[Q3] AUD Study Group 2014 - Page 13

Viewing 15 replies - 181 through 195 (of 1,389 total)
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  • #592324
    iddyrashy
    Member

    @ katerina2665 do you still use the same studying methodology. I think you still have time you can study a little more.

    AUD 89 (07/06/14)
    REG 83 (08/27/2015)
    FAR 78 (04/27/2015)
    BEC 75 (11/13/2015)

    TEXAS 2016

    #592325
    Anonymous
    Inactive

    HELP!

    I am terrible at the Authoritative Literature simulation section. It is something that is pretty much guaranteed to be on each exam, so mastering it is a must. So, I need help.

    What are the steps you take to find the correct information? Also, how long does it typically take you? Any kind of help would be greatly appreciated.

    #592326
    Anonymous
    Inactive

    Azer14,

    The easiest way is to just do it by key word. It can take a minute, or five. However, you can't do too generic of a key word, or too specific. Also the key word may not be actually said in the little paragraph.

    That's the one thing I get. I learned it because I'm the “research guy” at our tax firm. It takes a lot of searches to figure it out. It took me staying late and searching a lot, because I was putting in way too much time in that wasn't billable.

    I suck at explaining it maybe somebody else is better.

    If you have Becker, use theirs, and just redo them, another way is if you have checkpoint at work, just start looking stuff up.

    #592327
    mjp44
    Member

    Quick question…

    When qualifying an opinion due to an inability to obtain sufficient appropriate audit evidence, an auditor should refer to the situation in the:

    Management's Responsibility paragraph Basis for Qualified Opinion paragraph

    a. Yes Yes

    b. No Yes

    c. No No

    d. Yes No

    ans: B

    I thought that any issues relating to GAAS would be referenced to in the auditors responsibility paragraph.

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #592328
    NYCaccountant
    Participant

    The opinion paragraph refers to the the reason for qualification, but does not state the reason.

    Auditor Responsibility paragraph states the reason for qualification.

    opinion paragraph will have some thing like this, ” Except for blah, blah, we feel blah, blah”

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #592329
    mjp44
    Member

    I think i found my confusion. My explanation to the question refers to an unmodified audit opinion. This question was referring to a qualified opinion. I guess there is a difference.

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #592330
    katerina2665
    Participant

    @iddyrashy, yeah, ill stick to Becker, but now i will not watch videos, just will go straight to reading and doing/understanding as many MCQs as i can (hopefully, all of them)

    NYS CPA since December, 2016
    #592331
    Anonymous
    Inactive

    This is my last part and I am time crunched due to work, how long do you guys think it takes to study for this?

    #592332
    NYCaccountant
    Participant

    Which of the following statements is correct about an auditor's required communication with those charged with governance?

    A.

    Any matters communicated to those charged with governance also are required to be communicated to the entity's management.

    B.

    The auditor is required to inform those charged with governance about significant errors discovered by the auditor and subsequently corrected by management.

    Incorrect C.

    Disagreements with management about the application of accounting principles are required to be communicated in writing to those charged with governance.

    D.

    Weaknesses in internal control previously reported to those charged with governance are required to be communicated to those charged with governance after each subsequent audit until the weaknesses are corrected.

    Can someone explain to me why the answer is B and not C? Thanks.

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #592333
    cpain2015
    Participant

    I don't understand why the answer is not C.

    AUD - 96
    BEC - 79
    FAR - 75
    REG - 89

    PASSED IN 2015 - ALL WITH NINJACPAREVIEW

    FAR - 73, 75 PASSED
    AUD - 74, 96
    BEC - 79
    REG - 89! Done. I'm a CPA!!

    #592334
    Qlad
    Member

    The objective of the audit is not to find the weaknesses in the internal control but just take the help of I/C if it's effective….the answer is B bcoz it's the responsibility of the auditor to tell that this is what he had suggested and then the follow up of things…even when it was corrected….if u read the letter once it will stick in ur mind what all things r included…

    FAR 72,71,81 šŸ™‚
    AUD 64,71, 72, 75 šŸ™‚ I'm done !!!
    REG 73, 74, 74, 84 šŸ™‚
    BEC 76 šŸ™‚

    #592335
    Qlad
    Member

    the C is not the answer…i think.. bcoz it will simply conclude that the report will either be qualified or adverse….and the reason will be given the report itself…

    FAR 72,71,81 šŸ™‚
    AUD 64,71, 72, 75 šŸ™‚ I'm done !!!
    REG 73, 74, 74, 84 šŸ™‚
    BEC 76 šŸ™‚

    #592336
    ruggercpa2b
    Participant

    C is not the correct answer because even though you are required to communicate disagreements with management the part that makes that answer wrong is that it says “required to be communicated in writiing” That phrases changes everything.

    B is the one that makes the most sense out of the given options.

    I have struggled with audit and for me its been because I dont read and reread the question and the answers. I have gotten this question wrong multiple times before realizing what was off about the other answers.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    AUD - 1/6/18
    FAR - TBD
    REG - TBD
    BEC - TBD

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    #592337
    Anonymous
    Inactive

    @lsutigers03

    Please do share if you find any more sims with the relationships between inherent, control, and detection risk. That is definitely my weak spot.

    #592338
    NYCaccountant
    Participant

    Thanks @ruggercpa2b and @QLAD . I just looked it up and Rugger is correct. The disagrement can be communicated either orally or through written communication.

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

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