[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/

[Anonymous]

@willpassby2014 I have my Audit exam as well tomorrow morning. Best wishes to you, I feel good but nervous going in the questions are a bit tricky relative to FAR which was more on the straight-forward end just with more information. Hoping to make it 2 for 2 in my journey.

[willpassby2014]

just came back from exams…..a very good paper. you need to know the whole material.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the:

A.

scope paragraph and notes to the financial statements.

B.

auditor's responsibility paragraph.

C.

notes to the financial statements.

D.

None of the answer choices are correct.

---

The answer is ‘B'. In this correct? Shouldn't it be the auditor's opinion (in which case the answer would be ‘D')?

[spinfuzer]

The auditor's opinion paragraph says something like as referred to above

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

[jackaroe]

@aspiring1accountant – auditors do not make/take responsibility for notes to the financial statements (answers A and C removed). The Auditor's Responsibility paragraph would not be affected by the results of the audit procedures/evidence (Answer B removed). So the correct answer would be D.

[Kohn]

Is this still an active group. I could use some strategy help for Audit Evidence. Basically, someone explain it to me as simply as possible. Thanks.

BEC – 67, 76

AUD – January 5, 2015

REG – TBD

FAR – TBD

[undeniabletwins2]

Hi everyone,

Just wanted to say that I just sat for Audit at 1pm today, yes Sunday and prometrics was opened and packed.

The MCQs was doeable thank you Jeff Elliot for the NINJA MCQS, AUDIO, BLITZ AND NOTES. The simulations however were another story entirely. Hope I did enough to get the magical number.

To everyone else that is about to sit all the best on your tests.

AUD - 58, 62, 56, OCT 2015
BEC - August 22,2015
FAR - TBD
REG - TBD

BECKER LIVE CLASSES, BECKER TEXTBOOKS,FINAL REVIEW, FLASHCARDS/NINJA MCQS, NOTES AND AUDIO/WILEY FOCUS NOTES.

IF U TRY AND U DONT SUCEED, TRY AND TRY AGAIN...GIVING UP IS NOT AN OPTION.

[jgarcia09]

undeniabletwins2

what kind of tbs questions did you see? I ask because i test this week and i have been getting a general idea on most of the tbs questions?

[jgarcia09]

kohn

the way that I am looking at audit evidence is to obtain sufficient approriate audit evidence in order maintain the accertions of management

Understanding and documantation

Presentation and Disclosure

Existance and Occurance

Rights and Obligations

Completness and Cutoff

Valuation Allocation and Accuracy

by performing tests using ICORRIA and matching each of the tests to one of the managements assertions.

Inquiry

Confirmation

Observation

Reperformance

Recalculation

Inspection of assets

Inspection of documents

Analytical Procedures

[kdsmith2014]

What is the best way to study for AUD. I am moving on from FAR, which I've failed twice :(. I am using the Wiley book. I can't afford many of the review courses. Thinking about purchasing the MCQ's from Another 71. Are they any good?

Thanks in advance for the feed back.

[Anonymous]

Can someone provide some clarification on Audit Documentation? Specifically, I'm talking about deleting, discarding and adding documentation. Most of the material I've read says that deleting, discarding and adding documentation is allowed prior to the documentation period and only additions are allowed after that period. HOWEVER, I came across one Ninja MCQ that implies discarding and deleting of documents AFTER the Report Release Date are not allowed. Am I missing something?

@kdsmith – Ninja MCQ's are definitely worth it whether you're on a budget or not.

[Anonymous]

I'm in on this. AUD is my last exam and i'd like to be prepared.

[Ima_Audit_You]

@Atlantic1984 – Auditors have to keep audit workpapers for 7 years for a public client, and “at least” 5 years for private clients. The documentation date is 45 days after the reporting date for public clients and 60 days for private clients. An auditor cannot remove workpapers/documents from the audit file after the documentation date, but can add them.

Just took AUD a few days ago and this is what I recall. Hope that helps

FAR 5/1 - 83
REG 7/7 - 79
AUD 11/20 - 85
BEC 8/27 - ALMOST THERE!!

3 for 3! Study high, get high grades!!

[Anonymous]

An auditor used test data to verify the existence of controls in a certain computer program. Even though the program performed well on the test, the auditor may still have a concern that:

A. the program tested is the same one used in regular production runs.

B. generalized audit software may have been a better tool to use.

C. data entry procedures may change and render the test useless.

D. the test data will not be relevant in subsequent audit periods.

The auditor may still have a concern that the program tested is in fact the production version. The auditor should take steps to reduce this concern such as a surprise audit to verify programs used. The test data method is a technique used with audit software.

The method in which data is entered is not likely to affect the data so that the test data method would not work.

If the entire system is changed and the record formats are obsolete, then and only then will the test data not be relevant in subsequent audit periods.

---

Why is “the program tested is the same one used in regular production runs” a bad thing?

[spinfuzer]

The concern is that the version the auditor is using may be different from the production version, which make the test useless. The auditor needs to ensure that the program that is being used to test test data is the same program that is being used in production.

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

[Author]

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