[jeff]

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

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

[Scared-cpa]

Which of the following cash transfers results in a misstatement of cash on December 31, 20X1?

BANK TRANSFER SCHEDULE
Disbursement Date Receipt Date
Transfers Per Books Per Bank Per Books Per Bank
——— ——— ——– ——– ———
A. 12/31/X1 01/05/X2 12/31/X1 01/04/X2
B. 01/04/X2 01/11/X2 01/04/X2 01/04/X2
C. 12/31/X1 01/04/X2 12/31/X1 12/31/X1
D. 01/04/X2 01/05/X2 12/31/X1 01/04/X2
A.
Transfer A

B.
Transfer B

C.
Transfer C

D.
Transfer D

The correct answer is D. And I understand why since the books recorded the receipt in 11 and didn't disburse the funds until 12. However, isn't Transfer C misstated, as well, or does a misstatement of cash only mean in the books and not in the bank?

[IwannabeaCPA2017]

is ninja down for anyone else?

[Mr. Rager]

Is there a discussion group for the becker practice exams? I kind of want to see what people thought of those. I just took Becker exam 1 and thought the sims were a little too easy. All 8 took me a little over an hour, while Becker suggests they should take like 2.5 hours.

Without getting into the specifics, can anyone compare what the actual sims were like in comparison to what the Becker exam sims were like, if that's allowed?

FAR- 80
REG- 9/7/16
BEC-
AUD-

[brokeonbecker4]

Hello, all!

I'm taking AUD 5/30, and I feel okay overall. However, I'm really getting messed up with the cycles (revenue, expenditures, cash, etc.) It feels overwhelming, and I keep getting IC/assertions mixed up. Does anyone have a helpful way of thinking through/remembering the cycles – what procedures are performed and by who, what test of control procedures auditors should perform, and what assertion that procedure covers?

[Anonymous]

@scared_cpa – Item C would be considered “In Transit”, same as a check deposit, on the bank reconciliation. Our concern, the books show the wire-in is recorded in the same month as the wire-out.

[krstnam]

I'm hoping for some tips/suggestions.

My exam is 5/30.

I'm scoring high on the MCQs but I have NO IDEA WHY!!!! I mean obviously, I'm getting the answers correct, but this has never happened. I do not feel like I know the material at all but I'm getting high 80s-100s on MCQs. This is my 4th exam and usually coming up to the last week, I have a list of items I still need to work on and I don't even have that. When I get a question, it seems like I'm getting the answers correct not because I know the right answer, but more like I know the other ones are wrong like a process of elimination.

If I'm not 100% sure of why an answer is correct, I add the rule to my notes page and move on. Beyond that, any ideas on what I should be doing? Maybe I'll switch over to more SIMS? I'm just really worried – more so than the other exams because I haven't even taken an audit course before, I don't work in audit and never have so there's no way it's this “easy” (easy with a caveat, because it's really NOT EASY AT ALL but my scores are saying that it is and it doesn't make sense).

[pcunniff]

@Abig – What are asking to elaborate on? Impressive BEC score by the way.

@Iwannabeacpa2017 – I actually spoke too soon. I think I'm pushing AUD off til 7/3 or so or whenever I can. Im not working, but am wrapping up 6 and take it in a week. Just think you need to actually understand the concepts for this and don't think I am enough time for a thorough 2nd review. By then ill have 3 in to call it a day.

Thanks @drumstick for the credit memo explanation. Makes sense.

[pcunniff]

@scared_cpa C is not misstated because the receipt date and disbursement date per books is the same (12/31).

If you look at answer D, this is similar to kiting. That is why you are supposed to verify these transactions (disbursements) shortly after year-end as a check. Believe I am thinking of this correctly, but correct me if Im wrong.

[Zyx]

Does anyone know if a prior year audited report is revising (not reissuing), is original date used?

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

[abig]

Took AUD today, dont think it went well =\

[Anthony]

@abig How bad was it for you? I took it today also.

[abig]

^^^

I Just went blank on some sims, like the next steps after confirmations, sampling, and written/ oral communication.

For MCQ the 1st testlet was pretty easy but the 2nd was more difficult. Cant believe I have to wait until August now..

[Paydirt123]

Also not a fan of 2017 Becker, in fact it blows. I used it to pass my first 3, but I switched to Surgent for AUD next week. For 6 weeks Becker didn't provide an ebook, I complained and got a bunch of crap of how most students didn't use it so they got rid of it. Then they brought it back, but didn't tell anyone about it.

[pcunniff]

@abig – I don't like the new Becker either. I am thinking about pushing audit back to july, but then ill have to wait until September. These TESTING WINDOWS and score retrievals are absolutely insane. They say you have 18 months to pass, but really its like 10-11.

And if the first testlet went fine and got more difficult – I'm sure you passed.
Quick question on the sims. For next steps after confirms – is that just the part about having to give a phone call back to the client if you have only received a fax confirm vs the original? What was the oral and written communication based off?

[Anonymous]

@abig – how were you able to tell your second testlet was harder? Some of the questions on my second testlet were paragraphs long while others were only a sentence. It was so much easier to tell with FAR.

[Author]

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