[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

[Madam Secretary]

Seriously, what's the difference between SSARS and SSAE? how can I distinguish the difference?

Example: A CPA in public practice is required to comply with the provisions of the Statements on Standards for Attestation Engagements (SSAEs) when?

1. Testifying as an expert witness in accounting and auditing matters given stipulated facts = NO

2. Examining a client’s financial projection that presents a hypothetical course of action = Yes

Note: examination of projection with hypothetical assumption is also covered in SSARS C19. can someone please help me on this one. thank you.

[Madam Secretary]

hi anyone please?

The appearance of independence of a CPA, or that CPA’s firm, is most likely to be impaired if the CPA:
A. Provides appraisal, valuation, or actuarial services for an attest client.
B. Joins a trade association, which is an attest client, and serves in a non management capacity.
C. Accepts a token gift from an attest client.
D. Serves as an executor and trustee of the estate of an individual who owned the majority of the stock of a closely held client corporation.

correct answer: D. how about A?

[Madam Secretary]

where is everybody?

[A1lessio]

Does anyone here do the Becker progress test? I did 50 questions for chapters 1-4 this morning and got 66%. I feel like everything is jumbled in my brain.

AUD (08/02/2016)

[aatoural]

@Warrior – I have not looked at that chapter yet, but I do remember from my last semester in MACC program (last December) that any valuation or appraisal job does not impair independence, however serving as part of a major client for whom the auditor has majority votes impairs it.
Think about it – if I provide you with subtantial amount of money (or other commodity) it is most likely that you will promulgate a better opinion about me. On the other hand if you just come to me to give me advaise on a course of action to follow, that will most likley not change your opinion of me to my benefit.
Hope this helps.

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

[Ash]

Hi Warrior

So SSAE was the best answer in regards to the pro forma financial statements, because the accountant is reviewing these pro forma statements only…according to Becker if they were compiling the pro forma statements for a NON_ISSUER then they would need to follow the SSARS.

And the independence is impaired because if you read the key words in D they CPA is serving as executor to the MAJORITY stock holder…although A could impair the independence it would more likely impair if the results are material to the financial statements and subject to significant degree of subjectivity.

It helps when I am answer questions I take a few second to really digest what is being said. In this case D had the key words that would be MORE likely to impair the independence. This is good for my review phase keep giving me questions 🙂

AUD- 72, 71, TBD (now i am pissed no more messing around)
BEC-8/29/16
REG-10/10/16
FAR-70 retest-11/28/16

[CPATG17]

@Warrior

What really makes you impaired from providing a service to a client?

Is it when you own stocks at that company or ;

When you so other service to them like “Provides appraisal, valuation, or actuarial”

AUD - 08/23/2016
REG - TBD
BEC - TBD
FAR - TBD

[aatoural]

For those of you who have Becker. Is it me or some of the Homework MCQs for A1 – Subsequent Events are reapeted?

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

[CPATG17]

@aatoural

You will see a lot of repeat as you go in later questions

AUD - 08/23/2016
REG - TBD
BEC - TBD
FAR - TBD

[aatoural]

That is BS. Tthey tell you is 32+ MCQs to practice but in reality is at least 10 less than that because of repetition. They need to update that. Thank you CPATG17 for the heads up.

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

[HoosierCPA]

Ahhh!!!! I just had to jump in here to express my frustration over AUD. I'm only 150 homework questions in on Becker chapter 1 but hands down this is the worst I've done on any homework of the 4 tests. To add salt to the wound I feel like I'm not learning anything from my missed answers. It all just jumbles up in my head and turns to mush!!!! Wow this is frustrating!!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Larry]

Wait until chapter 4 in Becker…. :::bangs head on wall::::

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

[HoosierCPA]

don't tell me it gets worse–my self esteem can't handle it.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[A1lessio]

@dtatham 10 – what do you consider as bad on the HW?

I think chapter 1,2, & 3 were somewhat straight forward. Once I got a feel for the questions I would score between 60-70% first try and higher second try. For chapter 1, memorizing the auditors report, knowing exactly what goes in the emphasis- of-matter paragraph and understanding the different opinions made it much easier. Going Concern questions are pretty much common sense and for subsequent events you can take educated guesses. Chapter 4 was bad….

AUD (08/02/2016)

[HoosierCPA]

A1lessio I would attribute most my problems to not knowing the auditors report and emphasis of matter. I jumped right into the questions without attempting to memorize them. I'm at around 50% first try, still working my way through the questions.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Author]

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