AUD Study Group Q2 2015 - Page 36

  • Creator
    Topic
  • March 5, 2015 at 8:09 pm #192520
    jeff
    Keymaster

    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

Viewing 15 replies - 526 through 540 (of 1,631 total)
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  • March 21, 2015 at 7:39 pm #668873
    Martin
    Participant

    I thought the ngagement letter was “required” for both Compilations and reviews. But to answer your question, required just means you have to do it, there is no way around it (you must). Presumptive mandatory comes from latin word deberia,which means you “should” follow the rules , and if you dont, you must document the reason as to why you did not follow them.

    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

    March 21, 2015 at 7:48 pm #668874
    pharaoh
    Participant

    I am really bad with the sampling portion and I was thinking to skip it and focus more on the evidence and reports. But I wanted to get feedback first before really moving on.

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

    March 21, 2015 at 8:00 pm #668875
    Martin
    Participant

    If you are going to skip anything, you might want to skip IT. I think that portion belongs in BEC, and I did not get a single question on it.

    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

    March 21, 2015 at 11:22 pm #668876
    ruggercpa2b
    Participant

    I wouldn't skip sampling only because you could get lucky and not get questions on it. Or they could throw a sim at you. IT in most textbooks is probably 5 pages long. You probably won't get many questions on it. I might just skim the pages but not really spend the time. However, in my experience sitting for the exam if you have time I would touch on everything. That one section you skip could be the difference between a 74 and a 75.

    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.

    March 22, 2015 at 2:22 am #668877
    Martin
    Participant

    I was reading Roger's cpa for the completeness assertion, and it says that we need to look for cutoffs to make sure that all the liabilities were included in the right year. One exam example was inventory where you debited the inventory at 12/31/14,but included the liability in 2015. How can you do this>? Lets say they were trying to increase their assets (inventory) on 12/31/14,but how they can hide the liability until 2015? What would have been the credit on 12/31/14 after debiting inventory, suspense account?

    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

    March 22, 2015 at 4:49 am #668878
    pharaoh
    Participant

    @Martin. You have a point :). I still don't know how it can happen. if you don't put a liability your balance sheet is not going to balance. even suspense account will be on the liability side.

    What I think he meant in the example, that you received inventory in 12/31/14 but recorded it in the following year, in this case, both the inventory and the liability are not in the correct period.

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

    March 22, 2015 at 4:52 am #668879
    pharaoh
    Participant

    I agree about not skipping parts, I need every point I can get in the exam. i guess I will just leave it for now and get back to it later ……I guess I wasn't in the mood for it 🙂

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

    March 22, 2015 at 4:25 pm #668880
    Martin
    Participant

    jimmysyf, you are correct, thanks.

    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

    March 22, 2015 at 5:08 pm #668881
    trish_1234
    Member

    Organizational independence in the processing of payroll is achieved by functional segregations that are built into the system. Which one of the following functional segregations is not required for internal control purposes?

    A. Segregation of timekeeping from payroll preparation.

    B. Segregation of human resources function from payroll preparation.

    C. Segregation of payroll preparation and maintenance of year-to-date records.

    D. Segregation of payroll preparation and paycheck distribution.

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

    March 22, 2015 at 5:24 pm #668882
    Anonymous
    Inactive

    @trish…C?

    March 22, 2015 at 5:34 pm #668883
    trish_1234
    Member

    Yup,

    Answer (C) is correct.

    Most companies have their payrolls prepared by the same individuals who maintain the year-to-date records. A functional segregation is not needed because both duties involve recordkeeping.

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

    March 22, 2015 at 5:37 pm #668884
    Martin
    Participant

    If payroll does the recording, then they need the timekeeping info ,so is it A? B will be Authorization vs recording, so those are good. D will be recording vs custody,so they are fine too. C could be too.

    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

    March 22, 2015 at 5:38 pm #668885
    trish_1234
    Member

    I thought payroll could distribute the checks once unclaimed goes to CFO…

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

    March 22, 2015 at 5:46 pm #668886
    Martin
    Participant

    Treasury will distribute checks since they have custody power. Payroll has recording power. You cant mix the two.

    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

    March 22, 2015 at 8:43 pm #668887
    Martin
    Participant

    I guess everyone is watching the Barcelona Vs Real Madrid game cause this thread is dead.

    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

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