[jeff]

Welcome to the Q2 2017 CPA Exam Study Group for AUD. 🙂

[pcunniff]

Also – if anyone has ANY questions with audit – let me know as this will only help me study as well. I just got through backer's new text for the first time and plan on reviewing key areas (marked questions) along with both practice exams before the test. Fire away!

[maverick87]

@pcunniff
Exactly. When I go through all these mcq, the ones I get wrong I have them narrowed down to 2 answers and choose the wrong answer. If I can get half of those correct on the real exam I should pass.

I am taking AUD May 25 and hate I have to wait until mid august to get score. I am planning on taking FAR first week of August.

I am able to study for a few hours at work thank goodness since busy season has been over. I get through a lot of questions throughout the day. I come home and study for an hour then eat/gym/chill/watch sports. I study for another 2 hours before bed. I can do so many mcq for audit because there are very minimal calculation questions like bec/reg/far.

AUD – May 25
FAR – August
BEC – 76
REG – 84

[pcunniff]

You're right about that. Narrowing down most to 50/50 will better your odds on passing. However, I would do like Gearty says and try to predict the answer before even looking at the MCQ.

Also, do 10 questions right before bed and understand why you got them wrong. I have done this on my past two and the thought sucks, but what's 10 questions? Not very time consuming at all. That will add up over time and also increase your chances of success.

Oh and at the gym, bring flash cards in-between reps. (especially for audit)

[pcunniff]

If the independent auditor decides that the work performed by internal auditors may have a bearing on the independent auditor’s own procedures, the independent auditor should consider the objectivity of the internal auditors. One method of judging objectivity is to:

a)Review the recommendations made in the reports of internal auditors.
b)Examine, on a test basis, documentary evidence of the work performed by internal auditors.
c)Inquire of management about the qualifications of the internal audit staff.
d) Consider the client’s practices for hiring, training, and supervising the internal audit staff.

How is objectivity a? It almost seems like all are relating to competence.

[pcunniff]

I need help with the following question.

Which of the following would most likely be the result of ineffective internal control policies and procedures in the revenue cycle?

a)Final authorization of credit memos by personnel in the sales department could permit an employee defalcation scheme.
b)Fictitious transactions could be recorded, causing an understatement of revenues and an overstatement of receivables.
c)Irregularities in recording transactions in the subsidiary accounts could result in a delay in goods shipped.
d)Omission of shipping documents could go undetected, causing an understatement of inventory.

My question is – who actually approves the final authorization of credit memos? Receiving?

[Smith]

74% average on Ninja. 82% average on Becker.One more week until exam date.

Will do all the sims on Ninja and progress tests every single day until exam.

GOOD LUCK TO EVERYONE WHOS ON REVIEW WEEK!

[Operation_CPA]

Can someone confirm my understanding of these relationships to sample size?

Incorrect Acceptance = Inverse
Incorrect Rejection = direct

Risk of assessing CR too low = Inverse
Risk of assessing CR too high = Direct

Thanks!!

[abig]

Taking my test Tuesday.

Somethings I need to go over are

-Sampling formulas
-Single Audits

I'm going out on a limb and asking people to provide some facts that they recently learned that were difficult to them and share it on here.

For example, something I recently confirmed my knowledge of is something on Interim Reporting.

For Reviews of interim F/S Issuers, it is done with PCAOB standards,
for Reviews of interim f/s with Non Issuers, it is done with SAS, and for non interim Reviews of nonissuers it is done with SSARS.

Anything got anything to share?

[Zyx]

Taking AUD next week. Something I wanna share. There are 3reports for single audit. 1) FSs report 2) internal control report 3) compliance report.
They can be separated or combined in one report.

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[IwannabeaCPA2017]

dang pcunn, right when i thought 4 days wasn't enough to review. looking at ur schedule (3 weeks for audit) gave me some hopes. Kudos to you for cramming in. You are working full time I believe?? Best of luck my friend.

[maverick87]

@IwannabeaCPA2017 I could definitely do AUD in 3 weeks if I did not work full time. My friend did FAR in 4 weeks when he did not work full time.

@pcunniff no way I could study at the gym. My workouts are intense and my stress reliever. It's my time away from work and the books. I have other time set aside to study (at work and home).

Took a practice exam over the weekend. Got a 75. Need to do more mcq and tbs to bump that score up.

[abig]

Key differences between other matter and emphais of matter?

[Anonymous]

@pcunniff – An accounts receivable/collections department would handle crediting the customers account. Which would be separate from the person responsible for cash receipts.

@abig – Emphasis of matter = You're telling the reader something the financials have already told them. Example, Going Concern on an unmodified/unqualified opinion. Other matters = You're communicating something to the reader that is not in the financials. Example, restricting the use of your report.

[jgibs]

I took my auditing test today and really hope I passed. I start studying for reg tomorrow. The waiting game begins.

[Christy]

Same here. Took AUD today. Next up REG retake. Guess if I felt 100% confident about it, bad things would be happening in Aug…at least I may still have a chance.

[Author]

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