[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/

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

[Martin]

C>?

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[ladybossxo]

@Martin: Lol yes I would have. You might want to review cycles and assertions.. if you catch my drift 😉 I do have NINJA. I didn't do a lot of questions last time. I think I am going to try to do all of them and do them category by category at least I know which areas I am weak in and do a lot of SIMS. For MC, I try not to memorize them. I have taken it so many times to a point the questions get so obscured on my exam.

CPA Exams Done.

[trish_1234]

Answer (C) is correct.

The service auditor should obtain an understanding of the service organization’s system, including controls within the scope of the engagement. Understanding controls at the service organization requires evaluating management’s description of the service organization’s system, including complementary user entity controls (AT 801).

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

[Martin]

ladybossxo, are you running the risk of losing a credit>? If you are not, then be happy you chose Audit as your first part. I hate Audit,but Roger teaches you in a way that you dont find it as dry. Maybe you could benefit from his course. Becker is just too dry, and almost no explanations, they just want you to memorize everything. They are great for an experienced Audit or. You have to do something different this time around.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[ladybossxo]

@Martin: No Audit is my last part. Yeah I did. I went on youtube the other day to watch some of his lectures. Lol I just don't want to drop another few hundred dollars. That's true Becker's explanations are weak.

CPA Exams Done.

[Martin]

It will be more expensive, if you lose a credit. I think the Cram course is a lot cheaper, I hope this is the last time we all have to take Audit.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Martin]

A cheaper way is to go over the wiley book for the parts where you dont feel comfortable. Like I said before, it looks like a British encyclopedia, but covers all the details that Roger and Becker do not go over.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[trish_1234]

Which of the following procedures would an auditor most likely perform in obtaining evidence about subsequent events?

A. Examine a sample of transactions that occurred since the year end to verify the effectiveness of computer controls.

B. Recompute depreciation charges for plant assets sold for substantial gains since the year end.

C. Inquire of management whether new shares have been issued since the year end.

D. Reperform the tests of controls that indicated significant deficiencies in the operation of internal control.

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

[WANNABE_CPA]

C?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Martin]

C. Inquire of management whether new shares have been issued since the year end.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[trish_1234]

🙂

Answer (C) is correct.

The auditor should perform procedures with respect to material events or transactions that occur after the balance sheet date but prior to the date of the auditor’s report. Procedures that should be performed include inquiring of management and those charged with governance about whether (1) increases in capital or issuances of debt have occurred, e.g., an issue of new shares or bonds, or (2) an agreement about a merger or liquidation has been made (AU-C 560).

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

[trish_1234]

In connection with the annual audit, which of the following is not a subsequent events procedure?

A. Read available minutes of meetings of shareholders, directors, and committees. With regard to meetings for which minutes are not available, inquire about matters dealt with at such meetings.

B. Review the latest subsequent interim financial statements.

C. Make inquiries with respect to the financial statements covered by the auditor’s previously issued report if new information has become available during the current audit that might affect that report.

D. Discuss with officers the current status of items in the financial statements that were accounted for on the basis of preliminary or inconclusive data.

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

[trish_1234]

Mind boggling

Key Co. plans to present comparative financial statements for the years ended December 31, Year 1 and Year 2, respectively. Smith, CPA, audited Key’s financial statements for both years and plans to report on the comparative financial statements on May 1, Year 3. Key’s current management team was not present until January 1, Year 2. What period of time should be covered by Key’s management representation letter?

A. January 1, Year 1, through December 31, Year 2.

B. January 1, Year 2, through December 31, Year 2.

C. January 1, Year 2, through May 1, Year 3.

D. January 1, Year 1, through May 1, Year 3.

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

[WANNABE_CPA]

D ? for 1st

D ? for 2nd

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[trish_1234]

first ( i also thought it was d)

Answer (C) is correct.

Subsequent events are events or transactions occurring between the balance sheet date and the date of the auditor’s report (AU-C 560). Making inquiries with respect to financial statements covered by the auditor’s previously issued report when new information becomes available during the current audit is not a subsequent events procedure. Such inquiries pertain to previously undiscovered facts in existence at the date of the prior report that affect the report.

second

Answer (D) is correct.

The auditor is concerned with events occurring through the date of his or her report that may require adjustment of, or disclosure in, the financial statements. Thus, the representations should be made (1) as of a date no earlier than the date of the auditor’s report and (2) for all periods referred to in the report. Moreover, if current management was not present during all periods covered by the auditor’s report, the auditor should nevertheless obtain written representations from current management for all such periods (AU-C 580).

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

[Author]

Replies