[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for AUD. 🙂

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

[Spartans92]

ugh, moose thanks for asking but IDK LOL. I will continue to study as of now until score release.. if anything bad happens I'm shooting for April 1st that way I'm not forgetting 🙂

Overall, I think the questions were fair but SIMS.. Yikes 2 SIMS that could come out of FAR and 2 DRS. I totally had no idea what the heck I was doing! Perhaps, another 74??
The DRS sucked because there so many different tabs and info and by the time I got to the documents I pretty much wanna give up and not even answer.. or look back to see what I was even trying to find. I hate them!
Would you suggest doing becker optional questions by chapter or plug Ninja MCQ for few weeks?

BEC- PASS

[mooseonloose]

ugh man I hate those those DRS, I hope you passed. I think you should go over all the questions on Becker by chapter or maybe just study FAR until score is released…who knows you probably pulled a 90.
Now I am getting nervous 0.0 I really hope I don't get any DRS

[JessieP]

I took mine today too and just don't know what to expect come score release. My sims were out there, not like gleim. No DRS though, which I really expected and wouldn't have minded. I used the AL on my last one since I had about 25 minutes left. I guess we'll see on March 8th. I had done 1400 MCQs and 21 simulations in Gleim with a 74% average. I got an 80 on my exam rehearsal, but the actual seemed much harder. Crossing my fingers!!

FAR:63,76!! 11/28/15
BEC:
AUD:
REG:75 🙂 6/6/16

[Spartans92]

Oh JessieP, I wish I could get your SIMS or at least no DRS. Those things destroy me all the time. Best of luck to you. Hope you will be done with these exams, and @moose! And Everyone taking it these next few weeks!

BEC- PASS

[mooseonloose]

DRS is just time consuming. Having 2 DRS is just a mess.

@Jessie, good luck

[Operation_CPA]

Can someone verify if this is correct?

Changes to the auditors report:
–> Introductory paragraph – changes if disclaimer of opinion
–> (MR) Management Responsibility paragraph – does not change (ever)
–> (AR) Auditors Responsibility paragraph – Changes if qualified or disclaimer
–> Opinion paragraph – Changes if qualified, adverse, or disclaimer

Looking for a quick summary on what exactly changes for each type of opinion. I am using a friends notes and they have what is listed above.

[NeedsA75]

That looks right to me Operation_CPA. Also, when issuing a disclaimer, is the appropriate language in the opinion paragraph to mention the “possible effects” of the omitted information? I know somewhere you indirectly mention the possible effects for a disclaimer of opinion but not the disclaimer itself? I think I may be confusing myself though..

[JessieP]

Thanks, moose and Spartans92, hopefully we all get good news. I'm already going crazy and it's only been a day!!!

FAR:63,76!! 11/28/15
BEC:
AUD:
REG:75 🙂 6/6/16

[Spartans92]

haha JessieP, I ditto that! but IDK why I'm still studying.. LOL I guess next week we will find out 🙂

BEC- PASS

[Abdulmajid]

@operation_CPA

–> Introductory paragraph – changes if disclaimer of opinion
–> (MR) Management Responsibility paragraph – does not change (ever)
–> (AR) Auditors Responsibility paragraph – Changes only if disclaimer
–> Opinion paragraph – Changes if qualified, adverse, or disclaimer

If modified opinion AR will still be the standard paragraph

* also use the word (Modified/unmodified) for non-issuer reports
(Qualified/unqualified) as per PCAOB (issuer)

[NeedsA75]

Can someone confirm what exactly changes in the auditor's responsibility paragraph and confirm that it only changes w/a disclaimer (and not qualified/adverse)??

[mooseonloose]

Yes, only changes with disclaimer and division of responsibility.

[NeedsA75]

So the auditors responsibility section doesn't change at all w/an adverse or qualified opinion? Those only affect the opinion paragraph?

[mooseonloose]

Auditor's responsibility (unmodified)
we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Auditor's responsibility (when adverse)
we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.

Auditor's responsibility (when qualified)
we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Auditor's responsibility (when disclaimer) for disclaimer we change the introduction to “We were engaged to audit”
We were not able to obtain sufficient appropriate audit evidence to provide basis for an audit opinion

[NeedsA75]

^^Thanks, very helpful!! Just want to point out on the disclaimer that its the intro paragraph that gets changed to “We were engaged to audit” and not the auditors responsibility paragraph I believe.

[Author]

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