[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

[littlenumberrobot]

You should know what is highlighted in your review course for sampling. Also, I see you are using NINJA. Trust Jeff and what he says.

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[GonnaBeACPA]

Uggg.g…..test on Monday at 8:30am. Just when I think I've got it, I get another one wrong. This can get really frustrating but I won't let it beat me. There is serious work to be done and I'm finally doing it after 3 years of goofing off!

AUD - 61 (05/20/13) - READY FOR RETAKE IN AUG 13

Anything in life that's really worth acquiring takes time and effort!!

[N. Alex]

Becker Question A4

Which of the following procedures would be most appropriate for testing the completeness assertions as it applies to inventory?

A. Scanning perpetual inventory, production, and purchasing records

B. Examining paid vendor invoices

C. Tracing inventory items from the tag listing back to the physical inventory quantities

D. Performing cutoff procedures for shipping and receiving

The correct answer is D…. huh!

C incorrect: tracing items from the the tag listing back to the physical inventory quantities is a test for existence “SERIOUSLY!!”

I am still convinced that the right answer is C

Please advice…

[idavarcpa]

it could be that not all the items were included in the tag listing. The test of completeness should prevent understatement which becomes a possibility if items from physical inventory were not added on the list for some reason. Option A looks more like existence assertion that being checked. B is definitely out. Regarging D: cutoff procedures provide assurance that goods in transit are appropriately included or excluded from inventory and this procedure is most appropriate for testing the completeness assertion.

[Anonymous]

This question is one of those CPA questions which gives me nightmares, none of them really make that much sense and if you miss the point of the question you are screwed. Here's my opinion

C- Is wrong because when your testing completeness you are tracing the physical inventory through to the recorded inventory data. Inventory would theoretically be tagged after it is placed in a warehouse stock pile. For this to be right it would be having to go in the opposite direction. Physical Inventory—>Physical Inventory Report Sheets (Some sort of accounting data report)

D- Performing a cutoff test would be testing that the entries actually exist and the company actually recorded all their inventory in the accounting records.

A-B: Those are are using sales transaction forms which would not be verifying that the inventory is accurately reported in our F/S. They would be more related to Valuation, Allocation, Accuracy, etc.

[GonnaBeACPA]

Now let's hope we all get his question in our actual exam!!

AUD - 61 (05/20/13) - READY FOR RETAKE IN AUG 13

Anything in life that's really worth acquiring takes time and effort!!

[Anonymous]

I've got the AUD exam on May 28th. There has been a TON of study distractions over the last couple weeks and right now feel like I haven't gone through all of my study checkpoints. I have listened to all the Becker lectures, took notes on those lectures extensively, rewrote those notes, wrote the NINJA notes, and sort of answered a couple hundred MCQs. I feel like I've done very little. I'm at a crossroads on how to spend the remaining week of my time. I work all day unfortunately, so my study time is at lunch and after work. I would study early in the morning but that is my gym time and if I don't go there, my sanity is easily broken.

I am thinking about reading notes each day and answering a minimum of 100 MCQs and few simulations each day until my test.

What do you all think? Appreciate the feedback.

[N. Alex]

@ idavarcpa, @CP-ET

Becker Page 34- at the top of the page

“a. completeness

In conjunction with inventory observation, the auditor should test the physical inventory report by tracing test counts to the report, thereby verifying its completeness. The auditor should also trace from a sample of prenumbered inventory tags to the physical inventory report sheets to test the completeness of the inventory report sheets”

Am I missing something? That why this question and the explanation for why C is wrong didn't make sense to me

[Anonymous]

Question from Becker:

A report on internal control over compliance will include which of the following assertions?

Answer: Disclaimer of opinion on internal control over compliance.

MY question:

IS there EVER a time when an opinion is given on internal control????

Thanks

[Anonymous]

@N Alex, what I understand this to mean, and of course take this with a grain of salt as I have absolutely 0 industry experience, I just finished school. To start with in my opinion the word “Back” kind of gives it away that you are vouching instead of Tracing. Like in the example from Becker you have to move up to the F/S instead of down to the physical inventory. Second, a piece of physical inventory is a lot different then a inventory report sheet. I would imagine a physical inventory report sheet is equivalent to some sort of inventory ledger where you would record things after you have stored and tagged them which would be followed by applicable journal entries, etc. With the primary purpose of this exercise to climb the stair case of Mr. Gearty's house analogy.

Hope that helps.

[Almost Done]

@detrmined1 there are 2 instances where there is an opinion on internal control. 1)material weakness-Adverse opinion. 2)scope limitation-disclaim or withdraw. This is an ntegrated audit as a result of sarbanes oxley. Wiley page166 module 3 C.7. e&f

BEC: Passed
REG: Passed
FAR: Passed
AUD: Passed

[N. Alex]

@ CP-ET

Thank you for the reply..

Good luck on your exam!

My AUD exam on MAY 31!…

[GonnaBeACPA]

Just took the test today and feel good so far – the real feel good will happen on June 10th. Looking forward to some TV time tonight!!

AUD - 61 (05/20/13) - READY FOR RETAKE IN AUG 13

Anything in life that's really worth acquiring takes time and effort!!

[N. Alex]

@ GonnaBeACPA

Congratulations!!

May I ask about studying materials that you used?

[Anonymous]

@Gonnabe – Nice job! I hope the results come in good, enjoy your much deserved rest.

Question regarding a Becker MC – The question asks something about employees are ordering items and not recording them and then someone else is destroying the invoice when it comes in. The answer to find this fraud is to audit cash disbursements which makes sense. My question is in the Becker answer it says to “trace” the disbursement back to invoices. Did Becker misuse the word trace here? Wouldn't this really be “vouching”? Maybe my understanding of these two tests are wrong or just Becker lightly used the word in their explanation.

[Author]

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