[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. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Gabe]

For my final review I moved away from Becker and focused on WTB. Went through all the questions, scored 88% on a practice exam…now moving onto Ninja MCQ…scoring in the 80's on MCQ…now just focusing on weak areas. The Ninja MCQs have a lot of questions on specific sections of SOX that I just forgot about. I also plan on doing a lot of sims this next week.

CPA, CFE
CISA- Experience will be completed by August 2016

[funtiks]

Quality control use to be A2.

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Anonymous]

hey guys, I'm new to this forum. I start studying for audit next week. I'm going to retake again in July. I just found out today I failed. It's my first test so far, I'm hoping I pass the second time. I just ordered the Wiley test bank n going to use Ninja notes. I know I failed bc of the stimulations. I got a lot of FAR related stimulations n JE. What do u guys recommend, what is the best way to study for these stimulations?btw I was studying bf using Becker.

[zieba]

I'm just flying back to NJ from Nashville tonight – am at the airport right now – looking forward to a long weekend of studying. I have the entire three day weekend before I sit for my exam on Tuesday afternoon.

Until now, I did the Becker and Wiley test banks once, maybe once and then some. I just started playing around with Ninja MCQ and am doing the assessment phase.

Plan: Tell my significant other to “find something to do” and just sit and cram. I'm going to be reading my Becker Final Review notes and hitting WTB and NINJA MCQ over and over again. I'll be making fact nuggets along the way which I will review in the parking lot.

I'll be around all weekend if you guys want to bounce ideas off.

AUD - 75*, 88 done 5/14! (*exp)
BEC - 74 , 77
REG - 65 , 76 (10 point combooo!!)
FAR - 69 , 75

Dr: perseverance
Dr: intelligence
Dr: luck
. Cr: . advisory score

[zieba]

you got “a lot” of FAR related journal entry SIMS in AUD? Can you confirm a lot = more than one?! or does a lot = I got one SIM which was really out of left field and I didn't know where to start.

AUD - 75*, 88 done 5/14! (*exp)
BEC - 74 , 77
REG - 65 , 76 (10 point combooo!!)
FAR - 69 , 75

Dr: perseverance
Dr: intelligence
Dr: luck
. Cr: . advisory score

[JamesBJames]

@Atrujil8, if you haven't taken FAR yet, it honestly seems like it would be overwhelming to study for the “FAR-related simulations.” There's a lot of minutia that I imagine is hard to memorize without understanding how things apply to the FAR framework as a whole.

I would try to get familiar with adjusting journal entries, mostly knowing when to record expenses and revenues and when it's not appropriate. Also get a good grasp of accounting estimates vs. accounting principles, examples of each, and how they apply to the auditor's report. Additionally, I thought Becker had a lot of question about contingency disclosures… stuff like “the entity believes the possibility of losing the lawsuit is [remote / possible / probable], the loss [can / cannot] be reasonably estimated, the entity [has / has not] accrued any amount and [has / has not] disclosed anything” and then it asks you if what they did was OK and what the auditor's opinion should be.

I'm trying to think of other FAR-related areas that popped up multiple times in AUD that you should be comfortable with but I'm blanking right now.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[Adidas Slogan]

AUD Exam in 1 week! Nervous and prepared at the same time. Hoping I ace the rematch, just need to brush up on the AL for SIMs and should be good

AUD - 5/30/14

[Anonymous]

Hi Zieba- I got 2-3 sims didn't know we're to start ( adjusting entries, ratios etc) I guess my problem was I didn't memorize the ratios n didn't go over the adjusting entries. I should be better prepare for next exam now that I know.

Thanks JamesBJames, I think ur right I need to get familiar with the adjusting entries.

[Anonymous]

jamesBJames congrats on ur FAR score! can u tell me what studying material u use? I am planning to study for FAR right after I take audit again in July.

[NYCaccountant]

So @James If we know the difference between an estimate and principle, plus adjusting journal entries, we should be fine?

I remember the allowance for doubtful accounts, depreciation are estimates. When the a loss is remote, don't record or disclose, when possible disclose, but don't record, when probable, disclose and record.

Change in principle – you have to change the prior period financials to make them comparable

Change in estimate – Just change it prospectively, do not adjust prior period financials.

I took FAR last October, so hopefully I remember enough to use for the AUD SIMS.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

Hi Guys,

As I am doing my final review, I got very confused about auditor's responsibility regarding internal control. From my understanding, internal control is generally management's business, auditors do not test or assure internal control on the auditor's report, instead, auditors disclaim on audit report that auditors consider internal control just to make sure it is not holding back the reasonableness of f/s.

However, as of Government auditing standards, internal control will be tested and assured by auditors?

Please let me know if i am thinking this right.

[JamesBJames]

@Atrujil8: Oh, right, ratios! Multiple people on A71 have said that knowing ratios definitely helps. Most of them are talked about in FAR, too.

Thanks! I'm planning on just using Becker self-study for everything, although if I fail a section I'll probably pick up Ninja MCQ on the re-take.

—

@NYCaccountant: Those are the big things I remember. And ratios. If I come across any more during my review (just re-did all the A1 stuff), I'll let you know. I feel like I'm leaving something important out still… I know I've used my FAR knowledge to help me out with more than what I listed.

—

@coocooper: It's a little tricky, and I'm not 100% with it yet either. Correct me if I'm wrong.

For all audits, management is responsible for the design, implementation, and maintenance of internal controls.

If you're auditing an issuer, you have to issue an opinion on their internal controls over financial reporting. It's a PCAOB requirement.

If you're auditing a non-issuer, then you don't have to issue an opinion on their internal controls, but you do need to – at the very least – consider them with respect to the fair presentation of the financial statements.

Don't lump in the GAAS / PCAOB stuff into one basket. There are a lot of differences between issuers and non-issuers.

If you're auditing a government entity that uses GAGAS, then you don't have to issue an opinion on internal controls (unless it's in accordance with AICPA standards; rare as far as I know). You do have to obtain a pretty thorough understanding of them, however, because internal control for GAGAS audits covers both financial reporting and compliance with laws / regulations. The auditor will issue a report that discusses the scope of the auditor's testing and any findings.

FAR: May 1st, 2014 - 91
AUD: May 29th, 2014 - 97!
BEC: July 16th, 2014 - 91
REG: August 29th, 2014 - 88

Licensed December 2015

Feel free to add me on LinkedIn by clicking my username!

[funtiks]

With GAGAS you have to issue a written report on understanding of internal control

and if its a SINGLE AUDIT then I believe you need to issue compliance of internal control

My biggest weakness is transaction cycles tho..

I think Becker covers it too much in detail making me confused as fuk

FAR - 76*, 73, 85
BEC - 69, 72, 78*, 80
AUD - 72, 71, 90
REG - 71, 74, 85

AFTER 3 YEARS I'M DONE!!!

[Anonymous]

@JamesBJames: Thanks for your response, this is definitely helpful. If I remember this right, I think for GAGAS, auditors are suppose to issue a report of internal control, as @funtiks said. This is one of the major difference between GAGAS and GAAS. (if you have 2013 version becker, this should be on A6-63)

[NYCaccountant]

I just want to make sure I've seen transaction cycles. Which chapter is it in Wiley? I've gone through Proffesional responsibilities, engagement planning, internal control, and I'm finishing evidence today. Understanding the vouching, tracing has helped me with the assertions. I'm also doing well on the Wiley book questions, which has in the past been good news.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Author]

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