AUD Study Group Q4 2014 - Page 81

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  • October 8, 2014 at 2:11 am #623054
    Iggy1985
    Member

    @CPAby2015

    AU-C 330 .A1

    Overall responses to address the assessed risks of material misstatement at the financial statement level may include

    emphasizing to the audit team the need to maintain professional skepticism.

    assigning more experienced staff or those with specialized skills or using specialists.

    providing more supervision.

    incorporating additional elements of unpredictability in the selection of further audit procedures to be performed.

    making general changes to the nature, timing, or extent of audit procedures (for example, performing substantive procedures at period-end instead of at an interim date or modifying the nature of audit procedures to obtain more persuasive audit evidence).

    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)

    October 8, 2014 at 2:24 am #623055
    Iggy1985
    Member

    Well, my time is up for the day/night, time to prepare for the 2 interviews I have tomorrow.. studied too late >_< good night everyone

    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)

    October 8, 2014 at 2:48 am #623056
    Anonymous
    Inactive

    It is B because the question asks at the Financial Statement level. Examining inventory is an relevant assertion.

    October 8, 2014 at 3:18 am #623057
    Anonymous
    Inactive

    Make sense, thanks!

    October 8, 2014 at 3:54 am #623058
    Anonymous
    Inactive

    CPAby2015, how many MCQs have you done thus far?

    October 8, 2014 at 4:02 am #623059
    Anonymous
    Inactive

    What is the difference between interim reports and quarterly reports?

    October 8, 2014 at 4:23 am #623060
    Anonymous
    Inactive

    One thing to remember, when reviewing interim financial information, internal control is involved unlike for nonissuer reviews.

    October 8, 2014 at 4:28 am #623061
    Anonymous
    Inactive

    I am doing 100% of all available MCQs in study mode, so far at least 2,150, then I have 75 more in Governmental Auditing. Then I'm doing at least 60 MCQs in test mode for each study units. So I would say I did at least 3500 MCQs during 3 months of review. However, I can't remember the topics I've learned in the first 2 months. (lol) So after going back to my notes, I'll probably do a second round of MCQs for the remaining 10 days.

    How about you? How would you assess your readiness for the exam so far?

    October 8, 2014 at 4:38 am #623062
    Anonymous
    Inactive

    That's good, but I have probably in total have done about 2500 or so MCQs and will get to around 3500 by the time of my test. I feel pretty good, but still have to brush up on some things. See, reviewing three months and not seeing some material for two months is too difficult. I would have been taking some comprehensive practice quizzes throughout but you seem to know your stuff.

    In terms of services that can be performed, the AICPA and SEC vary in what services can be performed by auditors of private and public (issuers) companies. Which of the following bookkeeping services is allowed by the AICPA but prohibited by the SEC?

    Select an answer:

    A.

    Preparing source documents

    B.

    Recording transactions

    C.

    Preparing financial statements

    D.

    All of these services are prohibited by both the AICPA and SEC.

    October 8, 2014 at 4:52 am #623063
    Future Ninja
    Participant

    #6. Based on the assessed risk of material misstatement at the relevant assertion level, the auditor should consider which of the following matters in designing further audit procedures?

    A.

    Results of analytical procedures

    B.

    Sampling results

    C.

    Tolerable misstatement

    D.

    The characteristics of the class of transactions, account balance, or disclosure involved

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

    October 8, 2014 at 4:58 am #623064
    Anonymous
    Inactive

    D?

    October 8, 2014 at 5:01 am #623065
    Future Ninja
    Participant

    yes you're correct again Cpahopeful. It's D.

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

    October 8, 2014 at 5:01 am #623066
    Anonymous
    Inactive

    By the way, what are the two type of service organization reports and how do they actually work?

    October 8, 2014 at 5:04 am #623067
    Anonymous
    Inactive

    @CPAHOPEFUL11 I know. At least I have 25% chance of choosing the right answer and I'm hoping the 10 days remaining will increase it to at least 75%.

    Answers:

    B.

    Recording transactions

    D.

    The characteristics of the class of transactions, account balance, or disclosure involved

    October 8, 2014 at 5:05 am #623068
    Anonymous
    Inactive

    And sometimes luck comes into play…

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