[NYaccountingstudent]

What would you write on it?

As soon as i sit down for the test I plan on writing a bunch of stuff down onto the Notes paper we are given. What should i write on it?

I am kind of weak with assertions so i plan on writing some stuff down for that. Idk what else to write down

AUD - 75
BEC - 78
FAR - NINJA in Training
REG - 75

One shot to pass FAR or i lose credit for REG

[mtaylo24]

Some of these may need to be updated for 2016:

By Numbers:

2 CPA 3Non-CPA
PCAOB is comprised of 5-FT members; 2 CPAs 3-Non-CPAs; CPA can only act as Chair of the Board if he has not practiced CPA for the past 5 yrs.

3-5 “outside” directors
An audit committee consists of members of the BODs, usually 3-5 “outside” directors, who are neither employees nor part of mgt. and who do not have a material financial interest in the company.

5 audit clients (issuers) & less than 10 audit partners
Small accounting firms may be exempted from the partner rotation requirement

10 hours of service
Independence is impaired if the audit engagement team includes the lead partner, the concurring partner, & other individuals who provided more than 10 hours of service during the annual audit period.

10% & 10 days
Any officer, director, or owner of more than 10% of any equity security must file a report indicating how many shares they own within 10 days after becoming an officer, director, or more than 10% owner.

30 days
Financial interest is received through an unsolicited gift or inheritance and is disposed of as soon as practicable, no later than 30 days after the person has knowledge of and the right to dispose of the financial interest

35 days
Form 10-Q is due 35 days after each of the first 3 fiscal quarters

45 days
The PCAOB defines the documentation completion date as 45 days following the report release date for issuers.

60 days
Auditing standards require the final audit documentation file to be assembled within 60 days following the report release date for nonissuers.

60 days
Form 10-K must be filed within 60 days after the end of the fiscal year

60 days
While it is recommended that the written communication of control deficiencies be made by the report release date, a window extending 60 days beyond date is acceptable.

60 days
The auditor must communicate control deficiencies to mgt. in writing within 60 days of the report release date.

90 days or less
WebTrust assurance services performed by CPA to conduct examinations every 90 days or less to ensure that the site continues to adhere to stated business practices & disclosures, provide safe, secure transactions, and protect private information.

1 year
Minimum requirement for the auditor to meet with the audit committee without management present at least once each year

1 Year , not to exceed or Not to exceed 1 Year
If there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed 1 yr. beyond the date of the FS being audited. (US.GAAS)

1 year or At least, but not limited to 12 months from the BS date
Auditor's consideration of the entity's ability to continue as a going concern. (ISAs)

1 year + or Over 1 year – Overdue in fees
Independence is impaired with respect to a client who is more than 1 year overdue in the payment of professional fees.

1 year or Annual
Only PCAOB-registered firms can audit SEC issuers and must update its application for registration annually.

1 year or At least annually
All firm personnel subject to independence requirements should confirm their independence in writing (paper or electronic form).

1 year or Annually
Test of Controls/Prior evidence regarding operating effectiveness is acceptable. –> Controls related to significant risks should be tested annually

1-Year cooling off period
Audit firms may not audit public companies whose CEO, CFO, etc. is also a previous employee of the accounting firm who worked on the audit during the preceding year.

2 years
(ISAs) Issuers and all assurance team members, who have been periodically rotated off the engagement after a period of no more than 7 years, should be subject to a time-out period of normally 2 years.

2-year time out period
(Issuers) All other audit partners are subject to a 2-year time out period before returning to the engagement.

3 years of Every 3 years
Each audit organization performing audits in accordance with GAGAS must have an external peer review at least once every 3 years.

3 years or Every 3 years
Evidence obtained in prior audits: If controls have not changed, OE must be tested at least every third year. The CPA, however may also choose, based on the circumstances, to retest OE more often than once every third year.

