[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

AUD - 79
BEC - 80
FAR - 76
REG - 92

Jeff Elliott, CPA (KS)
NINJA CPA | NINJA CMA | NINJA CPE | Another71

[Anonymous]

Yep, A for the first question and D for the second. What was the answer to your question?

[Future Ninja]

@cpahopeful –

When the prior year is audited by another auditor and comparative FS are reported, you could only express an opinion on the current year. Yes only if the audit report of the previous auditor will not be presented along with the comparative fs.

But if management was not present for the prior year and comparative FS are reported, a management representation letter is still needed for BOTH years? I think Yes because of the word comparative FS.

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@cpaby2015

An auditor concludes that there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time. If the entity’s disclosures concerning this matter are adequate and no other issues prevail, the audit report may include a

Disclaimer of Opinion Qualified Opinion

A. No No

B. Yes No

C. Yes Yes

D. No Yes

is it A?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[mariam almas]

i think it is B ??? the auditor still can issue a disclaimer report

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

NH

[ahugemistake]

Hello everyone,

I am using CPAExcel and have been reading the book and doing the questions. I find the book is really boring and the material does not stick for some reason. I am going to start reading the slides, and do the questions. anyone else using CPAExcel feel this way?

FAR: 78*, 75
REG: 76*, 85
BEC: 79*, 76
AUD: 79*, 93

All scores expired, let's try this again.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Anonymous]

Answer to my question is B.

By itself, a substantial doubt about an entity’s ability to continue as a going concern does not require a modification of the opinion paragraph. Hence, a qualified opinion would be inappropriate. However, nothing precludes the auditor from disclaiming an opinion in these circumstances.

[mariam almas]

To satisfy the valuation assertion when auditing an investment accounted for by the equity method, an auditor most likely would:

a.

Obtain market quotations from financial newspapers or periodicals.

b.

Review the broker's advice or canceled check for the investment's acquisition.

c.

Examine the audited financial statements of the investee company.

d.

Inspect the stock certificates evidencing the investment.

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

NH

[Anonymous]

After the documentation completion date, the auditor must:

A.

not add or change any audit documentation, including signatures, unless he or she documents the date and reason(s) for such additions or changes.

B.

not delete or discard audit documentation before the end of his or her firm's retention period.

C.

Both of the answer choices are correct.

D

Neither of the answer choices is correct.

[Anonymous]

After the documentation completion date, the auditor must:

A.

not add or change any audit documentation, including signatures, unless he or she documents the date and reason(s) for such additions or changes.

B.

not delete or discard audit documentation before the end of his or her firm's retention period.

C.

Both of the answer choices are correct.

D

Neither of the answer choices is correct.

[Future Ninja]

@ CPAHOPEFUL11 – is it B?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@ mariam almas – Is it C?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Future Ninja]

@cpaby2015 – that was a tricky question. thanks. we can issue disclaimer opinion if the doubt is pervasive or significant. But I did not see it coming. if this will come out, how will we remember it?

AUD - 79 (expired) retaking July 28,2016
FAR - 76 expiring July 31, 2016
BEC - 85
REG - 74,74,74,74,59,70,

[Anonymous]

Answer was actually C.

And I believe the answer to Mariam's question is C as well.

[mariam almas]

yeah the answer for my question is C

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

NH

[Anonymous]

Section 104 of SOX Title I, “Inspections of Registered Public Accounting Firms,” dictates that:

Select an answer:

A.

public accounting firms performing audits on issuers must register with the PCAOB.

B.

the PCAOB has the authority to set, amend, update, and modify auditing, quality control, and ethics standards.

C.

the PCAOB has the mandate and authority to conduct compliance inspections of each registered public accounting firm.

D.

the PCAOB may investigate any act or practice, or omission to act, by a registered public accounting firm that may violate any provision of the Sarbanes-Oxley Act, PCAOB rules, securities laws, and professional standards.

[Author]

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