[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/

[Anonymous]

Payroll Data Co. (PDC) processes payroll transactions for a retailer. Cook, CPA, is engaged to express an opinion on management's description of PDC's system and suitability of the design of controls. PDC's system is relevant to the retailer's internal control, so Cook's report may be useful in providing the retailer's independent auditor with information necessary to plan a financial statement audit. Cook's report should:

A. contain a disclaimer of opinion on the operating effectiveness of PDC's controls.

B. identify the controls that were tested to obtain reasonable assurance that PDC's controls were operating effectively.

C. identify PDC's controls relevant to specific financial statement assertions.

D. disclose Cook's assessed level of control risk for PDC.

[ahugemistake]

I just need hammer this one into my head, I can see it being on the exam.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

Indeed, it does sound like something they'll ask

[ahugemistake]

C

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[NoraU]

CPA Title in 2015 A for the other question?

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[Anonymous]

Yes, the Payroll Data answer is A.

[Anonymous]

The auditor's report on an examination of internal control should include which of the following?

A. Identification of the specified parties

B. A statement that the sufficiency of the procedures is solely the responsibility of the specified parties and a disclaimer of responsibility for the sufficiency of those procedures

C. A list of the procedures performed and related findings

D. A definition of internal control

[Anonymous]

Answer is D

PCAOB AS 5.85 states that the auditor's report on an examination of internal control should include a definition of internal control which is the same description of the entity's internal control as management uses in its report. The other items listed are reporting elements for an agreed-upon procedures report on controls.

That's all I can post for now; gotta get back to work.

[ahugemistake]

Thanks for the questions so far, I definitely need to get through all of Ninja MCQs this week to gauge how I'm doing. I like coming to the threads and seeing if I can answer a question right, that makes me feel pretty good.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[okcpa2015]

An auditor concludes that there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time. If the entity’s disclosures concerning this matter are adequate, the audit report may include a(n)

A. Disclaimer of Opinion

B. Qualified Opinion

C. Both A and B

D. Neither A or B

FAR - 91
REG - 88
AUD - 98
BEC - 88

[NoraU]

A?

BEC 05/12/14 77
REG 08/25/14 82
FAR 11/25/14 80
AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

[okcpa2015]

Got it! You can online have a Unmodified Opinion with an Emphasis of Matter paragraph or a Disclaimer of Opinion regarding Going Concern.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Anonymous]

hey guys just took audit i posted my experience not too long ago. If I could provide any advice it would be try not to spend too much time on the MC if possible and learn to use the the AL as best as you can cause that can really help. The SIMs were much toughter on my exam than the ones I practiced so I dont know how you can really prepare for that

[Tre]

I had a recent lesson on CPA Excel state that single/program-specific audit standard was $750,000. I thought that it was $500,000. Anyone know for sure?

BEC - 84
REG - 88
FAR - 75
AUD - 71, Nov 2015

[okcpa2015]

@Tre, the standard changed at the end of the year, so for this quarter it's $500, changes to $750 after Q2.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Author]

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