[jeff]

NINJA Study Notes, Flashcards, and Audio: https://www.another71.com/products-page/

Wiley Software: https://www.another71.com/wiley-cpa-software/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[momof4]

@ MustPass

I'm right there with you. I have looked at this so long I am losing my ability to reason. I test on Friday…I wish it was Monday.

The bright side I suppose is all test takers face the same obstacles and yet people do pass.

Good luck.

BEC 84
FAR 80
AUD 85
REG 78

[hawkmante]

@KEMcpa .. thanks for adding that link. Very useful tool that I would have otherwise not have known about. Here is a some detail of my scores. I would appreciate anyone elses scores on newly released questions from this link.

i missed 9,10,12,16,30,31,37,41.. 42/50 = 84 I feel okay about it. I think I left a couple questions out there that I should have got correct.

9. I understand that C is a mitigating factor. But to me thats not what the question is asking. I choose D, but now that I contemplate it Going concern in the GAAP is only up to one year

10.didnt say that it was justified or not so I guessed it was not a justified lack of consistency and picked after the paragraph

12. I picked C, b/c I felt a better chance of misappropriation of assets on many transactions in a short amount of time. I dont know much about bearer bonds

16. Should have got it correct 🙁

30. I picked A, b/c homes are normally secured by the home. Should have picked C because it said secured

31. I have zero idea

37. Just was not familiar with the subject matter.

41. the MC choices confused me. Thought both B and D could be correct and choose the wrong one. I understand it says paragraph instead of sentence. The title must say independent.

Sorry for the length. Any feed back from people who have gone over these would be nice. I would scroll down on my screen just enough to see the last choice and not the correct answer.

Thanks,

Created with Compare Ninja

BEC - 81 11/30/11 Praise God
FAR - 84 7/11/11
AUD -70,64,72, IM DONE!! 90 7/5/12
REG - 84 10/07/11

[Anonymous]

@hawkmante: I am not sure , if i understood question 11. can you please help? I selected A. So far i got 1 and 11 wrong.

[hawkmante]

@ NAM #11.. I thought that one was tricky as well. But the question ask how to compensate for the lack of segregation of duties. A. would not compensate for the fact that lack of SOD exist it would just bring it to the auditors attention, B and C were very bad answers to me, and D seemed like the best fit. Just b/c management has a strong oversight and its conducted by one person does not mean that management over ride exists. Just thats it is more likely to exist.

BEC - 81 11/30/11 Praise God
FAR - 84 7/11/11
AUD -70,64,72, IM DONE!! 90 7/5/12
REG - 84 10/07/11

[ty58527]

@ hawkmate, here is my analysis of the questions (I looked at these yesterday).

9. I remembered from my studies that auditors when looking at going concern always consider management's plans to avoid bankruptcy. Therefore, I picked C because it related to management's plans.

10. I interpreted that as justified (since I figured if it was not it would be a departure from GAAP and they would state so). Therefore I picked C.

12. I missed this as well and originally picked B because I figured they would be easier to steal. However, with bearer bonds, the interest is paid to whoever holds the bond. There is no registering of the bond and therefore not many records are kept. Therefore someone might want to steal it. Not sure if that makes sense but that was the best way I could reason with it.

31. I missed this as well. However, I think they decided invoices because they were more likely to be correct than balances. The balances in the past that were wrong turned out not to be misstatements. If they weren't misstatements it must mean that there was a timing issue (the clients tend to pay at the end of the month so while in transit the end of month balances are tabulated leading to discrepancies). Therefore to avoid those problems, the auditor decided to try and confirm invoices. This was the only thing I could think of and could be completely wrong so someone else feel free to come in with an opinion on this.

37. This was definitely B. I had studied this before and its more of just a memorization thing.

41. I think you were correct in your analysis about paragraph being incorrect.

Overall, I believe I missed only 4/50, which I felt very good about. I couldn't tell much of a difference between the medium and hard (other than the length of the hard ones tended to be longer). Did anyone, particularly those who have taken a section before think that these released questions were typical of how they classify medium and hard questions?

@Nam: On 11, I focused on the word compensating. Compensating means you use another control to cover the weakness. None of the first 3 seemed like they would do anything to compensate for the weakness so I picked D because it was the only one that was compensating.

AUD - 93
BEC - 85
REG - 89
FAR - 86

I am DONE!!!!!!

[Anonymous]

Thanks Hawkmante: That kind of make sense!

Incorrect questions: 1, 11,16,20,21,23,26,30,32,45,49 score 80%

Correct but wild guess 34 (as other 3 look so wrong ) and made few other educative guesses.:-D lol

not very happy ..

I saw from your signature that you are taking exam tomorrow, oh well same here . I wish you all the best for the exam .

