CPAnet Forum: Internal control question

Active Topics

Memberlist

Help

AUD STUDY GROUP
CPAnet Forum : AUD STUDY GROUP

Topic: Internal control question (

Topic Closed)

Author

Message

<< Prev Topic | Next Topic >>

may09
Contributor

Joined: 17 Dec 2008
Location: United States
Online Status: Offline
Posts: 97

Posted: 27 Mar 2009 at 19:51 \| IP Logged

In an audit of an issuer:

A. Management must assess and report on internal control.

B. The auditor must assess and report on internal control.

a)A only

b)B only

c)Either A or B

d)Both A and B

The answer is d. Just want to make sure this hasn't changed with all the updates.

__________________
REG(11/12)-Rcvd(12/18)
FAR(02/24)-Rcvd(03/20)
AUD(04/04)-Rcvd(05/18)
BEC(05/30)-Rcvd(06/15)

skyisthelimt
Newbie
Newbie

Joined: 12 May 2008
Location: United States
Online Status: Offline
Posts: 41

Posted: 27 Mar 2009 at 21:21 \| IP Logged

Yes thats correct this has not changed..
the only thing to remember is
1.(As per AS5) Auditor NEED NOT report on management's own assessment of internal control.
2. Auditor is required to provide an independent opinion on the effectiveness of entity's internal control over financial reporting.

HCBC
Major Contributor

Joined: 23 Apr 2008
Location: United States
Online Status: Offline
Posts: 279

Posted: 27 Mar 2009 at 21:22 \| IP Logged

nope it has not changed. Managment must still assess this as well as the auditor... the major changes are in the non-issuer areas for an integrated audit, and the definitions of signif def and mat weak

__________________
BEC 04/04/08   78
FAR 07/12/08   83
REG 11/06/08   88
AUD 02/06/08   73...
Again 04/10/09 91
Becker only (now with gleim!)
And a Text Book!!!
Colorado

may09
Contributor

Joined: 17 Dec 2008
Location: United States
Online Status: Offline
Posts: 97

Posted: 27 Mar 2009 at 22:02 \| IP Logged

Thanks skyisthelimit & HCBC. Really appreciate it. I would probably be taking a final exam to tomorrow & see how I perform. Hopefully by then I 'd done with supplemental questions of chapter 5 and the extra simulations on Becker..

__________________
REG(11/12)-Rcvd(12/18)
FAR(02/24)-Rcvd(03/20)
AUD(04/04)-Rcvd(05/18)
BEC(05/30)-Rcvd(06/15)

AKTHS
Newbie
Newbie

Joined: 14 Jun 2008
Location: United States
Online Status: Offline
Posts: 33

Posted: 28 Mar 2009 at 15:38 \| IP Logged

i just fail aud with only 72, studying bisk book 2008-09 and wiley 07, what material i should study for AUD, anyone who passed AUD can share material for me ?

__________________
REG : 82
Far : 82
AUD : 79
BEC : 81

Sorry, you can NOT post a reply.
This topic is closed.

Printable version

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot delete your posts in this forum
You cannot edit your posts in this forum
You cannot create polls in this forum
You cannot vote in polls in this forum