[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]

I hope so.

-----------------------------
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.

[The.Underdog]

Can anyone state what the differences is in modifying the opinion if their are material weakness in IC for a public company vs non issuer? I know for non-issuer you do not modify the opinion and you give a report to those charge in governance withen 60 days of the audit report date of the weakness with a notation that the auditor does not give an opinion on IC.

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

I don't think you would ever modify an opinion based on the results of IC. You are auditing the F/S, not IC.

-----------------------------
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.

[The.Underdog]

Which auditor actions are possible when that auditor incurs a scope limitation relating to a public company engagement on whether a previously reported material weakness continues to exist?
Disclaimer of Opinion
Qualified Opinion

I toook that question and it was basically a yes no with 4 choices (I choose no no) and the answer was Yes to disclaimer and no to Qualified. But I am getting now the reason wasn't regarding the I/C but instead because of the scope limitation

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

Can you post the full Q and answer explanation?

-----------------------------
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.

[The.Underdog]

Yes the copy pasting for this question isn't great but see below

Which auditor actions are possible when that auditor incurs a scope limitation relating to a public company engagement on whether a previously reported material weakness continues to exist?
Disclaimer of Opinion
Qualified Opinion
A.Yes
Yes
B. Yes
No
C.No
Yes
D.No
No
This answer is correct because while disclaimers are allowed, qualified opinions are not allowed; in addition (not included in this question) the auditor may choose to withdraw from the engagement due to a scope limitation.

B is correct (Yes to disclaimer of opinion, no to qualified opinion)

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

That's an interesting Q. I would have thought yes yes.

-----------------------------
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.

[EuroAddict]

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 that is not recorded in the sales journal.

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

B.
Approved sales orders are required for goods to be released from the warehouse.

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

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

-----------------------------
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.

[The.Underdog]

So the issue is that invoices are not in the Sales Journal? I would think D would be the answer?

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

Correct. I got that one wrong. Hate those type Q's lol

Gonna rock out to Drake for a bit and take a break.

-----------------------------
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.

[The.Underdog]

Haha I so feel you on that one. Summer 16! https://www.stereogum.com/1856316/drake-summer-sixteen/mp3s/

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

T-minus 23.5 hours. GL everyone.

-----------------------------
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.

[The.Underdog]

Same to you, hope it goes ok. What are your last minute study plan? Ninja note read through?

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[EuroAddict]

I just did practice test on Becker. I bombed it the first time and did ok this time.

My weakness is when they make me pick what to do to test an specific assertion. Gonna glance over that.

Might write down items that I want to make sure I write down right away when I get into the test i.e. types of assurances a review or agreed upon provides.

-----------------------------
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.

[The.Underdog]

Yeah I am having similar issues with that, currently review the videos and doing some MCQ to hopefully get it cleared up

FAR - 86
AUD - 93
REG - 8/31/16
BEC -84

[Author]

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