[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

[yankeeaccountant]

@trippj and katiekanton

I agree with both of what you guys said. The only thing I would add is that there is a direct relationship of Control Risk to substantive testing. That cinches the whole concept for me.

[trippj]

I have a question regarding the reliability of evidence. Becker says it goes:

Direct Personal Knowledge of the Auditor

External Evidence

Internal Evidence

Oral Evidence

However after completing some of the practice questions there are times when external evidence is more reliable because direct personal knowledge uses financial data furnished by the client. So how can I really know if the direct personal knowledge of the auditor is more reliable than external evidence and vice versa?

BEC: 84
AUD: 11/16/2011
FAR: 2012
REG: 2012

[rubie145]

I think external is the highest…i used wiley but I'm pretty sure since external evidence is from an outside source it has the highest regard!!! Anyone feel free to correct me if I'm wrong!!

REG 10/01/2011- failed retake hopefully May 2012
AUD 11/30/2011- failed retake 1/9/2012
BEC 2/25/2012 -
FAR-TBD

[hopeful_cpa]

so i'm a little worried because i'm going through the questions for the first time right now about i'm scoring between 55-75% depending on what section it is. is this about right for my first go at it, or should i be scoring higher?

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[trippj]

As a first go at it I would say that you are doing fine. Thats what I was getting at least.

BEC: 84
AUD: 11/16/2011
FAR: 2012
REG: 2012

[lincolntunnel]

Trippj – external evidence received directly from 3rd party is the most reliable form of evidence.

In the Content Specification Outlines Candidates are expected to demonstrate an awareness of 1) international auditing and assurance standards boards (IAASB) and its role in establishing International Standards on Auditing (ISA) 2) the difference between ISAs and US Auditing Standards 3) the audit requirements under U.S. auditing standards that apply when they perform audit procedures on a U.S. Company…

Anyone know of a good website/summary that I could read to help cover this material. My Bisk book doesn't seem to cover it in a clean view?

Thanks,

Lincoln Tunnel.

[yankeeaccountant]

yikes…..7 full days to study! Is it possible to completely understand this evilness in time???????

[hopefulcpa28]

I believe direct knowledge is higher than external evidence. But yes, you have to make sure how you are obtaining your direct knowledge. If direct knowledge comes from the client's financial date (looking at trends) then, external would be superior. However, if direct knowledge comes from inspection, direct observation, performing task yourself, then direct knowledge comes before external.

@yankee, What chapter are you on? Seven days is possible, if you are finishing the last chapter, reviewing, working on your weak areas, etc. Good Luck!!! I'm not big fan of AUD, but I have a feeling I might be seeing it again…ugh.

Let's hope not, positive thinking!:)

[yankeeaccountant]

@hopefulcpa28

I am all done with the chapters. just finished rewriting my notes and now mcq's up the yin yang. I scored about 72-76% yesterday. Not where I want to be. This is my third try at Audit. For some reason it is an albatross around my neck!!!

[Anonymous]

Took the exam this weekend! Glad it's over, can't wait for the 21st…here's to hoping I'm half done! It was pretty tough, but Becker helps SOOO much. Now onto REG…UGH.

[hopeful_cpa]

@yankee

you got this girl!!! just focus on the reading the questions, thats what i'm trying to do and going with my first instinct to answer, i'm second guessing myself and realizing my first decision was the correct one.

@bnlacombe

you going to find out your score this month? i thought if you took it this late in the month your score release will be next month.

time to finish up AUD 4 and onto AUD 5… home stretch with this insanity.

BEC: Done
REG: Done
AUD: Done
FAR: Done

I'M DONE!!!!!! AAAAAAAAAAAAAAAAAAAAAAHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[yankeeaccountant]

@hopeful_cpa

thanks! I am trying. BTW don't forget to check out the AICPA released q's in the Roger book. I felt like the 2011 were so much like my last exam. unfortunately, I only got 72%. I need to be in the 80's consistently. Looks like you are coming along pretty well. Keep it up! We have to put this ugly, ugly exam behind us.

[Anonymous]

I'm working on MCQs of R4 – gotten about 1/3 done, 82% correct, but the Transaction Cycle seems convoluted to me. Anyone has good tip understanding this? also, is ratio heavy tested on? I got a couple simple ratios, but can't seem to comprehend the meaning of the rest.

Took Auding 1 about 10 years ago, never work in auditing firm.

13 days to AUD, and my kids are sick one after another.

I hate AUD!

[trippj]

@CPAexammom

the way that I managed to get through it is to make sure that you know the financial statement assertions back to front. Simply by knowing those and continuing to just read through the cycles it all clicked for me. I really focused on the revenue and expenditure cycle until i understood them and then learning the other cycles where fairly easier.

BEC: 84
AUD: 11/16/2011
FAR: 2012
REG: 2012

[Anonymous]

Thanks @trippj! Good luck tomorrow!

[Author]

Replies