[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/

[FG_CPA]

First time posting, should be taking the AUD portion in October pending my NTS, this would be my first CPA test. Currently doing Becker live classes and honestly it makes it a lot less boring, can't imagine studying this on my own. So far I'd recommend the live classes if anyone has the opportunity to do so and is finding the material boring. I'm doing really good on the Becker MCQ but clearly for some that wasn't enough 🙁

AUD - Oct. 10, 2014

[mariam almas]

@FG_CPA i attended the backer live classes at college for AUD and REG it was extremely boring and waste of time, self study much batter. i have just received my NTS will take the exam on 5th Oct

Good Luck

AUD: 81 (Done)
REG: Currently studying
FAR: TBD
BEC: TBD

NH

[willpassby2014]

efore accepting an engagement to audit a new client, a CPA is required to obtain:

A.

an assessment of fraud risk factors likely to cause material misstatements.

B.

an understanding of the prospective client's industry and business.

C.

the prospective client's signature to a written engagement letter.

D.

the prospective client's consent to make inquiries of the predecessor, if any.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

The answer is D.

[willpassby2014]

Thats right. I choose B but i think D is the right answer

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Fk]

D

[Future Ninja]

repost of 11 hours ago:

Can anyone help me. What is the proper source of professional reqts for a quarterly review of the fs of a nonpublic company that has an annual audit? Is it ssars or sas?

We answered SSARS but it's wrong. The answer in Wiley is SAS. Help anyone?

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

[Anonymous]

You sure it wasn't an issuer company? I just went over SSARS yeaterday and I thought quarterly reviewed FS would go under there not SAS. I know interim reviews go under SAS.

[Anonymous]

Someone asked a few days ago if auditors can prepare JEs? I believe so as long as they don't have final responsibility.

[Anonymous]

Quarterly reviews of a client that has an annual audit would be considered quarterly interim reviews, thus SAS would be the correct answer, and if the CPA performed quarterly reviews for a non issuer, without the mention of the client being also audited annually, then it would be under the SSARS.

That is my understanding of the different review types for a non issuer.

[Anonymous]

Oops, I missed the annual audit part. You are correct Cpargh.

[Anonymous]

CPA is required to comply with the provisions of the Statements on Standards for Attestation Engagements (SSAE) when engaged to:

Incorrect A.

report on financial statements that the CPA generated through the use of computer software.

B.

review management's discussion and analysis (MD&A) prepared pursuant to rules and regulations adopted by the SEC.

C.

provide the client with a financial statement format that does not include dollar amounts.

D.

audit financial statements that the client prepared for use in another country.

You answered A. The correct answer is B.

So why was the answer B? Wouldn't a review of MD&A by the SEC go under PCAOB standards?

[Anonymous]

@Future Ninja. This is a tricky question. SAS is for audit (GAAS), and SSARS is for compilation and review of non-public. The words “review” and “non-public” is in the question so I would probably answer SSARS as well but I guess the interim review is performed as part of the “annual audit”, so SAS is the correct answer?

@CPA Hopeful11 Process of elimination. Answer A I believe is compilation (SSARS), C is irrelevant, D is audit (SAS/GAAS) but I guess since it's for another country so it may have been based on ISA. B is review but since it's a public entity it's not covered by SSARS, so it will be under SSAEs?

[Anonymous]

But if it is a public company, it wouldn't be SSAE right?

Also, in the book it said compilations are attest engagements. But they aren't part of SSAE, so how exactly does that work?

[PasstheCPA7]

Hi guys – I'm new to this forum and hopefully taking AUD in October! I got a question for those who have already taken AUD and who are using Becker 2014. I wanted to ask if it is okay to go over the chapters out of order (i.e. doing Chapter 1, 2, and then 6)? I wanted to tackle Chapter 3, 4, and 5 after I finish 1, 2, and 6. However, I wasn't sure if that would that be okay or do we have to go in the chapter order that Becker provides? Please let me know.

Thank you!

[Author]

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