[drichter321]

So the below questions I have answered wrong multiple times, and read the text at least 2 times. Can my fellow ninjas help explain this to me?

1. Which of the following procedures would be most effective in reducing attestation risk?

Discussion with responsible individuals.

Examination of evidence.

Inquiries of senior management.

Analytical procedures.

I have choose the inquiries of senior management 2 times now, as my experience is that they will help provide a better explanation of items then you look into it further. The correct answer is examination of evidence.

2. One important reason why a CPA, during the course of an audit engagement, prepares internal control flowcharts is to

Reduce the need for inquiries of client personnel concerning the operations of internal control.

Depict the organizational structure and document flow in a single chart for review and reference purposes.

Assemble the internal control findings into a comprehensible format suitable for analysis.

Prepare documentation that would be useful in the event of a future consulting engagement.

I choose the depict answer 3 times now, and I don’t get this question. The answer is Assemble the internal control findings. I also choose the reduced the need for inquires answer.

BEC: 75 lost credit, could not pass far 🙁
AUD: 76 lost credit could not pass far 🙁
FAR: 74, FML. Next exam 06/14/23
REG: 75 lost credit could not pass far 🙁

[kayfcpa16]

1 – Evidence obtained directly by the accountant (e.g., through physical examination) provides more persuasive evidence than evidence obtained through inquiry, discussion, or analytical procedures, and therefore reduces attestation risk.

Management and responsible parties can be dishonest or omit information. So finding your own information through evidence is most effective of all.

2 – In planning an audit, auditors need to obtain an adequate understanding of the components of an entity's internal control so that types of potential misstatements can be identified. A common method of obtaining this through the use of flowcharts. The use of structure flowcharts assembles the internal control findings into a comprehensible format.

FAR - 2/16 - 78
BEC - 2/16 - 78
AUD - 8/16
REG - 8/16

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