AUD Study Group Q4 2014 - Page 44

Viewing 15 replies - 646 through 660 (of 1,961 total)
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  • #622496
    Anonymous
    Inactive

    @ Future Ninja Is it C?

    @ mariam Sorry to hear that! Don't loose your focus on the exam.

    #622497
    mariam almas
    Participant

    ohh not in mood at all, i dont know how i will focus on the exam,

    @Future Ninja waiting for the answer …..

    anyway the following question i always answer it wrong

    2) In performing a search for unrecorded retirements of fixed assets, an auditor most likely would:

    a.

    Tour the client's facilities, and then analyze the repair and maintenance account.

    b.

    Inspect the property ledger and the insurance and tax records, and then tour the client's facilities.

    c.

    Tour the client's facilities, and then inspect the property ledger and the insurance and tax records.

    d.

    Analyze the repair and maintenance account, and then tour the client's facilities.

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    #622498
    Anonymous
    Inactive

    @mariam – Is it C?

    #622499
    Anonymous
    Inactive

    How are you guys preparing for SIMS. I've heard people say it helps to have taken FAR before AUD so I was thinking of spending some time reviewing my FAR notes. Yay or Nay? Waste of time?

    #622500
    mariam almas
    Participant

    for my post the answer is B,

    the explanation:

    “b” is correct. In a search for unrecorded disposals, the auditor would vouch a sample of assets on the property ledger to those on hand in the client's facility.

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    #622501
    Qlad
    Member

    @Mariam…answer is B?..

    Really sorry about ur job…just take it easy…think that u got extra time to study now…u can think of job after exam…

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

    #622502
    mariam almas
    Participant

    @Qlad yeah i should focus on my exam

    yeah the answer is b

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    #622503
    mariam almas
    Participant

    @Qlad regarding the following question that u have posted it, how it comes C ??? the logic is B ??

    An auditor referred to the findings of an auditor’s external specialist in the auditor’s report. This may be an appropriate reporting practice if the

    A. Auditor is not familiar with the professional certification, personal reputation, or particular competence of the specialist.

    B. Auditor, as a result of the specialist’s findings, adds a paragraph emphasizing a matter regarding the financial statements.

    C. Auditor’s report contains a qualified opinion.

    D. Auditor, as a result of the specialist’s findings, decides to indicate a division of responsibility with the specialist for the audit opinion.

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    #622504
    Anonymous
    Inactive

    That's what I don't get, since logic says it would be B, not C. These are the type of questions they trick you with on the exam.

    #622505
    Qlad
    Member

    @Mariam…the explanation said that Only if the change was in opinion of the report …then u mention it …but if the opinion is same and u just added an eomp bcoz of specialist , then u don't mention that this eomp is bcoz of the results from specialists…as no change in opinion of the report

    I did not know this , before I did this question

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

    #622506
    mariam almas
    Participant

    @Qlad ohh good to know thnx soo much, keep posting plz

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    #622507
    Tarheelgirl
    Member

    @furture ninja – what was the answer to the question you posted?

    FAR - 46, 79 (7/8/14)
    AUD - 56, 59, 2/23/15 3rd times a charm!
    BEC - 69, 74 Really??
    REG - April, I hope. Fingers crossed!

    #622508
    Tarheelgirl
    Member

    @cracked – I did not have any FAR like SIMS on my first exam, though some said they did. I would probably just look over adjusting journal entries and familiarize yourself with that.

    FAR - 46, 79 (7/8/14)
    AUD - 56, 59, 2/23/15 3rd times a charm!
    BEC - 69, 74 Really??
    REG - April, I hope. Fingers crossed!

    #622509
    jeff
    Keymaster

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #622510
    Qlad
    Member

    When auditing related party transactions, an auditor places primary emphasis on

    A. Assessing the risks of material misstatement of related party transactions.

    B. Verifying the valuation of the related party transactions.

    C. Ascertaining the rights and obligations of the related parties.

    D. Confirming the existence of the related parties.

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

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