[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/

[Iggy1985]

Yep, B

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]

Um, I will go with B as well but I have NO idea.

[Anonymous]

May I have explanation for the answer on this question?

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

Why is it D.Is satisfied as to the independence and professional reputation of the component CPA? Does the phrase “among other things, mean “except”?

[Anonymous]

#99 – I'm thinking B or C. But I will go with B, maybe because that's the only answer that affects income statement?

[Anonymous]

No, the group auditor by making no reference to the component auditor is accepting responsibility and is satisfied with the work papers. But it has to be satisfied with the component auditor's work and background. If the group auditor did not take responsibility of the component auditor's work, then a division of responsibility exists.

[Anonymous]

Thanks for the explanation. I just found the question from the test bank. 🙂

[Iggy1985]

#98

When an auditor issues an unqualified opinion on an entity’s internal control, it is implied that the

A Entity has not violated provisions of the Foreign Corrupt Practices Act.

B Likelihood of management fraud is minimal.

C Financial records are sufficiently reliable to permit the preparation of financial statements.

D Entity’s system of internal control is in conformity with criteria established by its audit committee.

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)

[Future Ninja]

@ iggy – is it C?

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

[Anonymous]

yeah, C is good.

[Future Ninja]

yes. B is not good because of the word fraud. when it comes to fraud, even if it's material or not, the opinion would be modified. D is not good because it will not be based on audit committees criteria. A is not good either. so I choose C.

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

[Anonymous]

Iggy, remember the disbursed checks on the books should be the earliest number. #2 is correct because it was dated 12/31, while it got to the deposited books on that date as well. On #4, there is no way the deposited per bank should be the first number since it didn't leave the disbursement books until January 3rd. Basically, at what point they deposit per banks is irrelevant as long as the books accounts matches. But again, it should never be deposited in the bank before it is on the disbursement books. I hope this helps, if not I'll try to find a better explanation in the book tomorrow or something.

[Future Ninja]

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

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

[Future Ninja]

 The objective of test of details of transactions performed as substantive tests is to?

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

[Mary 2496]

@ future — detect material misstatements in the financial statements.

[jtesco2]

Just finished the AUD exam for the first time. I used Becker self-study only. I have had great success with Becker self-study, passing FAR (91) and REG (88) on the 1st time. I think Becker prepared me pretty well for AUD. The sims were very easy (except 1), especially with the help of the literature. I would not stress about those. On the MC, I would say there were about 3-4 that were a little tricky on each testlet, but overall the MC were pretty straightforward. Unfortunately, I have to wait until Nov. 4th to get my score. Moving on to BEC to hopefully wrap it up! Good luck to everyone!

[Author]

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