AUD Study Group Q4 2014 - Page 106

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  • October 15, 2014 at 12:03 am #623435
    Anonymous
    Inactive

    That was good to hear, but now let's see if we could have as much success!

    October 15, 2014 at 2:53 am #623436
    Anonymous
    Inactive

    Which of the audit procedures listed below would be least likely to disclose the existence of related-party transactions of a client during the period under audit?

    A. Reading “conflict-of-interest” statements obtained by the client from its management.

    B. Scanning accounting records for large transactions at or just prior to the end of the period under audit.

    C. Inspecting invoices from law firms.

    D. Confirming large purchase and sales transactions with the vendors and/or customers involved.

    October 15, 2014 at 3:02 am #623437
    Anonymous
    Inactive

    C?

    October 15, 2014 at 3:06 am #623438
    Anonymous
    Inactive

    D

    October 15, 2014 at 3:16 am #623439
    Future Ninja
    Participant

    is it D?

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

    October 15, 2014 at 3:26 am #623440
    Anonymous
    Inactive

    You are correct!

    October 15, 2014 at 3:29 am #623441
    Anonymous
    Inactive

    @CPAHOPEFULL11 Sure we will! How are you guys doing with your final review?

    October 15, 2014 at 3:31 am #623442
    Anonymous
    Inactive

    Doing alright, just trying to hammer some questions now. I'm going to take it a bit light tomorrow and don't want to over do it the day before the exam. The brunt of the work has already been done, cramming on the last day isn't going to do much.

    How is going for you?

    October 15, 2014 at 3:39 am #623443
    Anonymous
    Inactive

    That's great! Doing MCQs as well, redoing all MCQs on my weak areas. I just take whatever the answer explanation says without going back to the notes. I took a day off on Friday so I'll probably do another comprehensive tests that day then relax at night.

    October 15, 2014 at 3:39 am #623444
    Anonymous
    Inactive

    Under the ethical standards of the profession, which of the following investments by a CPA in a corporate client is an indirect financial interest?

    A. An investment held in a blind trust.

    B. An investment held through a regulated mutual fund.

    C. An investment held through participation in an investment club.

    D. An investment held in a retirement plan of which the CPA is a trustee.

    October 15, 2014 at 3:55 am #623445
    Future Ninja
    Participant

    True or false?

    All significant deficiencies are also considered to be material weaknesses.

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

    October 15, 2014 at 3:56 am #623446
    Future Ninja
    Participant

    True or false?

    The auditor may separately communicate those significant deficiencies considered to be material weaknesses.

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

    October 15, 2014 at 4:01 am #623447
    Anonymous
    Inactive

    B?

    Ninja, False on the first one, true on the second one.

    Every material weakness is a significant deficiency not the other way around.

    October 15, 2014 at 4:05 am #623448
    Anonymous
    Inactive

    On the second, is it may or must?

    October 15, 2014 at 4:11 am #623449
    Anonymous
    Inactive

    Um, my book says should so does that mean must?

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