[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

[tlindsey31]

@CPApracticer

The answer should be D.

Testing at year end would only be used when DR is low. Year end testing allows for a more reliable audit. Interim testing, reduced testing of transactions, and heavy reliance on analytical procedures as substantive tests are lower reliable test, allowing for a higher DR.

The higher the DR—>Less Reliable testing

The Lower the DR—>More Reliable testing

BEC 78
FAR 78
AUD 82
REG 84

[Anonymous]

I would go for D

High detection risk = You do less substantive testing work (because you rely on I/C, you allow yourself to do less work = more risk that you miss a material misstatement), or perform more testing at interim instead of at year end.

[Anonymous]

Oh well, before I read the other 2 posts…we all went for D!

[iPass]

@CPApracticer, no offense, but why would you post the same question in three different threads? and what study material are you using? I would suggest you get a study material that has all the answers along with explanations why one choice is correct and the other three are wrong. You will spend your time more efficiently this way. Just my .02. Good luck!

BEC - 10/12/2011 - 78
AUD - 11/23/2011 - 84
FAR - 02/22/2012 - 76 (I'll take it!)
REG - 08/31/2012

“Win as if you were used to it, lose as if you enjoyed it for a change.”
-Ralph Waldo Emerson

[CPApracticer]

thank you so much guys, it makes so much sense now 🙂

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)

[CPApracticer]

Hey guys I am missing a page to my answer key, i am certain about the other questions, but this question has me unsure. Was wondering if anyone can help. Thank you

in testing plant and equipment balances, an auditor may physically inspect new additions listed on the summary of plant and equipment transactions for the year. This procedure is designed to obtain evidence concerning management's assertions about classes of transactions and events, and specifically, which assertion?

a. occurance

b. cutoff

c. authorization

d. classification

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)

[tlindsey31]

@CPApracticer

A. occurence

By inspecting new additions to plant and equipment, the auditor want to make sure the actual exist.

The auditor would be vouching down from the account records to the evidence,

When are you taking your exam?

BEC 78
FAR 78
AUD 82
REG 84

[iPass]

@tlindsey31,

I have a feeling that CPApracticer is taking an exam right now 🙂 or doing his/her homework for audit class…

Are you ready to take your last part? I'm taking AUD in two days after you. Have you done your final exams yet (if you use Becker)?

BEC - 10/12/2011 - 78
AUD - 11/23/2011 - 84
FAR - 02/22/2012 - 76 (I'll take it!)
REG - 08/31/2012

“Win as if you were used to it, lose as if you enjoyed it for a change.”
-Ralph Waldo Emerson

[tlindsey31]

@ipass

I taking the exam on Monday. I have taken a practice exam and scored in low 80's. Tonight I working on the final review and taking my last practice exam on Saturday. My biggest problem is not reading the question completely. By not reading the entire question, I have missed some questions that I knew the answers.

I am very ready for my last part. My wife and I are excepting our first child in late December and I want to have this done before the due date. Having the our due date next month has helped me focus will studying.

How is your studying coming along?

BEC 78
FAR 78
AUD 82
REG 84

[iPass]

@tlindsey31,

I know exactly how bad you want to get this CPA thing behind you. Although I'm still three quarters away from being done, I can't wait to be over it. We also expecting our first baby and I'm trying my best to get through these exams and hopefully forget about them before I go into labor. It's not as simple as I though it would be, but the fact that our life will change completely in a few months definitely keeps me focused.

As to the studying, almost ready (I mean if you ever can be ready for such thing as CPA exam). Scoring pretty decent (80's to 90's, depending on the topic) on my progress tests, but do have a tendency to misread the question or don't read all the answer… I think it is very common for many CPA “scholars” 🙂

BEC - 10/12/2011 - 78
AUD - 11/23/2011 - 84
FAR - 02/22/2012 - 76 (I'll take it!)
REG - 08/31/2012

“Win as if you were used to it, lose as if you enjoyed it for a change.”
-Ralph Waldo Emerson

[yankeeaccountant]

@Ipass and tlindsey31,

I am using a mish mash of Becker, Wiley, and Roger to study. I am curious, when you guys use Becker, do you prefer the Progress tests or the simulated exams? Have you guys used the final exams at all?

[tlindsey31]

I am working through the final review now. I completed a final exam last week and will complete another tomorrow.

Saturday and Sunday I plan on reviewing the notes, flash cards and as many MCQ. The NINJA notes and flash cards have also been very helpful.

BEC 78
FAR 78
AUD 82
REG 84

[yankeeaccountant]

How do you feel about the final? I remember last window, feeling it was extremely tough, IMO, the Becker finals are harder than the exam–what do you think? I just don't want a confidence crushing thing so close to the exam.

[tlindsey31]

This is the first time I have used Becker, so I don't know how the final is compared to the actual exam. Overall, I feel ready for the exam. I am at peace with the fact that I will not know everything thing to be tested.

Last exam I failed with a 73. But I didn't put in the work into pass the exam. I completed and memorized a lot of MCQ's.

Exam day I am sure I will see some questions from left field that I am not ready for or don't know.

I believe the most important thing during the exam is staying focused on what you know and not being side tracked or flustered by one question.

Your confidence should be high going into the exam. If you put in the work to pass the test, be confident, take one question at a time and don't think or worry about anything else.

BEC 78
FAR 78
AUD 82
REG 84

[yankeeaccountant]

Gotcha. Well, best of luck to you on 11/21. Sounds like you are ready to kick some Audit @ss! You are right about being confident, it is half the battle. Let us know how it goes for ya!

[Author]

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