[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]

I was running through the option homework in chapter 1 and came across reissuing reports and what date to use. The particular question I got I answered correct, if no adjustment keep the original date on the report.

When would you dual date and use the later date?

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

[Larry]

I think you dual date when you find out about a subsequent event or they made you aware of something after releasing the report. So you do audit procedure based on the information you received. You dual date up to that date you completed the procedure.

If you don't specify that the later date is for the additional audit procedure, then you are responsible for any activities up until that date.

Correct me if I'm wrong.

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

[Larry]

Rosy, my license expired. Have you taken all 4 sections yet? If not, have you scheduled any exams with an actual NTS? If so, Becker will grant you extension up to that date of your exam. If not, call them and see if they can work with you.

If I fail AUD which I hope not, I'm going to use the same book and buy the ninja MCQ again. If there's going to be any update on the material, Becker updates them on their website and you can get that information and correct the changes in book. But for audit, I imagine not much would change like REG does.

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

[aatoural]

I agree with Papogator. If there is a subsequent event and the auditor decides to dual date for that specific event. Then the auditor report date would have two dates, the date for that specific event and the original date of the report for anything else regarding engagement. Now, the auditor may choose to not dual date an event, in which case the entire engagment goes by the new auditor's report date (Becker has questions on that specifically)

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

[Theodore]

I agree with you both.

@papogator24 I still need BEC. That's if I pass AUD. it expires on sept 3 and exam is sept 7, but I've switched to ninja because I needed a new set of questions. haven't been using becker, really. Plus ninja offers SIMs too. I heard Becker gives 50% discounts for returning students just not sure if there is a requirement for that discount. Is anyone using just NINJA? if so, how is the material?

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

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

[HoosierCPA]

@aatoural, random question but how did you do on time during the exam? Did you find yourself rushing?

I think I'm going with 45 mins per testlet on mcq's which will leave me with plenty of time for the sims.

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

[Anonymous]

@dtatham10 that's my plan. I kind of expecting to get through them quicker than that – I can get through a set of 30 Ninja in about 45 minutes and that's with reading answers and checking my phone and checking A71. But worst case scenario, I have 45 minutes for each MCQ section and 15 minutes for each TBS.

I don't know if anyone else does this – but I find the research one first under the theory that it shouldn't take me 15 minutes to complete, so any leftover time from that one I can use on the remaining 6. Then I go through and find ones that I'm comfortable with or at least think I understand what they're asking. After that I have all my accumulated leftover time to spend on ones that baffle me.

[Theodore]

I tend to do that too. I rather get some points than no at all trying to figure out the hard problems and running out of time to do the easy ones. I always target the research question first

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

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

[HoosierCPA]

Becker blocks areas of the authoritative literature so I can't look for myself. But do you guys know what section to find the the example reports? I've heard it can be extremely helpful in getting you through the Sims.

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

[CPA_Chik]

I'm going through tons of AUD MCQs and all these auditors are engaged! I bet it's a requirement for auditors and they are party animals on weddings! -lol, just a lame aud joke because I'm sooo sick with it already!!!

REG - 75!!!
FAR - 66; 73 (FML!!!)
AUD - 09/16
BEC - TBD

[HoosierCPA]

If a publicly held company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows, the auditor ordinarily will express a(an):

a.Review report.
b.Qualified opinion — CORRECT.
c.Disclaimer of opinion.
d.Unmodified opinion with an emphasis-of-matter paragraph.

Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, Year 3. Park obtained sufficient audit evidence for all of Tech's financial statement items except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, Year 3, inventory balances. Park's opinion on Tech's Year 3 financial statements most likely will be:

Balance sheet Income statement
a. Unmodified / Adverse
b. Unmodified / Disclaimer — CORRECT
c. Disclaimer / Adverse
d. Disclaimer / Disclaimer

I got both of these right. Problem is I don't fully understand where you draw the line on being able to report on a single financial statement OR how in the first question where if a financial statement is omitted you must qualify the opinion. Can someone help me out with this?

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

[CPAdestined11]

Hi eventual cpa'ers. In an Audit Report…if you change from an Audit one year to a review the next do you need to state why? Also, does anyone have an easy way to remember the financial statement assertions? I know what they are I am just having a problem actually answering the questions when it asks what type of assertion it is.

Thanks!

[Theodore]

I think someone asked becker this question but im not sure if he ended up clarifying this. Im on the same boat :/

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

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

[HoosierCPA]

Alright guys. Not putting in a long night tonight. Need to get rest for the big day tomorrow! Just wanted to thank all of you for helping me out the past couple weeks. This is my first exam utilizing the study groups and it was a great experience. I will take a look first thing in the morning and hope I get some responses to my questions :).

Again thanks everyone its been a blast…well as much of a blast as studying for the cpa can be! haha

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

[Theodore]

@CPAdestined I don't think you need to state why but you need to either reissue the previous report or add an other matters paragraph to the current report describing the responsibilities for the prior period, which are: statement that the prior period statements were audited, date of the report, opinion expressed and if modified explain reasons, and statement that no auditing procedures have been performed since last audit report. this is service down grade

the FS assertions are hard :/

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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