Memorizing types of reports AUD

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    Topic
  • #180648
    Anonymous
    Inactive

    For those who have taken AUD, which reports should you know by heart?

    I am looking at unmodified reports, management rep letter, engagement letter, legal letter…

Viewing 15 replies - 1 through 15 (of 24 total)
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  • #454069
    tough_kitty
    Member

    I'm still studying for AUD but per Roger you gotta know them all!

    FAR: 81 (May 2013)
    BEC: 81 (July 2013)
    REG: 83 (August 2013)
    AUD: 82 (November 2013)
    California CPA since 1/30/14

    #454197
    tough_kitty
    Member

    I'm still studying for AUD but per Roger you gotta know them all!

    FAR: 81 (May 2013)
    BEC: 81 (July 2013)
    REG: 83 (August 2013)
    AUD: 82 (November 2013)
    California CPA since 1/30/14

    #454071
    Anonymous
    Inactive

    It would probably be smart to memorize them all and know what sentences go in what report. 🙂

    #454199
    Anonymous
    Inactive

    It would probably be smart to memorize them all and know what sentences go in what report. 🙂

    #454073

    I get that we have to understand broadly what goes in each report, letter, etc., but I find it ridiculous that Becker tells me that I should memorize the exact wording of some of the reports. As if I won't be able to pull up a template of a report with the click of a button in real life…

    #454201

    I get that we have to understand broadly what goes in each report, letter, etc., but I find it ridiculous that Becker tells me that I should memorize the exact wording of some of the reports. As if I won't be able to pull up a template of a report with the click of a button in real life…

    #454075
    Anonymous
    Inactive

    As a tax person I wholeheartedly agree, but Becker wouldn't tell you to memorize them if they didn't feel you had to. When I took AUD I felt like they copy & pasted sentences from the Becker book's reports into the questions so I was really glad I took the time to learn them.

    #454203
    Anonymous
    Inactive

    As a tax person I wholeheartedly agree, but Becker wouldn't tell you to memorize them if they didn't feel you had to. When I took AUD I felt like they copy & pasted sentences from the Becker book's reports into the questions so I was really glad I took the time to learn them.

    #454077
    Anonymous
    Inactive

    It's crazy to memorize the exact wordings of all those audit reports. But a candidate needs to understand and master the contents of each report.

    I created a mnemonic for myself for those reports that are required to have a paragraph of RESTRICTED USE for specified users:

    PAPRICA-COWPEA

    Prospective FS

    Agreed-Upon Procedures Engagements

    Projection – Financial Projection

    Regulatory – SPFS prepared in accordance with Regulatory basis of accounting

    ICOC – Internal Control Over Compliance Report

    Contractual – SPFS prepared to Comply with a Contractual agreement or regulatory provisions

    Assertion – Review report on an Assertion about a subject matter

    Comfort Letter or Letter for Underwriters

    Communication of SDs & MWs under FS audit (this is not required under the audit of IC)

    OCBOA – The auditor may decide to restrict the use of a compilation or review report to certain specified parties (example: when the subject matter of the report is based on criteria other than GAAP)

    Written assertion report when the client is not the responsible party

    Partial Presentations

    Engagement letter (which is a compilation report that is not expected to be used by a third party)

    Application – Reports on the Application of the requirements of an AFRFW

    #454205
    Anonymous
    Inactive

    It's crazy to memorize the exact wordings of all those audit reports. But a candidate needs to understand and master the contents of each report.

    I created a mnemonic for myself for those reports that are required to have a paragraph of RESTRICTED USE for specified users:

    PAPRICA-COWPEA

    Prospective FS

    Agreed-Upon Procedures Engagements

    Projection – Financial Projection

    Regulatory – SPFS prepared in accordance with Regulatory basis of accounting

    ICOC – Internal Control Over Compliance Report

    Contractual – SPFS prepared to Comply with a Contractual agreement or regulatory provisions

    Assertion – Review report on an Assertion about a subject matter

    Comfort Letter or Letter for Underwriters

    Communication of SDs & MWs under FS audit (this is not required under the audit of IC)

    OCBOA – The auditor may decide to restrict the use of a compilation or review report to certain specified parties (example: when the subject matter of the report is based on criteria other than GAAP)

    Written assertion report when the client is not the responsible party

    Partial Presentations

    Engagement letter (which is a compilation report that is not expected to be used by a third party)

    Application – Reports on the Application of the requirements of an AFRFW

    #454079
    Anonymous
    Inactive

    Amordiva: PAPRICA-COWPEA ? I love it! I printed this out in case I have to re-take AUD!

    Good one!

    #454207
    Anonymous
    Inactive

    Amordiva: PAPRICA-COWPEA ? I love it! I printed this out in case I have to re-take AUD!

    Good one!

    #454081
    Anonymous
    Inactive

    Thanks. But hey girl, you are going to pass FAR in the next testing window so am I!

    I cannot imagine retaking AUD. Oh my, please…

    #454209
    Anonymous
    Inactive

    Thanks. But hey girl, you are going to pass FAR in the next testing window so am I!

    I cannot imagine retaking AUD. Oh my, please…

    #454083
    evesocal
    Member

    >>As if I won't be able to pull up a template of a report with the click of a button in real life… <<

    I found that ridiculous also when I was studying for AUD. As if you're going to write the report freehand, from memory. But you do have to know the content and order of the sentences in the reports very well. Which is also silly that the order of the sentences is a big deal, like if they're in a different order the financial statements become invalid.

    As a tax person I find a lot of GAAP rules *very* far removed from reality.

    But that's the what we sign up for.

    B: 75
    R: 80
    A: 77
    F: 81
    Ethics: 84, 92 and done!
    Licensed in California

Viewing 15 replies - 1 through 15 (of 24 total)
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