Forum Replies Created
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ThomasHallbergParticipantDefinitely ask, usually they try to accommodate and people transfer a lot. Welcome to the firm!
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantFollowing, waiting for my boss to fill out my work verification form. We don’t have the ethics exam right?
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantBOOM DONE
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipant@Sally I remember starting on the same pace as you. We are on our last release! Good luck to you!!
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantI had one of those on 12:8 for FAR. No idea if it is pre test.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantOh this is great. A few nights ago I had a dream I was knee deep in FAR sims flying through tons of docs sweating with a fever in my sleep. It was terrible.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipant@WannaFree, yeah they are.
https://www.prometric.com/en-us/pages/siteclosure.aspx?&&p_ISO_x0020_Dates=8_%282017-09%29%20%20September%202017&p_Formatted_x0020_Day=8_Sep%2009&&PageFirstRow=1&&View={7A9BFED0-384D-486B-8FE8-525699F5E890}
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantHeaded to GA for the exam tomorrow. If I hear anything from NASBA I will post here guys. Be safe.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantNASBA said email candidatecare@nasba.org and that they weren't sure about extending the window since it is already extended.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantJax is cancelled 8-10th. No seats available tomorrow the 7th. I feel like they will have some sort of remedy for all of us.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipant18 month rule is a gold mine for them
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantWith the completeness assertion you are testing to be sure the entity has captured and accounted for ALL transactions, or events. Pre-numbered documents are an auditors favorite because they are easily able to tell that there are no missing documents or transactions. Another good way to test this is to TRACE from the source documents to the clients journals. Starting at the documents to ensure the entity has them in their systems.
Existence is a little different. You want to be sure transaction, documents, assets, actually exist! You can't really start at the source documents here because if it doesn't exist, there will be no source documents. The auditor would inherently capture everything. So we start at the client journals and VOUCH to the source documents, hoping we catch a transaction or asset that is on the clients books but doesn't exist.
Valuation typically ensures that the client is calculating things correctly (how I think of it). Aka, bad debt write-offs, depreciation expense, etc.
Understandably/classification generally deals with “is the client properly disclosing X&Y.” Classification relating to lets say, the right classification of investment securities as AFS,Trading, or HTM.
Cutoff is just making sure the transaction fall in the right period.
Lastly, rights & obligations relates to, “does the client really own the things they say they do?” I always think if a client has some of their goods on consignment, or even have someone else inventory they are selling on consignment. Who has the rights to these assets?
Hope this helps!
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantOkay lets see if this helps!
The risk of incorrect acceptance/rejection relates to substantive tests / variable sampling. The risk of incorrect acceptance is the auditors worst fear. The auditor thinks that the substantive test are free from material misstatement when in fact, they are not. Thus leaving the auditor with a possible wrong opinion on an audit, this is a complete lack of effectiveness. This is the BAD risk AKA BETA RISK.
The risk of incorrect rejection isn't as bad. However, it is inefficient. This is where the auditor believes the substantive testing/variable sampling is material misstated, when in fact, it is free of material misstatement. This causes the auditor to preform more work, thus being inefficient. This is the ALPHA risk.
On the flipside, with Attribute sampling, aka risk of Assessing Control Risk Too High/Low.
The Risk of Assessing Control Risk Too Low is the BAD risk AKA BETA risk. This is when the auditor believes controls are operating effectively (preventing and detecting material misstatements) when in fact, they are not. The auditor will rely on these controls and things will get messy possibly resulting in a faulty audit opinion. Complete lack of effectiveness.
The risk of assessing Control Risk Too High is being inefficient. The ALPHA risk. The auditor believes the controls are not operating effectively and chooses not to rely on the controls, when in fact the auditor could have. This ALPHA risk is not nearly as bad as the BETA risk, however both cause major issues to the audit. Hope this helps!
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
ThomasHallbergParticipantThomasHallbergParticipant@emsmith, the basis for opinion paragraph is before the opinion paragraph always. I am really not sure why it is.
AUD - 81
BEC - 77
FAR - 76
REG - 75How does Santa's accountant value his sleigh? Net Present ValueGood luck favors the prepared
KPMG Audit
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