[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]

Hey silliepanda. Just got home from work. Gonna dig in and hopefully get something done. I have about 100 unseen questions in Ninja to get to. After that I'll asses if I will try to answer all the ones I got wrong or switch back to Becker to go over questions/Sims/progress tests. I might just stick with ninja till Saturday.

How you doing? Conquering the AUD B.S. This subject is so lame.

[silliepanda]

I got through all the questions in NINJA at least 1 time. I am now going through each section again and comparing to how I did the first time. I am trying to get 2 sections done tonight … 2 tomorrow and the remaining Thursday. Friday I have off so I am going to just keep doing practice exams and sims. Need to get this one over with!

BEC - TOO MANY FAILS TO LIST! July 2015 I WILL GET IT!
AUD - AUG 2015- NEVER PASSED!
FAR - LOST CREDIT
REG - PASSED

[trish_1234]

@ jbarwick you taking AUD next Q?

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

[Anonymous]

Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, 20X1. Park obtained sufficient appropriate audit evidence for all of Tech's financial statement items, except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, 20X1, inventory balances. Park's opinion on Tech's 20X1 financial statements most likely will be:

an unmodified opinion issued on the balance sheet and a disclaimer opinion issued on the income statement

Question:

Isn't this a piecemeal opinion? Doesn't discaiming an opinion just on the IS undermine the unmodified opinion on the BS?

[Anonymous]

Started looking at some SIMs this afternoon and I am getting super frustrated with myself. I am having a hard time with even the research questions!! These are so different from research questions for FAR which I was able to find pretty easily. I have not been able to complete even one correctly so far!!

Do you guys have any method for determining how to narrow your rearch or what would be your keywords for research? Please share any tips if you can!

Hoping to keep the motivation for the rest of the afternoon. I am so sick of these word games AKA MCQs 🙁

[lavendersky]

Similar question to @DoOver

Auditing standards require that the independent auditor's report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. Which of the following would be prohibited by auditing standards?

A. The auditor disclaims an opinion on the entire set of financial statements.

B. None of the other actions are prohibited.

C. An auditor is hired to render an opinion on the balance sheet only.

D. The auditor disclaims an opinion on the income statement and on the statement of cash flows, but renders an unmodified opinion on the balance sheet.

Answer is B. But I thought it should be D b/c of piecemeal opinion. Am I missing something or interpreting something wrong?

FAR- PASSED
AUD- PASSED
REG- PASSED
BEC-

You got to do what you have to do!

[trish_1234]

use the search within for research

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

[trish_1234]

@ doover nope that is not a piecemeal. I know that is confusing….

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

[jbarwick]

@trish – yea Q3, July 3rd.

The piecemeal thing is confusing for me too. Haven't started going back over that yet…

Journey Started - January 2015
FAR - 4/2015 - Passed
AUD - 7/2015 - Passed
BEC - 8/2015 - Passed
REG - 11/12/2015 - Passed

[moreinfo2013]

[moreinfo2013]

piecemeal opinion – Expression of an opinion on an item in financial statements is not permitted as part of a disclaimer or adverse opinion on the financial statements as a whole because it would tend to overshadow or contradict a disclaimer of opinion or an adverse opinion.

[trish_1234]

@ jbarwick yay me too. I am going to have a buddy for the count down (clock of death) my other buddies took it this Q!!! The piecemeal thing is wicked confusing, I saw that question in ninja and Gleim) It was on of those questions that I accepted without understanding and moved on (after a huge headache trying to figure it out)… if it clicks for me I will let you know 🙂 please do the same for me… another weird thing is that you can audit just one account too.

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

[moreinfo2013]

See the thread below:

https://www.another71.com/cpa-exam-forum/topic/piecemeal-opinion-question-audit

[moreinfo2013]

@ trish

you can express an opinion on just one account only if the overall opinion of the FS is unmodified. Otherwise, you need to give your opinion on that one account separately from the FS opinion. I think the thread that I just posted is really good in explaining this part.

[trish_1234]

@ moreinfo2013 thanks for the post!!! so i ithink you helped me out figuring out the difference 🙂

so bellow what I am understanding is that a piecemeal is when you disclaim an opinion or give an adverse opinion on BS and an unmodified opinion on an item of BS. It does not mean a disclaimer of opinion on BS and unmodified opinion on IS for instance??? Agreed???

Piecemeal opinion – Expression of an opinion on an item in financial statements is not permitted as part of a disclaimer or adverse opinion on the financial statements as a whole because it would tend to overshadow or contradict a disclaimer of opinion or an adverse opinion.

EDIT: just saw ur link Thanks a bunch 🙂

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

[Author]

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