[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

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Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Iggy1985]

I would say A too

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]

It is A right? Just because it is say OCBOA and not GAAP, doesn't mean it doesn't use GAAS standards.

So Iggy, if I see a question similar to that on the exam, I should go with client and management?

[Iggy1985]

@cpahopeful11

I would say so, yes. I'm sure it won't be worded as vaguely, but basically the client and management decide materiality regarding litigation when drafting the inquiry letter, and the lawyer follows that materiality level by limiting their response to only include those items. The lawyer can decide to ‘come to an understanding' with the auditor about that materiality level, but they are not required to do so.

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)

[funtiks]

What standards apply to “letter to underwriters”? SAS by ASB?

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Anonymous]

Um, I know interim reviews are SAS, not sure about underwriters.

It says an auditor cannot perform a review of a forecast the company has prepared for the coming year. Why not?

[funtiks]

interim review is SAS, only if its private and PCAOB if public..someone correct me if im wrong.

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Iggy1985]

“Letters for Underwriters and Certain Other Requesting Parties

Source: SAS No. 122; SAS No. 125.” and I think you're right about interim reviews but I'm not certain lol

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)

[Iggy1985]

@cpahopeful11

I don't think you can review prospective information because a review is greater in scope than compilation, examination, or agreed upon procedures, just like you can't audit prospective information because it hasn't actually happened.. and in both audit and review you provide assurance.

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)

[Iggy1985]

ugh.. 15 mcqs left in the TB that I haven't seen.. I've consistently gotten a 63-80% with one 90%, in the last 16 rounds of 30 random unseen MCQs.. and I just got a 53% on my last round of 30 >_< starting to panic!! Day after tomorrow!! Ahh!

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]

I just know interim reviews aren't SSARS.

I do believe you are correct though. Nonpublic interim reviews are SAS.

I don't know why, but the word private threw me off Ha. I'm used to of reading it as public or nonoublic.

[Anonymous]

A is correct. I guess my mind was set to look for the phrase “not in accordance with GAAP” so I kept on choosing C without paying attention that the word “GAAS” not GAAP, but I kept on doing the same mistake. lol

[Anonymous]

Interim review for public/issuer should comply with SAS. Review for non-issuer/private should comply with SSARS. That's how I understand it.

[Iggy1985]

according to a wiley book simulation on p94 if anyone has it, interim review of a nonpublic audit client follows SAS.

In another module it states “SAS Reviews: These are for interim financial statements of either public or nonpublic companies”

then underneath that it says “SSARS Reviews: These reviews are only for nonpublic companies. Most frequently they are performed on annual financial statements of companies that choose not to have an audit, although they may also be performed on interim financial statements.”

hmmmmmm..

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]

Interim reviews for issuers = PCAOB

Interim reviews for non issuers in connection with an annual audit (CPA must also perform the YE audit) = SAS

Interim reviews for non issuer not in connection with an annual audit (CPA is engaged to perform a review of an interim date F/S and the entity is not having an annual audit = SSARS

That is what I could compile from the multiple sources I've been using

[Anonymous]

Interesting, I always took it SSARS is never involved in interim reviews. Good stuff, thanks.

[Author]

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