May 2012 Board Exam Takers!

[boy_butanding]

Nag-rereview (or self review) na ba kayo para sa ating exam? Nais ko sanang malaman ang sitwasyon ng mga kapwa takers ko. Hehe.

[jsp102030]

Nag-rereview (or self review) na ba kayo para sa ating exam? Nais ko sanang malaman ang sitwasyon ng mga kapwa takers ko. Hehe.

Yes! Ako ay magrreview. Nagpareserve ako sa ACE. Magbabayad ng full sa November 5 (ipon pa) hehe. Working ako. And pang apat ko na to! So help me God!

Thanks,

[chenmei]

Yes! Ako ay magrreview. Nagpareserve ako sa ACE. Magbabayad ng full sa November 5 (ipon pa) hehe. Working ako. And pang apat ko na to! So help me God!

Thanks,

im planning also to take may 2012 cpa board. but until now i cant decide kung san ** magrereview. bakit po sa ace niyo napili magreview *****? na-try niyo na po ba sa ibang review center?

[luwi005]

kailan po ang pasukan sa crc-ace?

[20jerome09]

im planning also to take may 2012 cpa board. but until now i cant decide kung san ** magrereview. bakit po sa ace niyo napili magreview *****? na-try niyo na po ba sa ibang review center?

Malabas daw kasi sa board exam yung TOA at AT nila?

[belecoi]

Yes! Ako ay magrreview. Nagpareserve ako sa ACE. Magbabayad ng full sa November 5 (ipon pa) hehe. Working ako. And pang apat ko na to! So help me God!

Thanks,

ikaw ba yung nagsabi din or ngkwento on some thread na cum laude ka and kasabay mo magrereview gf mo ngayon?.. swerte mo may review buddy ka.. goodluck po sa inyong dalawa share na lang tayo review materials.. gf mo sa ACE din ba?

[Wilam96]

magkano tuition sa ace

[jsp102030]

oo ako nga *** pang apat ko na ito. hehhehe.. hay wag mo na banggitin pa *** laude laude nakakahiya. hehe.. 10700 sa ACE. bale kung former reviewee ka na dati may discount na 1K. kung may honor ka, discount yata is 3 or 4K lang. Sa Nov 26 start ng weekend.

[Simplyhana]

Maganda po ba mag enrol sa ACE? October 2012 naman po ako, di pa rin po ako makapagdecide kung what review center..

[belecoi]

oo ako nga *** pang apat ko na ito. hehhehe.. hay wag mo na banggitin pa *** laude laude nakakahiya. hehe.. 10700 sa ACE. bale kung former reviewee ka na dati may discount na 1K. kung may honor ka, discount yata is 3 or 4K lang. Sa Nov 26 start ng weekend.

ok po .. sabay pala ang start ng weekend class with ReSA. Sa Nov 26 din..goodluck po sa ating lahat.

[pushie22]

10,700 n *** tuition s ace?? if reviewee k dti,, my hinihingi b clang proof? kasi 2006 p ko reviewee nila eh *** nmn akong id or something.....

[20jerome09]

http://philippinecpareview.blogspot.com/

[20jerome09]

http://ph-accountancy.blogspot.com/ <---- eto pa pala.

[20jerome09]

In auditing a client, an auditor has determined that substantial doubt exists about an entity's ability to continue as a going concern. Is it possible to issue a disclaimer in this kind of situation?

[Kuya_mo]

Yes it is possible to issue a disclaimer of opinion ONLY in extreme rare circumstances.

PSA 570

In situations involving multiple material uncertainties that are significant to the financial statements as a whole, the auditor may consider it appropriate in extremely rare cases to express a disclaimer of opinion instead of adding an Emphasis of Matter paragraph. PSA 705 (Revised and Redrafted) provides guidance on this issue.

[Kuya_mo]

The above situation which involves MULTIPLE UNCERTAINTIES applies to issuance of DISCLAIMER OF OPINION. As a general rule, before applying such opinion, if the GOING CONCERN UNCERTAINTY is ADEQUATELY DISCLOSE, the auditor should express an UNQUALIFIED OPINION with EMPHASIS OF A MATTER PARAGRAPH. Otherwise, if not adequately disclosed and there is a departure from PFRS, the auditorr should either issue a QUALIFIED or ADVERSE opinion. Sa totoong buhay, according to my reviewer, walang nag-iissue ng DISCLAIMER na audit firm dahil mawawalan sila ng clients.

[Maximum_effort]

^^In case of MULTIPLE uncertainties... just remember this phrase

[20jerome09]

Salamat mga Kuya. Dito ko po nakuha yung tanong na yun.

An auditor concludes that there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. If the entity's disclosures concerning this matter are adequate, the audit report may include a(an)

Disclaimer "Except for" of opinion qualified opinion
a. Yes Yes
b. No No
c. No Yes
d. Yes No

ANSWER: D

[Maximum_effort]

20jerome09, the given answer is correct.

GAAS issue/PSA issue - either qualified or disclaimer

1. qualified - not allowed. The assessment of going concern does not relate to a specific account only, thus the ASSESSMENT is based on the whole FS (pervasive auditing procedure problem)
2. disclaimer - MULTIPLE uncertainty exists. the auditor cannot assess whether going concern is appropriate or not.

GAAP issue/PFRS issue - either qualified or adverse

1. qualified - ALLOWED (the auditor uses his judgment whether non- or lack of disclosure is material but not pervasive)
2. disclaimer - the auditor uses his judgment whether non- or lack of disclosure is material and pervasive OR the going concern assumption is inappropriate even if there is full disclosure - VIOLATION OF IAS 1

[Maximum_effort]

20jerome09, the given answer is correct.

GAAS issue/PSA issue - either qualified or disclaimer

1. qualified - not allowed. The assessment of going concern does not relate to a specific account only, thus the ASSESSMENT is based on the whole FS (pervasive auditing procedure problem)
2. disclaimer - MULTIPLE uncertainty exists. the auditor cannot assess whether going concern is appropriate or not.

GAAP issue/PFRS issue - either qualified or adverse

1. qualified - ALLOWED (the auditor uses his judgment whether non- or lack of disclosure is material but not pervasive)
2. disclaimer - the auditor uses his judgment whether non- or lack of disclosure is material and pervasive OR the going concern assumption is inappropriate even if there is full disclosure - VIOLATION OF IAS 1

Correction, ADVERSE po pala hindi DISCLAIMER on the last sentence (no. 2; GAAP issue)