AUD Study Group Q3 2016 - Page 21

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  • August 23, 2016 at 7:59 pm #818667
    Larry
    Participant

    It's okay bud! Hopefully soon Jeff will have the edit feature installed.

    EDIT: Just realized he has it installed now!

    REG - 82
    FAR - 78
    BEC - 76
    AUD - 8/27/16

    August 23, 2016 at 9:02 pm #818760
    Theodore
    Participant

    Need me some motivation, like now. Two weeks until exam day.

    FAR: 66, 76!
    REG: 76!
    AUD: 72, 9/7/2016
    BEC: TBA

    Don't Stop When You Are Tired, Stop When You Are Done.

    August 23, 2016 at 9:10 pm #818775
    Larry
    Participant

    You're almost there Rosy. Why are you pursuing the CPA?

    REG - 82
    FAR - 78
    BEC - 76
    AUD - 8/27/16

    August 23, 2016 at 9:29 pm #818814
    aatoural
    Participant

    @Rosy – you almost got this, keep it up!! 🙂

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    August 23, 2016 at 9:33 pm #818829
    JT
    Participant

    I thought internal auditors assisting independent auditors were allowed to do all filed work (substantive test, assessing I/c, make judgement calls etc) EXCEPT take responsibility for the audit. I thought the independent auditor had the responsibility to review ALL of the internal auditors work and then decide if it was ok or not and that the only thing the independent auditor couldn't give to the internal auditor was the final responsibility for the audit.

    I guess I'm wrong huh?!… I just found out otherwise but can't find where to look for the details for this situation.

    REG-80-1X
    BEC-80-1X
    FAR-73-1X
    FAR-75-2X
    AUD-September 2016

    August 23, 2016 at 9:34 pm #818832
    aatoural
    Participant

    Guys I have this question which I still do not understand why is the correct answer, when in previous chapters the auditor did not care for that. Please help!

    In identifying matters for communication with those charged with governance, an auditor most likely would ask management whether:
    a.There were any subsequent events of which the auditor was unaware.
    b.It consulted with another CPA firm about accounting matters. CORRECT
    c.The turnover in the accounting department was unusually high.
    d.It agreed with the auditor's assessed level of control risk.

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    August 23, 2016 at 10:03 pm #818877
    Larry
    Participant

    Living in Miami, now I have to hope this stupid tropical wave doesn't turn into a tropical storm or hurricane and come to miami. I'm scheduled for this Saturday. Go away!!

    REG - 82
    FAR - 78
    BEC - 76
    AUD - 8/27/16

    August 23, 2016 at 10:11 pm #818883
    aatoural
    Participant

    Ohh no! I live here too, and since I work for the county they expect us to work after disasters,I don't got time for that! Go away storm!

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    August 23, 2016 at 10:15 pm #818892
    Theodore
    Participant

    Thanks Guys! I've always liked accounting, since high school. wasn't satisfied with a bachelor's. I think it's the fact that there's not a break once you start, where as in college you get summer and winter breaks.

    @Dab It's on A-3 pg 21,22 and 23. per Becker “Internal Auditor may assist the external auditor in obtaining an understanding of I/C, Assessing Risk, and performing substantive procedures, They cannot make audit decisions, judgements or assessments” that are part of the audit. This is the responsibility of the ex. auditor. The ex. auditor has the ultimate responsibility of the audit.

    Hope it helps!

    FAR: 66, 76!
    REG: 76!
    AUD: 72, 9/7/2016
    BEC: TBA

    Don't Stop When You Are Tired, Stop When You Are Done.

    August 23, 2016 at 10:19 pm #818904
    Theodore
    Participant

    @aatoural That question had me second guessing my self too. I'd have to go over communications with those charged with governance.

    You two live in Florida?? Aaaamazing! except for the storm part. I'll be there in a couple of months and i am super excited. lol

    FAR: 66, 76!
    REG: 76!
    AUD: 72, 9/7/2016
    BEC: TBA

    Don't Stop When You Are Tired, Stop When You Are Done.

    August 23, 2016 at 10:25 pm #818919
    aatoural
    Participant

    @Rosy – then what did you see that made you understand that it was B?

    yup! the land of humid weather!!! lol

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    August 23, 2016 at 10:27 pm #818925
    Theodore
    Participant

    I got it wrong lol

    FAR: 66, 76!
    REG: 76!
    AUD: 72, 9/7/2016
    BEC: TBA

    Don't Stop When You Are Tired, Stop When You Are Done.

    August 23, 2016 at 10:27 pm #818928
    Larry
    Participant

    Aatoural, you work for miami Dade county? What dept? I work for Parks!

    I'm an essential employee as well and would have to work after any disasters.

    REG - 82
    FAR - 78
    BEC - 76
    AUD - 8/27/16

    August 23, 2016 at 10:41 pm #818955
    aatoural
    Participant

    Rosy – I keep saying is the subsequent events but Becker's explanation says no no.

    Papogator – I work for the general finance department in the accounting and reporting section. Oh parks, you guys just got a big mess with the departments re-org. 🙁

    BEC - PASSED
    AUD - 8/29/16
    FAR - TBS
    REG - TBS

    August 23, 2016 at 10:48 pm #818961
    JT
    Participant

    Thank you Rosy!

    REG-80-1X
    BEC-80-1X
    FAR-73-1X
    FAR-75-2X
    AUD-September 2016

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