[jeff]

Resources:

AUD 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

AUD Exam Experience: https://www.another71.com/cpa-exam-forum/topic/aud-exam-experience-official-thread

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Opaman]

Anybody here found/find the Wiley Focus Notes helpful for AUD? I tried going over them, a ton of information to digest.

FAR - 78 (07/09/12)
REG - 84 (11/27/12)
BEC - 86 (02/26/13)
AUD - 87 (05/29/13)

[Anonymous]

Journey/Mints,

Good question and answer. The only thing that I can add is that reference to the other auditor is also made in the scope paragraph. Check out AU 543(p. 635 in WIley):

“The audit report will indicate the other auditor involvement in the introductory, scope, and opinion paragraphs”

[NickT]

I don't know about anyone else but, I am about 2/3 done Wiley review for AUD. and in summary this is what I am taking from all of it (excluding all the little regulations/rules surrounding independence, requirements of AICPA, GAAP GAAS etc…)

All you need to know for auditing is RAMP – Risk, Approach, Materiality, Procedures

Risk is how risky the client is (management biases, poor internal controls, stupid staff)

Approach is how you will do the audit (substantive/analytical vs controls based)

Materiality is the dollar value you assign to the tolerable level of mistakes

Procedures testing the accounting assertions (CEVA – Completion, Existence, Valuation and Accuracy) (through substantive or analytical approaches)

thoughts?

[Anonymous]

Hello AUD test takers,

Count me in too. After FAR, I am going to take AUD in May last week. Now started with Engagement planning.

Is there anyone going to take their AUD in the month of may?

Good Luck to all.

[Anonymous]

Down to my final 24 hours! Who has some advice/recommendations?

I'm planning on:

1) Reviewing a practice exam that I took yesterday.

2) Doing all of the AICPA-released questions from the Wiley book.

3) Going through a handful of Research SIMs.

4) Going through a handful of non-Reseach SIMs.

5) Review my notebook of fact nuggets.

[missjones513]

AUD in less than 3 weeks. I plan on taking off tomorrow and finishing up my notes. Then I'll have 2 weeks to do mcqs and sims. Hopefully everything will turn out ok since I'm in audit and I'm familiar with a lot of the info already.

REG - 5/29/12 (64), 10/1/12 (74), 5/20/13 (75, expires 12/31/14)
FAR - 8/14/12 (64), 8/5/14 (75)
BEC - 11/19/12 (70), 2/25/13 (72), 11/21/13 (73), 1/21/14 (73), 8/30/14 (72), 11/24/14 (75)
AUD - 4/22/13 (65), 10/12/13 (79)

I'm done!!!

Ethics - Pass

[jeff]

Test Your Might: Audit Evidence

https://www.another71.com/wiley-test-bank-aud-evidence/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

When it comes to independence, do PCAOB standards differ from AICPA standards when it comes to direct and indirect financial interests?

AICPA = No Direct and no material indirect?

[GodsSport]

Casey,

I believe the PCAOB standard is the same, at least regarding financial interest. This PCAOB webpage has the interpretation, see paragraph A1 at the top of the outline:

https://pcaobus.org/standards/ei/pages/et101.aspx

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[GodsSport]

I'd appreciate anyone's input on this question.

Can anyone suggest a good way to prepare for the AUD research sims? Or, more specifically, a fast way to identify the relevant section? Since GAAS isn't codified like the GAAP standards, I find it difficult to identify the relevant section and paragraph. This didn't seem very hard when preparing for FAR–but the codification made it easier to track down the relevant standard.

I've been using this AICPA webpage as practice: https://www.aicpa.org/Research/Standards/AuditAttest/Pages/SAS.aspx

Can anyone suggest an approach or better source to use?

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[Anonymous]

Topsya recommended watching the tutorial that AICPA posted on their site.

[MintsRGood]

@Casey, you are going to handle Audit like a boss tomorrow!!!!! Post in the experience thread and let us know how it went for you! I'm predicting a Terrell Owens (Cowboys) in your future!!!! 🙂

REG: 75 DONE 🙂
AUD: 61, 71, 68, 92 DONE 🙂
BEC: 76 DONE 🙂
FAR: 72, 74, 79 DONE 🙂
Licensed Michigan CPA 🙂
-Some people dream of success...others wake up and work hard for it!!!
-The cowards never start and the weak die along the way!
-You better work, b***h!
-Only those who dare to fail greatly can ever achieve greatly.-JFK

[MintsRGood]

I've been getting burned this week on MCQS in the reporting module on when to issue a qualified/adverse/unmodified but with explanatory paragraph…and I'm sure others are too! I have the Wiley Text, Becker Text, and Ninja Notes but I would like to get all the data in the same place…so please feel free to add/modify/correct/contribute to this list of circumstances and appropriate opinons! 🙂

Unjustified GAAP Departures: Qualified or Adverse

Client imposed scope limit: Generally disclaim, otherwise qualified

Circumstance imposed scope limit: Qualified or Disclaim

Not Independent: Disclaim

Unaudited: Disclaim

No Cash Flows Statement: Qualified

Inadequate Disclosures: Qualified or Adverse

Uncertainty: Qualified or Disclaim…UNLESS properly disclosed per GAAP with evidence=Unqualified

Going Concern if adequately disclosed: Modified Unqualified

Going Concern if NOT adequately disclosed: Qualified or Adverse

Division of responsibility: Modified unqualified

Necessary GAAP departure: Modified unqualified

I am also going to memorize the standard unqualified report but I'm looking for a better mousetrap than “RAP MEAM X2” (sorry Becker fans)…it's better than nothing but still not great. Suggestions appreciated! 🙂

REG: 75 DONE 🙂
AUD: 61, 71, 68, 92 DONE 🙂
BEC: 76 DONE 🙂
FAR: 72, 74, 79 DONE 🙂
Licensed Michigan CPA 🙂
-Some people dream of success...others wake up and work hard for it!!!
-The cowards never start and the weak die along the way!
-You better work, b***h!
-Only those who dare to fail greatly can ever achieve greatly.-JFK

[taiyab]

I really need some advice on how to solve the Research Question in Simulations. My problem is that

in the authoritative literature i cant find the full solution to a problem. For e.g. if the answer is “QC 10.17”

for Quality Standards. I can find up to “QC 10”. Please help me!

[taiyab]

In addition does the complete answer lie in the literature itself or is that we will get only half answers from the literature and the remaining we have to guess ?

[Author]

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