[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

[trish_1234]

c

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

[trish_1234]

An auditor may compensate for a high assessed risk of material misstatement by

A. Increasing the extent of substantive analytical procedures.

B. Decreasing the preliminary judgment about audit risk.

C. Eliminating tests of controls.

D. Increasing the acceptable level of detection risk.

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

[sileemo]

For anyone using Roger, can you explain the difference between the RACE and U-Percv approach? They seem to be the same to me and I can't distinguish the difference.

[Anonymous]

@trish_1234, A?

@Martin, B?

[Martin]

I knew many of you would go for B as I made the same mistake,but the answer is C. It seems that you can not get enough info just by reading books,so you would need the help of a specialist. Very tricky questions as in many passages of the book reading is enough specially in a review or compilation.

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]

sileemo, everything in RACE is also included on UPERCV,make sure you know each othem by heart, and please dont rely on Roger's test bank. Go with ninja on this one, and you will be happy you did. Roger's test bank is too easy, and you wont get good exposure before the exam. Only work on his test bank questions when you are understanding the subject matter, not on the final review round.

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

[WANNABE_CPA]

An exception to the “percentage of coverage” rule in the Single Audit Act Amendments of 1996 allows an auditor to reduce the scope of the audit when the entity is determined to be low risk. For an entity that meets the criteria for a low risk entity, the percentage of federal expenditures covered by the audit can be reduced as low as:

A.

10%.

B.

25%.

C.

35%.

D.

50%.

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

[AJG38]

@Wannabe_CPA……D?

@Martin – What is the breakdown of the RACE and UPERCV mnemonics you mention?

AUD - 91 (4/7/2015)
BEC - 88 (4/29/2015)
FAR - 80 (5/29/2015)
REG - 70 (8/18/2015); 82 (11/08/2015)

Gleim & Ninja Flashcards

[WANNABE_CPA]

Answer is B , i dont understand why, maybe becker has missed this information on exception of % of coverage. All i remember is, that there should be a 20 % scope on the low risk entity.

Explanation :

Percentage of coverage: Under the “percentage-of-coverage rule” that is included in the Single Audit Act Amendments of 1996, the auditor must determine the program type (major and low risk) and testing coverage:

(1) Major programs must be audited. These are programs that account for at least 50% of the federal funding spent by that entity.

(2) Low-risk programs allow for a percentage-of-coverage exception: When an entity qualifies as low risk, the scope of audits under the “percentage of coverage” rule in the Single Audit Act Amendments of 1996 can be reduced to as low as 25% of the federal funding spent by the entity.

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

[AJG38]

Wasn't covered in Gleim either, good to know nonetheless

AUD - 91 (4/7/2015)
BEC - 88 (4/29/2015)
FAR - 80 (5/29/2015)
REG - 70 (8/18/2015); 82 (11/08/2015)

Gleim & Ninja Flashcards

[Martin]

Ajg38, all the assertions from your review book.

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

[CPA2B_NJ]

What are other examples of substantive procedures, besides analytical procedures?

FAR - 50, 78
BEC - 67, 72, 75
AUD - 72, 80
REG - 70, 85

To God be the glory! Forever, amen!

NJ License

[nissacof]

Tests of Details (Tests of Ending Balances, Tests of Transactions)

BEC - 4/3/2014 (80)
FAR - 11/20/2014 (79)
AUD - 4/2/15 (81)
REG - 7/14/15 (80)

[Anonymous]

@CPA2B_NJ if you are asking for specific procedures that count as substantive procedures, some commonly used ones are: confirmation, verification, inspection, and recalculation. The strongest substantive tests are inspection/confirmation, medium is recalculation, and a weak form would be footing a balance. The type of substantive test used relates to the “Nature” of the test. An auditor alters the nature, timing, or extent of tests based on the desired level of detection risk. Therefore, if the auditor decided to increase the acceptable level of detection risk, he might perform recalculation instead of inspection since detection risk is higher. **This was actually a multiple choice question in Becker that took me awhile to understand.

[Anonymous]

Morris & Shannon, CPAs, is a registered accounting firm. Which of the following is not a requirement that Morris & Shannon must adhere to in auditing the financial statements of an issuer?

a. Provide a second partner review of each audit report.

b. Maintain audit documentation for at least five years.

c. Monitor independence from issuers who are audit clients.

d. Describe the scope of the internal control testing performed.

[Author]

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