[Q3] AUD Study Group 2014 - Page 14

Viewing 15 replies - 196 through 210 (of 1,389 total)
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  • #592339
    Anonymous
    Inactive

    Also, what happens if the question tells you that the detection risk has changed. Would RMM change? I guess you can't change inherent risk, so would control risk change because of a change in detection risk?

    #592340
    NYCaccountant
    Participant

    If control risk is low, that means effective controls, which means that your allowable detection risk can be high because the controls will prevent or detect errors. So because the client has an effective system, I can be much lax with substantive testing and don't necessarily need to be extra aware, or strict.

    If controls risk is high, that means ineffective controls, which means your allowable detection risk is low because the client system will not prevent or detect errors, so I need to be extra aware and do more substantive testing to make sure there is not an error.

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

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

    #592341
    Gian
    Member

    Hey All,

    Please help me what is the correct answer to this question and why?

    ****Before accepting an engagement to audit a new client, a CPA is required to obtain:

    A. an assessment of fraud risk factors likely to cause material misstatements.

    B. an understanding of the prospective client's industry and business.

    C. the prospective client's signature to a written engagement letter.

    D. the prospective client's consent to make inquiries of the predecessor, if any.

    Help! anyone?

    Thanks

    AUD - 69, 80
    FAR - 71, rematch 01/19/2015
    BEC - 01/12/15
    REG - 02/23/15

    If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

    #592342
    Anonymous
    Inactive

    @ Gian, the answer is D. the key word here is ‘before'. all the other options are ‘after' accepting the engagement. u need to talk to the predecessor auditor to figure out whether you want to take the engagement or not so you have to do it before the engagement. does that make sense?

    #592343
    Gian
    Member

    @Alpa – Yes. Thank you.

    AUD - 69, 80
    FAR - 71, rematch 01/19/2015
    BEC - 01/12/15
    REG - 02/23/15

    If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

    #592344
    NYCaccountant
    Participant

    Is there anyway to just pay for the Becker final exams without paying for entire Becker course?

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

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

    #592345
    Anonymous
    Inactive

    NYCaccountant

    Not that I know of, and I would advise getting the multiple choice, and sims if they would sell any piecemeal.

    (877) CPA-EXAM

    (877) 272-3926

    (800) 868-3900

    Here's the numbers off of the support sight.

    I still say that their mc is the best, I just have a problem with sims.

    #592346
    Anonymous
    Inactive

    Cindywindy,

    I'm on Chapter 4, Audit Procedures By Transaction Cycle, where are you?

    #592347
    NYCaccountant
    Participant

    What's harder Becker or Ninja?

    If Ninja is harder, I'll stick with Ninja.

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

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

    #592348
    Anonymous
    Inactive

    I don't know yet, I'm re-studying Becker first, then doing Ninja.

    Sorry, I haven't looked at Ninja except to read the notes, but I'm planning on having my Becker review done this weekend.

    I'll let you know my opinion then.

    I

    #592349
    iddyrashy
    Member

    @NYCaccountant my opinion Becker is straight forward, I have both Becker and Ninja. However, most of the question lapse in both review course.

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

    TEXAS 2016

    #592350
    zieba
    Participant

    hard, easier, these are subjective terms guys. Ninja is different, but I doubt that WTB selects only medium questions and Jeff programmed Ninja to spit out only “hard” questions.

    You guys are going to club this exam like a baby seal (disclosure, I love baby seals!). In fact, you don't even need to study as hard as you do… but keep studying anyway. šŸ™‚

    AUD - 75*, 88 done 5/14! (*exp)
    BEC - 74 , 77
    REG - 65 , 76 (10 point combooo!!)
    FAR - 69 , 75

    Dr: perseverance
    Dr: intelligence
    Dr: luck
    . Cr: . advisory score

    #592351
    iddyrashy
    Member

    Quick questions, can successor audit the Financial Statements Summary if predecessor audit the FS. I know for Interim FS as long as the prior year is audited, then an interim report can be reviewed by successor. I am not sure about FS summary.

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

    TEXAS 2016

    #592352
    iddyrashy
    Member

    Does independent impaired if The CPA has a direct financial interest in an audit client, but the interest is maintained in a blind trust?

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

    TEXAS 2016

    #592353
    NYCaccountant
    Participant

    Well i've only been doing new questions in the adaptive stage since tuesday, so by adaptive, i'm hoping means focusing on what I'm not good at. Blind trust, 401k and investment club are direct financial interest. Mutual fund indirect interest.

    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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