[Anonymous]

I am currently reviewing AUD and I noticed that finding the right keyword on the question may help you pick the right answer. Without breaking any rules (AICPA, copyright, etc.), are you willing to share your notes on what keywords you’re using in “decoding” the questions?

Few examples are:

On substantive procedure:

Completeness = Proper period, analytical procedure (ratios), document to record

Accuracy = GL to match FS

Valuation/allocation = slow moving/obsolete (valuation), collectibility, cost (allocation)

Existence = Observation, confirmation, record to document

Cutoff = Proper period, year end

Rights and obligations = ownership

Classification & understandability = disclosure, FS presentation

On opinion:

Adverse = Material weakness (IC)

Modified = Scope limitation

On evidence:

Sufficient = quantity

Appropriate = quality

On confirmation:

Negative – disagree only

Positive – Must reply

Blank – Omit amount/info

On documentation:

AICPA – 5Y/60D

PCAOB – 7Y/45D

Successful candidates are also welcome to share your studying techniques, if you may!

[Anonymous]

Good stuff, how do you remember the ARCs for stuff like voucher register and what not?

[Anonymous]

For Account of Transactions: CPA-CO

Classification

Period Cutoff

Accuracy

Completion

Occurrence

Account of Balances: RACE

Rights and Obligations

Allocation and Valuation

Completeness

Existence and Occurrence

Disclosures: RACU

Rights and Obligations and Occurrence

Accuracy and Valuation

Completeness

Understandability and Classification

[rnguyen7]

I really like how you broke that out. I never thought of it this way to look at the key words.

[Anonymous]

Thanks for the mnemonics.

Here's more keywords:

For GAAS Professional Responsibilities

Unconditional responsibility – Must

Presumptively mandatory responsibility – Should

Responsibility to consider – May, might, could, etc.

Specialist – expert in field OTHER THAN accounting/auditing. Do NOT refer if unmodified opinion

Segregation of duties (IC) – Authorization, recording, custody of asset

Service auditor's reports

Type 1 – Opinion on management description on IC. “Controls not tested”

Type 2 – Same as type 1 minus “control not tested” plus opinion on “operating effectiveness of controls”

On Professional services

Examination or audit – positive assurance, opinion expressed

Compilation – Preparation of FS only, no assurance, not independent

Review – limited assurance, no material modification needed

Agreed-upon procedures – no assurance, reports on findings based on APP, restricted to parties agreed

Prospective FS (PFS) – forecast or projections

Pro Forma Financial Information (PFFI) – “what it” scenario on historical data

Examination of IC over FR – Opinion in IC in coordination with FS audit

Compliance attestation – opinion if in compliance with specified requirements

[Anonymous]

@CPAHOPEFUL11 not sure about the terminology of your question. What do you mean by ARCs? We're probably using different materials.

[Ken]

Wow,

This is awesome. This will definitely help me on my restudy!!

REG : 62, 67, 81. Tick- Expire 01/02/2016
BEC : 72, 67,71,76. Tick Expire 10/25/2015
AUD : 60, 62, 62, 74(8/30) - 10/1/2015 - oh geez
FAR : 68, 64, 72(7/24) - 10/20/2015- oh geez

I am WHINING...

" Just take it without worrying about the 75. Man, that is not easy!"

[Anonymous]

I will add more as I go along my review. I will probably use this thread for my final review so if anyone out there has more tips, techniques, mnemonics, keywords, et cetera, please feel free to pitch in.

[Anonymous]

I meant the segregation of duties between authorization, recording, and custody.

[Tarheelgirl]

This is very helpful. Gleim has some good mnemonics.

Controls against CRIME!

(C)ontrol activites – policies and procedures (segregation of duties, information processing, performance reviews)

(R)isk assessment process – entity's identification and analysis of relevant risks

(I)nformation system – related and relevant business processes

(M)onitoring of controls – assesses effectiveness of internal control over time.

Control (E)nvironment – sets tone of organization

Cave Croc…

Completeness

Accuracy

Valuation and Allocation

Existence

Cutoff

Rights and Obligations

Occurrence

Classification and Understandability

FAR - 46, 79 (7/8/14)
AUD - 56, 59, 2/23/15 3rd times a charm!
BEC - 69, 74 Really??
REG - April, I hope. Fingers crossed!

[Author]

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