[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/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Mary 2496]

@ watermelon –

The answer is yes. All issuers have to have integrated audits. It is required under the Sarbanes-Oxley Act. All issuer audits are integrated audits unless otherwise noted for special circumstance and if there are special circumstances, you exam questions will tell you. Non-issuers can have an integrated audit if that's what management wants, but are not required to. It is normal procedure that a nonissuer would “just” have a financial statement audit. A nonissuer can choose to have an integrated audit, which would be follow the requirements of integrated audits for nonissuers.

Hope this helps.

[Tarheelgirl]

Checking in to start my 8 hr study session today! Anyone else studying all day today?

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[LilEngineThatCan]

Just sat down with my cup of coffee. Lets do this =D

[Tarheelgirl]

I'm ready. Today I think I am going to do 10-20 random question quiz then a simulation in between.

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[LilEngineThatCan]

testlets of 30? becasue I was thinking the same thing! I had a dream about sims last night…. thats how you know the test is close…

[Tarheelgirl]

lol. I normally do not do testlets of 30 questions. I don't go more than 20 questions. I would freak out if I dreamed about sims.

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[Anonymous]

I do mainly 40 or 50 question test lets. I get that it isn't similar to the actual test doing it this way, but saves some time. Instead of doing three or four 20-30 question testlets, you could only do two and get the same amount of work. I love WTB's feature of having every question on one page as that saves A LOT of time. I'm currently trending at 77% which isn't great and hope to see that number in the 80s by the 14 or so.

[LilEngineThatCan]

A CPA concludes that the unaudited financial statements on which the CPA is disclaiming an opinion are not in conformity with an applicable financial reporting framework because management has failed to capitalize leases. The CPA suggests appropriate revisions to the financial statements, but management refuses to accept the CPA's suggestions. Under these circumstances, the CPA ordinarily would:

A. express limited assurance that no other material modifications should be made to the financial statements.

B. restrict the distribution of the CPA's report to management and the entity's board of directors.

C. issue a qualified opinion or adverse opinion depending on the materiality of the departure from an applicable financial reporting framework.

D. describe the nature of the departure from an applicable financial reporting framework in the CPA's report and state the effects on the financial statements, if practicable.

[Anonymous]

Unaudited so likely similar to a compilation or review, I would go with D.

[LilEngineThatCan]

Good job. D is the correct answer.

The key to this question is the phrase “unaudited financial statements.” A CPA would disclaim an opinion on the unaudited financial information of a public entity (an issuer) when he is associated with the financial statements but has not reviewed or audited them. The disclaimer would state that the financial statements “were not audited by us and, accordingly, we do not express an opinion on them.” If there should be a material departure from an applicable financial reporting framework that management refuses to correct, the CPA should modify the language in the report to describe the departure.

The CPA is not expressing limited assurance in this circumstance; he is expressing no assurance when there is a disclaimer. The report cannot be restricted to the entity's management and board of directors if it is accompanying financial information required to be submitted to a third party. As an audit has not been performed, the CPA would not issue a qualified or adverse opinion.

[Iggy1985]

Time to start an all day and night study session.. getting a late start :/ the bf is going out to my favorite Japanese restaurant for a friend's birthday tonight… he better pick me up some sushi >:(

FAR - 89 (8/19/14) Wiley TB, Wiley Book, Books from School, Ninja Audio/Notes
AUD - 92 (10/14/14) Wiley TB, Wiley Book, Ninja Audio
BEC - 82 (5/8/15) Mostly Ninja MCQ, sprinkles of Becker lectures and Ninja Audio
REG - (8/14/15)

[Anonymous]

Study mode, I have 2 more topics to cover.

[Anonymous]

So does anyone know the difference between attestation audits and PCAOB audits in terms of IC?

[Anonymous]

Also, what is the subsidiary ledger?

And is anyone planning on memorizing the symbols?

[Sandia]

Book you Exam now!! I miss AUD last Aug (72) and I wanted book for second week of Nov and No space available!! so 3rth week Nov now.

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

[Author]

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