AUD Study Group Q1 2015 - Page 31

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  • January 6, 2015 at 4:19 pm #650239
    Anonymous
    Inactive

    @jstay–

    I think I did ok on REG. There were a few things that I didn't study for that somehow found there way onto my exam (as usual). I also got what I would consider to be favorable SIMs. I wouldn't be shocked if I failed, but I would be surprised, if that makes any sense. I put a ton of time into it, so I'm hoping it pays off. I have somewhat of a tax background so I should pass. ha!

    Oddly enough, I'm currently employed as an internal auditor with a med size corp, but I just started in Dec so I don't really know what I'm doing yet.. I'm hoping studying for the AUD test helps me with my job.

    January 6, 2015 at 4:24 pm #650240
    Leach2587
    Member

    @CorporetteCPAintheMaking internal audit will help you understand the most important parts of the exam which is internal controls and the testing of support (when to trace and when to vouch). When I took AUD for the first time I was in my first year as an auditor and had the slightest idea of what I was doing. I retook it as after I made Senior and it was a breeze.

    January 6, 2015 at 4:35 pm #650241
    jstay
    Participant

    An insignificant portion of a client's inventory is in public warehouses. Evidence of the existence of this merchandise can most efficiently be acquired through which of the following methods?

    a.

    Observation.

    b.

    Inspection.

    c.

    Confirmation.

    d.

    Calculation.

    Heres a good questions that requires paying close attention to what the question is asking

    January 6, 2015 at 4:50 pm #650242
    Leach2587
    Member

    @jstay I would say confirmation. Its an insignificant portion so a simple inventory confirm should do. But I am 11 months removed from studying for the exam and no longer an auditor.

    January 6, 2015 at 4:56 pm #650243
    jstay
    Participant

    lol yeah your right, i got this one right too. the usual answer would be to go straight for observation but it says insignificant and also public warehouse. if it was a client warehouse i think the answer would be observe even if it was insignificant because a client shouldnt confirm its own inventory

    January 6, 2015 at 5:44 pm #650244
    Dantrick
    Participant

    I have been looking for some kind of comparison sheet for issuers and nonissuers. There are good sheets comparing, IAS and GAAS. I guess I am mainly wanting to know if I am right on track with the difference for issuers and nonissuers. Is the only report differences that nonissuers do Review and Compilation? Can issuers do those two also? And then the reporting requirements for each. I guess what really makes the two different? Thanks for the help.

    January 6, 2015 at 6:43 pm #650245
    Leach2587
    Member

    Issuers have reviews on a quarterly basis so yes they can do both. The main difference between issuers and non issuers are related to internal controls and their effectiveness. I know a lot of the study material focuses on Big Non Issuers which you really don't see much of a difference between a Big Non Issuer and an Issuer. I don't know if there is a table that does a comparison for you.

    The biggest difference for issuers and non issuers is the reporting over internal controls and being compliant with sox 404. Issuers are required to issue an opinion over managements assessment of internal controls; However, non issuers are not. You have to pay attention to the question though because a lot of times they will say the Non issuer has asked for a report over the effectiveness of internal controls.

    January 6, 2015 at 7:56 pm #650246
    Dantrick
    Participant

    @leach thank you. I was worried it was more complex, and I am missing something, because people talk a lot about issuers and non issuers on the exam. I am really going to pay attention to the wording on the exam sounds like that is where it can get tricky. I tend to read a question too fast and that will not work for AUD.

    January 6, 2015 at 9:50 pm #650247
    jackaroe
    Participant

    A. If an auditor can not get in touch with the predecessor because he cannot get permission from the potential client – then he MUST not accept the audit. T or F?

    B. If an auditor can not get in touch with the predecessor because the predecessor died, extended absence, or went AWOL – then the auditor (with the obligatory boilerplate – take compensatory actions) may accept the engagement. T or F?

    C. Does PCAOB have stricter regulations/standards and/or the IASB have looser standards?

    January 6, 2015 at 9:55 pm #650248
    howmany74s
    Member

    @jackaroe – people do die but audit goes on (papers will pass to another auditor within the firm, or retained within the firm for an X amount of years, X depending on AICPA vs. PCAOB audit) so successor auditor should question management's integrity. that usually leads up to not accepting an engagement.

    If there is a reasonable explanation, such as your previous auditor being arthur andersen, then auditor might accept it.

    January 7, 2015 at 4:40 pm #650249
    sgustin
    Member

    Anyone think 4 weeks is long enough for an AUD retake? last time I took it i did pretty good on the first few chps in becker and I didn't get enough time in to study the last few so thats why I failed. If not I can always reschedule to the end of February.

    A - (64) (73) (75)
    R - (82)
    F - (67)
    B -

    January 7, 2015 at 4:46 pm #650250
    Leach2587
    Member

    @sgustin 4 weeks should be plenty. I did that on my retest. Took BEC at the end of April and then Audit at the end of May and I passed both. Just make sure you are picking up what you didn't get before and refreshing yourself on the old stuff.

    January 7, 2015 at 4:53 pm #650251
    Anonymous
    Inactive

    Does GAAP really require something like this? I wonder which ASC

    An auditor is required to have the competence, skills, technical knowledge, and experience to perform an audit professionally and in accordance with:

    A.

    GAAS only.

    B.

    GAAP only.

    Correct C.

    all standards.

    D.

    GAGAS only.

    January 7, 2015 at 5:01 pm #650252
    Leach2587
    Member

    @anjanja I believe its like the second GAAS principle or something. Can't remember but I know it isn't GAAP. Go with GAAS

    January 7, 2015 at 5:37 pm #650253
    jstay
    Participant

    Quizzing y'all

    what is the SAS record retention policy and also what is the record retention policy for PCAOB?

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