[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

[Anonymous]

Well you can eliminate the bottom too just becasue individually checking things would be inefficient, for the credit limit that could be done on the computer. But i think the difference between the first and second answers is that the second one is more efficient then the first one. The first answer your just checking to see if the system catches the problem. The second answer will test if the system catches it and then will give you the printout to provide further audit procedures. That would be my best guess just because the second one sounds more efficient.

[funtiks]

Becker really doesnt cover much IT compared to Willey.

Luckly I took BEC before AUD and I still remember most of it

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

AFTER 3 YEARS I'M DONE!!!

[JamesBJames]

I got rid of the bottom two pretty much instantly but I still don't see what's wrong with A. B's definitely more thorough because of what @eliasm said, but test data is a valid computer assisted audit technique, right? What am I overlooking?

EDIT: Alright, googled it. Google says “Answer (a) is incorrect because while test data will indicate whether the client's program ALLOWS credit limits to be exceeded, it will not indicate whether credit limits ARE ACTUALLY BEING EXCEEDED” I sort of figured we could use that information to say “The internal control is reliable, so they probably aren't being exceeded” or “The internal control is bad, so they probably are being exceeded,” but I guess it's just not quite as accurate.

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!

[Anonymous]

That makes sense. I'm kind of seeing a reference to incorrect acceptance and incorrect rejection idea floating around here.

[klink24]

Can someone explain to me the difference between entity level controls and company level controls? A couple of questions in the WTB referenced this and I was confused as to the difference.

FAR: 4/19/2014 - 85!
AUD: 5/27/2014 - 90!
REG: 7/18/2014 - 81!
BEC: 8/13/2014 - 84!

4 up, 4 down, in 4 months.

Licensed 9/22 in NC.

[NYCaccountant]

Ok, you guys were right about taking FAR before Audit. I got all the adjusting journal entry sims correct in WTB because I remembered FOB Destination, Shipping from FAR.

Thanks for the advice.

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

[zieba]

I logged on to post about the same topic NYC. Just fired up WTB sims for the first time, A LOT of FAR related stuff. One straight up asks to for J/E entries to adjust. Looks like I am tearing into this tonight.

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

[Anonymous]

Hi guys,

I am new to the forum.

I am wondering if someone could discuss adjusting entries related to inventory and subsequent events that would prepare us for the sim.

[katerina2665]

fun Memorial day weekend with Audit Book in my one hand and coffee in other.

I just noticed, lot of people mention Becker Final review? I have Becker lectures, Qs and Sims, and they give 2 real-like exams in each section. Is there additional review they have?

[Anonymous]

Yea they have additional tests and MCQs and SIMS but of course you have to pay a good amount of money for it.

[Anonymous]

@katerina did you only study 12 days before REG or did you also study for it before you took BEC?

[JamesBJames]

@Katerina, there is a “Final Review” that Becker offers that essentially acts as a synopsis of the book. I think it also has a couple more MCQs and simulations.

I think I've said on here a couple of times that I'm doing “a final review” of the materials, but I just realized how confusing that is. Oops.

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]

Can we compile a list of FAR material that we should review for this?

I'll start:

Ratios (BEC)

Adjusting entries (accruals, interest expense, prepaids, doubtful accounts)

contingencies disclosures

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

AFTER 3 YEARS I'M DONE!!!

[JamesBJames]

I just got done re-going through the 109 transaction cycle questions in A4, and there's quite a bit of FAR stuff there. Lots of minutia, though. It probably won't help to book up on really specific things.

Like, knowing when to capitalize vs. expense for PP&E transactions is important for the PP&E cycle. Knowing LCM rules and financial ratios helps for the inventory cycle. Understanding equity vs. cost method details could help with certain questions in the investment cycle, but I doubt it's useful to spend an hour learning that one.

I think your list is pretty good in general and covers a lot of the overlap.

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!

[Anonymous]

I hate transaction cycles. I really do, but i go with what becker says if its an asset/revenue you wanna make sure its actually true so rights/obligations and liabilities/expenses you wanna make sure it was complete.

[Author]

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