AUD Study Group – Q2 2018 - Page 28

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  • May 23, 2018 at 10:36 am #1807606
    jeff
    Keymaster

    Video: AICPA Released Questions (PDF) for 2018

    May 23, 2018 at 2:50 pm #1807939
    nugget2110
    Participant

    What does it mean by “omits substantially all the disclosures required by generally accepted accounting principles”

    Thank you

    May 23, 2018 at 8:06 pm #1808318
    Anonymous
    Inactive

    Hi guys,

    I will be taking my CPA exam on Tuesday 05/29. I am currently using Becker and I've been doing the progress exams and averaging around 80 at the moment – is this good? is there anything else I should be doing to prepare myself? I am really hoping to ace this exam so that I can get some momentum going 🙂

    May 23, 2018 at 8:10 pm #1808329
    Anonymous
    Inactive

    @nugget2110 -That usually means that the client didn't disclose the proper disclosure on the financial statements such as estimates, subsequent events, related parties, etc. I hope this helps 🙂

    May 23, 2018 at 9:14 pm #1808399
    famh110
    Participant

    @gryfi, you never told us the correct response for that audit risk and materiality question. in case if you haven't tested yet, i stumbled upon it just now and clicked on answer choice that you would want to pick out larger errors and it was WRONG! that was totally shocking so i went searching in order to figure out what went wrong. it finally clicked to me that the auditor ordinarily considers materiality for planning purposes in terms of the smallest aggregate level of misstatements that could be considered material to any one of the financial statements so answer would be A!

    May 26, 2018 at 2:43 pm #1810877
    amens
    Participant

    Just took audit! Please everyone going to take the exam soon Do the Aicpa sample test! Study the sims very very hard, very close structure.

    May 26, 2018 at 7:25 pm #1811084
    stan
    Participant

    Just took audit today. I thought the MCQs were fair and represents the difficultly of Ninja. I couldn't tell whether or not my second testlet increased in difficulty, so I either bombed the first testlet or have a solid understanding of the material.

    Definitely agree with @ash above regarding the sims. Do the AICPA sample test! I wish I'd gone over it a couple more times. Being familiar with FAR material helped me a lot on the sims as well. I'm on the fence about whether or not this is a pass. Going to enjoy the memorial weekend, then its on to BEC. Best of luck everyone. We got this!

    May 26, 2018 at 10:32 pm #1811194
    Julia
    Participant

    Hey peeps! Hi Famh110. Pushing thru & killing MCQ.
    I text next week, trying not to freak out.

    May 27, 2018 at 10:54 am #1811473
    Anonymous
    Inactive

    @Mr.93 I use Becker

    May 28, 2018 at 8:57 pm #1812603
    Julia
    Participant

    this weekend was good. 450 MCQ & 25 Sims & AICPA test twice.
    I test Sunday. I think I'm almost ready.

    May 29, 2018 at 10:46 am #1813020
    Anonymous
    Inactive

    @julia, what is your strategy for A4 (becker)? I am getting killed by Control procedures/transaction cycles MCQs. Other topics are fine but these are brutal/confusing. Feel like getting lost in the details. I am taking my second attempt on 6/8. Good luck all.

    May 29, 2018 at 10:58 am #1813038
    MR.93
    Participant

    Did anyone here use Roger as the primary/only review course for Audit? Thoughts on the SIMS? I used Becker in the past and thought their SIMS were too straightforward compared to what's on the actual exam. I feel the same is true for Roger. I'm just really nervous about this exam because it's the last part I have left and this time is a final attempt before losing credit on 2 parts!

    May 29, 2018 at 2:34 pm #1813342
    Anonymous
    Inactive

    @MR.93

    After looking at the AICPA sample test, I was extremely ticked off at myself for not studying it. Those SIMS were nearly identical in terms of complexity of the actual Audit SIMS. If your review course is similar in complexity, then you should be solid.

    Good luck!

    May 29, 2018 at 5:53 pm #1813557
    MR.93
    Participant

    @Greg Thanks!

    Can someone help me understand how the first part of this question makes sense?

    Choose the answer which best describes the relationship between the attribute given for a financial statement account and the likely reliance on substantive analytical procedures for that account within an audit: (I've typed out what the answer is since the question wasn't copying over with the correct format)

    Adequacy of Internal Controls: Direct
    Risk of Material Misstatement: Inverse
    Predictability of Relationships Among Data: Direct

    I understand how RMM and Predictability of relationships among data are inverse and direct, respectively, to reliance on substantive analytical procedures. But can someone explain how adequacy of I/C is directly related? If the I/C are adequate, wouldn't it be ok to not rely as much on substantive analytical procedures since you'll be testing the I/C for their effectiveness and then using those to decrease the amount of substantive procedures?

    May 29, 2018 at 8:12 pm #1813605
    Julia
    Participant

    @elToro: I have had the same problem. I think it's one of those things u have to do to understand.
    I'm doing all MCQ I can on that subject. Also the Sims.
    I hope this helps.

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