[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]

Thanks Jack K. That helps a lot!!

[Anonymous]

If the auditors do interim testing, does that mean they don't do those balances/accounts at the end of the year? I know if an organization has a higher risk then you do end of year testing, but in my mind it sounds better to do interim testing that includes end of the year testing. Or is that just too much testing?

[TranCPA2012]

@Ashley

Interim testing is preferable/appropriate if the assessment of control risk is low. The auditor is required to do additional testing to extend the conclusions made at interim to cover for the remaining period. During this additional testing, they are NOT repeating anything they have already done at interim otherwise it would be pointless/inefficient to do the interim testing. Hope that answers your question.

FAR 4/30/12 - 86
AUD 5/30/12 - 94
REG 7/2/12 - 92
BEC 7/31/12 - ?

[jown]

I'm using 2010 Wiley for AUD. Are there lots of changes if I use it for 2012 exam?

[Zoran]

I took the exam on May 31. I only studied for around 2 1/2 weeks but decided to take it anyway as I wanted to squeeze it into the window. A couple of the simulations were over topics that were not covered in my review course so I'm hoping that they were pretests. Overall, I don't think I did well enough to pass so I'm planning to keep reviewing it as I study for FAR. We'll see.

[nashville79]

Took Audit for the second time last week. Original score of 70 – I scored “stronger” on the MC but below average on the SIMS. I feel I did the same thing again this past week, most likely worse – I breezed through the MC. Then, with 90mins left, felt pressured due to time and ambiguity of the SIMS. I felt like the SIMS were a stripped down version of the concepts I had learned and possibly made them more difficult than necessary. Who knows? I feel like I could walk in any day of the week and kill the MC, but the SIMS are out there.

Any recommendations on prep for the SIMS? I used Becker for the first attempts.

[occams_razor]

Hi everyone, I'm using Becker and this question and explanation are throwing me off:

The audit work performed by each assistant should be reviewed to determine whether it was adequately performed and to evaluate whether the:

a. Auditor's system of quality control has been maintained at a high level.

b. Results are consistent with the conclusions to be presented in the auditor's report.

C and D are irrelevant, I know why they're wrong. B is the right answer. Becker gives the following explanations for B and A

B: Reviews of assistants' work is necessary to determine whether it was performed in a satisfactory manner and to determine whether the work supports the conclusions presented in the auditor's report.

A (incorrect): the responsibility of a firm to establish review procedures (a system of quality control) is distinct from the auditor's responsibility to adequately plan and supervise the work on a particular engagement. Quality control standards relate to the conduct of the firm's audit practice as a whole; GAAS relates to the conduct of individual audits.

I understand the differences between Quality Control Standards and GAAS in that QCS relates to the firm whereas GAAS is for each individual audit. My question is this: Isn't the audit work of each engagement supposed to be reviewed anyway because of quality control standards not just because it is necessary for the audit engagement? I guess my overall question is why is B such a better answer than A, and how am I to discern from the question which is better? Thank you!

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!!!

[KiwiCPA]

@ occams_razor

I am taking the AUD exam 7/3 and was talking to the audit partner yesterday. Basically he said that the audit report is represented by the workpapers.

So if the report is to be correct, the workpapers which are prepared by the staff also need to be correct. Therefore it sort of makes sense that the work done by an assistant is reviewed.

Yes, you can say that both answers are correct, but answer B is more correct. A is sort of a general answer (quality control) and B is more specific in terms of quality control and is directly related to the answer.

I am also putting on a peer review hat and saying that, in the eyes of a competent auditor the workpapers must be representative of the audit report.

Hopefully this sort of helps.

Reg 82; FAR 75; AUD 91; BEC 11/9/13; result due - 11/22/13

[proach33]

Ok I am studying for Audit using the Becker review course. My exam is scheduled for July 9th. Any certain way that I should use the Becker. If you are familiar with the videos they tell you to take notes in the book. Is it beneficial to do this or should I watch the videos and take notes on a separate notebook. I want to be able to focus my time on what is most important. I hear that doing the problems is more beneficial than the text itself. Any hints would be greatly appreciated.

Audit - June 2012: 80
Reg - August 2012- 82
Far- October 6 2012 - 71. Retake Jan 2013 - 76
Bec- December 7 2012: 78

Finally Done

[occams_razor]

@KiwiCPA

Thank you! I guess I can see that the call of the question is looking for the best answer, I was just confused as to how I would see that it was. Thanks for your help!

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!!!

[Anonymous]

I'm in the middle of studying for Audit right now (taking it on 7/3) and I just found an old 2011 Wiley CPA Exam Review book for Audit in my closet (I needed it for one of my grad classes). I'm using Becker to study, but I'm wondering if I should use this book as well. It's for the 2011 version of the test – do you think much has changed? Or should I buy access to Wiley's online MC test bank instead?

[Anonymous]

Hi Guys,

I am planning to re-take audit on 07/05/12. Right now i am so disheartened, I got no idea form where to start and how to approach.

Currently I have becker 2011 study material+ (Wiley test bank +Ninja notes) i bought them yesterday!

I have 25 days from now to my exam date (07/05/12) . I work full time but want to work hard to pass Audit exam. Please guide me how to start and make effective plan . I have so many study plans in my head but my confidence is almost shattered.

Please guys any help, suggestion or advice on effective study plan would be really appreciated.

Regards,

Nam

[Anonymous]

If my family or close family members own stock in a mutual fund that invests in a client, am I still independent?

What is considered a material/immaterial amount?

[Anonymous]

Hi Nam,

I passed audit with 78 and used lambers lecture and text which was of great help. Garland Granger is a great instructor who teaches audit conceptually. For MCQ, I used wiley software which will help additionally in understanding.Always follow study mode and read reason for correct answer.

==============================================

BEC – PASS, FAR – PASS, REG – PASS (USED YAEGER CPA REVIEW FOR THESE 3 SUBJECTS) AND AUD – 78

ON 1ST TRY

[gaffy_girl]

@awinans the test bank has more practice questions than the book.

[Author]

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