[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

[JT]

First time for AUD.

But hey, if you were being lazy and got a 72, imagine what you'll score now seeing how your taking it serious with more effort! I'd be pretty confident with myself if I were you and had a 72 on a previous test.

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

[Anonymous]

double post

[Anonymous]

@rosy0407 – the only difference i can see is that the second one explicitly says nonissuer…but i would've assumed nonissuer for the first one. so ultimately i would've read them as the same question. did they give you different answers? i love this game. :X

and as far as the test goes – i'm in your boat, @rosy0407. this is my second time through and i got a 71 the first time, but i'm taking the blame for that because i knew i wasn't ready but i got stubborn about not wanting to reschedule. NORMALLY, that would make me feel good about this time around because i'd say for most of the topics i'm in a much better place and my trending/average is looking good – HOWEVER, it's audit and like you said, i've seen people get a 74 and then get a 68. it seems like this one, more than any of them, comes down to how lucky we are on which questions we get. if i took the test today and they gave me one too many questions on GAGAS, i'd probably be screwed. and then SIMS…i don't even want to think about that.

[JT]

Those questions got me a little tripped up. I think the first answer is d though.

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

[HoosierCPA]

@Rosy the first question came from Becker Exam #2 Testlet #2 Question 18

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

[hhung1485]

Do you have the answers for the 2 questions on internal control?

Im curious.

FAR - 93
REG - TBD
BEC -
AUD -

[HoosierCPA]

@hhung1485 if you're talking about the 2 questions I posted on IC I have labeled the correct answers in my original post. Are you wanting the explanations behind the answers as well?

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

[hhung1485]

@dtatham I took a look at exam 2 testlet 2 q18.
I dont have that question. Do ppl have different final tests on becker?

FAR - 93
REG - TBD
BEC -
AUD -

[hhung1485]

@dtatham10 I am trying to find your original post but having no luck. Would you mind posting the answers?

An explanation would be appreciated.

I am pretty sure the scope & objective are difference

FS audit – Less scope
objective is just to understand for plan NET audit procedures

Examination – more scope cause need to understand to express opinion
objective to express opinion

Correct me if I am wrong please.

I am not sure about procedures. May someone clarify??
If i had to guess I would say the same idk.

FAR - 93
REG - TBD
BEC -
AUD -

[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

EXPLANATION: If internal control was evaluated as part of an audit, the auditor must restrict use of the report on internal control

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

I don't have the explanation for this. aatoural originally posted this question and I copied it in my posted because at the time I thought it was asking the same thing.

It's as you said, an examination is more in scope and requires positive assurance. With a material weakness on IC you must issue an adverse opinion.

With the first question, it's an integrated audit, you report on the EFFECTIVENESS of the internal control NOT an opinion. In this case with material weaknesses you restrict the use of the report instead of issuing any type of opinion.

Someone can confirm but during an integrated audit its possible to restrict the IC portion and still issue an unmodified opinion on the financial statements.

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

[hhung1485]

@dtatham10 Ty for explaining.
I just looked back in the becker book and it states about limiting use.

I was looking at @rosy0407 question on IC also.

Not sure on the procedures.

FAR - 93
REG - TBD
BEC -
AUD -

[HoosierCPA]

Trying to iron out the small details.

SSAE — Compliations/Reviews/Agree Upon Procedures/ Examinations…these are all conducted in accordance with AICPA

SSARS and FS Audits — Conducted in accordance with GAAS

Is this correct?

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

[Theodore]

@hhung1485 the first question comes from NINJA Answer is D and the second comes from Becker answer is D but different answers. Maybe allaboard is correct, the only difference would be the word non issuers. I can't remember the explanation as I was a bit tired from studying all day.

@allaboard what time is it over there? It's barely 7 am here in Cali. Good luck! Let's stay positive

@Dab Thank 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]

@allaboard I thought I had read that you took the exam today. I was half asleep still 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.

[Larry]

Rosy, aatoural takes the exam today.

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

[Author]

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