[Lost_in_audit]

I am tax, 100%, and I am also a “big picture person”. So auditing’s noose is getting tighter around my neck and it won’t let up unless someone can explain or at least just answer my questions. Whoever does, I am ETERNALLY grateful! Okay so here goes:

These special reports…is that an audit, i.e. same steps, etc., just a different report?

This was simply my first of MANY questions, I just don’t want to waste my time typing them all, so this is bait I guess.

Thanks again for whoever is out there willing to help me take off this blindfold and clear up this mess they call auditing. No offense of course, it’s just not my forte.

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Study4CPA Exams Everyday]

Are you using Becker? If you are, everything should be broken down into different sections.

BEC - May 8, 2010 - 83
FAR - July 20, 2010 - 75
AUD - Aug 27, 2010 - 76
REG - Nov 20, 2010 - 88 ALL DONE!!!

[Lost_in_audit]

Yes I am using becker. Yes it is broken down into different sections but never does it definitively say you do/don't have to do an audit for this type of special report. Just need a yes/no here. Thanks!

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Liz317]

I totally understand how you feel. I'm a huge big picture person, and auditing just doesn't fit the way that we see things. (You should see the chart I made to understand the audit process…it's ridiculous, but at least I understood it!) Anyway, the answer to the question I think you're asking, as far as I know, is yes. Ex: You're doing an audit on a company that uses the cash basis. You do the same steps and follow the same procedures (taking into consideration cash basis of course) and you have to modify the report to say that the FS use the cash basis.

FAR - 92 --- AUD - 87 --- REG - 80 --- BEC - 87
A licensed CPA in Louisiana!!!

Dear CPA Exam, You are a beast. But you WILL be defeated!

[Laura]

I am using both Becker and Gleim to study…becker for lecture and gleim for the questions and of course compare material from becker's books to Gleim's books. As for what Gleim states on special reports is as follows “The basis of virtually all special reports is the standard, three paragraph audit report.” So basically yes it is still an audit but you will change the standard report depending on what the engagement calls for. I hope this helps….This test is a beast any help that we can all share with one another is awesome!

REG-80, 77, 77
BEC-67, 68, 71, 67, 71, 74, 71, 74, 72, 77
FAR- 72, 65,67, 53, 75 (truth be known the 53 was with 4 hours of studying)
AUD-58, 62, 72, 74, 74, 75
took 5 years but I'm DONE!!!!!!!!!!!!!!!

[Lost_in_audit]

Thank y'all for the help!!!! Okay here is another question I ran into today:

Required Supplementary information (RSI)…(using becker) it says that unless there is an agreement the auditor's opinion does not cover the RSI. But then it goes on to list out required procedures for the RSI, these procedures, are they required for every audit that includes the RSI or just those that the client has engaged the auditor to express an opinion on the RSI? But then it says, under the “opinion permitted” blurb, that if the auditor is engaged to report on whether or not the RSI is fairly stated, in all material respects, in relation to the financial statements as a whole that the engagement is performed like reporting on supplementary info. So I am kind of confused because between those two sections it threw in that the audit report should include language describing the RSI and then it says something about the paragraph should include a disclaimer of opinion if blah blah blah. Which makes it sound like the auditor was engaged to report on the RSI but that would contradict what it says about using the procedures from supp. info to report on the RSI.

Sorry if that was outrageously confusing!!! But I am so confused, so maybe I am missing something? Like does reporting on info not mean expressing an opinion? Arrgghhh! This is not black and white enough for me! Thank you again a million times over for those that helped me with the last question I had!!!! And thanks a bunch to whoever is willing to help me with this out-of-control question!

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Lost_in_audit]

Oh and Liz317 —- I did the SAME thing, made a chart of the audit steps, but got so confused because everything overlapped and was in the same but different places at the same time that I was forced to curl up into fetal position and wave a white flag. I am SO glad there is someone out there like me, ha!

Thanks again for your help and good luck with your last two parts (BEC & REG were my personal favorites because the big picture was so overwhelmingly obvious that I actually ENJOYED studying for them!).

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Lost_in_audit]

Another question….piecemeal opinions. In becker, it says that “an opinion on specified elements may be expressed if it does not encompass so many items as to constitute a major portion of the financial statements. Such an opinion should not accompany the disclaimer or adverse opinion.” Then the lecturer says that “so you are allowed to give this piecemeal opinion provided that it is not accompanying the adverse or disclaimer of opinion. Because we don't want to say these statements we cannot express an because we don't know or we believe these statements are not fair however income looked pretty good to us. And you know what the cash balance seemed fair. But if it was a minor item it would be okay.”

What the instructor said contradicts the text bc the text says, in my opinion at least, that you can express an opinion on items that are minor but you shouldn't give an opinion if you also gave a disclaimer/adverse opinion on other more major items that you were engaged to express an opinion on. But the lecturer is saying the opposite of what I am inferring the text to say.

Can anyone help clear this up for me? Thank you!!!

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Anonymous]

For my second time around for AUD, I decided not to watch the lectures and just READ each little section. I'm doing 90%+ on each sections questions. I'm not going to watch the lectures, I find them a waste of time for the second time around. It's amazing how much I retain and understand without the lectures. I was soo confused on chapter 1 for my first time around auditing, NOW I completely understand it! Try emailing becker to see what they say..

[Lost_in_audit]

Can anyone help me on my RSI question?!?!

REG - August 2, 2010 - 80
BEC - October 1, 2010 - 79
FAR - November 1, 2010 - 79
AUD - November 30, 2010 - 69, Retaking February 14, 2011

[Author]

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