[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*

[WACCadoodle]

Everyone is saying they are finding SIM answers “word for word” in the AL to answer the non-research questions.

FAR 79
REG 81
BEC 75
AUD 76

[WACCadoodle]

Good Luck!! Hope you passed FAR!

FAR 79
REG 81
BEC 75
AUD 76

[nbad311]

Does anyone have the low-down on the changes that are coming about June 30, 2013? It's in the reporting section.

I just bought the 2013 Wiley textbook last night to start supplementing with my Bisk materials, and for the Reporting chapter (haven't gotten to it yet in either book) – has two versions, dependent on whether you're taking it pre-6/30/13 of AFTER 6/30/13. I haven't looked at it yet. I'm totally new to the audit exam so hopefully I'll only be taking it once!

REG - 65, 70, 80!
BEC - 35, 62, 79!
AUD - 73, 75!
FAR - 65, 73, 70, 75! DONE.

[Futile]

RE: SIMs and AL

The AL is no use when you get SIMs on ratios or journal entries. -___-

CPA exam: Done!

Thank You, Lord.

[MissCPA]

Anyone took the exam already and waiting for the results ? Or anyone got them yet ?

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

[mypetmeatball]

People seriously get SIMs on journal entries? There's not a single journal entry even mentioned in the review material!

[Futile]

@MissCPA I took the exam this week. Have to wait til March. 🙁

@mypetmeatball I know! There's nothing about journal entries in any review material I looked over (and I have things from just about everybody)! But I think I saw SIMs on journal entries in Wiley or CPAexcel TB and I had lots of FAR-related crap on my AUD exam, so definitely testable!!!! To make things worse, it could be combined with “what effect will the journal entries have on xyz ratio?” Gah!

CPA exam: Done!

Thank You, Lord.

[lauryate]

I had a simulation that asked me to write JEs. Don't remember what the topic was, but I freaked out and had to remind myself what was debited and credited because I hadn't looked at a journal entry in months!

AUD - 85
BEC - 88
FAR - 88
REG - 5/10/2013

[SeattleAccountant]

@ mypetmeatball,

My FAR exam sim had 6! out 7 tabs that required JE's, not kidding you. Moreover, those JE's were not single line dr./cr.

Perhaps it was just a luck of the draw from a test bank, but I expected to see more of drop-down menu type things and instead got overwhelming majority of debits and credits and it felt like back in junior college 🙂 scribbling and making sure that everything balances out.

Will see how the upcoming AUD fares in this respect, hopefully it is not going to be combined with scenarios where overstated/understated this year and under/over next year and asking to determine some other variable!

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

[whatamidoing]

Just reposting my question from above…Is anyone able to assist on variables sampling, specifically when to use the MPU/Ratio/Difference, and how those fit into the process of determining if the account is not materially misstated?

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

DONE!

[Anonymous]

Can someone please help me with the below issues on Independence (Rule 101)…

Close Relatives are defined as parents, siblings, & nondependent children….

But I've seen questions about cousins, aunts, uncles, grandparents, etc…do they count as close relatives??

Examples:

1) If you have a cousin that is general partner of your client, does that impair independence?

2) If you have a cousin that has a 2% direct financial investment in your client does that impair independence?

3) If you have a cousin that has a 10% indirect financial investment in your client does that impair independence?

– – – – – –

Replace the above 3 with your dad….do those scenarios impair independence since its your dad (close relative)??

[SeattleAccountant]

@AHHH, going over my notes covering this area.

Three groups of people that issue of independence comes in play:

1. Covered members (rule 101)

2. Immediate families of covered members (spouse and minor dependents) (rule 101)

3. Close relatives (parents, adults kids, siblings) (rule 101 applies in cases when auditor has personal knowledge of possible conflict of interest; 5% or more ownership, key financial position)

Cousins, aunts/uncles, grand parents are none of those. My understanding is to treat them as acquaintances & friends unless they live under the same roof in the same household and somehow dependent on the auditor.

Hope that helps

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

[whatamidoing]

I'm hoping someone could help me out by confirming if my understanding of this is correct, or if I'm way off. I think it finally clicked, I just need to memorize the formulas.

So, when you're analyzing the results of your variables testing results, you choose between mean per unit, ratio, or difference estimation by using the formula to arrive at a point estimate. The point estimate is then added to the allowance for sampling risk to arrive at the acceptable range. You then compare the client's book value to the auditor's range that you just calculated, right?

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

DONE!

[jamesb]

@WACCadoodle…I passed FAR!!

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[WACCadoodle]

@jamesb

YAY!!! That was the test I was most afraid of because only geniuses can be CPAs & I was just kiddin myself for even tryn.

Congratulation!! Now on to knock AUD out of the park!

FAR 79
REG 81
BEC 75
AUD 76

[Author]

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