So whats you strategy for few hours left for the exam??? I might study late night , i am kind of having butterflies in my stomach due to anxiety , errrrrrrrr :-s

[Anonymous]

@ty58527: oh wow! 4 wrong out of 50 ! very impressive ! Good Luck !

[hawkmante]

@Nam.. U just made an unweighted 80 on questions you have never seen before.. thats awesome!!! You are right were you need to be for that 75. I made a list of things to do today.. 100 MCQ progress test, Flash Cards (FC), Becker Sims, FC, Wiley 50 MCQ practice test, FC, 50 questions from newly release material, FC, Write Audit Report, FC, CPA review for free.

All if have left is CPA review for free questions.. I probably will go work out soon for about an hour.. come back and do a little more review. Then, head to a friends to see if I can be a scavenger and find some left over freedom day food. Not studying past 9.. I should have a few hours tomorrow to cram :)..

Dont stress, test day is here. All the work you put in up to now will determine your grade. Not really a whole lot you can do now.. except for try not to forget!!

have you prepared a mental cheat sheet of items to write down on you scrap paper when you walk in tomorrow??

Thanks,

BEC - 81 11/30/11 Praise God
FAR - 84 7/11/11
AUD -70,64,72, IM DONE!! 90 7/5/12
REG - 84 10/07/11

[momto5]

Just tried the questions as well and got the same score as hawkmante – 84%. Still have 12 more days to study.

For #41 I don't think it has anything to do with paragraph vs. sentence. An audit is not conducted in accordance with OCBOA but in accordance with GAAS.

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

@ hawkmante : thanks for encouragement ! I tried to make some last minute notes , but they are exceeding more then 30-40 pages. 😛 So i am not sure if i am going to look them again LOL . may be just go through the book once again.

Good luck to everyone!

[hawkmante]

An audit is performed under GAAS which is used to assess the work of the auditor. The audit test the financial statements to determine whether they fairly stated in all material aspects in accordance with GAAP. Reporting in a OCBOA is acceptable as long as its reported that it a comprehensive basis of accounting other than GAAP and it's noted in the notes of the financials. It will not affect an unqualified opinion as long as disclosure is appropriate. Either way the audit report should state independent in the title. I made a dumb mistake. It's the story of auditing.

BEC - 81 11/30/11 Praise God
FAR - 84 7/11/11
AUD -70,64,72, IM DONE!! 90 7/5/12
REG - 84 10/07/11

[momto5]

I understand that reporting on conformity with OCBOA is OK. It's just that your choice of answers said the following:

“A paragraph stating that the audit was conducted in accordance with OCBOA.”

I am just saying that it had nothing to do with the difference between being a paragraph or a sentence, like you mentioned. It is completely wrong. Audits are not conducted in accordance with OCBOA. An audit has to be conducted “in accordance with auditing standards generally accepted in the United States of America.” An unqualified opinion on the OCBOA basis can be given, but those are not the standards used to conduct the audit. Just attempting to explain why that answer was incorrect, as it seemed you weren't sure initially.

Good luck tomorrow!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[hawkmante]

I understand.. Thanks for the help… OCBOA relates to principles of accounting.. GAAS relates to the standards of auditing.

Thank you for your encouragement

BEC - 81 11/30/11 Praise God
FAR - 84 7/11/11
AUD -70,64,72, IM DONE!! 90 7/5/12
REG - 84 10/07/11

[Anonymous]

@ hawkmate & @KEMcpa

Below is Becker's explanation to question #31. This is from their 2011 AUD questions:

Individual Invoices: The auditor should consider the nature of the information requested when determining the sampling unit for the current year audit. Certain respondent's accounting systems may facilitate the confirmation of single transactions rather than of entire balances.

[occams_razor]

Hi all,

Test day is right around the corner on Wednesday the 11th, and for the life of me I can't seem to grasp A4. Specifically the audit procedures involved in each transaction cycle. I understand like what procedures do and how the provide evidence, but every question that involves just asking what the auditor does in a given situation just completely stumps me and I either end up guessing or picking the wrong answer that I think is right. Some one please help, I feel like Becker doesn't do a great job of highlighting what the procedures are and where and when you do it in the audit. The questions are informative but only after I get them wrong… I know everyone says “just keep answering multiple choice questions” and I get why but I feel like that's just not good enough, there is a piece I'm missing and I know once I get it, the whole thing will click but until then I just don't know what to do. What do I do!?

AUD - 79!
REG - (67,69-without NINJA and Wiley Test Bank) 84!(with NINJA and Wiley Test Bank)
FAR - 75!
BEC - 83!
Every test I passed, I used Ninja Notes. Couldn't have done it without them!
I am done!!!

[Author]

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