AUDITING AND ATTESTATION (AUD) GROUP

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Comment by Madhavilatha on April 21, 2012 at 5:44am

Can anyone please give me the explanation for this question:

As a result of tests of controls, an auditor assessed control risk too low and decreased substantive testing. This assessment occurred because the true deviation rate in the population was

  1. Less than the risk of assessing control risk too low, based on the auditor's sample.

  2. Less than the deviation rate in the auditor's sample.

  3. More than the risk of assessing control risk too low, based on the auditor's sample.

  4. More than the deviation rate in the auditor's sample.

    Wiley's answer is (d) and in the explanation the book says that the auditor concluded inappropriately and hence the answer,

    But in the question nowhere it is mentioned that auditor concluded inappropriately. How to understand these type of questions?

Comment by Madhavilatha on April 20, 2012 at 9:52pm

How important if Auditing Sampling? Approx how many MCQs or Simulations can we expect? I feel a bit confused to memorize the formulas... 

Comment by Colleen Z on April 19, 2012 at 11:54am
Comment by Carolyn Peppers on April 19, 2012 at 11:39am

Thanks Colleen! I will check that out.

Comment by Colleen Z on April 19, 2012 at 11:16am

Found an interesting group, not many posts though...

http://www.cpaexamclub.com/group/cpaexambucketlist

Comment by Colleen Z on April 19, 2012 at 11:06am

Hi Carolyn - you might Google on Flowcharts for Internal Controls.  I believe this is the area that deals with the various symbols that are laid out like an org chart that show the flow of business processes for each area of operations.  For example, the Purchasing Department diagram, or flowchart, would show the purchasing procedures in a pictorial way from start to finish and each electronic or manual document that is involved.  Hope that is the right information for you!  Anyone else able to confirm??  It has been a long time since I took AUD.  I passed a few years ago and lost credit because I could not pass all 4.  Now I am back to taking AUD again in the July/Aug window.  Ugh.  Not looking forward to addition of IFRS.

Comment by Sherry on April 12, 2012 at 8:08am

I'm taking AUD on May 19 or 26

Comment by Michelle Harmon on April 7, 2012 at 9:27am
Hello Group!! I start studying AUD on Monday, take my exam May 29th!
Comment by Carolyn Peppers on April 6, 2012 at 10:34am

I'm studying for AUD to be taken late next month. I've been told about a diagram on onternal controls. Is anyone familiar with this? If so were can you find a copy or something similiar to it?

Comment by ANTHONY DIDATO on March 18, 2012 at 12:55pm

Hi - Just got in from working out and I want to forget about studying...It's beautiful in Chicago....! Argh!

 

OK  - I'm going to grab my stuy material and head back to the park to study for the next hour and 1/2.....wish me well!

 

 
 
 

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