[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for AUD.

World Premier: “Unmodified” (Audit Reports Rap Video) 🙂

Posted by Another71 on Thursday, November 13, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

[k_g]

a little confused with the report requirements for “OTHER-MATTER paragraphs”. One of the report requirements is that the auditor describe the matter being emphasized and the location of relevant disclosures about the matter in financial statements. Isn't the other matter paragraph used for matters that are not disclosed in financials but the auditor wants the users to know? if the matter is not disclosed or presented in the f/s, what location of relevant disclosures in f/s is the requirement talking about.

[Hopeful77]

@ahugemistake thanks I have probably read the book twice but since it's two years old I'm wondering if that killed it. I haven't passed one yet and I'm wondering what is the best study material I can purchase.

[jbarwick]

@k_G – AICPA language states that other matters not in the F/S or Disclosures so your study material is wrong.

AICPA – AU-C 706.A10

“.A10 The content of an other-matter paragraph reflects clearly that such other matter is not required to be presented and disclosed in the financial statements. An other-matter paragraph does not include information that the auditor is prohibited from providing by law, regulation, or other professional standards (for example, ethical standards relating to the confidentiality of in- formation). An other-matter paragraph also does not include information that is required to be provided by management.”

Journey Started - January 2015
FAR - 4/2015 - Passed
AUD - 7/2015 - Passed
BEC - 8/2015 - Passed
REG - 11/12/2015 - Passed

[Anonymous]

@Hopeful77, Don't give up, by looking at your scores it seems you def have some weak areas where you need to improve on. Take this approach: start by doing 2 progress tests (90 questions each) which will simulate what the real exam might look like. After completing those progress tests, write down which areas you were weak/strong in. Then focus on your weak areas by reading the book, watching lectures, and hammering out MCQ on those areas. Make sure you understand why you are getting each MCQ right and wrong, this is very important!

After you have done this, do some more progress tests and see how well you have improved! I can say for sure if you do this you will see an improvement. If it worked for me, it can work for you!

[trish_1234]

@ CPA title 2015 and CPA2B_NJ sorry guys this exam sucks…nice to have you guys for next Q though

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[trish_1234]

@ hopeful I think many people are in the same boat. IDK the SIMS are a killer bc besides the fact that they are difficult there is no way really to prepare for them…did you try to use the AL to find answers for the sims?

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[okcpa2015]

@trish_1234 did you just take the exam? What did you think. I'm still waiting on my score.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[golfball7773]

Can somebody help me understand how you would identify related party transactions? It isn't sinking in….

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[NoraU]

Hi everybody. Just to let you know that I passed with a nice score ( I have been checking IL Board site constantly to make sure it is still there).

Good luck people – you can do it!

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[Finchlt]

Does anyone know why a qualified opinion is not allowed for the question below? I thought scope limitation could be either a disclaimer or qualified.

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?

[golfball7773]

^I struggle with that concept as well

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[ruggercpa2b]

I think it comes down to being to figure out what would be considered a significant material weakness. That question both disclaimer and qualified opinion would be the answer, however, because Audit is so tricky and you have to pick the best answer. I would pick disclaimer because the question states “material weakness continues to exist”

I hate audit.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[golfball7773]

so how do you determine if it should be a disclaimer or issue a qualified opinion?

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[ruggercpa2b]

So, now that I am reviewing the text and based on the text below, the question posted above should be qualified. I wonder if the OP can post what the explanation given said.

A.

Qualified opinion — The auditor should express a qualified opinion when the auditor is unable to obtain sufficient appropriate audit evidence, and the auditor concludes that the possible effect on the financial statements, if any, could be material, but not pervasive. (Another lesson focuses on the qualification for a scope limitation.)

B.

Disclaimer of opinion — The auditor should express a disclaimer of opinion when the auditor is unable to obtain sufficient appropriate audit evidence, and the auditor concludes that the possible effect on the financial statements, if any, could be material and pervasive.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[golfball7773]

how would we define pervasive?

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Author]

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