AUD CPA Exam || with error-free answers.

AUD CPA Exam || with error-free answers.

order of Unmodified audit report correct answers (OBRA)
-opinion
-basis for opinion
-responsibilities of management
-auditors responsibilities


SSAE (Statements on Standards for Attestation Engagements) correct answers -examination
-review
-agreed upon procedures
*must all be independent


SSARS (Statements on Standards for Accounting and Review Services) correct answers -
preparation
-compilation
-review


Audit Process correct answers 1. Engagement Acceptance
2. Assess Risk and Plan Response
3. Perform procedures and obtain evidence
4. Form conclusions
5. Reporting


order of unqualified audit report correct answers (OBC)
-opinion
-basis for opinion

,-critical audit matters (CAM)


for each CAM, what should be reported correct answers (IPAD) - "its critical these IPAD kids"
-identify CAM
-principal consideration
-how was cam addressed
-disclosures relevant


how does a qualified opinion change a non-issuers report correct answers -opinion and basis for
opinion change
-title change
-"except for"


how does a qualified opinion change a issuers report correct answers -opinion and additional
paragraphs
-"except for"


how does an adverse opinion change a non-issuers report correct answers -opinion and basis for
opinion change
-title change
-NO KAM
-"because of"


how does an adverse opinion change a issuers report correct answers -opinion and additional
paragraphs
-NO CAM
-"because of"

,how does a disclaimer opinion change a non-issuers report correct answers -opinion and basis for
opinion change AND auditor section
-title change
-NO KAM
-"because of"


how does a disclaimer opinion change a issuers report correct answers -opinion and additional
paragraphs AND basis changes
-title changes
-NO CAM
-"because of"


When to use Emphasis of Matter paragraph correct answers (CAP) -- "CAP's EMPHASIS your
ears"
- consistency (lack of)
- audit opinion change
- purpose: special purpose framework


When to use Other Matter paragraph correct answers (RAC) -- " put the balls on the OTHER
RAC"
- restricted use
- audit opinion change
- comparative f/s


what to include when Updating (Changing) Prior Opinions correct answers (DORCS) -- "only
DORCS change their minds"
- date of previous report
- opinion previously given
- reason for prior opinion

, - change
- statement "opinion is different"


comparative f/s when predecessor audit IS PRESENT correct answers reissue!!
-predecessor should:
1. read current f's
2. compare
3. get rep letters from mgt. and successor auditor


comparative f/s when predecessor audit IS NOT PRESENT correct answers report on
CURRENT only
other matter or explanatory saying:
-audited by previous
-opinion given


comparative f/s when past were NOT AUDITED correct answers other matter or explanatory
saying:
-service (reviewed or compiled)
-no opinion or assurance
-"less in scope than audit"


comparative f/s when past were NOT NOTHING correct answers -state this and says assume no
responsibility
-all pages marked "unaudited"


2 options for component auditors correct answers MUST be independent
1. make no reference and assume all responsibility
2. make reference and divide responsibility