[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

[Anonymous]

@trippj: I'm going back to read the financial statement assertions part. Honestly, it's still so vague to me 🙁 On the MCQs of this section, I feel like I am guessing a lot to pick the right answer, mostly through elimination process. I'm going very slow on this part. Don't feel very good!

[hopeful_cpa]

@cpamom

i feel the same exact way as you… i'm eliminating a lot instead of knowing it. the problem isnt that its hard, its just that there is sooooooo much information and where and how it relates is confusing.

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

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

[Yvonne570]

Assertions take some time to understand; however, once you do, it starts to kick in:

Management assertions: overall in the beginning

Existence – it's in the financials – did it actually exist?

Completion – here's several bills – were they recorded?

Valuation or allocation – were estimates done right? Did inventory get impaired? Why is that truck showing as $1 million?

Rights and Obligations – do the AR belong to us? Thought they were factored?

Presentation and Disclosure – Are notes adequate? Why isn't the lawsuit explained in the notes?

AUD - Passed:)
FAR - Passed:)
REG - Retake TBD
BEC - Missed by 3 points Retake TBD

[Anonymous]

@hopeful-cpa: I agree! I don't have enough time to review/re-read the material. There's soooo much details and information. I have until April 2012 before my BEC score expires. AUD is my last (but still waiting for REG result, so I'm not sure). When I take so long for preparing for one section, by the time I finish the last lecture, I feel like I forgot the first one entirely.

BTW, I will sit for AUD on 11/29, just a day after you, I notice. Good luck!

[Anonymous]

@Yvonne570: Oh thanks! your explanation makes a lot more sense that Becker!

[hopeful_cpa]

Does this make sense to anyone? If so, can you please explain it to me?

~~~~

An investor is reading the financial statements of the Stankey Corporation and observes that the statements are accompanied by an auditor’s unqualified report. From this the investor may conclude that

A. Any disputes over significant accounting issues have been settled to the auditor’s satisfaction.

B. The auditor is satisfied that Stankey is financially sound.

C. The auditor has ascertained that Stankey’s financial statements have been prepared accurately.

D. Informative disclosures in the financial statements but not necessarily in Stankey’s footnotes are to be regarded as reasonably adequate.

close

Answer A is correct because an unqualified audit report indicates that disputes over significant accounting issues have been settled to the auditor's satisfaction. If any such disputes have not been settled, the auditor must render an opinion other than unqualified.

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

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

[yankeeaccountant]

@trippj

good luck today!!!

@hopeful_cpa,

First off, what an obscure question. I haven't gotten any like that one. But, I would say that B) This isn't correct because the opinion of an auditor doesn't relate back to the soundness of an investment. C) This isn't correct because nothing that the auditors do guarantee or promise that the statements are accurate, the auditor is saying that “the financial statements referred to above present fairly, in all material respects…” D) I am guessing at this one, but all the disclosures in the financial statements and the footnotes would have been reviewed by the auditor's so they an investor would assume that the auditor both adequate not just the informative disclosures. From an investors point of view, the unqualified opinion would signify that there were no underlying disagreements that were still present, otherwise a different opinion would have been rendered. Well, that was my stab at that one . I am going to read thru Roger's book today and hit the mcq's hard. I need to have all the details come together in my head, just not there yet! Keep up the great work–I think your scoring on your first run is great. I think mine were much lower. Have a great day!

[trippj]

Thanks All, I'm Keeping My Fingers Crossed!Doing my last cram and then getting some breakfeast and heading out!! See you when I'm on the other side!

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

[Anonymous]

Well I took it on the 42nd day of the testing window. I think the release from the AICPA says they're releasing scores through the 45th day of the testing window on November 21st. Isn't that right?

[Anonymous]

actually I took it on the 43rd day

[yankeeaccountant]

@bnlacombe

here is what I saw–(I think you will see your scores for Turkey Day!) How did it go for you?

Day 1 – 20 10 business days following day 20 of the testing window November 3

Day 21 – 45 5 business days following day 45 of the testing window November 21

Day 46 – Close of Window 5 business days following the close of the testing window December 7

[Anonymous]

Not sure, it was pretty tough! Guess we'll find out next week, which is AWESOME!

[CajunCPA]

Ok I'm officially starting to freak out…My exam is in less than 7 days. I'm on Chapter 2 of Becker. I'm confident I'll be done with lectures by friday, rewrite notes and Ninja notes in the process and do TONS of MCQs through the weekend. I have no choice since my REG credit expires really soon. AHHH!!!!

Does anyone have any suggestions on how to change up my study plan for the better? Or am I going about this the correct way? I'm currently not working so thankfully, I am somewhat still a little hopeful that I can pass in this short of a time frame to study. If i'm out of my mind, then its okay to tell me that too. I'm not in denial…LOL Just ready to get this OVER WITH!!!

REG - 78 Expired 11/24/11 - Oct/Nov 2013
FAR - Retake for the 5th time - Jan/Feb 2013
BEC - Retake for the 4th time - April/May 2013
AUD - Retake for the 3rd time - July/Aug 2013

[CPApracticer]

Hey Guys, I have a really quick question. Im studying for audit, however I cannot find the answer for this question…

A high detection risk strategy includes all of the following except

a. interim testing

b. reduced testing of transactions

c. heavy reliance on analytical procedures as substantive procedures

d. audit work only completed at year end

I know for sure it cannot be B. I also know that high detection risk is less work. So I am not sure if its a,c, or d. Anyone can help, I greatly appreciate it

F: 54 (4/13) 60 (4/14) 67 (9/14) 66 (10/14) 63 (11/15) 79 (2/16) PASSED
A: 60 (5/13) 80 (4/16) PASSED
R: 60 (7/13) 61 (2/15) 70 (4/15) 77 (7/15) PASSED
B: (6/16)

[yankeeaccountant]

@cpapracticer,

I sit for Audit next week, so I hope I have a grasp on this. I think the answer is D. We wouldn't have to audit only at year end. If detection risk is high, yes you are right, there would be less substantive testing, since we are relying more on the controls in place, so we can consider interim testing, reduced testing, and more reliance on analytical procedures–because all is well!

let me know if I am off base anybody!

~

@cajuncpa

go for it! If you are working this all day, keep it up. have you checked out the thread “20 days to study”? You might be able to pick up some tips there. Best of luck to you.

[Author]

Replies