3 years, or Once every 3rd year
Test of Controls/Prior evidence regarding operating effectiveness is acceptable. –> New tests must be performed once every third year

3 years or Every 3 years
CPA firm that is an AICPA member, must have a peer review in order to maintain membership in the AICPA

5 years
Audit documentation must be maintained/retained by CPA firms for nonissuers for at least 5 years. (document retention period for nonissuers)

5 years or Every 5 years
(Issuers) Lead partner or coordinating partner & reviewing partner must rotate off the audit.

5-year time out period (Issuers)
Lead partner & reviewing partner are subject to a 5-year time out period before returning to the engagement.

7 years
Audit documentation must be maintained/retained by the public-registered firms for at least 7 years.(document retention period for issuers)

7 years
SOX requires CPA firms to maintain the documentation of their risk assessment & response.

7 years
(ISAs) Issuers and all assurance team members should be periodically rotated off the engagement after a period of no more than 7 years.

100 issuers or lesser
Registered public accounting firms that provide audit reports for 100 or fewer issuers must be inspected at least once every 3 years

100 + or Over 100 issuers
PCAOB must conduct annual inspections of registered public accounting firms that regularly provide audit reports for more than 100 issuers

$10,000
Independence is not impaired in a financial institution client issues to the audit team members cash advance or credit card balances not exceeding $10,000.

$10,000
The auditor responds either “yes” or “no” to the identification of findings that must be disclosed pursuant to section 510(a) of OMB Cir. A-133 including reportable conditions in IC over major programs, material noncompliance with LR&C, & questioned costs greater than $10,000

$100,000
Penalties of no more than $100,000 can be imposed by PCAOB if associated inviduals would be found to have violated (OTHER PROVISIONS) the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports.

$300,000
Programs classified as major are those that expend $300,000 or more in federal financial assistance.

$500,000
The Single Audit Act (OMB Circular A-133) requires entities that expend total federal assistance equal to or in excess of $500,000 in a fiscal year to have an audit performed in accordance with the Act.

$750,000
Civil monetary penalties of no more than $750,000 can be imposed by PCAOB if associated inviduals would be found to have violated the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports, specifically for intentional or knowing conduct, including reckless conduct, that results in violations or repeated instances of negligent conduct.

$2,000,000
Penalties of no more than $2,000,000 can be imposed by PCAOB if a registered firm would be found to have violated (OTHER PROVISIONS) the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports.

$15,000,000
Civil monetary penalties of no more than $15,000,000 can be imposed by PCAOB if a registered firm would be found to have violated the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports, specifically for intentional or knowing conduct, including reckless conduct, that results in violations or repeated instances of negligent conduct.

$75M > $700M
An accelerated filer [AF] is defined as an issuer with a worldwide market value of outstanding common equity held by non-affiliates of $75M > $700M

$700M or more
A large accelerated filer [LAF] is defined as an issuer with a worldwide market value of outstanding common equity held by non-affiliates of $700M or more.

CPA (2017)

REG:  75

BEC:  76

FAR:  77

AUD: 78

 

CMA (2019)

P1: 380

P2: 360

AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
REG - 55 (2/16) 69 (5/16) Retake(8/16)
BEC - 71(5/16) Retake (9/16)
FAR - (8/16)

[debitcash]

!!!!

FAR:75
BEC:76
AUD:84
REG:80

FAR:75!
AUD:69, 63, 73, TBD
BEC:76!
REG:71, TBD

BECKER + NINJA PRODUCTS

keep your cool

[NYaccountingstudent]

thanks so much

AUD - 75
BEC - 78
FAR - NINJA in Training
REG - 75

One shot to pass FAR or i lose credit for REG

[monikernc]

Wow!

AUD - 93
BEC - 82
FAR - 76
REG - 88

How have you been?
Ninja book and MCQs and the forum, all first try! 2016
Licensed State of Montana April Fool’s Day 2020
State of Colorado June 2020 - AICPA Ethics 93
Experience was the worst part of the journey for me. You?
If you want things to change you have to do something different.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

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