AUD Study Group Q3 2016 - Page 50

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  • September 4, 2016 at 2:03 pm #829465
    JT
    Participant

    Wow!! This is weird!

    Rosy what happened to the conversation we were having yesterday on this board? It completely disappeared!

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

    September 4, 2016 at 2:06 pm #829467
    JT
    Participant

    Also,… Allaboard I hate these questions too. I came across this question before. I think the standards literally says “the firm needs to establish there own policies given the circumstances”.

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

    September 4, 2016 at 2:08 pm #829468
    JT
    Participant

    I think debt ratio is debt to assets

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

    September 4, 2016 at 2:21 pm #829471
    Anonymous
    Inactive

    I don't know if you guys have looked at any of the TBS in Ninja, but it would be a dream come true to see #36 pop up

    September 4, 2016 at 2:28 pm #829474
    Theodore
    Participant

    @Dab I noticed that too. We didn't say anything bad for them to take it off did we?

    I would have missed that question too. I don't recall reading these details. Guess I have to go over SSARS again.

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

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

    September 4, 2016 at 3:25 pm #829484
    JT
    Participant

    we definitely did not say anything wrong for our comments to be deleted.

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

    September 4, 2016 at 4:00 pm #829493
    Anonymous
    Inactive

    what were you two talking about? the only time I've heard about stuff being deleted is when the site was moved to this new one and everything over the last month before the move was lost.

    September 4, 2016 at 4:10 pm #829495
    JT
    Participant

    Last night we were discussing a few things and had a little dialogue going (a few ninja questions, methods for doing mcqs by playing with the filters, etc.).

    This morning i'm looking and I don't see it here. Its completely gone!

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

    September 4, 2016 at 4:40 pm #829506
    Theodore
    Participant

    Maybe they're experiencing technical difficulties 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.

    September 4, 2016 at 5:02 pm #829511
    JT
    Participant

    Big Brother is watching!

    lol

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

    September 4, 2016 at 5:44 pm #829520
    Anonymous
    Inactive

    you guys are in soooo much trouble 😉

    September 4, 2016 at 6:59 pm #829545
    Anonymous
    Inactive

    I am so tired of MCQ

    September 4, 2016 at 7:00 pm #829546
    JT
    Participant

    Question for you guys…..the answer is c which I got correct, but this question had me thinking…. Before accepting a compilation or review, do you have to contact the predecessor auditor? I didn't think so but the correct answer is c.

    Before accepting an engagement to compile or review the financial statements of a nonissuer, which of the following specific inquiries should a successor accountant consider making to the predecessor accountant?

    A. How cooperative was the owner's lawyer in providing a legal opinion?

    B. How did you assess inherent risk and control risk?

    C. How would you describe the integrity of the owner?

    D. What evaluation did you make of any accounting estimates?

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

    September 4, 2016 at 7:27 pm #829556
    sancasuki
    Participant

    Last night/early morning the site went down (for maintenance) for half an hour or so. I think all the posts that were made in the previous few hours disappeared.

    Had me a little worried that Ninja MCQs would go down too. Thankfully it didn't. (You might think no one is doing MCQs at 4AM in the morning but you are wrong!!) Really hope there are is no downtime until after the 10th.

    September 4, 2016 at 7:38 pm #829561
    JT
    Participant

    I'm with you. These exams are turning me nocturnal!

    Btw I found the answer to my question with another ninja mcq. Lol… Thought I'd share…

    Which of the following is a false statement regarding communications between predecessor and successor accountants?

    A. A successor accountant is required to communicate with a predecessor accountant in connection with acceptance of a compilation or review engagement.

    B. The inquiries may be oral or written.

    C. Matters subject to inquiry include information that might bear on the integrity of management and the predecessor's knowledge of any fraud or noncompliance with laws and regulations perpetrated within the client.

    D. If the prospective client refuses to permit the predecessor accountant to respond or the predecessor's response is limited due to unusual circumstances, the successor accountant should consider the reasons and implications in connection with acceptance of the engagement.

    Answer is A: A successor accountant is not required to communicate with a predecessor accountant in connection with acceptance of a compilation or review engagement, but he or she may believe it is beneficial to obtain information that will assist in determining whether to accept the engagement.

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

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