CPA Exam Financial Accounting (FAR) and Audit-Take FAR Before Audit.
Автор: Darius Clark
Загружено: 2025-01-30
Просмотров: 933
https://course.i75cpa.com/course/dari...
https://course.i75cpa.com/course/dari...
Almost any FAR topic is testable in Audit, and you will have a big advantage in Audit having recently studied FAR. CPA Candidates often contact me and say, “..half my Audit exam was on FAR topics.” FAR topics that often appear on the Audit Exam include, the Equity Method of Accounting for Investments, Contingent Losses, Statement of Cash Flows, SEC Filings, Cash basis to Accrual Calculations, Error Corrections, lots of Journal Entries.
As an Auditor, the CPA is asked to provide an opinion on the client’s financial statements, whether the proper journal entries were made, whether GAAP rules were applied consistently. Expect to be tested on FAR topics on your Audit Exam. The auditor needs to know the journal entries that should have been made because if you don’t know, how can you give an opinion on fair presentation. If the client failed to make the entries properly, that should impact your audit opinion but only if you know what accounts should have been debited or credited.
The Good News is that if you take FAR first, these topics are handled the same way in Audit as they are in FAR. You can’t do an Audit if you don’t know basic GAAP Rules..
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