[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/

[Sandia]

I will take AUD on 11/18… I fail 72 on Aug… I am studying hard and I know the material right and left but when I get MCQ (weaker) sometime I see clearly and sometime I do not see it at all ( I guess because I am tired) :( ..I hope the next Tuesday will be a good day for me and my 5 year as external Auditor help me to see clearly…Auditing is 60% knowledge and 40% audit judgment (logic) for me. Wish me luck.

FA – 77 (5/28/14)

AUD – 72 (8/25/14)

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[jeff]

Post by Another71.

[Anonymous]

…..I have no words. I never knew I could love and hate something so much at the same time. That is frickin awesome Jeff.

[Anonymous]

Hi,,

Can someone please explain – when it says now they are Clarified Standards, what does it actually mean?

In Research Ques, do we have to differentiate ourselves or it will be only clarified std s available there?

[ijustwant76]

@ekta, i had that question two months ago. Basically, with new standards, they changed all the terminology. Just learn the new terms.

[Anonymous]

@ijustwant76- thank you.

but can u please elaborate for me?

[Anonymous]

[willpassby2014]

I thought both A and D are correct answer. what are your thoughts.

Which of the following statements is correct regarding disclosure of client working papers prepared by a CPA?

A.

Working papers may not be transferred to another accountant without the client's permission.

B.

Working papers may not be turned over to a CPA quality review team without the client's permission.

C.

Working papers may not be disclosed under a federal court subpoena without the client's permission.

Incorrect D.

Working papers may not be disclosed to any third parties without the client's permission.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[spinfuzer]

Generally you cannot disclose the work papers of a client to another entity without permission. There are several exceptions. A subpoena is one of them. You can disclose the WP if there is a subpoena.

FAR - 08/08/14 - 93
BEC - 08/28/14 - 95
REG - 10/11/14 - 96
AUD - 11/30/14 - 99

[teamryan15]

Hey guys can someone help me out? I found this question on CPAreviewforfree

The Wishton Corporation’s financial statements are audited by the CPA firm of Mansen and Dallas. Wishton has a subsidiary located 1,800 miles from the company’s headquarters. The financial statements of this subsidiary are consolidated with the statements of the parent for external reporting purposes. The subsidiary’s assets and revenues make up approximately 16 percent of the total for the consolidated entity. The subsidiary’s financial statements are audited by a local CPA firm and that audit report has now been forwarded to Mansen and Dallas. In providing the audit report for the consolidated financial statements, Mansen and Dallas has decided to make reference to the work done by the other (component) audit firm. Which of the following statements is true?

A The audit report should make reference to the other auditors in the introductory paragraph only.

B The audit report should make reference to the other auditors in the management's responsibility section only

C The audit report should make reference to the other auditors in the introductory section and opinion section only.

D The audit report should make reference to the other auditors in the auditor's responsibility section and opinion section only.

The correct answer is D, which i got right but only because it was closest to the right answer.

From my understanding shouldnt the audit report make reference to the other auditor in the Intro, Audit Responsibility and the opinion paragraph?

[spinfuzer]

Becker A1(III)(C)(1)(e) Sample Report Reference the Audit of a Component Auditor

Shows a reference in the Auditor's Responsibility Paragraph and Opinion section only.

FAR - 08/08/14 - 93
BEC - 08/28/14 - 95
REG - 10/11/14 - 96
AUD - 11/30/14 - 99

[Anonymous]

Your Intro is only going to have the financial statements in which the CPA has audited, reviewed, compiled, etc.

[teamryan15]

thanks all.

[willpassby2014]

Management must disclose material weaknesses in internal control:

A Only if the auditor discloses the weakness as significant.

B Whenever the weakness is significant to the overall financial reporting objectives.

C Whenever the weakness is deemed significant to a single class of transactions.

D If the weakness exists at the end of the year

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

a material weakness in internal controls can lead to an adverse opinion, does a significant deficiency lead to a qualified opinion, then?

[Author]

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