AUD Study Group Q4 2014 - Page 74

Viewing 15 replies - 1,096 through 1,110 (of 1,961 total)
1 2 3 … 73 74 75 … 129 130 131
  • Author
    Replies
  • October 6, 2014 at 4:40 pm #622949
    Anonymous
    Inactive

    What are the three things an auditor is supposed to do for evaluating management estimates? I know one is to understand the methods of how management developed the estimates, what are the other two?

    October 6, 2014 at 7:36 pm #622950
    Mary 2496
    Member

    Trying to remember from this section, I know one is to develop an independent estimate for comparison purposes. Sorry, I don't remember the third.

    October 6, 2014 at 7:46 pm #622951
    Anonymous
    Inactive

    Third is check the subsequent events. Thanks Mary!

    October 6, 2014 at 9:00 pm #622952
    Anonymous
    Inactive

    Say if the auditor was only present for six months of year two and comparative FS are presented, can the auditor give an opinion on year two or only the six months of year 2?

    October 7, 2014 at 12:45 am #622953
    Future Ninja
    Participant

    Good evening everyone. Been very busy at work. We are transferring to our new business address. No time to study at work. :((

    how's everyone doin?

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

    October 7, 2014 at 2:37 am #622954
    Anonymous
    Inactive

    Hey, going pretty well about to start doing some MCQ.

    Have you changed your test date yet?

    October 7, 2014 at 3:17 am #622955
    Anonymous
    Inactive

    A portion of a client's inventory is in public warehouses. Evidence of the existence of this merchandise can most efficiently be acquired through which of the following methods?

    A. Observation.

    B. Confirmation.

    C. Calculation.

    D. Inspection.

    October 7, 2014 at 3:31 am #622956
    LilEngineThatCan
    Member

    B- its asking for efficiency to be efficient you want an answer fast so i think confirmation is the best answer

    October 7, 2014 at 3:43 am #622957
    Future Ninja
    Participant

    @CPAHOPEFUL11 – yes. it's on 10/18. we will go to this battle on the same date right?

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

    October 7, 2014 at 3:43 am #622958
    Future Ninja
    Participant

    @CPAHOPEFUL11 – how are you doing? i'm way behind from my schedule. I've been very busy at work.

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

    October 7, 2014 at 4:19 am #622959
    Anonymous
    Inactive

    You are right LilEngine!

    Ninja, I will be taking mine on the 16th but I'm doing pretty decent. I was some how trending at 48% at evidence so I went hard at that section today. I did a 100 question practice section and got a 78% so not quite where I need to be there. I did get 90% on reporting yesterday which was good to see. So I have nine more days left to make my weaknesses my strengths!

    How behind are you?

    October 7, 2014 at 4:36 am #622960
    Anonymous
    Inactive

    The objective of a dual-purpose test of details of transactions performed as tests of controls is to:

    A.

    monitor the design and use of entity documents such as prenumbered shipping forms.

    B.

    determine whether controls have been placed in operation.

    C.

    detect material misstatements in the account balances of the financial statements.

    D.

    evaluate whether controls operated effectively.

    October 7, 2014 at 4:59 am #622961
    Anonymous
    Inactive

    How long do the standards require a firm to retain documentation for engagements other than audits?

    Select an answer:

    A.

    7–10 years

    B.

    The firm should establish policies and procedures for the retention of the records for a sufficient period.

    C.

    There is no specific requirement.

    D.

    As long as the client wants the records retained

    October 7, 2014 at 5:45 am #622962
    Future Ninja
    Participant

    @cpahopefull11 – B?

    The objective of a dual-purpose test of details of transactions performed as tests of controls is to:

    A.

    monitor the design and use of entity documents such as prenumbered shipping forms.

    B.

    determine whether controls have been placed in operation.

    C.

    detect material misstatements in the account balances of the financial statements.

    D.

    evaluate whether controls operated effectively.

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

    October 7, 2014 at 5:46 am #622963
    Future Ninja
    Participant

    @cpahopefull11 – A?

    How long do the standards require a firm to retain documentation for engagements other than audits?

    Select an answer:

    A.

    7–10 years

    B.

    The firm should establish policies and procedures for the retention of the records for a sufficient period.

    C.

    There is no specific requirement.

    D.

    As long as the client wants the records retained

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

  • Author
    Replies
Viewing 15 replies - 1,096 through 1,110 (of 1,961 total)
1 2 3 … 73 74 75 … 129 130 131
  • The topic ‘AUD Study Group Q4 2014 - Page 74’ is closed to new replies.