AUD Study Group Q2 2015 - Page 49

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    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

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  • March 28, 2015 at 2:24 pm #669071
    nissacof
    Member

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

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

    March 28, 2015 at 2:39 pm #669072
    nissacof
    Member

    Now I see that a second review is a requirement so A. is right and D. as well – They need to keep document for at least 7 years and need to be independent…not sure if thats what they meant by C.'

    So I will bet on B. cause it has to be 7 years…

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

    March 28, 2015 at 2:43 pm #669073
    Anonymous
    Inactive

    You are right, it's B because the minimum retention period is 7 years for auditing issuers. The wording was tricky in my opinion. Good job though!

    March 28, 2015 at 3:52 pm #669074
    nissacof
    Member

    Which of the following is not part of the required content of management’s report on internal control under the standards of the Public Company Accounting Oversight Board?

    a. The criteria used for assessment.

    b. The financial reporting principles used by the company.

    c. Management’s acknowledgement of responsibility for internal control.

    d. Management’s assessment of internal control.

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

    March 28, 2015 at 3:55 pm #669075
    Anonymous
    Inactive

    b. The financial reporting principles used by the company.

    March 28, 2015 at 4:12 pm #669076
    ladybossxo
    Participant

    A?

    CPA Exams Done.

    March 28, 2015 at 5:29 pm #669077
    WANNABE_CPA
    Member

    A?

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

    March 28, 2015 at 6:00 pm #669078
    Anonymous
    Inactive

    b?

    March 28, 2015 at 6:09 pm #669079
    nissacof
    Member

    B is the correct answer – b. The financial reporting principles used by the company.

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

    March 28, 2015 at 6:22 pm #669080
    nissacof
    Member

    another one…

    Which of the following factors is most relevant when an auditor considers the client’s organizational structure in the context of control risk?

    a.Management’s attitude toward information processing and accounting departments.

    b.The organization’s recruiting and hiring practices.

    c.Physical proximity of the accounting function to upper management.

    d.The suitability of the client’s lines of reporting.

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

    March 28, 2015 at 6:30 pm #669081
    Anonymous
    Inactive

    d.The suitability of the client’s lines of reporting. — only one that has something to do with organizational structure I think…

    March 28, 2015 at 6:53 pm #669082
    nissacof
    Member

    Correct. 🙂

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

    March 28, 2015 at 7:18 pm #669083
    Anonymous
    Inactive

    Which of the following items does the auditor need in order to determine a sample size for attribute sampling?

    A: Projected rate

    B: Risk of assessing control risk too low

    C: Reliability level

    D: Random number table

    E: Estimated error rate

    F: Standard deviation

    G: Actual number of deviations found

    H: Maximum tolerable rate

    I: Control risk

    March 28, 2015 at 7:40 pm #669084
    ladybossxo
    Participant

    @al0515: B (risk of assessing control risk too low), E (estimated error rate), and H (maximum tolerable rate)

    CPA Exams Done.

    March 28, 2015 at 7:43 pm #669085
    nissacof
    Member

    B: Risk of assessing control risk too low

    E: Estimated error rate

    H: Maximum tolerable rate

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

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