AUD Study Group – Q1 2018 - Page 18

  • Creator
    Topic
  • #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 - 256 through 270 (of 317 total)
  • Author
    Replies
  • #1708653
    Indy500
    Participant

    no J…..I started my journey in 2014 when I took the becker course and I took reg aud and bec…..but i had no business taking those exams at that pace. so now I am studying slower.

    I have not used the AICPA sample tests. I may need to get the website to get that information from you.

    I will start all over…but just rethink how i am doing things.

    #1708656
    Indy500
    Participant

    sorry bout the double post.

    #1708659
    Indy500
    Participant

    J,
    I have found the AICPA sample tests and tutorial.

    Thanks for your reply. I am thinking about revising my study blue Print.

    I believe when I started my journey, it has taken me till now to become really serious about becoming a CPA. And now the failures and the long hours of study really bother me, but I wont stop until my effort releases my reward!!!

    This is a tough goal that I have set for myself.

    #1708666
    J King
    Participant

    We are both going to revise our study plan!

    I recently started my journey and we have the same mentality.

    Never giving up!

    #1709805
    dave
    Participant

    Could anyone help explain the concept of Detection Risk for me? Like what does it mean and the procedures for DR being low and high?

    My understanding is is DR is high that means that there is a high chance that the auditor will not detect a material misstatement and you would want… less assurance so you test at interim? And if detection risk is low, you want more assurance and you test at Year end? I think I'm getting something confused. Lol help!

    Thanks! Good luck studying everyone!

    #1709812
    J King
    Participant

    Detection risk indicates how much substantive testing to do.

    Control risk BELOW MAX, HIGH detection risk, reliance in I/C is HIGH, therefore LESS substantive testing.

    Control risk AT MAX, LOW detection risk, reliance in I/C is LOW, therefore MORE substantive testing.

    Hope this helps 😛

    #1710525
    dave
    Participant

    @j king, thanks! that helped reaffirmed what I'm trying to cram.

    How about the level of assurance? if DR is LOW, that means MORE Assurance and testing at Y/E. and if DR is HIGH, that means the auditor is comfortable with LESS assurance and would test at interim right?

    Thanks!

    #1710603
    Anonymous
    Inactive

    I am confused here. Is the call of the question related to public company internal control ? or is it related to an agree upon procedures?

    Which auditor actions are possible when that auditor incurs a scope limitation relating to a public company engagement on whether a previously reported material weakness continues to exist?

    Disclaimer of Opinion – yes
    Qualified Opinion- NO

    This answer is correct because while disclaimers are allowed, qualified opinions are not allowed; in addition (not included in this question) the auditor may choose to withdraw from the engagement due to a scope limitation.

    #1710644
    J King
    Participant

    @dave, I believe that's correct, because I know for the fact that if control risk is HIGH, the CPA would rather do the testing at year end.

    @latinocpa, that looks like a public company internal control related question. Agreed-upon procedure is an attestation service where auditor does activities that are agreed-upon by client and/or third parties.

    Scope limitation results in disclaimer of opinion because auditor is unable to obtain sufficient appropriate audit evidence. On top of that, material weakness continues to exist. It could imply pervasiveness since material weakness typically arise from bad internal controls that may affect financial statements, so that's probably why it is a disclaimer.

    #1710670
    Anonymous
    Inactive

    @j king – thank you.
    i really liked your input on the possibility of the material weakness being pervasive / significant. I see you're taking AUD exam tomorrow. Good luck and tell us how it went.

    #1710671
    J King
    Participant

    Yup, glad that helped!

    Thank you and of course, I will report my experience here teslet by teslet lol 😛

    #1711021
    J King
    Participant

    Alright, just got done with the exam..

    Came in an hour early, decided to get started, ‘cuz why not..

    Teslet 1 – It went well. Basics and yadayada. I encountered few trouble questions in the way but when I went past halfway, questions became much easier. Submitted with 3:24 on clock.

    Teslet 2 – The early questions were relatively moderate, but as I approached halfway, it got harder. Choices were confusing. Submitted with 2:44 on clock.

    Teslet 3 – Both SIMs were drop-down boxes. The first one had 8 boxes, the second one had 16 boxes. I struggled with the second one because I studied for that part for a bit, so I spent a good time on it. Submitted with 2:00 remaining.

    Took 15 min break with Lays and water bottle on hand, went outside to walk around then signed back in.

    Teslet 4 – 2 drop-down box and 1 research. So I tackled the research question first, which took me about 8 mins. Both of the drop-down box SIMs were quite tricky. Good thing I was able to check AICPA sample test for AUD. I was able to grasp ideas on how to deal with a particular SIM question. Submitted at 1:00.

    Teslet 5 – It was not bad, the least difficult SIMs section I'd say. All drop-down boxes with fewer boxes to fill. I had 24 mins left after I finished answering the 3rd SIM, spent it on reviewing answers (which probably isn't a good idea whatsoever)

    The Good:
    I managed my time SO. WELL. hopefully I wasn't rushing the exam. I started “not” flagging the unanswered questions that I'd revisit later. The MCQs mostly asked me about my STRENGTHS.. and NO DRS?!?! Very surprising..

    The Bad:
    There were a few areas that I realized I didn't give enough time to review during my final weeks of prepping. Location wise, they had heaters on and I was wearing sweatshirt.

    The Ugly:
    Like others have said, pretty much nothing can prepare you for SIMs, but checking the AICPA sample test kinda gives you the idea what could appear on exam.

    Going back to FAR..

    #1711519
    Anonymous
    Inactive

    @jking it looks like you have a change to pass. you were tested on your strengths and no DRS!!!! you have a solid chance to score above 75.
    my aud experience was similar in the MCQs but i had 3-4 DRSs.

    #1711562
    J King
    Participant

    @latinocpa, thanks! I hope so too! I'd like to think I got a great chance.

    My study method was all MCQs and light SIMs, which apparently is the fair way of dealing with AUD. I am hoping for the best~

    #1711622
    Cluster Slugs
    Participant

    @ j King is that the method you would recommend after having taken AUD? I'm looking at wrapping up the Wiley videos by the end of the week and spending the next two weeks doing intense MCQ's and throwing in some sims/full exam preps.

    Good luck with the score release, fingers crossed for your 75!

Viewing 15 replies - 256 through 270 (of 317 total)
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