[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for AUD.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[Forem004]

Are you trying to apply for a FASB subscription? Try http://www.fasb.org/store/mysubscriptions

[Anonymous]

I see. Thank you.

Is this free? I created an account but not sure how to access the portal without paying.

[Anonymous]

Never mind I think I figured it out. Thanks again!!

[STP]

I have a question on AUD sim 17, sorry if the question sounds dumb. One of the statements say that “All the basic F/S are not properly identified in the intro paragraph.” I put correct because I noticed that Notes to the F/S was not identified, but after reading the question it appears to be asking that All of them are not properly identified. Is that why the answer is incorrect?

Taking AUD end of this month and scored 70 last time taken.

[user2701]

which are the most important & tested topics in AUD ? Though I know each & every topic may be tested.

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[Forem004]

@ STP, It's incorrect because it says “basic.” balance sheet, income stmt, retained earnings & cash flow

[Forem004]

To the person who was talking about hiring a specialist. See simulation 11 for a situation when to.

TWD Company is subject to international and domestic environmental laws. No one on your staff is familiar with these laws.

Hire a specialist

The auditor's education and experience enable him or her to be knowledgeable about business matters in general, but the auditor is not expected to have the expertise of a person trained for or qualified to engage in the practice of another profession or occupation. During the audit, however, an auditor may encounter complex or subjective matters potentially material to the financial statements. Such matters may require special skill or knowledge and in the auditor's judgment require using the work of a specialist to obtain appropriate audit evidence. AU-C 620.07 states, “If expertise in a field other than accounting or auditing is necessary to obtain sufficient appropriate audit evidence, the auditor should determine whether to use the work of an auditor’s specialist.”

[STP]

@forem004 Thank you for the clarification.

[pharaoh]

Boooooored and tired of this section. Sometimes I feel that i just want to take the exam and get done with it

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[GiniC]

@Pharoah – I'm to scared of it to be bored! I'm two weeks from exam day and I struggle with all the questions about which test works for which assertion. I just keep answering questions, reading explanations, and hoping I don't get too many of those questions. It always seems there's more than one way to look at the situation.

[pharaoh]

It is a mixed feeling between bored and worried.

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[Forem004]

I made a page for each assertion and listed each control given in each problem, simulation and example.

[QueenofWhales]

Brown, CPA, has accepted an engagement to examine the effectiveness of internal control over financial reporting of Crow Company (a nonissuer). Crow Company’s written assertion about the effectiveness of internal control should be presented:

I. in a separate report that will accompany Brown’s report.
II. in a representation letter to Brown.

A.
Neither I nor II

B.
Either I or II

C.
I only

D.
II only

Can anyone explain why the answer is C instead of B? I thought the written assertion could be presented in both a separate report AND the representation letter.

[Forem004]

Internal control is a separate report not a written representation

[user2701]

@ Forem004,

Dint get what you said..

Which assertions you made a list of ?

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[Author]

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