[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

[HoosierCPA]

In an engagement related to a non-issuer, an auditor discovers several significant deficiencies in internal control, one of which is deemed to be a material weakness. Which of the following is true?

A. If IC’s was evaluated as part of a separate engagement to examine IC, only material weakness needs to be communicated to those charged with governance.

B. If IC was evaluated as part of an audit, the auditor must restrict use of the report on IC — CORRECT

C. If IC was evaluated as part of a separate engagement to examine IC, the auditor must restrict use of the report on IC

D. If IC was evaluated as part of an audit, the material weakness needs to be communicated to those charged with governance

An auditor has been hired to report on a nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?

a.If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor may issue either a qualified opinion or an adverse opinion.

b.When a significant deficiency exists, the auditor may issue either a qualified or adverse opinion.

c.If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor will generally issue an unmodified opinion with additional explanatory language.

d.When a material weakness exists, the auditor should issue an adverse opinion. — CORRECT

Does “Restrict” and “Adverse” mean the same thing?

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

[Anonymous]

@dtatham10 – in an attempt to make myself feel better i remind myself that i'm not trying to get a 100 and they can't FILL the test with those questions – right? RIGHT?!?!?!?!

seriously, this is my last exam and i want to be done. it terrifies me to think i could get one too many of those kinds of questions and have to take this sucker again.

[Anonymous]

@dtatham10 – adverse and restricted don't mean the same thing. i think the difference in those two questions is because the first material weakness was discovered in the normal audit (which doesn't include a report on IC) and the other one was discovered during an SSAE on IC (so they are issuing an opinion).

[Larry]

@allaboard, did you get that question from the AICPA released 2016? If so, that has to be a typo for the answers. The answer choices are from question 9. Jeff needs to fix it.

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

[Anonymous]

YES! ok…thank you. I thought I was losing it.

[HoosierCPA]

@allaboard. You're right! Another example of READ THE QUESTION! 1 word can change the entire answer. So frustrating.

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

[Larry]

@aatoural, good luck tomorrow! Rooting for you!

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

[Theodore]

@dtatham10 what chapter is the first question on? I feel like I just covered it yet I can't remember where?

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

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

[JT]

You guys think we need to memorize the specific assertions for each relevant assertion type?

For example, do I need to memorize ‘transactions' are “completeness, cutoff, accuracy, classification and occurrence”?

For the most past, when I have a question regarding an audit procedure that's completed by an auditor, I can figure out which assertion they are trying to test. But I haven't memorized the different types for each classification.

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

[Theodore]

@Dab I think that if you're doing good on figuring out what assertion they are trying to test then I would think you know them. Therefore there is no need to memorize them since you understand them pretty good. Understanding is better than memorizing. Good job!

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

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

[JT]

Definitely. Thanks rosy!

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

[Theodore]

10 days until exam day and I am officially freaking out. Second guessing myself on questions I normally know the answer too 🙁

Every time i finish reading the book/taking notes I go back to reviewing the notes and I find myself confused. Is it because I feel like i am running out of time so im rushing through the notes without really comprehending what i am reading? am I the only that feels like this??

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

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

[JT]

My test is in 10 days too.

Man,.. I'm still getting the same questions wrong. Im getting tripped up on a few concepts/requirements of some of the reports (prospective, govt/compliance etc). It's frustr fore sure.

We will get through it though.

Rosy, is this your first time taking aud?

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

[Theodore]

NO, it's my second time, but the first time around I was a bit lazy to be honest. I got a 72. and I'm scared because i've seen scores that go from 73 to 72. 73 to 74 or vice versa. seems like its going to be hard to get those 3 points i needed to pass. What about you?

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

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

[Theodore]

How do the scope, procedures, and objective of an engagement to examine the design and operating effectiveness of an entity’s internal control over financial reporting compare to those for obtaining an understanding of internal control and assessing control risk as part of an audit?

A. Scope: Similar; Procedures: Different; Objective: Similar

B. Scope: Different; Procedures: Similar; Objective: Similar

C. Scope: Different; Procedures: Different; Objective: Different

D. Scope: Different; Procedures: Similar; Objective: Different

How do the scope, procedures, and purpose of tests of controls in an examination of the internal control of a nonissuer compare to those for obtaining an understanding of internal control and assessing control risk as part of a financial statement audit of a nonissuer?
Scope Procedures Purpose
a. Similar Different Similar
b. Different Similar Similar
c. Different Similar Different
d. Different Different Different

Are these questions different? First one is Ninja and second is becker

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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