Ninja TBS#55 Answer yes or no if it increased audit risk. In your tour of the office, you overhear two clerical employees complaining about their rate of pay. No why the answer is no?? (Refer last line)
Employees who are dissatisfied with their employer's policies are more likely to have a rationalization to commit fraud. However, without more information about the specific role that these clerical employees play in the company (If fraud occurred, would it be of a magnitude that could result in a possible material misstatement of the financial statements? What is the likelihood that fraud perpetrated by these clerical employees would result in a material misstatement of the financial statements?), the auditor cannot conclude that the risk of material misstatement—and therefore audit risk—is greater. (AU-C 240.A36–.A48)
Taking it on 2/10. Started studying recently. Only took BEG and failed with 74. Did so well on written but SIMS is lacking. Someone broke down in the testing center next to me, i freaked out big time lol
I am practicing NINJA TBS, hopefully it will prepare me for exam day. I did 20 TBS today :).
Now MCQs.
I have main problem with identifying assertions with the audit procedures applied. Almost everytime my answers are wrong.
Any suggestion to deal with this is highly appreciated. I heard Rogers lecture, referred becker book for notes but still when question comes, can't answer correctly. Why can't I relate the ICORRIA with COCACURVE 🙁
@sona…for your earlier question regarding the audit risk. i believe the Answer is NO because audit risk is the risk of giving good opinion on bad numbers (numbers that are materially misstated) ..just by overhearing complaints of 2 upset employees we cannot conclude that the audit risk is greater and RMM is of course a component of Audit risk thus, it can't be greater as well.
@j king…you can try signing up the free access to the professional literature here, provided you have a valid NTS. i just did it today, waiting for a confirmation email
@sona…not sure what COCACURVE is just yet. which course are you using? becker, roger, or ninja
i heard Roger's lectures for Auditing and he sure made it sound whole lot better. Now, i am picking up my studies with Becker since Roger expired 🙁
whats your opinion on ninja mcq's for auditing? are you finding them more challenging and most importantly, for the parts that you have passed did u utilize ninja for them? i find becker materials overwhelming so haven't supplemented it with anything yet, afraid of information overload.
@famh110, that is what I was trying to find if the ProfLit has it. Seems like I couldn't find it there. I used AICPA ProfLit for FAR. Not sure how to find them for AUD.
@j king, They are categorized in different tabs on the top left side of the page. There is a tab for FAR literature, one is going to be for AICPA for Aud and i think one is there for accessing the Code for Regulation. You can also try accessing it in the sample tutorials that are available on the AICPA website.
@famh110, thanks for the input! I will give ProfLit another go. Meanwhile, I do use the sites that has AU-C and PCAOB standards. They have been helpful somehow.
COCACURVE = management assertion in Roger on page #4-65 . I had becker but it expired in October so I am using Roger with Ninja MCQs. All I am getting avg. score low in 70-75% in Ninja MCQs 3rd section. All other section averaging 80-85% I feel its great tool for MCQs as well as for TBS.
But, I saw couple of videos for assertion today and it makes sense
For your other question: Yes, I used Ninja MCQs for other two exams also and did it until my eyes hurt or I keep answering incorrect questions (bcoz not reading carefully due to my tired brain)
One thing I noted for myself in the CPA exam journey, that until you know/understand what is on the each page of the review book of any section, there is no chance of passing.
I like roger, it makes you understand difficult topic (Except assertions 😉 , not sticking 🙁 )
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