[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[pyacpa49]

@Skittnator

That's exactly what I was thinking. I feltm ore confident with this than I did with FAR, but I feel about the same as I did coming out of my FAR exam. Ended up getting an 81 on that, but at the time would not have been surprised at all if I didn't pass. Hoping for something similar here. I'm assuming you get your grade May 5th as well? Good luck!

[cdn]

According to the AICPA Statements on Standards for Attestation Engagements (SSAE), a public accounting firm should establish quality control policies to provide assurance about which of the following matters related to agreed-upon procedures engagements?
A. Use of the report is not restricted.
B. The public accounting firm takes responsibility for the sufficiency of procedures.
C. The practitioner is independent from the client and other specified parties.
D. The practitioner sets the criteria to be used in the determination of findings.

Answer:
A public accounting firm should follow the general, fieldwork, and reporting standards for attestation engagements in performing and reporting on an agreed-upon procedures engagement.
AT 201.06 states, “The practitioner may perform an agreed-upon procedures attest engagement provided that…[t]he practitioner is independent.”

I understand that CPA has to be independent to the client, but I do not remember anywhere saying “to other specified parties.” Any thoughts? This is a type of question where one word just sends me to my 2nd answer.

[lolo]

Other specified parties refere to parties who the cpa agree with.

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[cdn]

@Sunshine – Thanks
But CPA is doing attestation to client so I did not think about “other specified parties.” The question wasn't just clear the same as answer but I just get used it when study AUD.

[lolo]

You are right, the question is weird compared to the answers, but it is clear that all other answers cant be correct. Anyway Wish you good luck on you exam ☺

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[cdn]

My other option was D – I know that client and CPA agree on procedures but criteria used for findings – I thought is just CPA decision.

[lolo]

I see, But the criteria is merely set by the client, the CPA can decide whether the subject matter can be measued against this criteria that has been set fourth by the client. Always the CPA has nothing to do with the criteria used under agreed upon prosedures. Or in other words the practitioner never set the criteria in any engagement but in only one case, when conducting audit of financial statements the auditor may choose to relay on coso framework or other acceptable frameworks for the consideration purposes of one entity's internal control.

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[cdn]

@sunshine – got it now – thanks 🙂
Exam on Monday.

[lolo]

@capri1032, I wish you the best of luck. let us know how you do!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[cdn]

@sunshine thanks.

[marqzho]

Which of the following internal controls most likely would reduce the risk of diversion of customer receipts by an entity’s employees?

Ans: Bank Lockbox system

Could someone explain this question to me ?

Thanks

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

Yea right, it because you are not letting your employees to handle the receipt of cash and therefore you are not risking an employee pocketing the money and sometimes the employee may cover that if he had an access to record keeping. in this case an employee would apply lapping by applying one customer payment to other customer and cover for pocketing money. However having lock-box system eliminate this risk. that's why its the most effective.

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[marqzho]

Thanks Sunshine

I hate AUD.:)

REG 90
FAR 95
AUD 98
BEC 84

[marqzho]

Why this is kitting?

From State Bank
To Republic Bank
Disbursement Date per book Jan. 2
Disbursement Date per bank Jan. 2
Receipt Date per book Jan. 2
Receipt Date per bank Dec. 31

Thanks

REG 90
FAR 95
AUD 98
BEC 84

[mikemaaa]

So I've been scoring 77, 88, 80, 77 on the practice exams on here and Wiley…was ready to take my exam today and then the flood takes me out. Looks like I have more days to do practice exams..

AUD - 61 (expected, didn't want it)
FAR - 7/11/16
REG - October 2016
BEC - November 2016

[Author]

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