[NeedsA75]

For those of you studying for AUD, I thought we could have a thread where we asked each other questions that we are unsure of…I saw a similar thread for BEC and it really helped me in certain areas..

It goes like this: answer the most recent question in the thread, and then ask a question of your own. It doesn’t have to be a question right out of the study material, but can be more of a general question..

I’ll go first:

Q. How long does an auditor have to retain their working papers after the completion of an audit for issuers and non-issuers?

[mooseonloose]

Written report written or oral advice on the application of the requirements of an applicable financial reporting framework to a specific transaction or the type of report that may be rendered on a specific entity's financial statements.

Laidback D since they are internal

Q: what is the difference between compiling and examining report on financial forecast?

[Spartans92]

@Moose, A: Compiling requires no analytical procedures or inquires. While an examination does. The report should include that variations make occur.

BEC- PASS

[NeedsA75]

Q: What are the primary differences between and Integrated Test Facility and Parallel Simulation?

[NeedsA75]

Has anyone participating in this thread taken the exam this week? Any advice for those of us who take within the next week?

[LaidBackCPA]

@NeedsA75, I took my exam today. Do as many MCQs as possible, that helped me tremendously. Don't memorize. Make sure you really understand the audit process and where you are in the process on each question that's asked. Read the questions carefully, misreading one word can change the question entirely, therefore changing your answer. Try to decide why the wrong answers are wrong before choosing the right one. If none of that works, try common sense. My study material really prepared me for the exam. If I would have actually read the book five months ago, I would have passed on my first attempt. Good luck on your exam!!! You know more than you think you do.

FAR: 76 (4/2/2016)
REG: 64 (6/10/2016); 78 (7/12/16)
AUD: (9/2/2016)
BEC: (10/3/2016)

Studying for these exams with no accounting experience!

[Spartans92]

Agree with LaidbackCPA! really read the question 2x or 3x if time allows. one small word can change the answer. Also double check the answer as well. Id say know your reports well! that is, opinions given for each type of engagement. Know basic JE and be prepared for DRS! I guess I was unlucky got slammed with 2 DRS and had no idea what I needed to do.
Everything is pretty much fair game and oh brush up on transaction cycles if you're not strong on that area. Wouldn't hurt, ehh. Best of luck

BEC- PASS

[LaidBackCPA]

I absolutely hate DRS. They're so time consuming when there's a lot of documents to look over. I glad I went into the sims with a more time than I planned because I used a lot on that one sim…Try to go into the sims with at least 2 hours. You'll need it if you get a lengthy DRS. Make sure you try to use the AL for all the sims if you can, it's not just for research. I found two of my other sims word for word in the AL so I know that I got at least three of my sims fully correct.

FAR: 76 (4/2/2016)
REG: 64 (6/10/2016); 78 (7/12/16)
AUD: (9/2/2016)
BEC: (10/3/2016)

Studying for these exams with no accounting experience!

[mooseonloose]

My exam is on Sunday, the anxiety is kicking in. I went over every question three times and scoring upper 80s and low 90s on all my hw. I don't know if I am ready uggggghhh. Good luck all!

[distracted]

Question:

An auditor believes that there is substantial doubt about an entity’s ability to continue as a going concern for a reasonable period of time. In evaluating the entity’s plans for dealing with the adverse effects of future conditions and events, the auditor most likely would consider, as a mitigating factor, the entity’s plans to

A. Extend the due dates of existing loans.
B. Operate at increased levels of production.
C. Accelerate expenditures for research and development projects.
D. Issue stock options to key executives.

[Spartans92]

A for Apple!

BEC- PASS

[distracted]

Within the context of quality control, a primary purpose of the engagement performance element is to help ensure that
A.CPA firm personnel have adequate technical training.
B.Engagements are adequately supervised.
C.The CPA firm undertakes only those engagements it is competent to perform.
D.CPA firm personnel comply with relevant ethical requirements.

[Spartans92]

B for BEE!

BEC- PASS

[NeedsA75]

Do you have to report instances of immaterial fraud to the audit committee/board?

[RandomRandy]

How much are you guys focusing on ISA vs GAAS?

FAR: 74 1/15/16, 72 7/2/16 -_-
BEC: TBD
REG: TBD
AUD: TBD

"Nothing is impossible to him who will try" - Andy Bernard

[NeedsA75]

Not much, which reminds me that I need to look at that…

[Author]

Replies