[MCLKT]

Hi all of my Auditing class of 2013 Ninjas!

Is there a study group topic for Jan/Feb 2013 yet?

If not, can we start one?

I have scheduled my exam for 1/11. This is my second try (73 in Aug. 2012). Tonight I am going to take a mini practice exam to see what I remember and get and idea of my weak spots. And tomorrow I begin re-watching Yaeger vidoes. The entire timeline is to work book questions as I go through each module. Wrapping up the last video by Dec 14. And will do nothing but review, review, review until 1/10. Oh, and take my holiday vacation at the end of December, yikes!

What review material are you using? When is your exam? What topics have you covered? Any tips yet?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[teffeke]

I feel like if you have any audit experience, I wouldn't worry too much about Becker chapter 4. I feel like work experience will carry you on that chapter.

R
A-91
B
F-89

[MissCPA]

Can anyone who have passed AUD with Becker advise on study strategy ? Are Becker questions pretty much the same as on the exam ? If I just try to bring the practice score up to 90 will I pass ? Thanks

FAR – 82

AUD – 2/1/13

REG

BEC

FAR - 82
AUD - 71, 83
REG- 75
BEC - 7/14

[ColoradoCPA]

Could please somebody clarify regarding the written communication between an auditor and a client? There was one situation when such written communication is not required. Does anybody remember when? Is it during agreed upon procedure engagement? Thank you!!

FAR 81 ✓
AUD 97 ✓
BEC 75 ✓
REG 84 ✓

[23K]

Becker suggests to foucs on

A3: Engagement Acceptance, Planning, and Risk Assessment

A4: Audit Evidence

AUD--52,68,83, expired. Retake = 74 RETAKE - 7.24.26
FAR--73,70,68,75
BEC-- 79
REG-- 68,62,75

[MCLKT]

@ruslauritta – I think written communication is always required. (Maybe verbal agreement is ok for consulting only?)

Rep Letters are not required for Compilations.

Engagement Letters are required for Audit, Review and Compilation.

I'll go through notes when I get home to confirm, if someone else hasn't answered you by then 🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[plaster3]

@Jsmi77y:

Cutoff procedures are usually going to be done when dealing with test of details involving transactions, whereas completion procedures would be used when dealing with tests of details involving balances, transactions and disclosures.

Becker outlines five types of assertions (Confirmations, Cutoff, Valuation/Allocation/Accuracy, Existence/Occurrence, Rights/Obligations, and Classification/Understanding). Each assertion is useful for specific tests of details depending on what you are testing (transactions, balances, disclosures). Understanding these assertions and when they can be used should help you narrow down your choices when going through specific procedures options, such as vouching (Existence), tracing (Completeness) or footing/crossfooting (Accuracy).

Try your best to identify each specific procedure with an assertion, and hopefully this will make these questions easier to answer! Best of luck!

Becker Self-Study

B -- 84 (4/1/13)
A -- 97 (1/29/13)
R -- 92 (11/28/12)
F -- 90 (10/30/12)

[MCLKT]

Confirmed – Standards for Consulting Services allow the understanding of engagement between accountant and client to be oral or written.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

Alright class of 2013 AUD ninjas… I'm checking out until exam day (Tues). Time to get my final cram in this weekend. I'll check back in after the test. And of course on the 5th when my state should get scores.

Good luck to you all!

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[ColoradoCPA]

MCLKT, thank you sooo much for your answer! what about written communication for financial personal planning ( or is it considered consulting services)? I just would like to add that the representation letter is required for compilation AT 301, Willey p 477. Please correct me if It is incorrect.

FAR 81 ✓
AUD 97 ✓
BEC 75 ✓
REG 84 ✓

[MCLKT]

@ruslauritta – AT 301 is referring to Forecasts and Projections, so I think because that compilation is based on management estimates and predictions, it's a little different. A compilation does not generally fall under AT standards. It is covered by AR.

AR 80- C. (pg 395) lists documentation in a compilation engagement. It includes Signed Engagement letter. There is no mention of a Rep letter.

Also, the course material I use has a summary chart comparing Audit, Review, and Compilations and notes that a Rep letter is required for the first two but not the last.

I think this is correct. Surely, in all of the material covered, this will be a minimal fact nugget 🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

Oh and yeah, Personal Financial Planning falls under Consulting Services. The engagement understanding can be written or oral.

🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[MCLKT]

@23 How's is going?

I just took my final practice exam, just an exam from Wiley test bank and scored a 90!!!!!

I'm feeling good about the test on Tues, but now I'm nervous because I feel too confident.

Today I am going through Ninja Flash Cards, writing down key fact nuggets that have slipped my mind and reviewing incorrect or flagged questions from previous test bank sessions. There are only 8 SIMS in Wiley test bank that I have not attempted, so I will finish those up too.

I'll probably go to CPA review for free.com to take a few pop quizzes and do random 30 MCQ sessions today and tomorrow as well, just to keep me in the mode.

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[23K]

MLCKT –

I just took a final review exam on Becker and didnt so well.

Testlet 1 – 65

Testlet 2 – 65

Testlet 3 – 65

Sims- 50's

It was really hard

I still have two weeks untill my exam so – I will try to focus on my weak points.

I had a question about how many CPAs is on the PCAOB – which was 2 and I picked 5 WOW

AUD--52,68,83, expired. Retake = 74 RETAKE - 7.24.26
FAR--73,70,68,75
BEC-- 79
REG-- 68,62,75

[MCLKT]

I didn't know how many CPAs are in PCAOB. Just that there are 5 members. Now I'm glad you told me! I hope I get a question on it.

I've heard the Becker exams are extremely difficult. So 65's two weeks out is nothing to worry about. 🙂

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[Jsmi77y]

THank you plaster3. I think I'm getting it ironed out finally.

REG - 68 | 71 | 88 | 86
FAR - 72 | 74 | 79
AUD - 66 | 70 | 77
BEC - 62 | 74 | 80

Guess that means I'm a soon-to-be CPA!

[Author]

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