AUD Study Group Q1 2017

CPA Exam Forum AUD AUD Review AUD Study Group Q1 2017

This topic contains 499 replies, has 70 voices, and was last updated by  Spartans92 50 minutes ago.

Viewing 30 posts - 61 through 90 (of 500 total)
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    Posts
  • #1403912
    HRSexton
    HRSexton
    Participant

    @didato I'm trending 98% with 82% of all questions answered correctly. I am doing the 5 question thing, too! I do the regular MCQ, then go down the list of ‘questions selected from' option under the custom button. What happens once you reach Review?


    Becker & Ninja MCQ

    Trying to finish by 5/31/2017 and continued motivation is my problem; I have never been a good studier.

    FAR

     

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1404413

    sulaiman
    Participant

    I have a question if anyone of you work on audit field because I am having a hard time with this concept. What is exactly “Compilation”? And how is it different from preparation? And why is it not allowed for issuers?

    Thanks in advance!


    AUD Q1 2017

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1404414

    sulaiman
    Participant

    ….


    AUD Q1 2017

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1404632
    Forem004
    Forem004
    Participant

    Difference in comp and prep is the report.


    Tiffany
    AUD - 84
    BEC - 75
    FAR - 78
    REG - 82
    #1405017

    Ny1105
    Participant

    Failed by a few points.

    Had a ton of questions about pensions (you can delete this post if it is against forum rules). IS pensions a new thing (I guess I should of read changelogs better).

    Overall the Audit exam was straightforward. My advice is for everyone to use the 4 hours effectively and read, READ, READ the questions thoroughly.

    #1405095

    Rhunter
    Participant

    Hi Ny1105. Sorry about your test result. Could you please share the general nature of these pension questions? Were they focused on laws/regulations such as ERISA, or more on audit planning/fieldwork/reporting? Not looking for actual questions, just looking for their general nature so I know how to focus my research effort. Thanks!


    I'm as shocked as you are...
    AUD - 99
    BEC - NINJA in Training
    FAR - 89
    REG - 84
    #1405289

    MMAFEM
    Participant

    Hi,
    I will be taking the AUD exam in the middle of FEB 17, I have used Wiley CPAexcel books for all the three parts and now looking to buy the 2017 edition of AUD, I am still unable to find one online, should i get the 2016 edition or may be wait a little more, is it late due to exam changes? is any one else able to find the 2017 edition?
    Thanks for any input and guidance in this regard!

    #1405392
    Forem004
    Forem004
    Participant

    I had very few questions and quite a few on derivatives. It's all about the exam you get!


    Tiffany
    AUD - 84
    BEC - 75
    FAR - 78
    REG - 82
    #1405404
    Amor D
    Amor D
    Participant

    @mmafem, when are you taking AUD?


    "But as for you, be strong and do not give up, for your work will be rewarded."
    (2 Chronicles 15:7)
    #1405412

    MMAFEM
    Participant

    thanks

    #1405416
    Amor D
    Amor D
    Participant

    I got it.


    "But as for you, be strong and do not give up, for your work will be rewarded."
    (2 Chronicles 15:7)
    #1405743
    HRSexton
    HRSexton
    Participant

    Anyone taking the test next week?


    Becker & Ninja MCQ

    Trying to finish by 5/31/2017 and continued motivation is my problem; I have never been a good studier.

    FAR

     

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1406351

    thebigguy1992
    Participant

    can anyone tell me why in the ninja plus videos bob says that examinations, compilations and reviews use SSAE? it is now SSARS obviously – is this a change that happened years ago that the videos dont update?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1406516
    Forem004
    Forem004
    Participant

    There have been updates lately. I assume that would be one. I'm not sure of the specifics.


    Tiffany
    AUD - 84
    BEC - 75
    FAR - 78
    REG - 82
    #1406769

    thebigguy1992
    Participant

    which of the following procedures generally would not be performed in a review of a public entity's interim financial statements

    Answer: inquire of the entity's attorney

    an answer choice that i thought was correct was inquire regarding significant deficiencies in internal control, but the answer says you would do that. why would you inquire of internal control in a review- i thought you dont consider internal control in a review. do you consider it in this case because it is public? or because it is interim..?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1407146

    sulaiman
    Participant

    @thebigguy1992

    I don't use ninja but in case of examinations, compilations, reviews, and agreed-upon procedures, you should use SSAE.
    However, SSARS used for preparation, compilation, and reviews of non-issuers entities.

    @thebigguy1992
    Can you post all four answers choices to see the best one?


    AUD Q1 2017

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1421963

    Aspiring24
    Participant

    Hi ninjas,

    I am currently studying for AUD and I'm wrapping up A2 in Becker. I used the NINJA MC to supplement for BEC, which I believe help me tremendously. Everybody's different, but realistically do you think I have enough time to sufficiently study for and take AUD Jan 30th? Any advice..

    Thanks!

    #1421991

    thebigguy1992
    Participant

    @sulaiman it was from the final exam #2 from becker so i dont think i can get it.

    so you are saying if its an examination, compilation, or review it is SSARS for a non-issuer, but if its for an issuer they use SSAE…??


