AUD Study Group – Q2 2018 - Page 7

@sona: Good luck on FAR! You were so close on it in your last try you got this!

@SONA

Good luck with your FAR exam. You will nail the exam. Do some light MCQs and glance over the book/notes. Trust the process. Take a breather and rest your brain the day before the exam.

@mydnguyen09

If you click “MCQ”, the software will randomly select MCQs based on the number of questions you choose from all the topics whereas “Customs + SIMs” gives you more flexibility on choosing MCQs at your discretion. For instance, if get sick of seeing the same MCQs every time you do a set, then you can select “New questions” from whichever topic you would like to practice, or you can choose “Trouble Questions” instead of “New Questions” to see the MCQs in which you frequently get incorrect and so on.

When I used the Ninja MCQs for FAR, I would just click “MCQs” with sets of 30 questions, and repeatedly did those until I was both averaging and average trending above 80%. By the time it was my exam date, I had gone through:

Total Question Attempts: 2158
Questions Not Seen: 410

It's entirely up to you as to how you would like to customize the Ninja MCQs. I just didn't see the need to choose “New Questions” for me since I primarily used the Becker MCQs to practice then the Ninja MCQs to supplement. I had this gut feeling that I was ready given I went through so many MCQs so there was no point of me going through “more New Questions”.

@Big4BeanCounter

Thank you for your reply.

Btw, could you explain to me where you see your average and your average trending? What does average trending mean to the study?

Thanks!

Hi @MR.93 and everyone else. Been a lurker for a long while and finally scheduled my AUD exam for 5/19/2018. First exam in the CPA journey.

Thanks @Big4Bean and @Tim for your suggestions.

Good luck to everyone testing this week! @Sona and @Allsheneedwassome, you both will rock this exam!!

Can someone please help? This is annoying. Is the answer because you could in theory “back in” to Beg inventory on the BS?

Question 3
AICPA.940576AUD-AU
Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, 20×1. Park obtained sufficient audit evidence for all of Tech's financial statement items except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, 20×1, inventory balances.

Park's opinion on Tech's 20×1 financial statements most likely will be on the

Balance sheet Income statement
Disclaimer MY ANSWER Disclaimer
Unmodified CORRECT ANSWER Disclaimer
Disclaimer Adverse
Unmodified Adverse

You Answered Incorrectly.
The inability to verify the beginning inventory makes the auditor unable to express an opinion on any financial statement in which inventory is a material component. Beginning inventory is material to cost of goods sold and net income. As a result, the auditor is unable to express an opinion and must disclaim on the income and retained earnings statements and the statement of cash flows. The auditor will, however, be able to render an unmodified opinion on the balance sheet.

Best luck to you as well. 🙂

All the best to all of us who has courage to tackle this kinds of exams.