AUDITING AND ATTESTATION (AUD) GROUP

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Comment by CPA Exam Club on March 13, 2012 at 7:01am

Hi! AUD notes from "biggs" have been shared and are online:
http://www.cpaexamclub.com/group/cpaexamnotes

here's a direct link to the notes
http://www.cpaexamclub.com/group/cpaexamnotes/page/aud-notes-2011-2...

Good luck with your studies!
CPAnet

Comment by Sherry Yang on March 12, 2012 at 7:33pm

I am preparing AUD now

Comment by Connie Cox Christopher on March 9, 2012 at 6:02am
Well.... got my score this morning. Oh, well! Back to studying!
Comment by Connie Cox Christopher on March 8, 2012 at 8:39am
Now to wait for Texas to verify and release the scores....
Comment by Connie Cox Christopher on March 8, 2012 at 8:38am
The AICPA released the following scores to NASBA from the January/February 2012 testing window: 5,522 AUD, 3,468 BEC, 5,084 FAR, and 5,637 REG. Good luck!
Comment by Addy on March 3, 2012 at 9:36am
Yes, and it's important to note that payroll is a record keeping dept, not an authoritative or custodial department. The treasurey (signer of checks) is a custodial department who takes possession of the unclaimed checks. This is a common exam trick!
Comment by Edgar Soto on March 3, 2012 at 9:13am

Returning those undistributed checks to the payroll dept. (a record keeping function) would be considered an ineffective SOD. Since a record keeping function should not have custody of undistributed checks, employees not involved in the payroll or human resources function should maintain custody as well as investigate and reconcile the returned payroll checks.

Comment by Sanjay Gaur on March 1, 2012 at 11:40am

Pay roll department authorizes payroll. They can not have custody of those cheques. It contradict the concept of ARC. Payroll department can not authorize and have custody of same cheques.

It should be give to any independent person other than parties who have ARC functions.

Comment by Addy on March 1, 2012 at 11:36am

Going over a Becker MCQ concerning segregation of duties.  Please let me know if you have a correct answer.

If a payroll clerk distrubutes signed payroll checks, and there are checks left undistributed... why is it not ok to return these checks to the payroll dept?

 

In a real life scenario, who would take the unclaimed checks?

Comment by Madhavilatha on February 28, 2012 at 12:41pm

How important are the flow charts for exam point of view?especially financing and investing transaction cycles?

 
 
 

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