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1422060
    HRSexton
    HRSexton
    Participant

    @thebigguy1992 I came across this question and chose that answer based solely on the reasoning that I think in a review you don't inquire outside of management. No confirmations. Does that sound right to y'all?


    Becker & Ninja MCQ

    Trying to finish by 5/31/2017 and continued motivation is my problem; I have never been a good studier.

    FAR

     

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1423007

    M Lugo
    Participant

    On Saturday!


    FAR-PASS

    AUD- 01/07/2017

    BEC- Beckers in Training

    REG- Beckers in Training

    #1423034

    sulaiman
    Participant

    @thebigguy1992

    Well no, for examination because it is always SSAE, but for review and compilation, yes! non issuers use SSARS. Also, remember that compilation is only allowed for issuers under one circumstance which is for prospective FS

    @hrsexton

    That sounds correct because in a review, we don't inquire or confirm beyond the entity itself


    AUD Q1 2017

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1423358

    thebigguy1992
    Participant

    @sulaiman let me also get this straight. if you are doing a review of interim financial statement of an issuer, you are required to get an understanding of their internal control because they are public (you dont have to test controls though). for a NON-issuer review of interim financial statements, you dont need an understanding of internal control, nor do you have to test controls (obviously). correct?

    also, can you tell me how an examination is different from a review/compilation and a full audit? is an examination mostly just dealing with forecasting/projections?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1423368

    thebigguy1992
    Participant

    i know these are super old but i found some youtube videos where jeff goes over a few MCQ for audit and its nice to hear his explanations and see the whole ninja word problem and answer on the full screen.


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1423446

    sulaiman
    Participant

    @thebigguy1992

    I would say yes for your first question but keep in mind, even for issuers, if there is a better answer than understanding internal control, you should choose it. That's why I asked you if you have all four answers. Again, if you compare understanding of internal control to inquire the entity’s attorney, it's seems the former would need less work than a confirmation besides it's within the entity itself, so I think that's why you got it wrong.

    About examination, you can use it for services including prospective FS, Pro forma FS, Internal control, Compliance, and MD&A. Review(in SSAE) can be only for pro forma and MD&A. Agreed upon procedures can be for prospective FS, internal control and compliance. Compilation (using SSAE) only for prospective FS.

    To differ examination from audit, review, and compilation, think of it this way (more work to less work to do)
    1-Audit (issue opinion)
    2- Examination (positive assurance)
    3- Review (negative assurance) –
    4- Compilation and Agreed upon procedures – Do not express opinion (and indicate that in your report)

    I hope that helps


    AUD Q1 2017

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1423611

    thebigguy1992
    Participant

    I'm going over some professional responsibility questions and I just came to a question where it asked what would impair a covered members independence. The answer was a munipal bond, and materiality is not a factor. Since when is a municipal bond a direct financial interest…? I was under the impression the direct financial interest was owning stock in the client. Munipal bonds sorta came out of no where for me. Besides those two, what are any other examples of direct financial interests I should know?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1423806

    thebigguy1992
    Participant

    Also, can anyone confirm exactly what assertions are being tested when you are sending out positive confirmations? I am assuming it mostly is just existence and rights/obligations, correct? I feel like it can not prove valuation because in a confirmation if someone has a higher balance than what it actually is, you can't rely on them to correct that balance, so valuation/accuracy isn't really being tested. Am i correct?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1423923
    HRSexton
    HRSexton
    Participant

    @thebigguy1992 That's what I think (ugh) about A/R and the assertions. I think when valuation is used with A/R it's for the determination of uncollectible accounts.


    Becker & Ninja MCQ

    Trying to finish by 5/31/2017 and continued motivation is my problem; I have never been a good studier.

    FAR

     

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1424802

    thebigguy1992
    Participant

    Reporting on internal control under Government Auditing Standards differs from reporting under generally accepted auditing standards in that Government Auditing Standards require a:
    A.

    statement of positive assurance that internal control procedures designed to detect material errors and fraud were tested.
    B.

    written report describing each significant deficiency observed, including identification of those considered material weaknesses.
    C.

    statement of negative assurance that internal control procedures not tested have an immaterial effect on the entity’s financial statements.
    Incorrect D.

    written report describing the entity’s internal control procedures specifically designed to prevent fraud, abuse, and illegal acts.

    why is the answer B…? i thought that under GAAS in an audit for an issuer you also have to have a report on internal control and tell the audit committee if there were any significant deficiencies or material weaknesses?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1424816

    thebigguy1992
    Participant

    Government Auditing Standards (the “Yellow Book”) require a written report on internal control in all audits. (This is different from GAAS reporting requirements.)

    ^^how is this different from GAAS reporting requirements..? is it for only issuers do they require a report on internal control and not for non-issuers?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
    #1425609

    thebigguy1992
    Participant

    Which of the following nonfinancial information would an auditor most likely consider in performing analytical procedures during the planning phase of an audit?
    A.

    Turnover of personnel in the accounting department
    B.

    Objectivity of audit committee members
    Correct C.

    Square footage of selling space
    D.

    Management's plans to repurchase stock

    why is the right answer C….how does square footage of selling space constitute NONfinancial data..?


    BEC - 79
    FAR - 62,73,76
    AUD - 70, 88
    REG - 3/5
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