AUD Study Group – Q2 2018 - Page 16

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  • April 17, 2018 at 7:32 pm #1769230
    DoubleBogey
    Participant

    Should I be prepared to calculate a sample? Or is Sampling more of a theory test?

    April 17, 2018 at 8:04 pm #1769240
    Julia
    Participant

    @jsdailey: Thank you for asking. I was wondering the same thing. Becker made it seem so important. I also looked at working a whole sim with ratios.

    April 17, 2018 at 8:08 pm #1769245
    DoubleBogey
    Participant

    It's interesting because Wiley said that it would almost exclusively be theory. But in the flash cards of the most important things to know was the formula to calculate PPS Sampling Sample.

    April 18, 2018 at 7:04 pm #1770061
    famh110
    Participant

    @julia…I'm doing ok. Thanks for asking. I think pushing it back would the best thing too…need to do that asap. How's your progress like? Are you completely done with Becker? I feel embarrassed to talk about mine lol. Hopefully, it will get better after chapter 4. I am not at all liking transaction cycles and assertions! Between, those ratios SIMS are pretty good. I had something similar to it in the First Quarter, they also have one in the sample test I believe. I found some Becker ones tricky especially the ones involving analytics.



    @jsdailey    … Sampling is tested in the application level per blueprints so there is a possibility that it could come across as a SIM per AICPA so do brush up on that. Good luck on Friday!

    @big4bean…You are going to ace this thing. Wishing you all the best for tomorrow!! Any tips for transaction cycles? I recall you mentioning you spend some extra time on that chapter.

    April 18, 2018 at 9:14 pm #1770176
    DoubleBogey
    Participant

    The law of diminishing returns is starting to set in on AUD MCQ's. I've taken 970 of the 1515 MCQ Wiley testbank… I think I'll end up doing a few more MCQ's before the exam. Currently trending 86, but now gonna shift to knowing the “most important stuff to know” flash cards and ID weak areas in my MCQ testing to review now

    April 19, 2018 at 11:50 am #1770652
    rahee
    Participant

    @famh110 Yes, I'm on the same boat as you! I cannot get pass A4 on Becker. I havent taken the exam yet, but my gut tells me that Transaction Cycles and Assertions are going to be a MAJOR part of the exam. Which sucks because some of these MCQs are so tricky!

    April 19, 2018 at 11:59 am #1770659
    rahee
    Participant

    During an engagement to review the financial statements of a nonissuer, an accountant becomes aware of several leases that should be capitalized, but are not capitalized. The accountant considers these leases to be material to the financial statements. The accountant decides to modify the standard review report because management will not capitalize the leases. Under these circumstances, the accountant should

    A. Issue an adverse opinion because of the departure from GAAP.

    B. Express no assurance of any kind on the entity's financial statements.

    C. Emphasize that the financial statements are for limited use only.

    D. Disclose the departure from GAAP in a separate paragraph of the accountant's report.

    This is a sample AICPA question. Can someone explain to me this question/answer? My initial thought was to issue an adverse opinion because of the material departure from GAAP, but the answer is D. Why is that? Also, in this case, does ACCOUNTANT=AUDITOR?

    April 19, 2018 at 12:17 pm #1770674
    DoubleBogey
    Participant

    It's a review so they're referred to as accountants

    April 19, 2018 at 12:34 pm #1770686
    DoubleBogey
    Participant

    Also, reviews provide limited assurance, not a full opinion so answer A would be inappropriate.

    April 19, 2018 at 12:42 pm #1770698
    rahee
    Participant

    @jsdailey Thank you!! I should have read the question more carefully

    April 19, 2018 at 12:43 pm #1770701
    DoubleBogey
    Participant

    @rahee
    you're welcome. I feel like with AUD that I eliminate the other 3 answers making the fourth correct by default with regularity!

    April 19, 2018 at 4:52 pm #1771009
    Anonymous
    Inactive

    Needed some advice please if I should buy Gleim test bank of Ninja MCQ for AUd. I'm using Roger but it is expiring soon. My 4th time to take this monster AUD. I used Ninja MCQs before didn't do a whole lot of SIMS.

    April 19, 2018 at 6:03 pm #1771079
    Indy500
    Participant

    Would you like to study this section together…I am studying this section currently.

    April 19, 2018 at 9:26 pm #1771340
    Anonymous
    Inactive

    So I took the exam this morning – a very interesting exam.. MCQs weren't bad at all. I could tell the second testlet of MCQs was getting noticeably wordier, but nothing I haven't seen in the review course before. I really couldn't tell which questions were pre-test nor did I care. SIMs, on the other hand, were such crapshoot..

    Moving onto BEC ladies and gents. It's been fun in this AUD study group.

    April 20, 2018 at 11:04 am #1771732
    Tim
    Participant

    Yep, they design those sims so there's no way you could score a 100.

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