[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. 🙂

[jrosen92770]

I am with you, I sounds like a qualified opinion, unless it's pervasive.Keep in mind there is an explanatory paragraph that precedes the opinion (qualified or adverse).

BEC - 5/26/2013 75
REG - 8/31/2013 82
AUD - 11/24/2013 74, 2/9/2014 92
FAR - 5/25/2014 85

NY CPA

[scarletknight91]

The question might have meant what jrosen just mentioned.. the basis for mod paragraph before the opinion paragraph. because im with you, if mgt refuses to change something i thought you notify BoD and then consider the effects of that on your opinion. since its not a scope limitation and mgt is refusing to modify their records to be in accordance with gaap, it would either be a qualified opinion for gaap reasons or an adverse opinion, if its for fraudulent reasons then the auditor should consider withdrawl bc you never want to be associated with false fraud, misleading f/s. a lot of cpa questions have odd wording, im with you on that one!

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

DONE

[scarletknight91]

interesting mathematical question regarding days sales in accounts receivable formula (Ill refer to it as DAR) that i found in a becker sim for ch 4:

the question is saying that if the DAR increases from one year to the next, it might be because of sales mgt recording fraudulent sales. im a little lost on how this works mathematically. The formula is DAR = Avg Net AR * 365 / Net Credit Sales

im going to use numbers to illustrate my point. lets say credit sales in prior period is 200 and no receivables were collected and the Avg Net AR is 200 as well. hence the DAR would be 365 [ 365 = 200 *365 / 200]

now lets say in the current period, sales mgt boosts sales up to 300 fraudulently. Avg Net AR is 250 [ Beg balance of 200 and ending of 300 averaged out to 250], and Net Credit Sales is now 300. Well DAR = 250 *365/ 300 which is around 304.

Hence, I am a little confused as to how becker got this answer for why DAR would increase if sales increased fraudulently. Given the nature of this formula, wouldn't a better answer be if sales were to DECREASE from one period to the next (instead of Increase) and collection processes stayed the same (lax, as they were the prior period)? Thoughts on this would be greatly appreciated!

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

DONE

[Anonymous]

@Kemy, good luck on your exam tomorrow!

[yourmomsaCPA]

Welp. The exam was rough! Definitely not feeling great about it. I felt pretty okay with my FAR exam so I'm not too happy. Two research SIMs AGAIN. And of course they weren't very straight forward! Onto REG!

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[Anonymous]

Oh wow!! Thanks for sharing with us Yourmomsacpa..I am sure you fared better than you think.

2 research sims prob means one was a pretest. How much time did you leave for your sims?

I am very nervous abt this exam. Not sure how to allocate time…

[yourmomsaCPA]

I had 2.5 hours when I got to the SIMs and finished up with 45 minutes left. The research SIMs took the longest. I'm pretty certain at least 1 was a pretest. They were out of left field and no amount of studying would've helped. That being said, I could've gotten them both right!

One of my weakest FAR areas – I had a SIM. I'm pretty sure I pulled it off in the end but c'mon!

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[Quinacridone]

I know its too late to answer “yourmomsacpa” question, sorry I was not able to log in today at work. Maybe in case anyone else needs a response.

The capitalized leases issue and why the answer did not have the CPA modify the opinion, but just report it in a separate paragraph. If the CPA was doing only a review engagement, then the auditor does NOT express an opinion, thus, there would not be a modification of an opinion.

An opinion is only stated if you do an audit. Reviews are not considered audits, so its just a little short report letter that is presented. Based on the answer you stated as correct, I'm guessing the question may have been on a review rather than a full audit.

I'll have to look at the ratios tomorrow – I'm doing some focused work in another section tonight. Test on Saturday.

Yourmomsacpa – I'm sure you did excellent! I'm so happy for you that you are moving on to another section!

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]

ah I regret not taking Audit after FAR!! Dammit!

btw I was wondering if there is a way to confirm my exam appointment. I am so scared of what happened with my Reg date that I want to be absolutely sure Aud is on the correct day. Do any of you know how I can confirm my date online?

[Quinacridone]

I don't know. I save the email I get after I schedule the test, and then I always have gotten an email about 1 or 2 days ahead of the test from them.

What happened to your reg appointment?

Don't over-worry about a FAR sim – when I took my reg exam,there were 2 sims that I didn't even complete, and I still passed. I'm sure it hurt my overall score, but it didn't kill it. I'm shaking a little bit over it, though, (i'll tell you not to worry, but I'll worry myself to death). I took FAR in February and have already brain dumped most of it. I know enough to remember the basics, but if something on the equity method came up, I'd be dead in the water.

(note to self: go review equity method just in case).

FAR is so expansive, there is no way to remember everything unless you work with it. I don't work at all in GAAP so its like a foreign language to me.

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]

well..I signed up for the wrong date for reg..instead of selecting Feb 28, I selected Jan 28 and did not realize till Feb 25th..!! Obviously I was a no show. Lost my application fee along with that testing window. The strange thing is I never received a reminder email from prometrics before Jan 28, otherwise that would hv alerted me of my mistake and I (still) might have been able to sit in Feb. To say the least, my whole planning has been thrown out of whack.

At this point I am a little paranoid about my exam dates..hopefully I got the date right this time.

[yourmomsaCPA]

Thanks Quin…I went back yesterday (before my exam) and realized it was a review.

Oh and one more thing. I know earlier there was a discussion about unmodified/unqualified and the actual verbiage being tested. I don't think it would be an outright exam question BUT it could be the only clue in a research question as to where to look in the authoritative literature (there's a reason I'm bringing this up now ;)).

Speaking of research questions, you have to complete 3 sections. Anyone know if partial credit is given per section?

FAR - 87 2/18/14
AUD - 84 4/2/14
REG - 87 7/23/14
BEC - 78 8/26/14

I'm finally an *official* CPA - TX

[jeff]

NINJA BLITZ:

Engagement Planning I-IV

https://www.another71.com/ninja-blitz/

[manikmehtani]

Anybody who wants to study in a group? I will be in Fresno,CA from June till my AUD exam on July 30th. Currently in India and studying for FAR. Wish me luck.

FAR-May 30th 2014

AUD- Jul 30th 2014

REG-2nd Oct 2014

BEC-18th NOv 2014

[jeff]

You're in luck manikmehtani … there's an online study group right here 🙂

[Author]

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