AUD Study Group Q4 2014 - Page 52

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  • October 2, 2014 at 9:32 pm #622616
    Future Ninja
    Participant

    compilation is not an assurance service because we are not rendering any assurance on our compilation report but it is an attest service. I think independence is not required in compilation service but it is impliedly stated in compilation report (standard compilation report). If we are not independent we may disclose the reason (not required). if we will disclose the reasons, we are required to disclose all of them.

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

    October 2, 2014 at 9:35 pm #622617
    Mary 2496
    Member

    If you perform a compilation and are not dependent, you must state in the compilation report, “I am not independent with respect to the entity.” It is a must under AICPA standards.

    October 2, 2014 at 9:42 pm #622618
    Anonymous
    Inactive

    Right, I get all that but I was confused because you don't have to be independent for compilation reports, but do have to be independent for attest engagements. So it didn't make sense to me how compilation is an attest service when independence is required for the latter.

    Another thing, you could review or perform compilations for specified elements but may only do so for audits if the rest of the FS are also audited?

    October 2, 2014 at 10:57 pm #622619
    Shubh06
    Member

    Can a review or a compilation engagement be changed to audit enagement?

    REG 78
    BEC 75
    AUD 84
    FAR 82

    October 2, 2014 at 11:04 pm #622620
    Anonymous
    Inactive

    Yes, you add an explanatory paragraph at the end of the report.

    October 2, 2014 at 11:11 pm #622621
    kappa1032
    Participant

    So I took my test at noon today – finished it in 2 hours. I don't think I aced it but I also don't think I bombed it. The one thing I know is that I did better on it than REG…for SURE. For REG I knew I just bombed all the sims.

    The MCQ's were in line with what I had expected/worked on with Becker and Ninja MCQ. For me, it went to medium-hard-hard which is a good sign?

    The sims were sorta tough but definitely not impossible. Make sure you do as many sims as possible in your review software just so you're not taken by surprise. What I saw on the test was still tougher than what I had on Becker/Ninja but I think my preparation on this test was better than on REG, so I wasn't as blindsided.

    FAR - 81
    REG - 74, 87
    AUD - 88
    BEC - 88

    Finally.

    “The only guarantee for failure is to stop trying”
    ― John C. Maxwell

    October 2, 2014 at 11:12 pm #622622
    Shubh06
    Member

    And does the inverse of this is also true? Audit engagement changed to review or compilation?

    REG 78
    BEC 75
    AUD 84
    FAR 82

    October 2, 2014 at 11:24 pm #622623
    Anonymous
    Inactive

    Sorry, I was thinking of when comparative FS are presented. I'm pretty you can go from a review to an audit, but don't know if you add an explanatory paragraph.

    I do know when you downgrade, do NOT make any reference to the prior engagement.

    Kappa good to hear, looks like you passed. You were scoring too high beforehand not to have passed.

    October 2, 2014 at 11:32 pm #622624
    kappa1032
    Participant

    @ CPAHopefull11 — thanks for the kind words. i hate that i have to wait a month for my score. Oh well, gotta start on my REG retake ASAP!

    FAR - 81
    REG - 74, 87
    AUD - 88
    BEC - 88

    Finally.

    “The only guarantee for failure is to stop trying”
    ― John C. Maxwell

    October 2, 2014 at 11:47 pm #622625
    Anonymous
    Inactive

    Good stuff, just started today on the REG section and the first tax section killed me. After reading it for three hours I have no idea what is going on LOL.

    October 2, 2014 at 11:54 pm #622626
    kappa1032
    Participant

    when are you taking Audit?

    FAR - 81
    REG - 74, 87
    AUD - 88
    BEC - 88

    Finally.

    “The only guarantee for failure is to stop trying”
    ― John C. Maxwell

    October 2, 2014 at 11:55 pm #622627
    Anonymous
    Inactive

    Even if fully collateralized, a personal or mortgage loan will impair the auditor's independence?

    October 2, 2014 at 11:56 pm #622628
    Anonymous
    Inactive

    On the 16th, hope I pass along with FAR which I took yesterday. I hate looking back on the test because I realized two problems I missed that I shouldn't have Ha.

    October 3, 2014 at 12:10 am #622629
    Tarheelgirl
    Member

    @kappa – I'm sure you did fine on your exam. 2 hours is crazy! Took me the whole 4 hours the first time. What were your heavily tested topics? IC/Independence/Reports? Have any sampling questions? Sampling is what I am worried about, just cannot seem to understand it.

    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!

    October 3, 2014 at 12:26 am #622630
    Future Ninja
    Participant

    @kappa – did you have research questions?

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

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