[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]

@CPAHOPEFULL11 I think if SSAEs is a catch-all standard. That means if it's an attestation service that does not belong to SSARS or SAS then it will fall under SSAEs. Compilation always fall under SSARS but for review, nonpublic – SSARS, public – SSAES. That's how I understand it.

[FG_CPA]

@willpassby2014

Before 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.

The reason why it is D is because A & B are actually done during the planning & learning phases of an audit (after it has been accepted), and C is wrong as well because the auditor will accept the engagement and AFTER then they draft the engagement letter and have it signed.

D: if a client refuses to allow the auditor to make inquiries, the auditor is advised to not take the engagement at all

AUD - Oct. 10, 2014

[FG_CPA]

To everyone wondering about about SSARS vs SAS during reviews and compilations, becker 2014 has a chart on page A2-66 that details it well, for those who don't have becker, here is the summary:

Compilation: ONLY nonissuers – SSARS

Review: SSARS- for nonissuers

SAS- nonissuers interim

PCAOB- issuers interim

As far as I'm aware SSAE is for attest engagements only and it's related to auditor responsibility, so it is like an “extension of GAAS” (according to becker book). SSAE isn't used for audits of financial statements, it is just for attest engagements like agreed-upon procedures, compliance, MD&A, etc. SSAE is “an expression on assurance on subject matters OTHER than basic financial statements”

AUD - Oct. 10, 2014

[willpassby2014]

Makes sense. Good observation

BEC Passed
FAR Passed
AUD Passed
REG Passed

[How many letters do you need]

Hey all fellow Q4 AUD takers. Just finished up my online tax class so I've cleared my brain of all that REG junk and getting ready to load up on AUD. I've got another online class in AUD (North Alabama that uses CPA Excel videos and book) starting soon, have the 10pt. Package, adding Ninja MCQs. For REG I used all of the above + Roger CRAM for the videos. This time though, my class and the associated videos will cover the entire material so I'm thinking about forgoing Rogers stuff this round. Anybody have any experience with the CPA EXCEL videos? Are they generally good enough if one has zero audit background (not even a class yet)? I like Rogers style but don't want to flush another 300 bucks if I don't have to….

MBA,CMA,CPA, CFF?, ABV?

[NJPRU]

Good luck howmany! kick some butt!! 🙂

AUD: DONE
FAR: DONE
BEC: DONE
REG: DONE

IM GOING TO BE A CPA!!!!!

[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!

[Future Ninja]

@PasstheCPA7 – I am doing it backwards from A6 to A1 because audit report is the end product of everything. To me, I do not mind if whatever chapter we study first as long as we have a take away. I'm following the ninja method. I'll do all the videos, then I go back and re-study the book and do my own intensive notes. Then I answer simulation first, and then non-stop MCQ. From time to time, I read clarified standards from aicpa site. Whatever suites you as long as we retain the information and beat the beast. That's what matters in the end.

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

[Anonymous]

For those familiar with ARCs where would these terms go?

Sales Order

Bill Of Lading

Sales Invoice

Sales Register

Subsidiary Receivables Ledger

Remittance Advice

Remittance Listing

Cash Receips Journal

Deposit Slip

Bank Reconciliation

Receiving Report

Purchase Requisition

Purchase Order

Receiving Report

Purchase Vendor (Invoice)

Invoice Register

Payment Voucher

Purchase Journal or Voucher Register

[Future Ninja]

sorry if this is getting too long to discuss. I'm not over yet with this prof reqt thing. I bumped into this wiley question:

interim review of quarterly f/s of non-public entities – should comply with AU-C not SSARS.

Kindly help me please. I'm frustrated, I am getting this wrong everytime.

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

[Future Ninja]

interim review of quarterly f/s of non-public entities – should comply with AU-C (SAS) not SSARS. Is this correct?

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

[Anonymous]

Yep, that is correct. Interim review FS comply with SAS not SSARS.

[mariam almas]

as @FG_CPA said the summery table in Backer review course A2-66 is very helpful regarding the SSARS, SAS and PCAOB

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

NH

[Future Ninja]

Do both inherent risk and control risk exist independently of the audit of f/s?

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

[plotikkk85]

Do both inherent risk and control risk exist independently of the audit of f/s?

AR (Audit Risk)= RMM (Inherent Risk X Control Risk) * DR (Detection Risk)

Risk of material misstatement consist of Inherent and Control Risks. Auditor can not change them; however, we can change our assessment of these risks.

DT must be controlled by us.

And yes, these risks (IR and CR) exist independently.

[Author]

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