[jeff]

I’ve had a few requests for April/May Study Groups…March will be here before you know it.

In order to take an early April exam, you should begin studying…now. 🙂

[ragepsn29]

Ninjas, I need help. This following passage is from CPAexcel study guide. the double negatives throw me off a little bit.

” Reference to the component auditor should not be made unless: (a) the component's financial statements are prepared using the same financial reporting framework used by the group; (b) the component auditor has performed an audit on the component's financial statements in accordance with GAAS (or PCAOB standards, if applicable); and (c) the component auditor has issued an audit report on the component's financial statements that is not restricted as to use. “

Does that mean, reference to the component auditor should be made if (a) blalalala, (b) blalala, (c) blalala?

I just take out the double negative, “not” and “unless” and that should mean the same thing right?

Thank you Ninjas!

AUD - 65, 72, 70, 74, 81
FAR - 66, 71, 76
REG - 69
BEC - 80

[Quinacridone]

Yes, that is what it means. Those 3 conditions must be met in order to refer to the component auditor. Otherwise, the audit team will need to take responsibility for the component auditors work (and then they do NOT mention the other auditor).

Chugging through A5! Almost done – just have a little bit more homework and the SIM. Surprisingly, the internal control communications section confused me more than the sampling. I just kept scratching my head trying to keep it all straight. Fortunately, when I did the homework questions, I found them to be intuitive and passed near perfectly.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Anonymous]

Planning to start internal control this evening. Just did Audit sampling mcqs in WTB.

@ Quin you planning to finish both A5-A6 by tomorrow? I am aiming for Tuesday to be done with both.

[Quinacridone]

I'm thinking I might start A6 tonight! I haven't done the SIM yet, but I can do that next week. I did really well on this chapter so feel confident in pressing forward.

Did you get sampling down well?

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Anonymous]

I had to make lots of notes for sampling..and ninja notes really helped too! first time got 65% on MCQs in Becker and 76% in WTB. Did them again this morning so that really helped. But ya I think I got sampling.

now off to internal controls and if I can manage, the last 2 sections too. Who knows, I might even start A6 tomorrow..lol. One day before schedule!

[scarletknight91]

with regards to the previous post about referring to component auditors, is the following logic correct?

you may refer to the component auditor if:

1)

a) same reporting framework is used by the component

b) if a different framework, need appropriate adjustments via component and component auditor – group auditor gathers evidence to evaluate appropriateness of adjustments without assuming component auditor's responsibility (if group did assume, essentially they are auditing the component themselves and shouldn't refer to component auditor)

2) same auditing standards followed by component auditor

3) unrestricted usage by component auditor

?

FAR: PASSED
REG: PASSED
AUD: PASSED
BEC: PASSED

DONE

[CPA50]

The need for speed? Anyone else having the problem with racing through MCQ too quickly?

Roger says to take up to 2 minutes to RTFQ.

I have been going through the AICPA released questions and timing myself, and I'm averaging 25 seconds per question.

The questions I'm getting incorrect, are, you guessed it, because I misread the question. This has been my trouble since, oh, always.

Any tips on sloooooooowing down, breathing and re-reading for tricky language? Does it help anyone to read it outloud? I'm thinking that might not be welcome during the actual test!

Any helpful hints or tips??

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[ruggercpa2b]

So, I am working on Audit Evidence toady and plan on getting through that in the next few hours. I have Accounting & Review Services and Auditing with IT left to go through. I plan on tackling one of those tonight before I go to bed. Which will leave one for tomorrow. My exam is on April 6. I have been doing the Ninja method and during that time I have done progressive tests from areas I reviewed so I dont forget.

Do you guys think having the nest 12 days till exam day dedicated to reviewing MCQs in the Wiley testbank is enough? I thought about pushing my exam out one more week so I can spend the first week of review rewriting my Ninja notes and doing questions.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Quinacridone]

CPA50 – I've had the opposite problem. I'm too slow and methodical, so I've been trying to work on getting faster which is bringing on a different problem for me. Now I'm reading the question and then not reading all of the potential answers (and I've missed a few because of that). I think it is especially important with this test to force ourselves to read all of the answers (because in a situation where we need to pick the best answer, there may be something more ideal). 2 minutes seems like way too long. Maybe just force yourself to have to read all of the choices before you select an answer (not sure if you are doing that already, but that is what I'm trying to do now).

The whole timer thing bugs me anyway. I feel rushed with it, so I just pause it each time I click to the next question. I don't want to be timed or to be timing myself.

Ruggercpa2b: how well are you understanding the material? I've given myself 3 weeks to review (scheduled for April 16 and will finish up the last lecture and MCQs this afternoon). I think I have too much time for review. I think 12 days is good if you have a good command of the material.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[ruggercpa2b]

@Quinacridone – I am actually understanding the material much better than the last 2 times I took audit. When I do the progressive tests I talk out loud as to why the answer is correct and also why the other 3 options are wrong. That seems to help because then I know whether I know it or I have just memorized the answer. I guess I will play it by ear and see how I do next week before changing my date. I just want this to be the last time I have to take audit.

Have you been doing the questions as you are watching the videos?

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Quinacridone]

Some of the chapters, I've waited till I've finished that whole chapter's lectures before doing the MCQs. For the last three chapters, I did the MCQs following each section.

Tonight I'm going to do a practice exam encompassing all of the chapters. If I get a 90 or above, I'm going to move my test up to the first week of April. I'm worried I might be feeling too confident though.

Have you looked at the AICPA released questions yet? I've looked at a few of them and the questions are almost word for word what I've seen in my MCQs. If that is the case, then I don't think there is anything wrong with memorizing the answers – especially since you are taking the added step to make sure you understand why you got a question right or wrong.

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[CPA50]

Quinacridone – I was timing myself on my iPhone because I want to know what 2 minutes feels like so I can slow down. I will read through the problems (yes, and skip over essential details) because I don't realize that there's plenty of time to read, absorb and analyze all the questions. I have to keep telling myself that no one cares how fast I finish. I took the SAT test when I was 16 and I finished hours before everyone else – but, my scores weren't that great. Maybe this is my chance to redeem myself and learn my lesson 🙂 BIC (butt in chair), Focus and RTFQ!!

AUD 88 (expired), 80 retake
FAR 64,69,67,73,67,73,73,73, August 3
REG 75 (expired) September 7
BEC 72, 77

The adventure continues...

[Anonymous]

According to Becker, “A LOWER Specified Risk of Incorrect Acceptance” results in a LARGER sample size. This seems backwards. If Incorrect Acceptance risk is low, I would think a smaller sample size is allowed.

Can somebody explain?

[Quinacridone]

It means that if you require a lower risk of incorrect acceptance, then you will have to use a larger sample size.

It doesn't mean that there IS a lower risk of incorrect acceptance – just what you as an auditor are willing to accept for risk.

In Jeanette terms (not Becker terms): For example (this is how it works in federal auditing), if I am looking at something that is not so consequential to my audit finding, and I feel like the unit I'm looking at is likely doing what it is they are supposed to be doing, then I might be willing to have a higher risk that my sample may not fully represent the population. With a higher set risk, then I don't have to work with as large a sample. However, if I feel like my sample absolutely must mirror the population as much as possible, then I need my risk to be much lower – thus I need to work with a large sample.

Does that make sense?

REG - Nov 4, 2013: 88
FAR - Feb 27, 2014: 86
AUD - April 5, 2014: 91
BEC - May 6, 2014: 83

Florida CPA 24 July 2014
(Done in seven months - thank you Jesus!!)

[Anonymous]

starting A6. Have about 4 hours till Sunday is officially over for me!

[Author]

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