[jeff]

Welcome to the Q3 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

[aatoural]

Thanks for the graphs mckan. I am still looking for one with attest engagements if you find one please post

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

[Larry]

Suppose we were engaged to audit the balance sheet and not on the other F/S. We are not restricted and are free to perform any interrelated items to audit the balance sheet. Can we issue an unmodified opinion on the balance sheet?

I can't remember where I saw in Becker about issuing single financial statement. Thought we had to disclaim an opinion because we were only auditing a single F/S. Let me know.

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

[patelhj1]

Thank you taking a look at Government right now…

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[mckan514w]

@papogator24 – I think we would still have to issue a disclaimer of opinion– like you I can't remember exactly where I read that but am pretty sure I did…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

@papogator24– I looked it up— 805 actually has a sample letter– it appears that he would have to issue a qualified opinion unless there were other limitations that would cause him to issue a modified or adverse opinion….. so for example he audits the balance sheet and it is in compliance with GAAP but no other statements are allowed to be published he would issue a qualified opinion stating that he was making no opinion on anything other than the balance sheet….

AU-C 805 A single financial statement is deemed to constitute a major portion of a complete set of financial statements. Therefore, the auditor should not express an unmodified opinion on a single financial statement of a complete set of financial statements

AU-C- 700 The auditor is not required to prepare a basic financial statement (such as the statement of cash flow) and include it in the report if the company's management declines to present the statement. Accordingly, in these cases, the auditor should ordinarily qualify the report (AU-C 700).

https://www.aicpa.org/research/standards/auditattest/downloadabledocuments/au-c-00805.pdf

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Lou]

I’m struggling to get these down compared to other topics in AUD. In my opinion they are the hardest because it is subjective which test you should perform and there is so much volume of material.

Does anyone have any helpful hints or suggestions? Using Becker, already read and took notes on the chapter, and done the MCQ’s twice.

FAR- taken 8/11/16....now the wait begins
AUD- scheduled 9/8/16
BEC- scheduled 10/9/16
REG-scheduled 12/10/16

Live a few years like most people won't, to live the rest of your life like most people can't.

[aatoural]

@IBlacker – what topic are you referring to?

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

[Lou]

Sorry I copied and pasted from my individual post without mentioning it. haha. Transaction cycles/analytical ratio analysis. There's just a lot to comprehend and things seem subjective

FAR- taken 8/11/16....now the wait begins
AUD- scheduled 9/8/16
BEC- scheduled 10/9/16
REG-scheduled 12/10/16

Live a few years like most people won't, to live the rest of your life like most people can't.

[Larry]

Patel, good luck tomorrow!!

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

[aatoural]

@Iblacker – transaction cycles I am with you in the suffering. For ratios, just know the most important ones (current ratio, debt to equity, inventory and receivables turnover, etc) and when you ge a question on those write down the formula and do arrows going up and down as you read the options they give you, that is what I do. Hopefully it helps you too.

@ papogator & @patel – Good luck tomorrow!!!!!

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

[mckan514w]

@ papogator & @patel – Good luck tomorrow!!!!! Kill it for all of us!

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[patelhj1]

Thanks everyone for all the help and support everyones provided. This forums has gotten me through a lot and I can't express how grateful I am.
Gonna go crush the exam tomorrow.

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[JT]

Hey guys….

I'm pretty confused on this question… I have no idea why the auditor would even look at the mgmt report. I thought the answer was b but it's actually d.

In its annual report to shareholders, Lake Co. (a nonissuer) included a separate management report that contained an assertion about the effectiveness of its internal control over financial reporting. Lake's auditor is expressing an unmodified opinion on Lake's financial statements but has not been engaged to examine and report on this management assertion. What is the auditor's responsibility concerning such report?

A. The auditor should add an emphasis-of-matter paragraph to the report on the financial statements disclaiming an opinion on management's assertion.

B. The auditor has no obligation to read the management report or to verify the accuracy or appropriateness of its contents.

C. The auditor should request Lake to place the management report in its annual report where it will not be misinterpreted to be the auditor's assertion.

D. The auditor should read the management report and consider whether it contains a material misstatement of fact.

The answer says this,…. “The CPA should read other information presented in conjunction with the audited financial statements and consider if the information is materially inconsistent with the information presented in the financial statements or if the information contains a material misstatement of fact.

If, on reading the other information for the purpose of identifying material inconsistencies, the auditor becomes aware of an apparent material misstatement of fact, the auditor should discuss the matter with management. If management refuses to correct, the auditor should notify those charged with governance of the auditor's concerns regarding the information and take any further appropriate action.”

This is my logic… This answer says “The CPA should read other information presented in conjunction with the audited financial statements”… But the question never states that the auditor was presented with mgmt report to begin with! And we don't know if the auditor was presented with the annual report to its shareholders.

I might be looking into this question too hard.

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

[Anonymous]

Can someone recommend an effective and efficient method to study for AUD? I've started Jeff's recommendation of rewriting the notes but that is way too time consuming. I spent over 4 hours yesterday writing notes on one chapter and still didnt complete the chapter.

Any suggestion would be appreciated. I plan on taking AUD in late October and I'm kind of lost already.

Thank you.

[Theodore]

@Dab I am thinking that the question is implying that the report is issued along with the F/S. I would think that a report to shareholders includes the FS as this is very important info for them. If this is the case, which it has been in all of the questions I've gotten, then the auditor has the responsibility to read that info to verify the consistency between the two. A1 pg 57 first paragraph under Reporting on other info states that frequently F/S are incorporated into other documents, annual report to shareholders being one of them.

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

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

[Author]

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