,000 in federal financial assistance, which standard must be followed in Audit?

A. GAAS
B. GAAS & GAGAS
C. GAAS, GAGAS & Single Audit

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).

[EuroAddict]

Choosing C b/c it has single audit in there.

-----------------------------
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!]

EuroAddict The answer is B b/c the money should be “spent”; receiving alone will not qualify.

I chose C too.

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).

[If I can, u can too!]

Which of the following is used to obtain evidence that the client's equipment accounts are not understated?
a. analyzing repairs and maintenance expense accts
b. vouching purchases of plant and equipment
c. recomputing depreciation expense
d. analyzing the miscellaneous revenue acct

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).

[EuroAddict]

@HOK

I'm gonna go with “A”.

But part of me wants to go “B” b/c of how becker described you want to Vouch to make sure assets aren't understated. I feel “A” would be the better option b/c the auditor could find items that were expensed but should have been capitalized.

-----------------------------
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!]

A is correct.

but I don't understand the question b/c I thought the question was regarding completeness or more like valuation?

explanation goes “analyzing repairs and maintenance expense may result in the discovery of property and plant expenditures that were erroneously expensed.

so is the answering referring to the valuation and classification aspect? re-posting for ease.

Which of the following is used to obtain evidence that the client's equipment accounts are not understated?
a. analyzing repairs and maintenance expense accts
b. vouching purchases of plant and equipment
c. recomputing depreciation expense
d. analyzing the miscellaneous revenue acct

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).

[EuroAddict]

So my reasoning was correct.

My way through it I was thinking “ok. What's the best way to make sure Fixed Assets are All there”. Yeah you could vouch items and it just so happen that all items you chose to test are there. But analyzing repairs would do a better job in finding items that should be listed as an FA.

-----------------------------
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!]

gotcha EuroAddict (thanks!). so it was completeness then.
when is your exam? seems like you're ready!

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).

[EuroAddict]

Mine is Monday and perhaps lucky guess lol.

I have got Qs like that wrong so many times in practice. Chapter 4 and choosing which test to do to prove which assertion really trips me up.

-----------------------------
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!]

yeah same here. i spent much time in doing the assertion and I/C related questions.

“The financial statements of the Company as of December 31, 20X1, were audited by other auditors whose report dated March 31, 20X2, expressed an unmodified opinion on those statements.”

The above can only be stated in:
a. unmodified
b. qualified
c. adverse
d. disclaimer
e. any of the above

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).

[EuroAddict]

F it, I'm going with “E”. lol

-----------------------------
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!]

@EuroAddict great job man, you are ready for your exam!

Answer is “e”
Reference to the report of another auditor reflects division of responsibility, should the current auditor decide not to accept responsibility for the other auditor’s work. When an auditor decides to make reference to the report of another auditor as a basis, in part, for their opinion, he or she should disclose this fact in the introductory and opinion paragraphs. (AU-C 600.14–.16) (The reference for this question is section 3151.06–.07 in the Auditing & Attestation Reference Volume.)

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).

[Author]

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