[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/

[Future Ninja]

@CPAHOPEFUL11 – yeah. I think it should be documented as to who, when and why it was added.

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

[Future Ninja]

for non-issuer = 60 days to add/delete rule. after that we can add but we cannot delete.

for issuer = 45 days to add/delete rule. after that we can add but we cannot delete.

unless I'm wrong but that's my understanding. please correct me if I'm wrong.

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

[Anonymous]

Thanks, and what are the biggest differences between attestation engagements compared to PCAOB audits?

[Future Ninja]

@cpahopeful11 – Oh, I wanna know that too. can someone else help what are biggest differences between attestation engagements compared to PCAOB audits?

thanks

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

[PasstheCPA7]

Hi guys, this may be a stupid question, but, I have always found this confusing. In addition, due to the new Clarified standards, this may have changed, so, it's even more confusing. Basically, the question is on “SAS vs. PCAOB”. What is the difference between these two sets of standards? Do auditors perform under SAS for an issuer or nonissuer? I always thought SAS and PCAOB were for issuers, but, I might be wrong. Anyone feel free to add to this.

Thanks!

[Anonymous]

I have the 2013 Wiley book, what exactly are the new clarity standards?

Also, further audit procedures are tests of controls and substantive tests but not risk assessment?

[Anonymous]

With respect to a small company’s system of purchasing supplies, an auditor’s primary concern should be to obtain satisfaction that supplies ordered and paid for have been

A. Requested by and approved by authorized individuals who have no incompatible duties.

B. Received, counted, and checked to quantities and amounts on purchase orders and invoices.

C. Properly recorded as assets and systematically amortized over the estimated useful life of the supplies.

D. Used in the course of business and solely for business purposes during the year under audit.

[Future Ninja]

@cpahopeful11 – B?

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

[Future Ninja]

normally for a small company purchasing office supplies are expensed outright so C and D are out. It's between A and B now. Between the two, I choose B. But I'm not sure.

^_^ what's the answer?

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

[Anonymous]

You are correct!

[mariam almas]

@Future Ninja yeah u r right regarding documentation completion date.

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

NH

[Anonymous]

Future Ninja is right about the documentation. Per my notes the 60-day rule you can add “or modify”, but with explanation.

Document Completion

Non-issuer = 60 days

Issuer = 45 days

Document Retention

Non-issuer = 5 years

Issuer = 7 years

[mariam almas]

@CPAby2015 are u sure about the rotate off the engagement ???

for issure is every 5 years not 7

it's important to memorize it, so could anyone please conform it ??

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

NH

[Anonymous]

@mariam Edited post to avoid confusion. I'm referring to the number of years for document retention. Longer days shorter years, shorter days longer years.

[mariam almas]

@CPAby2015 okay i thought ur post was regarding rotate off the engagement

so to make it clear answer the following question :

Under the provisions of the Sarbanes-Oxley Act of 2002, the lead audit or coordinating partner and the reviewing partner must rotate off the audit:

a.

Every three years.

b.

Each year.

c.

Every seven years.

d.

Every five years.

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

NH

[Author]

Replies