[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]

That's a bad question then. Mean and average, word for word, are the exact same thing.

That definition/answer is odd. I've seen other questions and answers that clearly stated that international has more then 5 options, (including the others like bias, structural, etc).

This question kind of got under my skin,…

In relation to audit documentation, after the report release date:

A. additions may be made.

B. deletions may be made.

C. documents may be discarded.

D. All of the answer choices are correct.

Correct answer is A, I said D.

In ninja notes and ninja audio, it's clearly states that you have 45-60 days (depending if it's a public or private company) to add OR SUBTRACT from the audit report.

In ninja notes it's on page 58.

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

[Anonymous]

In becker it also says the same. You have 45 days (issuer) and 60 days (non-issuer) following the report release date to add and subtract. And after the documentation completion date, existing documentation can not be deleted and any additions to documentation file must be documented as such.

[Anonymous]

I probably would've gone with D to, for the exact reason you mentioned.

At some point I just need to realize that I'm not going to get a 100 and some of those stupid questions are going to be a loss….I guess the difference is, when I'm taking the test I won't know if I'm getting them right or wrong – so for the question you just posted, I'll pick D and go on my merry way thinking it was an easy one and I smashed it. Hopefully there will be enough normal questions that I can offset these jackhole ones.

[Theodore]

That's a good question, I automatically went with A thinking it was the end of the window but it says after the report release date which takes me to Annie's Thread. smh

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]

I wish i would have asked for an extension on Becker material. Sometimes they explained things better than the book. I know there is lecture that specifically talks about this.

Seems like I am just getting lucky with these questions, but that's not good when the questions and answers are different from 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.

[Theodore]

The auditor shall determine the appropriate person(s) within the entity's governance structure with whom to communicate. The term “those in charge of governance” refers to which of the following?

A. The subgroup in charge of governance
B. The entity's management
C. Both the subgroup in charge of governance and the entity's management
D. None of the answer choices are correct.

I initially chose A. I didn't know or i might of forgot that in some cases mgt is part of those in charge of governance

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

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

[Anonymous]

@Dab if that question had said “after the documentation completion date” then A would be correct. But everything I'm looking at, including AU 339.28 says after the REPORT RELEASE DATE, the auditor has 60 days to make any additions, deletions, or discard of any documentation. After the 60 days/documentation completion date, only additions can be made.

There's the known “typo” in the AICPA released questions file – I suppose it's possible the same thing happened to some of the questions in the database…?? which I hate to even say because…well let's not think about the possibilities. Come tomorrow, I'd still answer D for that question and if I found out I got it wrong, well I wouldn't feel bad about it – it's not one of those situations where I'm reading too fast and miss that it said review and not audit.

[Theodore]

I read it too fast. but then again we would need explanations for questions like these…

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

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

[Anonymous]

@rosy0407 lol but in that case it worked in your favor and you got it right!

[Theodore]

yea but what if during the exam i choose A but the examiners say its D, because its the actual exam. then it won't work in my favor lol

so this question is really bothering me. I just sent an email to Jeff. hopefully he explains or makes the appropriate corrections.

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

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

[Anonymous]

I agree with Rosy, this question is sort of bothering me too lol.

@Rosy I picked D for the question because I thought “those charged with governance” are mainly the board of directors and the audit committee as mentioned in the book. Now i'm not so sure lol. Whats the answer for that question?

[JT]

Double post

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

[JT]

Thank you for that clarification allaboard! I'll be more aware of that if I were to get a question like that on the exam. I Wasn't aware of the term “document date”.

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

[Theodore]

Annie the answer is C. Both

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]

rosy and allaboard

Just thought I'd throw this out there because I can foresee a question like this on the exam,

Implicit assumptions for audits are 1. going concerns, 2. all discourses have been made, and 3. that there's consistency in reporting.

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

[Author]

Replies