[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. 🙂

[ruggercpa2b]

Finally finished with all my lectures. Tomorrow I start rewriting the Ninja notes and working MCQs till I am blue in the face.

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.

[Anonymous]

Good idea ruggercpa..lol..

I finally signed up for free access to AL from AIPCA. Really want to practice navigating the AL since a lot of ppl swear by it!

I m reviewing A5 tonight..finished reviewing A6

I am planning to finish reviewing A4 and A3 by this coming Sunday although I am not sure if ill be able to do both since Friday and Sunday I am going on a road trip with family to LA…8 hours each way. I bought Ninja Audio for this drive so I can keep listening to Jeff. I have already listened to 5 chapters in it multiple times and I really like it!!

[smsingla]

@ayafzal78, can you please tell me how to sign up free access to AL from AIPCA. I was also thinking of doing the same. Thanks in advance

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Anonymous]

https://www2.nasba.org/NASBAWeb.nsf/ENCD

I had to scroll back to the first job and found it there. Someone had posted it there 🙂

You need your section ID to sign up.

[smsingla]

Thanks ayafzal78 🙂

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

Need help with this Wiley question

The audit program usually cannot be finalized until the

a. Consideration of the entity’s internal control has been completed.

b. Engagement letter has been signed by the auditor and the client.

c. Reportable conditions have been communicated to the audit committee of the board of directors.

d. Search for unrecorded liabilities has been performed and documented.

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Anonymous]

An auditor may decide to decrease the acceptable level of risk when:

a. Many differences (audit value minus recorded value) are expected.

b. Initial sample results do not support the planned level of control risk.

c. Increased reliability from the sample is desired.

d. The cost and effort of selecting additional sample items is low.

The correct answer is d. But why is it not c ? Increased reliability should mean the auditor will choose a bigger sample and if the auditor decides to decrease acceptable level of risk that means he is going to take a bigger sample.

[scarletknight91]

@smsingla what chapter is that from? I'm on transaction cycles right now in A4 from becker and I don't remember seeing a question like this

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

DONE

[scarletknight91]

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

a. Examining paid vendor invoices.

b. Scanning perpetual inventory, production, and purchasing records.

c. Performing cutoff procedures for shipping and receiving.

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

anyone else find this question odd??

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

DONE

[Anonymous]

scarletknight is D is correct answer?

[Anonymous]

The rest of the procedures are internal control testing, D is the only one thats a substantive procedure and checking for completeness is going from source documents to the top, as in financial statements.

[BEACPA]

Greetings everyone!

Quick question regarding a study strategy for Becker. I'm just beginning A2. So far, I watch all of the lectures for a specific module (e.g. A1, I watched all 3 plus hours before doing MCQs) and then I review the text and subsequently do the MCQs. Would I be better off just watching one video lecture at a time for a specific topic, then working the MCQs for that topic? Or should I continue watching the entire lecture for each chapter/module before doing the MCQs.

Any suggestions would be most appreciated. Thank you in advance!

Cheers…

FAR - 2/28/14 PASS Praise be to God!
AUD - 7/5/14 PASS Praise be to God!
BEC - 11/29/14PASS Praise be to God!
REG - 2/28/14 PASS Praise be to God!

[scarletknight91]

@ayafzal78 that's what I thought…

Explanation

Choice “c” is correct. Performing cutoff procedures provides assurance that goods in transit (shipped or received) are appropriately included or excluded from inventory and this procedure is most appropriate for testing the completeness assertion.

Choice “b” is incorrect. Scanning perpetual inventory, production, and purchasing records would only include transactions that have been recorded. The completeness assertion is focused on unrecorded transactions.

Choice “a” is incorrect. Examining paid vendor invoices would exclude invoices from vendors for goods received but not yet billed by the vendor.

Choice “d” is incorrect. Tracing items from the tag listing back to the physical inventory quantities is a test for the existence of the inventory on the tag listing. For the completeness assertion, the auditor should trace from the physical inventory quantities to the tag listing. <<<<<<<<<<<<<< doesn't that wording appear to completely contradict the diagram we were told to draw on A4-36? lol

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

DONE

[scarletknight91]

also, @ayafzal78 how did you fair on the transaction cycle mc? prior to this section I was getting in the 80s per mc section but this 109 mc section hasn't been nearly as kind.. was it like that for you?

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

DONE

[ragepsn29]

@scarletnight91

The audit program usually cannot be finalized until the

a. Consideration of the entity’s internal control has been completed.

b. Engagement letter has been signed by the auditor and the client.

c. Reportable conditions have been communicated to the audit committee of the board of directors.

d. Search for unrecorded liabilities has been performed and documented.

Is that A for the answer?

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

[Author]

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