[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*

[mypetmeatball]

Yes there will be huge changes to AUD after May 31. I'm not going to list the changes because they are too comprehensive to even bother. It's safe to say that old AUD materials will be virtually worthless at that point.

[wendywhite]

I'm taking auditing now – because I didn't want to buy new materials due to the changes. I am using used 2011 items as well – whatever materials you are using – their site should have a page listing downloadable updates & corrections that you can access even if you are not registered (2nd hand items) – to ensure you get current changes.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[whatamidoing]

Taking AUD on 2/28 to fit it in before the test period ends. I just wrapped up the A3 lecture. While I have 4 years of audit experience and the stuff is all familiar, that chapter is just brutal to get through!

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[Anonymous]

Can someone please help me on this:

“Confused with postive confirmation and negative confirmation. I understand that if large number of small balance is use the negative confirmation. How about large balance acct? Should it be use positive conformation?” Thanks!!!

[soxfan866]

sw100177 – I think this is a matter of professional judgement (like a lot of things in auditing). There isn't a set in stone rule that I've come across in my studying or have heard of through experience. Positive confirmations provide more reliable evidence because you are reducing the chances that someone will sign it without actually making sure it's correct. If I came across this as a multiple choice question involving when to use each of them I would think of positive and negative confirmations like this:

Positive – larger balances, mistakes more likely, weak internal controls

Negative – smaller balances, mistakes less likely, strong internal controls

[Masry1989]

@SW100177

I Think auditor may send positive confirmations for : small number of large balances (for example 3 Clients represents 1 Million out of 1.5 accounts receivable, and there is 100 client )

large number of small balances ==> use negative confirmation.

and I think that the auditor could use combination of positive and negative confirmations

Hope you find this helpful , and I recommend reading it from Wiley or Becker text books.

[Anonymous]

Woo, great info from both soxfan866 and Masry1989!! Thank you so much!!

[mypetmeatball]

Sup crew,

I am almost a week beyond schedule..something about this material makes it really hard to drudge on. The lectures feel longer than humanly possible, reading is like pulling teeth. Good news is that I'm scoring really well on my MC first go-around.

I'll hopefully be done with A2 tonight, getting frustrated with myself for sure.

[mypetmeatball]

[whatamidoing]

meatball – A3 is even MORE FUN than A2. While this stuff is much more familiar to me (remembering back to my days as an auditor in a Big 4) compared to REG, its taking a while to get through the material. I'm going through A3 now making my flashcards and doing the MCQs. At least I know that after next week's A5 and A6, there's no more new information and its just reviewing everything. That was the killer with REG and FAR – it never seemed to end!

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[Anonymous]

Some tricky words are what the auditor is Required, Should, or May do. Like a client representation letter is required for a review. And, an engagement understanding can be documented in an engagment letter or any other form of written communication. There is a difference between internal control efficiency vs effectiveness. Thanks for sharing!

[wendywhite]

My becker materials don't really go into any detail on GAGAS. I'm concerned – considering the amount of the FAR exam that was over governmental accounting — I just dont see how it could be left off. I'm thinking I'll just go into AL and read it straight from the source to ensure I don't have a gap – – or is it overkill?

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[MimiTheFighter]

Aud in 3 days! Pizza for Friday night just like what i did for FAR. Time to prove if the pizza theory is true again LOL

FAR 11/23/12 78!!!
AUD 2/2/13 77!!!
BEC 5/25/13 85!!!
REG 7/15/13 83!!!

AFTER NINE MONTHS I'M DONE!

[samdiegoCPA]

This weekend will be a real test of my will. I am sure the same for most of you! Super Bowl parties, etc. I have to be in the mindset that if I study and pass, I will have the opportunity/funds to GO to the Super Bowl one day and party in person 😛

AUD: 84
REG: 84
BEC: 79
FAR: 83

[Anonymous]

Audit is the bane of my existence. I need help with the Cash Transaction Cycle (A4 if you have Becker)…Kiting in particular.

The question is about what an auditor would do upon receiving a bank cutoff statement….I'm between two choices:

1) Trace PY checks listed in the cutoff statement to year-end outstanding checklist…or

2) Deposits in transit listed in the cutoff statement to the year-end bank reconciliation.

For some reason I can't understand Kiting based on the descriptions in Becker, and how it applies to cut-off statements and what not. Why is the answer #1??

I also am struggling with independence…as in, family members, audit staff, audit manager/partner/etc holding either direct or indirect financial interests in the audit client. Does anyone have anything that helps them remember independence relating to financial interests??

In addition, I could use general study techniques any of you have used that have proved successful.

[Author]

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