[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]

@momto5 – do you have the NINJA notes for AUD? If so, I would just focus on those.

[momof4]

@ occams_razor

I think the repair and expense report would help you find understated liabilities connected to a lease. Leases were originally flagged as accounting problems because they were used to keep liabilities off the balance sheet. This is how I reasoned out this choice.

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

@ Nam

Is the answer B?

BEC 84
FAR 80
AUD 85
REG 78

[momto5]

@apbandj – yes, I do have the NINJA notes for AUD. Haven't looked at them enough yet but will take your suggestion. I know I am supposed to be reading through them throughout the time I am studying, but as they don't follow along exactly with my Becker materials, I usually wait until I get through those before attacking them a couple weeks before my exam. Thanks!!

@ momof4 – I think the answer was D – the attorney doesn't make any judgments about whether a company has the ability to continue as a going concern; that would probably be more of the accountant's place.

@occams_razor – I still don't get the logic behind the repair and maintenance account, being that the answer says it is used to find things that were expensed but shouldn't have been. My only rationale is that it helps to find errors either way, but I agree with you that the book has clearly focused on finding things that were capitalized and shouldn't have been (thereby understating expenses and overstating assets). Oh well, guess we just remember that question and move on.

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[momto5]

@occams_razor – I just looked at that repair and maintenance question again, and the answer gives the following explanation:

“The auditor reviews repair and maintenance expense accounts to test for completeness of asset additions (i.e., the auditor is looking for items recorded as repairs or maintenance that would more properly have been capitalized as betterment of an asset).”

So evidently rather than looking for understated expenses in this one, the test was for completeness of asset additions.

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

@momto5 – I just reread my post and realized my answer wasn't very clear… I was referring to the ratios – just know the ones in the NINJA notes and you should be good to go.

[momto5]

Can I just say……………I HATE RATIOS!!!

Just spent the better part of my day working 4 Becker SIMS (7 tabs each) on AUD Chapter 4 (after finishing the 146 Optional practice questions). Lots of ratio stuff! I was actually feeling not too bad about all the transaction cycle stuff cuz I was actually starting to catch on to some of that. Then all this ratio stuff hit! Ugh!!

Is there anywhere in the Auth Lit that ratios can be found if we forget what is needed to calculate them? I couldn't find anything in the Becker AL at all. Hopefully Becker just decided to show us the multitude of ways that the exam COULD throw ratios at us so we will be prepared for the minimal number of questions we are given relating to ratios???

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[gaboo1724]

Hello Everyone! : )

This is my first time posting and I am really excited. I am studying for AUD for the second time. I crammed and gave myself no time the first go round because my NTS was expiring and I just wanted to get it done before I lost the money. This time I am going through and taking my time. I gave myself six weeks and I hope that is enough time. I work and have Tuesdays and Thursdays off so those will be my main study times. Every other day I will try to get about 2 hours in. From past experience does anyone think that would be a good amount of time to study? I am so nervous and just don't want to fail again.

[momto5]

Hey gaboo1724! Welcome!

I don't think I am qualified to assess whether the amount of time you mention is enough as this is my first try at AUD. I spend about 2-3 hours a day studying during the week and then another 12-16 hours over the weekend. Because I am enrolled in a class, I have 6 weeks for AUD and 6 weeks for BEC. Somehow I have to fit my AUD exam in between with my BEC exam at the end of August. I started a week early to get a head start and typically do 1 chapter per week. At that rate, I am hoping for 2 weeks of review time before my exam, at which point I will most likely be a week behind in BEC (unless I can figure out a way to combine the last two chapters of AUD into one week). I would think if you went through this stuff before, it would go a little faster for you though. Nice that you have two extra days off each week to study too! I am sure with your positive attitude you will do well! Good luck!

FAR - 92 (4/27/12)
AUD - 96 (7/17/12)
BEC - 92 (8/30/12)
REG - 91 (11/12/12)

[Anonymous]

Need some advice here…. I was going to take AUD on Aug 31, but this Master's class I'm taking requires a 25 page paper, so I'm thinking of putting it off till Oct 1. Since I'll be done with school, that gives me 2 months to do nothing but study for FAR for the end of Nov (or, of course I could do FAR first, then AUD). My question is…. is this appropriate amount of time for studying for these sections? My credit for REG expires March 31

[Lisa_Jane]

@kwonp702

Wow- congrats on the 95 and the excellent study plan. I am studying for Audit now and I hate it so much, but I am plowing through it. I am using Yaeger, too, and I don't like Gary's style either, but I will relisten to the lectures after I am familiar with the material. I am on Module 5 now and just trying to get through so I can start working the test bank. Thanks again for your study tips and congrats again!

FAR Passed 5/28/14
AUD Passed 1/22/13
BEC Passed 7/12/13
REG Passed 5/9/14
Virginia CPA license issued July 2014

[Anonymous]

Please help! I am not able to make any sense out of 4 choices. After spending 10 minutes i selected wrong answer . And that wrong answer looks so correct to me.

can some one help me in understanding this with better logic? Thanks 🙂

When management refuses to disclose illegal activities which were identified by the independent auditor, the independent auditor may be charged with violating the AICPA Code of Professional Conduct for

a. Issuing a disclaimer of opinion.

b . Failure to uncover the illegal activities during prior audits.

c. Reporting these activities to the audit committee.

d. Withdrawing from the engagement.

[stokey45]

@ Nam — Is the answer (a) Issuing a disclaimer of opinion? My thought is that the Auditor should withdrawal, report the activities to the audit committee and is not responsible to find every illegal act whether in this year or prior years. Like in a scope limitation a disclaimer of opinion means the Auditor “does not know.” In this case the Auditor does know that an illegal act was committed.

[momof4]

I think it is A. A disclaimer of opinion is for a scope limitation. Non-disclosure would be qualified or adverse. Correct?

BEC 84
FAR 80
AUD 85
REG 78

[momof4]

Successful people, how much time did you put into memorizing ratios?

BEC 84
FAR 80
AUD 85
REG 78

[Author]

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