[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. 🙂

[gregt60]

@ayafzal78. Yes they are for both. The 3 levels of reports are Examination, Review, Agreed-Upon Procedures. All 3 require independence.

FAR-80
AUD-75
BEC-78
REG-77

[smsingla]

The company being audited has an internal auditor that is both competent and objective.The independent auditor wants to assign tasks for the internal auditor to perform. Under these circumstances, the independent auditor may:

a. Allow the internal auditor to perform tests of internal controls.

b.Allow the internal auditor to audit a major subsidiary of the company.

c.Not assign any task to the internal auditor because of the internalauditor's lack of independence.

d.Allow the internal auditor to perform analytical procedures, but not be involved with any tests of details.

Solution:

Choice “a” is correct. When planning the audit, the auditor should consider the extent of involvement of the client's internal auditors in the performance of the audit. Although they can be involved with tests of controls and of details (i.e. , substantive tests), their involvement should generally be limited.

I picked D as my answer because I thought internal auditor can't make any judgement call and test of control is kind of a judgement call

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

[Anonymous]

The answer A is correct cuz the internal auditor can aid in understanding of internal control, assessing risk and performing substantive procedures. The independent auditor needs to consider the level of subjectivity involved with each of these tasks, however.

[seattleacct]

While its true that they can't make any judgment calls, the 2 things that the internal auditor can do are: Substantive Tests and Tests of Controls.

Those are the only two things that are really specific for the IAs in my study materials.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[smsingla]

I have my exam tomorrow and its time to panic……..

Which of the following is not a covered member for purposes of application of the independence requirements of the AICPA Code of Professional Conduct?

a. A staff person on the attest team.

b. A staff person that performs tax services for the attest client.

c. The partner in charge of the firm office that performs the attest engagement.

d. A partner that performs extensive consulting services for the attest client

(b) Covered members include members of the attest engagement team, an individual in a position to influence the attest engagement, a partner who provides nonattest services to the attest client, a partner in the office in which the lead attest engagement partner practices, and the firm. A staff person that performs tax services for the attest client is not a covered member.

So that means if a partner is performing tax services, he is a covered member but not if a staff person is doing the same job. Am I right?

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

[Anonymous]

I believe you are right. A staff has to be in the team to be a covered person whereas a partner if he belongs to the same office even though he is not involved with the engagement is a covered person.

[happyhappy]

I took AUD yesterday. Can't wait to see my score………..!

[Anonymous]

leaving for my exam soon. hope I return a victor!! lol

[CPA50]

Best wishes!! Can't wait to hear how you have Crushed it! I'm up next Friday…

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...

[Pandarama]

Re-taking AUD tomorrow. Butterflies are killing me. My first sit for the exam landed me with a 64. That was after 2 months of studying 3 hours per weekday.

I've been studying for the last 2.5-3 months for at least 3 hours every week day and a zillion MCQs during the weekends on my phone while in between errands and job#2 (full time auditor, part time deliveries). When I'm not eating MCQs, I'm reading this wonderful forum, haha.

I've got CPAexcel, WTB, and ninja notes. I started off with the notes, revisited my weak areas in cpaexcel and answered every question in WTB at least twice. Took a simulated cpaexcel exam on Thursday, got a 91 (cpaexcel says “if you score 90 or better, congrats you're likely to pass”). On Thursday I also answered 3 sets of 30 questions each in WTB, scoring 73, 90, 93. Today I did 200 questions in WTB and ended with 83%.

Really hoping my practice scores are comparable to my test tomorrow. The first time I sat for AUD, I felt like my questions came out of left field, but I also know that I was not nearly as prepared as I should have been the first time.

Wishing the best for those of you who took their test recently or are also about to sit.

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Qlad]

@latwell….i got a 64 on the first try too…just started studying last week…hope to be confident by the end of May so i can give the exam confidently , just like u..

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Kenada]

Good Luck Qlad. Hope REg went well. Will be rooting for you during the release.

CA Candidate. 05/27/2014 ~ 786/110
I am done!!

[scarletknight91]

CPA50, im taking the exam the same day. where are you with your review? Im in the middle of reviewing transaction cycles and im only using becker to review. I find that now that Ive completed everything and have a much better understanding about the audit in general, im confusing myself to rationalizing the wrong answer choice as the right answer choice… im scoring better overall but the questions i am getting wrong this time around are questions that i got right the first time. so frustrating

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

DONE

[thehip41]

@Latwell

if you are scoring 83 consistently, you should pass

FAR - 83
AUD - 73 92
BEC - 83
REG - 88

Licensed CPA in the state of Michigan

[CPA50]

Hi scarletknight – sounds like everything is good if your understanding is improving. I'm fighting my own battles on this front. I am using Ninja audio – thank you Jeff!!!, Roger videos and Fast Forward Academy MCQ and for the Seven Deadly Sims. I am going back over weak areas and definitions. Today I'm going to win the Internal Control skirmish. I am a fraud examiner and found myself yelling at my computer last night over several questions I disagreed with regarding detecting fraud risk. Hubby tells me to not overthink it, since they are not testing my personal knowledge in that area. I am not really paying attention to my overall scores, since after reading through how the exam is scored, it seems impossible to replicate. So, instead I am really working on Sims, since they scare me the most, and making sure I read through all the answers for understanding. I'm taking my vitamins, drinking my green juice and overcoming my foggy brain 🙂 I've told my daughter that I will rejoin the family in exactly a week (at least until the next study session).

Breathe, we've got this and don't forget to RTMFQ. Happy Saturday Study Day!

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...

[Author]

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