AUD Study Group Q4 2014 - Page 82

Viewing 15 replies - 1,216 through 1,230 (of 1,961 total)
1 2 3 … 81 82 83 … 129 130 131
  • Author
    Replies
  • October 8, 2014 at 5:13 am #623069
    Anonymous
    Inactive

    The answer to my first question was actually C, you are allowed to prepare F.S.

    October 8, 2014 at 5:13 am #623070
    Anonymous
    Inactive

    @CPAHOPEFUL11

    Type 1 – Opinion on fair presentation on managements's description of system and control suitability

    Type 2 – Same as Type 1 plus operating effectively

    Type 1 – It states that auditor did not test control effectiveness

    Type 2 – same as type 1 except that the statement about not testing control effectiveness is omitted and adding opinion on operating effectiveness

    October 8, 2014 at 5:16 am #623071
    Anonymous
    Inactive

    @CPAHOPEFULL11 hmm…why I never thought of that. My company is non-public entity and our auditor is the one preparing our financial statement. I thought B since our auditor is doing adjusting entries, but I realized that's not considered recording transactions but rather correcting entries? Anyway, good to know.

    October 8, 2014 at 5:26 am #623072
    Future Ninja
    Participant

    #7. The auditor's objective in performing an audit of internal control over financial reporting is to:

    A.

    express an opinion on the financial statements taken as a whole.

    B.

    provide reasonable assurance with respect to the reliability of financial reporting.

    C.

    express an opinion on the effectiveness of the internal controls over financial reporting.

    D.

    issue a management letter.

    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 5:27 am #623073
    Anonymous
    Inactive

    Thanks, yeah but these audit questions are tricky, You literally have to read every question and option twice before answering.

    October 8, 2014 at 5:37 am #623074
    Anonymous
    Inactive

    # 7 – B?

    October 8, 2014 at 5:53 am #623075
    Anonymous
    Inactive

    Future Ninja, is #7 C?

    October 8, 2014 at 5:59 am #623076
    Anonymous
    Inactive

    @CPAHOPEFUL11 I've been choosing between B & C but since you asked about Type 1 and Type 2 report, I think C is wrong because you can issue Type 1 report, which means you did not test the effectiveness of controls?

    October 8, 2014 at 6:05 am #623077
    Anonymous
    Inactive

    But if the question is on ICFR, you express an opinion on BOTH the IC and financial statements, right?

    October 8, 2014 at 6:05 am #623078
    Anonymous
    Inactive

    But if the question is on ICFR, you express an opinion on BOTH the IC and financial statements, right?

    October 8, 2014 at 6:21 am #623079
    Anonymous
    Inactive

    Yeah you're right!

    October 8, 2014 at 6:29 am #623080
    Future Ninja
    Participant

    #7. The answer is C.

    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 6:32 am #623081
    Anonymous
    Inactive

    Future Ninja, how is your studying going now? Starting to catch up a bit?

    October 8, 2014 at 6:35 am #623082
    Future Ninja
    Participant

    @cpahopeful11 – yeah. catching up. I'm doing evidence section. there will be more questions to share. hope you all don't mind at all.

    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 6:36 am #623083
    Anonymous
    Inactive

    Night!

  • Author
    Replies
Viewing 15 replies - 1,216 through 1,230 (of 1,961 total)
1 2 3 … 81 82 83 … 129 130 131
  • The topic ‘AUD Study Group Q4 2014 - Page 82’ is closed to new replies.