[mardybum13]

I was wondering what are some areas on the exam where prior audit experience would be useful? I’m well versed in journal entries and reconciliations. But I’m concerned about sims on audit procedures/nitty gritty things.

1) What are some problem responses to a confirmation request that are NOT exceptions?

2) What are some problems in the results of test of controls that are NOT deficiencies in internal control? Clerical errors? Disputes on the amounts owed? Staff filing the (properly approved) document in the wrong area? Lets assume the test of control was signature of the CFO on certain documents.

3) How do I know whether a deficiency is a deficiency or significant weakness? Is it dependent on how close to materiality the misstatement that it led to was? Technically they would both be below materiality levels…