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cpamonster
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Posted: 04 Aug 2009 at 16:44 \| IP Logged

Becker provides us with numerous sample reports.. For those who have taken Auditing, how important is it to memorize these reports??

Thnks!

BigE
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Posted: 04 Aug 2009 at 20:31 \| IP Logged

Memorizing the standard audit report should benefit you during the Audit exam.

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asp87
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Posted: 06 Aug 2009 at 00:00 \| IP Logged

cpamonster wrote:

Becker provides us with numerous sample reports.. For those who have taken Auditing, how important is it to memorize these reports??

Thnks!

I don't think it's necessary, but it is important to be able to look at a statement and know whether it is explicit, implicit, or wrong. For example, from doing all the practice questions over and over again, I've gotten down the fact that a review report includes a statement about how we are not aware of any material modifications that should be made to the financial statements in order for it to be in conformity
with generally accepted accounting principles. However, we implicitly state that we provide negative assurance. And we do not state that a review is substantially more than a compilation at all.

If you do all the passmaster questions, you do not need to memorize anything cause you get used to everything.

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cpa2bsoon
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Joined: 25 Mar 2009
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Posted: 06 Aug 2009 at 00:01 \| IP Logged

Just be very familar with the unqualified report (standard), know what goes where i.e: what goes in Intro, Scope, Opinion etc.

Then learn the exceptions- incase of a going concern issue- what modification is made etc.

hope this helps!

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minicre
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Posted: 06 Aug 2009 at 11:09 \| IP Logged

Although I have not yet taken this exam... I believe it would be counter productive to simply memorize the standard report. Why would you need to remember a HUGE report like that? Like everyone said, you should understand the important parts of it such as GAAS in scope and GAAP in opinion. And when an extra paragraph goes before and after the opinion. And that it specifically states words such as independent, test basis, reasonable assurance, we have auditied, and other key things....

But to memorize it just doesnt sound like good use of your time.

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