[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[Iggy_1985]

Thanks guys, it's all up to luck now haha 😀

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Future Ninja]

A lawyer's response to an auditor's inquiry concerning litigation, claims, and assessments may be limited to matters that are considered individually or collectively material to the client's financial statements. Which parties should reach an understanding on the limits of materiality for this purpose?

A.

The auditor and the client's management

B.

The client's audit committee and the lawyer

C.

The client's management and the lawyer

D.

The lawyer and the auditor

my answer: between client and auditor. ninja said: lawyer and auditor but check the explanation:

AU-C 501.A56 – Legal counsel's response may be limited to matters that are considered individually or collectively material to the financial statements, provided the ENTITY AND AUDITOR have reached an understanding on the meaning and limits of materiality for purposes of this letter and management has communicated such understanding to the legal counsel

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Oh yeah, we went over this yesterday and it is definitely confusing. If I see a question like that on the exam, go with client and management.

[Anonymous]

Iggy I know you are not going to see this but I am sending you some good vibes. You can pass!

I am taking mine tomorrow morning…

[jasbeerch]

Hi NINJA's

What are you planning to do one day before exam?

My exam is tomorrow……little nervous !!!

[jasbeerch]

Cpargh…all the best.

My exam is tomorrow morning

[Iggy_1985]

I totally saw it Cpargh thanks for the vibes 😀

did like 50 MCQ this morning in different blocks and scored 80-90 so I'm gonna quit while I'm ahead and work on getting pumped up and caffeinated lol

https://www.youtube.com/watch?v=9vvuLAl99ec

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio/Notes
BEC - 82 (5/8/15) Ninja MCQ, A few Becker lectures during commute
REG - 84 (8/14/15) Ninja MCQ, A few Becker lectures during commute

Letters after my name soon!

[Qlad]

Having trouble understanding this para in Becker…

“Reference to the Component Auditor should not be made unless the following requirements are met:

1.The Component Auditor has performed an audit in accordance with the requirements of GAAS, or when required, the PCAOB.

2. The Component Auditor's report is not restricted.”

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Good luck Iggy_1985!

[Anonymous]

Qlad, the only time you mention a component auditor is if the principal auditor cannot take responsibility and rely on the component auditors workpapers. But first the principal auditor checks the reputation/credentials of the component auditor before adding them to the report. Remember, if the principal auditor can accept responsibility and can rely on the workpapers, NO reference is made to the component auditor in the report.

Good lucky Iggy

And I do basically the same thing as I always do the day before the test but not quite as much studying. I'll stop at a certain point to watch some TV or relax, but on the morning of the test I will look at my notes for an hour or two. I NEVER take my test at 8 am, always at 12 30 or 4 30.

[Qlad]

@Cpahopeful…thanks trying to understand as this is a bit change than last year…So if the Group Auditor plans to make a reference, there will be a change in the language of AR para… it will say that we did not audit the subsidiary and it was audited by Component…it will also say the % of subsidiary in the overall F/S…and Im not sure of the 3rd part…if he wants to refer the name of the Component Auditor, does he has to ask in a written permission?…this was last year..

@iggy…all the best

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Group aduitor does ask for permission but every paragraph is modified. It doesn't have to be in percentages as it could be in dollar amounts as well.

[Anonymous]

So how the test go Iggy?

[plotikkk85]

Just a quick reminder:

The five components of internal control are:

Control Environment: the overall tone of the organization.

Risk Assessment: management's identification of risk.

Information and Communication Systems: a means of recording transactions and communicating responsibilities.

Monitoring: assessment of internal control performance over time.

Existing Control Activities: control policies and procedures.

[Anonymous]

@cpahopeful Iggy posted on the exam experience, sounds like he nailed the exam!

@plotikkk Control prevents CRIME!

[Author]

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