@Trish, agreed. The number one test for payables would be completeness. You could use cut-off procedures by reviewing a voucher register right after year end and trace to the invoices for anything that should have been in the prior period, which also relates to completeness.
I think we are saying the same thing… which is good.
anyone reading the beckerauditbook? on page A2-14 and A2-15 section f seems to contradict sections d and e regarding special purpose financial statements. Sections d and e both say to include an emphasis of matter paragraph or other matter paragraph but section f says not to include an emphasis or other matter paragraph. Anyone else find it confusing?
FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!
"You down wit SEC?, yeah you know me!!!"
Cali Candidate
All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes
@highlightnumb, you'll need an emphasis-of-matter (if referencing the note in the financials) or other-matter-paragraph is the report is redistricted for use, which most special-purpose-framework reports are.
If the report is for Regulatory Basis for GENERAL USE, you would not include either. Instead include an opinion of whether the F/S are based on GAAP (which they are not) and another opinion if they are in accordance with the appropriate Regulatory Framework.
Hey anyone here using Becker? I took a practice test this past weekend and got a 80, 86, and 76 on the MC testlets and did pretty awful on the SIMs. I thought the MC was really tough but doable so am pretty satisfied with those scores but I know if the SIMS in the practice were the ones I actually got in the real exam, I would have been screwed. I think there were about 2 I did perfectly on, 2 other ones I got less than 50% credit on, and the other 3 were about 60-70%.
My exam is in a few days and I plan on taking the second one soon after I finish reviewing a little more. Can anyone provide any insight about the Becker practice and the actual exam
FAR. Feb 2014 76
REG. Jan 2015 79 half way there!!
BEC. Feb 2015 79 thank you God!!
AUD. Apr 20, 2015 and will be done. Hold that thought 65, 7/14/15 85!
Ok where was I? Oh thats right now I'm Done!!!!!!!!!
Ethics 92!!
"You down wit SEC?, yeah you know me!!!"
Cali Candidate
All Becker Materials, Wiley Test Bank, Ninja audio, Ninja MCQ, Ninja Notes
I'm using Ninja MCQ only (no book, no videos, etc). This strategy worked for BEC so I'm trying it for AUD. The only reason I purchased the flashcards is b/c they are on sale and I don't feel as confident for my exam as I did for BEC,
wait so youre just doing the MCQs? no other course? You're brave. Just keep nailing the MCQs, and yes the flash cards should help, and if you have time write down some key terms to make them stick
You guys are right. It's C. I got tricked up because they used the word trace. Can't get anything past you.
Explanation
Choice “c” is correct. Tracing from the inventory schedule to the inventory tags and the auditor's recorded count sheets verifies the validity (existence) of the items. Note that the correct term for the directional test for existence is “vouch.” However, in practice (and on the CPA Exam), the term trace is sometime used interchangeably with the term vouch.
An auditor discovered that a client's accounts receivable turnover is substantially lower for the current year than for the prior year. This may indicate that:
a. The aging of accounts receivable was improperly performed in both years.
b. There was an improper cutoff of sales at the end of the year.
c. An unusually large receivable was written off near the end of the year.
d. Obsolete inventory has not yet been reduced to fair market value.
Hey guys! I just got done with FAR yesterday and I'm driving myself crazy thinking about what my score will be, so I'm going to jump into this forum for my next section (AUD). Should be scheduling it sometime early August. Nice to meet everyone 🙂
.