[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*

[Anonymous]

the questions on wiley are totally different from becker. its a perfect supplement for becker. though becker is excellent wiley questions take it to the next level its well worth the money. there are over 1300 mc's for auditing alone!

i think wiley saved me this time. took my exam this morning and i would say 3rd time's the charm!

[lesserlee]

Does any one know where I can find practice sims on tickmarks and calculations on spreadsheets? What would this calculation simulation be known as? What topic I mean, it involves tracing beginning and ending balances, I can't seem to find this simulation anywhere. I have Becker 2011 material, and read about how Becker has a really good example for tick marks, but I have looked front and back and do not see it. I think this example might be in the final review– but not sure does anyone know what I am talking about?

BEC-70, FEB 2013
AUD-11/19/12
REG- JAN 2013
FAR-MAY 2013

[SeattleAccountant]

@lesserlee, for tick marks practice Becker has excellent sim in Final Exam #1, tab 3. I just completed that last night and thought it was great review for that particular subject.

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[Anonymous]

Hey all- I saw some discussion on Becker A4 on the previous page- so I'm glad I'm not the only one who feels that chapter is tough 🙂

What are you guys all doing to master the different transaction cycles? I usually try to do a thorough reading during my final review but that section just has so much detail. So I'm more or less just doing MCQs on it over and over to try and understand the logic behind it. Anyone feel like they have a solid approach to the cycles?

[jamesb]

I am having trouble understanding “how to date an Audit Report” regarding Subsequent Events. (type 1 and Type 2). can someone share notes?

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[MintsRGood]

Becker A4 is hell!!!!! I'm using the Becker text, Wiley test bank + text, and Ninja notes. I think Wiley does an efficient job of presenting this info more so than Becker. I still took detailed notes and carefully read A4, but it was painful!!!!

Good luck everyone!!!!! 🙂

REG: 75 DONE 🙂
AUD: 61, 71, 68, 92 DONE 🙂
BEC: 76 DONE 🙂
FAR: 72, 74, 79 DONE 🙂
Licensed Michigan CPA 🙂
-Some people dream of success...others wake up and work hard for it!!!
-The cowards never start and the weak die along the way!
-You better work, b***h!
-Only those who dare to fail greatly can ever achieve greatly.-JFK

[Marie P]

I get confused by which reports are restricted and which are not. Anybody has a list or a trick to remember them? Thanks!

AUD - 2/28/13 - 95
REG - 10/2/12 - 85
FAR - 1/15/13 - 95
BEC - 4/25/13 - score pending. Really hope I'm done!!!
Ethics - 5/6/12 - 92

Becker in class, Becker flashcards & final review, Wiley test bank.

California candidate

[Anonymous]

@ Marie P

Best way I can remember is if the F/S is presented in accordance with GAAP or an OCBOA, it usually isn't restricted. If it is not, then it's usually restricted. I don't know what review you are using, but if I'm remembering right that was called out in the Becker material.

[Marie P]

@badger_2012

I used Becker and the Ninja notes. Your comment helps but I still have difficulties with which attest engagements is/is not restricted, which internal control report is/is not, letters to underwriters are restricted, some special reports are restricted even if related to GAAP F/S others not… it still feels like spaghetti bowl 🙂

AUD - 2/28/13 - 95
REG - 10/2/12 - 85
FAR - 1/15/13 - 95
BEC - 4/25/13 - score pending. Really hope I'm done!!!
Ethics - 5/6/12 - 92

Becker in class, Becker flashcards & final review, Wiley test bank.

California candidate

[jamesb]

@Marie P..I think Becker does good job on this topic…

If services are being called upon as contract, then its “Restricted” to those users who specially contracted an accountant to perform.

If services are being perform because its required by GAAP or OCBOA, then its not restricted. The difference here is that GAAP/OCBOA requires accountant to perform those services. If something is not required, but was specially hired to perform services, then accountant issues “special report” and its Restricted.

can someone answer my question in my post above?

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[Marie P]

@jamesb thanks for your feedback

AUD - 2/28/13 - 95
REG - 10/2/12 - 85
FAR - 1/15/13 - 95
BEC - 4/25/13 - score pending. Really hope I'm done!!!
Ethics - 5/6/12 - 92

Becker in class, Becker flashcards & final review, Wiley test bank.

California candidate

[SeePeeAyy]

How many hours for AUD would you guys recommend overall?

[GreenMonkey]

I wish that for A-4, Becker included flowcharts of each of the cycles. I spent half an hour color coding and staring at the flowchart for the Purchasing cycle… and I am getting all of those M.C. correct. For some of the other cycles with which I am struggling, it would be nice to be able to dissect a flowchart the same way.

REG- 91
AUD- 97
BEC- 91
FAR- May

[GreenMonkey]

I have a question on kiting. I get the concept, but seem to always confuse myself when looking at the different dates (per bank/per books). Can someone explain to me why the transfer below constitutes kiting?

Disbursement Per Books: Jan. 2

Disbursement Per Bank: Jan. 2

Receipt Per Books: Jan. 2

Receipt Per Bank: Dec. 31

To me it seems like this wouldn't be kiting because per books the cash isn't recognized in the second bank until Jan. 2 (meaning that the cash will only be accounted for in the first bank at 12/31).

I remember having the same trouble in audit class and eventually figuring it out… but I'm stumped again on the logic here. Thanks for any help!

REG- 91
AUD- 97
BEC- 91
FAR- May

[Anonymous]

I think it's kiting because of the bank disbursement/receipt dates (and not per the books). When I pay my credit card, my credit card bill shows up as paid a few days before my bank actually shows the money is gone. Therefore if someone were to look at my bank statements, for a few days it looks like I have a fully paid-off credit card, but a full checking account at the same time (which isn't true). The same thing is happening here.

If the auditor looks at the statement at year end, he's going to see that cash was deposited in the bank #2. However, bank #1 hasn't caught up and the money that was transferred out is still showing up in the account, because of the lag. The cash on 12/31 will show up in both banks- because the receipt of cash is recorded at the recipient bank before the disbursement is recorded at the disbursing bank.

[Author]

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