[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. 🙂

[Quinacridone]

Compilations of Financial Projections and Financial forecasts are both under the SSAE (Statements on Standards for Attestation Engagements). Just remember that SSARS are only for engagements of unaudited financial statements of a non issuer. Financial projections and financial forecasts are not financial statement so it would not go under SSARS.

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 am using Becker review material. I am planning to supplement it with Wiley test bank. What else do you recommend? Should i buy ninja notes?

[lvr21]

What are you doing the last few days before your test?

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[Anonymous]

reviewed A2 yesterday and did not do well on the interim review surprisingly. I was hoping that after covering everything once and reviewing A3-A6 will make the first 2 chapters easy for me but I guess not.

I hv 9 days before exam..My plan is to review A1 today, and spend an entire day tomorrow on Sims. On monday I will take the final exam and then spend the rest of the week redoing MCQs and also adding some AICPA released questions.

Any suggestions? I hv Wiley too but don't think I'll hv time to go over that. I'd rather spend more time solidifying Becker material..

Any feedback would be greatly appreciated..

And good luck Quin..Hope your exam went swell today!!!

BEACPA thanks for the link. I will confirm my appt today.

[lvr21]

Why is audit so dang trickyyyy?!?!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[scarletknight91]

Quinacridone, thank you for keeping this discussion going. you are correct for pointing out that i ignored that fact that in my example, i should have accumulated the AR balances from one year to the next. although you probably already know this Quinacridone, Im going to write out the rules for this matter:

Fraudulent Sales WILL increase DAR if:

Net Credit Sales increase at a slower rate than averaged AR balances do.

Fraudulent Sales WILL NOT increase DAR if:

Net Credit Sales increase at a faster rate than the averaged AR balances do.

Quinocridone this goes back to your ratio rules that you laid out in your first post. Thank you for encouraging me to clarify this for myself! hah

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

DONE

[Anonymous]

scarlet knight how is your review coming along? are you using just becker?

[scarletknight91]

ayafzal78, im watching the ch 5 lecture (i havent completed ch 5 or 6 yet) and i will just be using becker like i had for the other two exams ive taken, how about you?

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

DONE

[Quinacridone]

I'm back…obviously. Much earlier than I anticipated.

The test is definitely tricky… I hate the way they structure their questions. Someone earlier in this thread asked why Beckers has to make their questions so convoluted…you'll thank them after you take the test. Make sure you are more than comfortable with the way the questions are asked. (I put a comment in the after-test questionnaire that the AICPA should consider using commas…).

Yes, focus on your material: whatever you have right now, and make sure you know it backwards and forwards so you don't fall on the trickier questions. I think I over prepared on topics that I thought they would drill me on and underprepared on a topic that I figured would just get a passing glance (doesn't it always work that way).

I'm off to BEC! Hoping to take it May 8th which is just a short little time (4 1/2 weeks). I may take tonight off and have a glass of wine.

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 am reviewing…finsihing A1 today. I went backwards with my final review..So tomorrow Ill do the sims and then Final exam 1 hopefully mon or tuesday.

I am mostly using Becker but I also used Ninja audio for audit. I am not sure if I'll hv time to do Wiley as I want to go over all MCQSs in Becker at least one more time next week.

[Quinacridone]

Ayafzel, I hate the final exams. I didn't even do it for Aud or Far. Perhaps if it has sims that are different from the ones already in the material, then maybe it would have some worth. I swear by doing practice exams (10 questions each section). In the exam, for all the Sims you have the full AICPA code (AL) to use. Make sure you spend some time on the AICPA website working with theirs. The format of the AL will look in appearance like the Becker one, but it is going to function in smoothness like the AICPA website. I used it on almost all of my sims that it applied to.

I also think that you will pick up more details by reading right out of the AICPA AL and help you to realize how much of the wording in the Becker book is straight out of the AL (which I just found comforting).

there is chocolate cake and wine for dinner at my house!

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]

If a publicly held company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows, the auditor ordinarily will express a(an):

a. Disclaimer of opinion.

b. Review report.

c. Qualified opinion.

d. Unmodified opinion with an emphasis-of-matter paragraph.

the correct answer is C. My question is, is this true for all F/S or only statement of cash flows is omitted. For some reason, that is what I picked that this situation only arises when statement of cash flows is missing that the auditor qualifies the opinion.

[scarletknight91]

ayafzal78 im sure youll be fine. as long as you stay motivated and dont rush yourself too much youll pass. none of my friends who have followed that strategy have failed (some havent and have failed) and it has served me very well for the first two exams.

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

DONE

[scarletknight91]

and i believe in your prior mc question, you can issue a qualified disclaimer on the f/s if the balance sheet is presented and nothing else is. the concept being that the financial position as of the end of the fiscal year can be measured and presented even if there are scope limitations regarding cfs, st of re, and is. That is what I thought i remember reading. IF however, the b/s isnt presented, I think (not 100% positive) you have to disclaim the financials.

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

DONE

[scarletknight91]

the theory i think is if you cannot represent the ending balances, how can you accurately state what has happened over the course of the fiscal year under audit. if i dont know my ending balance to my inventory, how do you know what CGS is on the IS? flipping it around, you might not be able to express reasonable assurance on the beg inventory bc you as the auditor were hired mid year, and this affects your ability to assess CGS, but you can express reasonable assurance on the ending balance for inventory. does that make sense?

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

DONE

[Author]

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