[Tootsie]

So I thought it could be fun to have a game where we post AUD questions to help us study and if you know the answer, post it and ask another question. I’ll go first. What are the 10 GAAS?

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[mgoloubenko]

Ohhhh fun!

Training & Proficiency

Independence

Professional Care

Planning & Supervision

Internal Control- Obtaining an understanding of

Evidence

Accounting- must be GAAP

Disclosures- must be adequate

Consistency between periods

Opinion- explicit expression of an opinion

Q: At which stage/stages of the Audit are analytical procedures mandatory?

FAR 4/9/12- PASSED
BEC 7/13/12- PASSED
AUD 8/16/12- Ughhh 71, Rematch: 90!!!
REG-12/6/12 PASSED

USC MAcc- Fight on!

They say good things come to those who wait, but only those things that are left by those who hustle.

[Anonymous]

At the planning and final review stages, (not always necessary for substantive procedures though)

Question: How do you figure out the upper deviation rate?

[Anonymous]

@Toostie TIP PIE ACDO

@ mgoloubenko : panning and final review. We can use during substantive testing but its not necessary

@ David : ouch i forgot this topic – :-S

Q: how to pass AUDIT? hhaahah

[skintapeup]

I think it is (without looking it up)….Sample deviation rate + Allowance for sampling risk = Upper deviation rate

[Anonymous]

Please list the 5 components of internal control as well as a description of each.

😀

[Anonymous]

CRIME

C= TONE at top

R- risk( F/S are misstated or fraudlent

I_ information processed timely & Accurately

M- I/C effectivness

E – Paid tips arc lol lol policies & Procedure

[M]

how do you pass audit?………with the help of another71 forum!!

Audit Risk Model? and effect of Auditor's Assessed level of risk?

“If you dont have time to do it right, when will you have time to do it over?"
FAR - 64, 81... exp 11/30/13
AUD - 54, 67 Retake Jan
BEC - Feb 28th
REG - TBD

[Anonymous]

AR = CR*IR*DR

The auditor can only control the acceptable level of DR. As CR is assessed to be higher, the auditor will perform more substantive tests to lower the acceptable level of DR and vice versa.

Why would an auditor of a PCAOB F/S audit not test Internal Control?

[Tootsie]

Anybody know the answer to D21's question? I don't.

Question:

True/False, An auditor in public accounting can disclose confidential client information to another public accounting firm without the client's specific consent.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Anonymous]

@d21 : the auditor should form an opinion on the effectiveness of internal control over financial reporting . )if not then he should issue disclaimer of an opinion .

@tootsie:false

[Anonymous]

Maybe it was bad wording, but the answer I was thinking was… If the auditor has assessed Control Risk to be at the maximum, then he would not test Internal Controls, but would always do substantive tests for material account balances, transactions and disclosures.

[Anonymous]

CashMoney10's daily AUD question:

I'll give you the questions I had some trouble with when studying.

Which of the following matters is covered in a typical comfort letter?

A. Negative assurance concerning whether the entity's internal control procedures operated as designed during the period being audited.

B. An opinion regarding whether the entity complied with laws and regulations under Government Auditing Standards & the Single Audit Act of 1984.

C. Positive assurance concerning whether unaudited condensed financial info complied with GAAP.

D. An opinion as to whether the audited F/S's comply in form with the accounting requirements of the SEC.

Let me look up the answer LOL

[Tootsie]

D

Had to look that up! 🙂

Question (true/false): Public accounting firms must register with the AICPA to audit public companies.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[MIA2CPA]

@ Tootsie

False. Public accounting firms must register with the PCAOB to audit public companies.

How does an audit report with a “disclaimer” of opinion differ from a standard “unqualified” report?

BEC - 84
AUD - 83
FAR - 82
REG - 81

I'm DONE! CERTIFIED PARTY ANIMAL!

[sbarkerACPA]

@MIA2CPA Disclaimer of opinion is a significant GAAS problem. The introduction is revised to state “we were engaged to audit” ad delete reference to AUD responsibility, scope paragraph is omitted, the middle/explanatory paragraph states the reason for the disclaimer, and the opinion paragraph states the “disclaimer”.

Question: Explain in layman terms the control risk and inherent risk. I am confusing myself on this concept.

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Author]

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