AUD Study Group Q4 2014 - Page 88

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  • October 9, 2014 at 5:28 am #623159
    Future Ninja
    Participant

    #16. C

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

    October 9, 2014 at 5:29 am #623160
    Anonymous
    Inactive

    Ninja, trust me seems like CPAby2015 and I are missing our fair share of questions as well. That is fine, this is what is supposed to happen for the reviews. I am trending at 82% now, and have been doing nothing but troubled questions for the last two days. I have no idea why I haven't been doing that earlier. You realize quickly where you are weak on and what to study for the last few days.

    October 9, 2014 at 5:34 am #623161
    Anonymous
    Inactive

    @Future Ninja Explanation please. I thought C is parallel simulation because of the word “simulated”. Why A is wrong?

    I just finished the governmental audit. I will start my refresher tomorrow then will be doing comprehensive MCQs for the remaining days, also focus on weak areas and on the heavily tested topics as well. Off to bed in a few.

    October 9, 2014 at 6:23 am #623162
    Anonymous
    Inactive

    I haven't looked over the IT section but will soon though. I only planned on reading it once, and just a few days before the exam so it will be fresh on my mind. The management assertions and ratios are something I have to work on.

    October 9, 2014 at 7:14 am #623163
    Future Ninja
    Participant

    answer C : Because the auditor does not ordinarily have complete knowledge of the programmed instructions for programmed controls. Similarly, at no point in time could the auditor match the processing of the input data.

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

    October 9, 2014 at 10:28 am #623164
    Smileykayy
    Member

    @cpahopeful11 I was planning on taking it the end of Nov. I think I will buy Roger for this section and see how it works out for me. Thanks for your input!

    October 9, 2014 at 2:25 pm #623168
    Anonymous
    Inactive

    Oh, then you have plenty of time. Yeah, go for it and use the Ninja MCQ after every chapter. Do at least a 30-40 question session to see where you are at and if you understood the material. Audit doesn't have a lot of material, but it is a bit tricky.

    October 9, 2014 at 6:20 pm #623169
    Anonymous
    Inactive

    On Wiley for one of the sims, when there are sales returns they make this entry:

    DR Sales

    CR A/R

    So they basically flip the original entry, but shouldn't sales returns be debited instead? If the tets has both options, which one do we choose?

    October 9, 2014 at 7:50 pm #623170
    Anonymous
    Inactive

    If Sales Return account is available, I would say use that one, if not, just use Sales. Sales Return is normally setup only if the company wants to track the returns.

    October 9, 2014 at 8:18 pm #623171
    Fk
    Participant

    QUIZ TIME

    Q. In the auditor's report, the principal (“group”) auditor decides not to make reference to another (“component”) CPA who audited a client's subsidiary. The group auditor could justify this decision if, among other requirements, the group auditor

    a.Issues an unmodified opinion on the consolidated financial statements.

    b Learns that the component auditor issued an unqualified opinion on the subsidiary's financial statements.

    c Is unable to review the audit programs and working papers of the component CPA

    d.Is satisfied as to the independence and professional reputation of the component CPA.

    October 9, 2014 at 8:57 pm #623172
    Anonymous
    Inactive

    Thanks, before you take your test on the 18th, I recommend you taking the AICPA sample exam. It has the research function 100% like the actual exam which is different than the FAR exam.

    October 9, 2014 at 9:24 pm #623173
    Future Ninja
    Participant

    @fayas – is it D?

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

    October 9, 2014 at 9:25 pm #623174
    Qlad
    Member

    D?

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

    October 9, 2014 at 9:34 pm #623175
    Fk
    Participant

    Yes – It is D

    October 9, 2014 at 9:35 pm #623176
    Qlad
    Member

    In which of the following should an auditor's report refer to the lack of consistency when there is a change in accounting principle that is significant?

    A.The scope paragraph

    B. The opinion paragraph

    C.An other-matter paragraph following the opinion paragraph

    D. An other-matter paragraph before the opinion paragraph

    I'm totally doubtful about the answer explanation for this one.

    FAR 72,71,81 🙂
    AUD 64,71, 72, 75 🙂 I'm done !!!
    REG 73, 74, 74, 84 🙂
    BEC 76 🙂

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