AUD Study Group Q2 2015 - Page 53

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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

Viewing 15 replies - 781 through 795 (of 1,631 total)
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  • March 31, 2015 at 2:10 am #669131
    ladybossxo
    Participant

    C

    CPA Exams Done.

    March 31, 2015 at 2:26 am #669132
    AJG38
    Participant

    C!

    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

    March 31, 2015 at 2:46 am #669133
    pharaoh
    Participant

    C

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

    March 31, 2015 at 11:36 am #669134
    trish_1234
    Member

    sorry fell asleep

    the answer is C

    I dont remember reading anything abt the 60 days

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

    March 31, 2015 at 3:05 pm #669135
    Anonymous
    Inactive

    @trish, yes, I had to look up the 60 days thing…I honestly did not know anything about the other answers, especially whether or not the report can be communicated in a document that contains other information. I did automatically know that A&D were wrong. One important thing to remember is that if it is an audit of an issuer, material weaknesses must be reported before the report issuance. Otherwise, the auditor has 60 days to report.

    March 31, 2015 at 3:23 pm #669136
    trish_1234
    Member

    thx DPD

    I have a question,

    From what I gather, both reports (AT and AS) on an entity's internal control are of a specific date or the date of management assessment/assertion..

    If I interpreted the above statement correctly, I am guessing that a service organization type 1 (specific date) and type 2 (period of time) has nothing to do with audit of internal control (AT or AS)… Is it a special report just for a user auditor?

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

    March 31, 2015 at 3:34 pm #669137
    trish_1234
    Member

    Ok… I found the answer to my question lol…..

    Incase you guys are wondering

    Both type 1 and 2 reports have a statement restricting the use of the report to management of the service organization, user entities and auditors of user entities….

    therefore it is a special report not a (AT or AS)

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

    March 31, 2015 at 3:46 pm #669138
    Martin
    Participant

    If you give a qualify or adverse opinion, do you have to modify the Auditor's responsibility paragraph? I know you do for a Qualify and disclaimer scope limitations. According to Roger, you dont,but he was wrong before on the qualify/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

    March 31, 2015 at 4:02 pm #669139
    Anonymous
    Inactive

    Martin –

    Yes, for qualified or adverse, the last sentence of the Auditor's Responsibility paragraph will read, “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified (or adverse) audit opinion.” So really, you are adding one word. And yes, if it is a disclaimer of opinion, the Auditor's Responsibility paragraph is shortened to simply state that the auditor's responsibility is to express an opinion on the FS based on GAAS, but because of the matters described in the Basis for Disclaimer of Opinion paragraph, they were unable to obtain sufficient appropriate audit evidence to provide a basis for their opinion. Also, don't forget that the intro is also modified for a disclaimer, stating that they were “engaged” to audit.

    March 31, 2015 at 4:02 pm #669140
    Anonymous
    Inactive

    @ Martin: For qualified/adverse opinion, you have to name the type of modified opinion in the Auditor's Responsibility Paragraph. The last paragraph under Auditor's Responsibility should read: “We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse/qualified audit opinion.”

    March 31, 2015 at 4:09 pm #669141
    Martin
    Participant

    al0515, thanks, I cant believe Roger pretty much tells you that the Auditor's responsibility paragraph is only altered on a Disclaimer. He should double check and proof read his own book before releasing 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 31, 2015 at 4:11 pm #669142
    Anonymous
    Inactive

    Question – I have read conflicting answers on whether or not overdue payments of audit fees impair independence under the International Code of Ethics (IFAC). Does anyone know?

    March 31, 2015 at 4:36 pm #669143
    trish_1234
    Member

    Hey Martin, in gleim this is what it says for adverse … I looked it up word for word …

    introductory paragraph is unchanged

    management responsibility is unchanged

    The auditors responsibility section is changed to state “we believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse audit opinion”

    then include Basis for adverse opinion

    Adverse opinion

    I found this online pg 798 gives examples of auditors report … I skimmed through it and it looks consistent to my material and other feed back… Have a look and see what you think

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-C-00705.pdf

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

    March 31, 2015 at 4:41 pm #669144
    sileemo
    Participant

    DPD516, I believe your independence will be not impaired if you have overdue fees as long as its paid before the issuance of report.

    March 31, 2015 at 4:47 pm #669145
    trish_1234
    Member

    DPD this is what gleim says word for word: pg 73 if your using gleim

    For IFAC

    When the total fees from an audit client represent a large proportion of the total fees of the firm expressing the audit opinion ( or a partner or office), the dependence on that client and concern about losing the client creates a self-interest or intimidation threat.

    a self-interest threat may be created if overdue fees remain unpaid for a long time, especially if a significant part is not paid before the issue of the audit report for the following year. Generally, the firm is expected to require payment of such fees before such audit report is issued.

    Conclusion, My opinion depends on materiality

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

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