[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

[Anonymous]

oh geez…no, not today…although it would be nice to have it over with it.

I found the same question in my Roger book:

How do the scope, procedures, and purpose of an examination of IC compare to those for obtaining an understanding of IC and assessing RMM as part of an audit?

A. scope: similar ; procedures: different ; purpose: similar
B. scope: different ; procedures: similar ; purpose: similar
C. scope: different ; procedures: different ; purpose: different
D. scope: different ; procedures: similar ; purpose: different

His answer is D. The scope of an examination of IC is different, in fact more extensive, than that for the assessment of RMM since it requires more extensive TOC. The procedures are the same in both although, as indicated, there will generally be more procedures, specifically TOC, in the examination of IC. The purpose is different in that the purpose of the examination is to express an opinion while the purpose of the understanding is to determine the nature, timing, and extent of substantive procedures to be performed in the audit.

[Theodore]

Goood luck to @aatoural!!!

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]

so i had it right the first time. I'm letting this exam get to me. -.-

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]

An auditor may report on condensed financial statements that are derived from complete audited financial statements if the:

A. auditor indicates whether the information in the condensed financial statements is fairly stated in all material respects.

B. condensed financial statements are presented in comparative form with the prior year's condensed financial statements.

C. auditor describes the additional review procedures performed on the condensed financial statements.

D. condensed financial statements are distributed only to management and the board of directors.

OK the only only reason I didn't choose A was because It does not state ….in relation to the complete FS from which it was derived.

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]

so the answer is A?

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

[hhung1485]

@rosy0407

I took a look over at A5 again.
I didn't know how i missed this.
So it appears to be 3 situations

F/S Audit – non-issuer

Then Intergrated audits which are

Examination of IC – non-issuer
&
Audit of IC – issuer

So i think the ninja question is comparing the Audit of ic vs F/s audit.

and the becker is comparing the non-issuers

The Examination of IC vs the F/S audit.

I assume And don't not quote me on this one. The reason procedures are the same are b/c they are both intergrated audits and you can do the same procedures to express opinion on i/c effectiveness?

Were they both prior cpa questions or self-made?

FAR - 93
REG - TBD
BEC -
AUD -

[HoosierCPA]

@aatoural good luck today! I'm nervous for all of us, we have all been active in this study group so it feels like we are all in this together!

I have mine Wednesday, I'm trying to walk a fine line between reviewing and not trying to crush my self esteem by finding areas I'm weak at!

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

[Theodore]

@papogator24 Yea


@hhung1485 reading the question carefully is key. sigh
Good luck dtatham10!!

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

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

[mckan514w]

GOOD LUCK @aatoural!!!

@rosy I have reduced myself to physically handwriting out- THE QUESTION IS ASKING ME X prior to trying to answer these MCQ's I am really hoping this will train me to read the question carefully– of course I am running into problems when I think the question is asking me one thing and its not 🙂 This is like trying to learn Orwellian DoubleSpeak….

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

[Tipofga80]

Hi guys! How do you determine the difference between a known and factual mistatement?

REG - 77 (will lose in Jan 2016)

BEC - 67 74, 75

AUD - 56, 70, Will try again 🙁

FAR - ??

Save the beast for last.

[JT]

Good luck aatoural! and to everyone else in this thread!

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

[mckan514w]

@Tipofga80 I am not looking at notes here but think this is correct… someone help me out if not!!!

A known misstatement is one that comes to light in the audit- so you know that the statements contain a misstatement and you have to determine whether it is material or not….

a Factual misstatement is one that is “true” and there is no doubt about the misstatement- so for example A/R is overstated by X amount of dollars

A Judgemental Misstatement- is one that occurs when there is some difference in regards to managements estimates that the accountant thinks is unreasonable or not right. For example Management estimates allowance for doubtful accounts to be X but Auditor feels that that is too low and that it should be Y this could cause a misstatement due to judgment

A projected misstatement is one that is the auditors best estimate of misstatements within a population which will help guide sample testing…

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]

Okay guys I have a question about compilations and reviews.. It seems like every question I have encountered regarding them pertains to “non-issuers”– which are under SSARS– I am assuming it is possible for an accountant to be engaged to do a compilation or a review for a public company (i.e. an issuer) as well- correct??? and are the rules the same as they would be for a non-issuer????

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

[Theodore]

@Tipofga80 there are actually three types of misstatements
Factual – misstatement in which there is no doubt. it is a fact, you see it in the FS or by perfomring procedures. amounts are different than what their supposed to be.
Judgmental – differences in opinion between management and the auditor
Projected – auditors best estimate of a mistatement

I hope i explained it ok

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]

@mckan514w I thought compilations and reviews where only for non issuers under SSARS with the exception of a review of interim info for non-issuers under SAS or a review for issuers for interim info under PCAOB. Idk about compilations for issuers. God im freaking out

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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