AUD Study Group – Q1 2018 - Page 15

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    Topic
  • December 11, 2017 at 10:59 am #1676695
    jeff
    Keymaster

    Welcome to the Q1 2018 CPA Exam Study Group for AUD. 🙂

    Introduce yourselves and let your fellow NINJAs know when you plan to take your exam.

    The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

Viewing 15 replies - 211 through 225 (of 317 total)
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  • January 22, 2018 at 11:49 am #1695814
    Operation_CPA
    Participant

    @SONA

    The 2nd testlet got harder which is a good sign! Hoping I can manage the SIMS as I sit tomorrow! Best of luck.

    January 22, 2018 at 12:22 pm #1695835
    J King
    Participant

    @operation_cpa, good luck tomorrow! Would love to read about your exam story too!



    @sona    , there are few changes in FAR this year, particularly revenue recognition and NFP. Roger has covered those very well. I only used Roger for FAR, so I can't speak about using a supplement until I find out my score after putting so many hours in FAR 😛

    If I failed FAR, I'd certainly get Gleim TB in a heartbeat though. Apparently, Gleim overprepares you for TBS.

    January 22, 2018 at 12:33 pm #1695846
    Operation_CPA
    Participant

    @J King

    Will do! Praying for a victory tomorrow. Btw, love the verse in your signature – one of my favorites.

    January 22, 2018 at 12:57 pm #1695865
    SONA
    Participant

    GOOD LUCK TOMORROW!



    @J     King, What supplement did you use for FAR?

    January 22, 2018 at 1:20 pm #1695876
    J King
    Participant

    I did not have any supplement before I took FAR 2 weeks ago. I only used Roger, did all the MCQs and SIMs, and was averaging mid 80s on his exam simulator.

    January 22, 2018 at 5:26 pm #1696003
    scattershot
    Participant

    Man, the level of subjectivity in audit is really throwing me for a loop. FAR & REG there's only one right answer, here I feel like most of the time I'm stuck choosing the most correct one. Shades of the bar exam all over again…

    January 22, 2018 at 5:37 pm #1696006
    itooshallpass
    Participant

    @scattershot Same here. I have only a week left and really struggling and pessimistic about how this will turn out. Not sure what I should focus on. It's ridiculous how much I find myself missing FAR!

    January 22, 2018 at 5:53 pm #1696018
    itooshallpass
    Participant

    Question: I've noticed a LOT of the sims in both Roger and Ninja have drop-down menu responses, so they are basically just a bunch of more involved MCQs thrown together into one. Are the Sims on the exam formatted like this?

    January 23, 2018 at 1:46 am #1696161
    jonm857
    Participant

    Confused with the paragraph below. This is from Becker (Ch. 2, Module 3, “Terms of the Engagement”) This falls under the section “recurring audits”.

    So if no terms need to change for the audit since the last one, you don't need to get an engagement letter? You can just orally remind the client, “we're doing the same stuff as last year”?

    This does not seem right, or maybe I am reading it wrong.

    snip

    B - 81
    A - 87
    R - 73
    F - July 5th

    January 23, 2018 at 9:39 am #1696227
    itooshallpass
    Participant

    @jonm857 that sounds about right to me… my book says that the communication itself is required, and it must be in writing, but it is only recommended to be in the form of an engagement letter. So I guess oral and documented counts as written? Maybe?

    January 23, 2018 at 12:49 pm #1701126
    jonm857
    Participant

    @itooshallpass I'm not sure. I don't even know why something so easy has to get all mixed up.

    It should be as plain as: you're required to have a signed engagement letter every year, or you're not.

    B - 81
    A - 87
    R - 73
    F - July 5th

    January 24, 2018 at 1:02 am #1701306
    kimphan
    Participant

    Hello,

    It is usually easier for unauthorized persons to access and alter the files for an entity that keeps microcomputer prepared data files rather than manually prepared files.

    What is a microcomputer system? What is a manual system? Please advise.

    Kim

    January 24, 2018 at 3:45 pm #1701553
    Eric
    Participant

    I don't understand why you would modify the opinion when the aggregate is immaterial! From Roger:

    An auditor discovers several immaterial errors that the auditor determines do not, individually or in the aggregate, cause the financial statements to be materially misstated. The auditor proposes adjusting entries to the client, who refuses to correct the errors. Which of the following best summarizes the steps the auditor should take?

    A) Document the errors and the conclusion that the financial statements are free from material misstatement

    B) Withdraw from the engagement because the client’s refusal to correct the errors is a scope limitation

    C) Issue a qualified, “except for” opinion on the financial statements because the client refuses to correct the errors

    D) Correct the errors on the client’s behalf, and then issue the audit report

    They are saying the correct answer is C. But if the statements are still materially accurate, why would you modify?

    January 24, 2018 at 5:12 pm #1701574
    scattershot
    Participant

    Haven't gotten to that section yet, but I'm betting it has something to do with highlighting the client's dishonesty. Yeah, the errors are immaterial, but the client's refusal to correct them kinda speaks towards character.

    January 25, 2018 at 5:32 pm #1701892
    ineedthiscpa45
    Participant

    Audit exam Saturday. Tonight I'm gonna review all 700+ MCQ (roger) and then attempt to do as many MCQ's in Ninja as possible. Tommorow I'll do nothing but TBS & review my book material. Any suggestions?

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