[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]

@Yankee,

r u doing A4?? 🙂 121 questions are so much “FUN.” haha!! i just got done with them yesterday.

question, is cut-off no longer as one of the management assertions?? and is presentation and disclosure now one of the management assertions?? Thanks!!

[The_AmYam]

Hi all… I take AUD 11/29… have already passed once (w an 81) but have to retake b/c i lost credit.

some thoughts on above:

assertions: if you are testing existence, you go from GL/subledger to the source docs.

completeness: if you go from shipping doc/other support to the subledger/gl

cutoff: generally its easy to tell b/c they'll say something about the end/beginning of the year

presentation/disclosure: generally something a/b leases, other items that would show up in a footnote

valuation: inventory- slow/damaged/obsolete; securities, etc.

when you are looking at a question, figure out what they're asking for. Example:

GAAP vs. GAAS = differentiate btw disclaimer/adverse, etc

Internal Control vs. Substantive tests

mgmt responsibility vs. auditor responsibility

etc.

Sometimes it is easy to tell what the answer is when you can figure out what they're looking for, the other 3 options will not be that kind. (i.e., if they want an internal control answer, the other options will relate to substantive testing/test of details)

If you can't remember if an explanatory paragraph should go before or after the opinion… ask yourself if its inclusion BEFORE the opinion would distract from the opinion itself. (at least that's how i find it to be somewhat logical regarding placement)

just some thoughts….

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[The_AmYam]

oh PS for clarification… I am talking about when you're doing the Becker Questions.

That's my strategy anyway.

I used to audit so let me know if something doesn't make sense – I can try and help clarify.

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[yankeeaccountant]

@atelery,

Yepper! I redid A4 again! that is twice this week. I do think that the supplemental mcq's are harder than the simulated or progress test q's–what do you think? I got an 81%. Ok, not great. I still get tripped up by the same stupid stuff. Mostly, not reading the question. I am still getting a bit confused on vouch and trace. It seems simple in theory, but then in a question, it isn't as easy as acctg records to source/source to acctg records.

It is my understanding that cutoff is an assertion as well as presentation and disclosure. They are part of the 13 management assertions. I thought Roger did a great job going over that in his cram. I just might go to sleep tonight listening to Rog. 🙂 Life is weird.

@the _AmYam

thanks for the run through. nice little review. I appreciate that since tomorrow is my exam! Best of luck to you going forward.

[yankeeaccountant]

@Ipass,

Kick some @ss tomorrow on Audit. I am pulling for ya momma! 🙂

[The_AmYam]

yankeeaccountant good luck tomorrow!!!!

when thinking a/b vouching vs tracing…

vouching – existence – revenue – did they really have all these sales that they're showing in the GL? let's check some supporting docs.

tracing – completeness – liability/expense – let's make sure their liabilities/expenses aren't understated. what'd they send to their customers?

also… cutoff… are they pushing liabilities later/recognizing revenue too early? that will help w/ any questions with dates in them. (ie., bank cutoff)

REG - 81
FAR - 79
AUD - 94
BEC - OCT 15

[iPass]

Thank you, yankee! Please do the same tomorrow!

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

[redsox0407]

I got two consecutive 64s on AUD. Both times I was only able to study/prepare for about 2 weeks (I was busy with tax season…) Any tips on how to pass?

Although I felt that I knew most of the information in Becker, I got a bunch of questions that I was clueless about on the exam. Does this mean I just didn't read between the lines for all the details?

I usually got 70% or so on the practice exams and multiple choice, but I heard that Becker is much harder than the actual exam.

REG: 73 73 79
AUD: 64 64
BEC: 11/30
FAR:

[Anonymous]

@Yankee,

haha!! 81% is pretty good, i got 72% yesterday 🙁 A4 gives me a hard time 🙁 but i agree, supplemental questions are so hard, i did all the topic MCQs again except for the supplemental questions, haha!! should i really do them?? really don't want to 😛 not that they are hard but I don't think i will see them on the exam, just trying to max. my time efficiently.

@The_AmYam

Thanks for the review 🙂 it makes sense to me. The reason that I asked is because Becker only has 5 assertions, including cut-off but excluding presentation and disclosure. But i re-wrote Ninja today and it had the PEREV OCCAC blah thing so i got confused as to how many assertions are out there?? I always thought there is only 5 assertions, and so im confused.

[hopeful_cpa]

please help me understand this question:

~~~

Tracing copies of computer-prepared sales invoices to copies of the corresponding computer-prepared shipping documents provides evidence that

A. Shipments to customers were properly billed.

B. Entries in the accounts receivable subsidiary ledger were for sales actually shipped.

C. Sales billed to customers were actually shipped.

D. No duplicate shipments to customers were made.

Answer C is correct. The requirement is to identify the type of evi­dence obtained when an auditor traces sales invoices to shipping documents. Answer C is correct because the pro­cedure provides evidence on whether sales billed (through sales invoices) were shipped (as per the shipping docu­ments).

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

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

[hopeful_cpa]

and how does this make any sense? i thought that vouching was from records to source and tracing was from source to records…. does the word “trace” refer to either method?

~~

If the objective of a test of details is to detect overstatements of sales, the auditor should trace transactions from the

A. Cash receipts journal to the sales journal.

B. Sales journal to the cash receipts journal.

C. Source documents to the accounting records.

D. Accounting records to the source documents.

Answer D is correct. The requirement is to determine an appropriate procedure to detect overstatements of sales. Tracing from accounting records to source documents tests for overstatements (the existence assertion). For example, an auditor might trace from the sales journal to support such as sales invoices, shipping documents and customers' orders.

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

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

[Anonymous]

I remember this question (crazy) “trace” in this case is used either by mistake or to deceive.

[Anonymous]

@Hopeful_CPA: Don't rely too much on the term “trace” or “vouch”. Pay attention to the purpose of the auditor; in this case the auditor tries to detect “overstatement of sales”, this means she concerns about the sales account balance. To prove that the balance is legitimate, she has to look for supporting docs based on the recorded amount in the accounting records.

I had a hard time at first with this section of A 4, But now my 2nd time doing homework for this section is 100% correct, for all 121 questions 🙂

Just remember: if you look for completeness assertion (to see if transactions are properly recorded: you start the work from the supporting documents.

If you look for occurrence/existence (to see if the amount that are recorded in the account are real), you start to work from the accounting records.

Good luck! I have AUD on 11/29

BEC 85

FAR 80

REG 81

All on the first try! never worked in audit. Out of college 10 yrs ago. Out of work 6 yrs ago to be mom full time 🙂

I just watch Becker DVDs once or twice (don't read book). Work on MCQs once or twice, depending on how much time I got. Never worked on supplement questions, and SIMS.

[Anonymous]

Also, when I do multiple choice questions, I try to read the explanation for all the wrong answers too. That helps me to understand the material more efficiently 🙂

[hopeful_cpa]

@CPAexammom

thanks for the advice on the question, i'll make sure to notice those other words and to memorize when its tracing related and vouching related.

wow thats absolutely fantastic that you are able to accomplish all that!!! i dont understand the purpose of stating that considering how out of context it is, but i'm really really proud of you

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

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

[Author]

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