[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.

valuation or allocation.

I dont think is rights or obligations cause the Auditor knows that they have the rights to collect, the question is how much are they collecting?

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

[NoraU]

An auditor is testing the reasonableness of dividend income from investments in publicly-held companies. The auditor most likely would compute the amount that should have been received and recorded by the client by

A. Reading the details of the board of directors’ meetings.

B. Confirming the details with the investee companies’ registrars.

C. Electronically accessing the details of dividend records on the Internet.

D. Examining the details of the client’s most recent cutoff bank statement.

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!!!!!!!!!!!!!!!!!!!!!!

[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

[Anonymous]

@Nora B?

[NoraU]

C is correct. Another one…

When issuing letters for underwriters, commonly referred to as comfort letters, an accountant may provide negative assurance concerning

A. The absence of any significant deficiencies in internal control.

B. The conformity of the entity’s unaudited summary interim financial information with generally accepted accounting principles (GAAP).

C. The results of procedures performed in compiling the entity’s financial forecast.

D. The compliance of the entity’s registration statement with the requirements of the Securities Act of 1933.

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!!!!!!!!!!!!!!!!!!!!!!

[Martin]

b?

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

[NoraU]

Yep. Martin you are ready for a fight!

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!!!!!!!!!!!!!!!!!!!!!!

[Martin]

lol, i wish!I also got a 72 like you,but did not get stronger on MC. Im just fighting for 3 more points and take it on the 9th. How are you averaging on Ninja?

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

[NoraU]

I used to have 83 before the test. I reset it and just started 150 questions ave. in 80ties. The sad thing is my test was not that bad, but I could not get the research right, and I just recovered from flu so I started coughing 40 min before the end and just left. Next time I might not get a friendly test again…

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!!!!!!!!!!!!!!!!!!!!!!

[Martin]

The 40 minutes killed you.The good thing is that you are one of the few people I have seen with a stronger on MC and not passing. This means that you probably got at least an 81 to 85 on the MC part of the exam, and the simulations really killed you. The majority of test takers I have seen here always get comparable on MC ,and weaker on simulations. You need to keep on working your MC questions, but also work as many simulations as you can. How can we get good tips on nailing the research part? I know there must be a trick that always works. I try the search within and also the quotations, but I never get it right.

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]

Question 46 in NINJA:

If it were the only situation discovered, the fact that FGH Company’s attorney has refused to respond to the letter of inquiry, either in writing or orally, would cause the auditor to issue which type of opinion?

Answer:

Qualified – A lawyer’s refusal to furnish the information requested in an inquiry letter either in writing or orally would be a limitation on the scope of the audit sufficient to preclude an unmodified opinion. The auditor would issue a qualified opinion or a disclaimer of opinion, depending on the amount of the scope limitation. (AU-C 501.24)

Silly question. I answered disclaimer. There should be an option for either qualified or disclaimer.

CPA Exams Done.

[ladybossxo]

Ratio Question:

Days sales in accounts receivable

Y1: 39

Y2: 40

a) A larger percentage of sales occurred during the last month of the year, as compared to the prior year.

b) A smaller percentage of sales occurred during the last month of the year, as compared to the prior year.

c) Credit terms were restricted on several large accounts during the current year

d) Sales revenue increased at a higher rate than operating expenses

CPA Exams Done.

[Martin]

ladybossxo, I think when the Attorney refuses to respond to a letter of inquiry is not as pervasive as when management refuses to let you inquire the attorney (disclaimer).

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

[pharaoh]

For the ratio question; I think it is A

The reason: I eliminated c and d because restricted credit will reduce number of days and operating expenses has nothing to do with this question.

Then I was a little torn between a and b.

When we look at the formula: AR/Sales*365, it looks like less sales would increase the number of days but in the same time an increase in the sales in the last month will increase AR which should increase the number of days which makes more sense to me.

I hope i am right. I am trying to build my rationalization to have an educated guess in these questions

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[trish_1234]

never saw this q before….

Which of the following activities most likely would detect whether payroll data were altered during processing?

A. Monitoring authorized distribution of data control sheets.

B. Segregating duties between approval of hardware and software specifications.

C. Using test data to verify the performance of edit routines.

D. Examining source documents for approval by supervisors.

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

[Author]

Replies