a.You ere anxiously waiting if you did make or beak the CPA Licensure Examination. After a day, judgment has been serve by PRC-Board of Accountancy by releasing the grades of the examinee. Upon seeing your grade you were elated because you obtain a general average of 83%. Further, you scrutinize your raring per subject and saw that you have a rating of 64% under Advanced Financial Accounting and Reporting subject.

Subject

Rating

Financial Accounting and Reporting 85%

Advanced Financial Accounting and Reporting 64%

Management Advisory Service 75%

Auditing 93%

Taxation 90%

Regulatory Framework for Business Transaction 91%

General Average 83%

For your case, you receive a conditional credit for the subject passed. This are Financial Accounting and Reporting, Management Advisory Services, Auditing, Taxation., and Regulatory Framework for Business Transaction having rating of 75% and above. Provided that you're going to take Advanced Financial Accounting and Reporting subject within 2 years from the preceding examination

What if you obtained a rating of 93% on the retake subject, did you pass?

What if you obtained a rating of 65%, did you pass?

What if you got a rating of 63%, did you pass?

b.Does the different types of audit (Financial statement Audit, Compliance Audit, and Operational Audit) have similarities?

c.Why is there a need for an independent financial statements audit?