[jeff]

AUD Resources:

Free AUD Notes & Audio – https://www.another71.com/cpa-exam-study-plan

AUD 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

AUD Score Release: https://www.another71.com/cpa-exam-scores-results-release

[lsp2361]

@sierverd

How was the difficulty of the sims compared to previous audit exams? I've taken it 3 times and I've had one sim that has been the same on every exam, too bad it's the one that I'm not sure about!

BEC 80
FAR 86
REG 80
AUD 73, 68, 72, 90!!

DONE!!!

[lsp2361]

@sierverd

How was the difficulty of the sims compared to previous audit exams? I've taken it 3 times and I've had one sim that has been the same on every exam, too bad it's the one that I'm not sure about!

BEC 80
FAR 86
REG 80
AUD 73, 68, 72, 90!!

DONE!!!

[Misu243]

Just took the exam today and it was quite difficult. I”m not going to comment on how I feel I did because last two times I was completely wrong and I failed miserably. I think it was a decent effort. Can't wait for February for the score release.

BEC: 66, 74, 80* (Expired), 73, 76*
FAR: 66, 72, 67, TBA
REG: 68, 72, 74, 70, 79*
AUD: 43, 71, 77* (Expired), 71, TBA

[Misu243]

Just took the exam today and it was quite difficult. I”m not going to comment on how I feel I did because last two times I was completely wrong and I failed miserably. I think it was a decent effort. Can't wait for February for the score release.

BEC: 66, 74, 80* (Expired), 73, 76*
FAR: 66, 72, 67, TBA
REG: 68, 72, 74, 70, 79*
AUD: 43, 71, 77* (Expired), 71, TBA

[ladybossxo]

Hey guys!

I am on chapter 3 in Auditing and am currently working on the multiple choice questions. I do not seem to understand the difference between an audit strategy and an audit plan. I keep getting the questions wrong.

For an audit strategy, is it when you read the financial statements of the client, and decide on what actions to take to complete the audit?

For an audit plan, is it when you just list out your actions?

Thanks!

CPA Exams Done.

[ladybossxo]

Hey guys!

I am on chapter 3 in Auditing and am currently working on the multiple choice questions. I do not seem to understand the difference between an audit strategy and an audit plan. I keep getting the questions wrong.

For an audit strategy, is it when you read the financial statements of the client, and decide on what actions to take to complete the audit?

For an audit plan, is it when you just list out your actions?

Thanks!

CPA Exams Done.

[sieverd]

@ISP

I felt that two of the SIMS were much easier (got them all completely right). The other ones were mysteries….so I am crossing my fingers. I am in the same boat though, felt I was going to pass my previous attempts, felt the same coming out of them as I did when I passed the other tests. Hopefully I can post some good news in here soon. Good luck on the 9th ISP.

REG: 80 (4/1/13)
BEC: 87 (5/29/13)
FAR: 82 (7/31/13)
AUD: 63, 69, 86 (1/3/14)

"Separation is in the preparation" - Russell Wilson

Using Becker Self Study & Ninja Audio

[sieverd]

@ISP

I felt that two of the SIMS were much easier (got them all completely right). The other ones were mysteries….so I am crossing my fingers. I am in the same boat though, felt I was going to pass my previous attempts, felt the same coming out of them as I did when I passed the other tests. Hopefully I can post some good news in here soon. Good luck on the 9th ISP.

REG: 80 (4/1/13)
BEC: 87 (5/29/13)
FAR: 82 (7/31/13)
AUD: 63, 69, 86 (1/3/14)

"Separation is in the preparation" - Russell Wilson

Using Becker Self Study & Ninja Audio

[lab2008]

I took Audit today. It was my first test ever. I started studying around 11/20 when my Becker class started. Studied through the holidays. I would be very surprised if I pass. There were some MCQ and Sims I for sure knew the answers, then a lot of guessing. I felt like there was a lot of stuff on the exam that was not in Becker and Wiley test bank so not sure what my strategy will be if I didn't pass. My Reg Becker class starts this Wed so I'll be a month into studying Reg before I get my audit score.

Ugh, welcome to the process huh.

3 out of 4 passed and sitting for FAR on May 31. Will lose credit for Audit if I don't pass FAR by Aug 4. I love leases and bonds.

[lab2008]

I took Audit today. It was my first test ever. I started studying around 11/20 when my Becker class started. Studied through the holidays. I would be very surprised if I pass. There were some MCQ and Sims I for sure knew the answers, then a lot of guessing. I felt like there was a lot of stuff on the exam that was not in Becker and Wiley test bank so not sure what my strategy will be if I didn't pass. My Reg Becker class starts this Wed so I'll be a month into studying Reg before I get my audit score.

Ugh, welcome to the process huh.

3 out of 4 passed and sitting for FAR on May 31. Will lose credit for Audit if I don't pass FAR by Aug 4. I love leases and bonds.

[stoleway]

Ladybossxo.

Audit plan is more detailed than strategy, think of audit plan as “what to do”

It contains the nature of the audit, timing and extent of audit procedures to reduce audit risk to a minimum.

I usually want to think of the planning stages as where all the work begins, assembling the audit team, communicating with predecessor auditors after acceptance, reading financial statements, asking questions etc.

Planning stages is used to gain understanding of the entity and their business. Its also involves assessment of risk.

Strategy is how you approach your audit after having all this information available to you.

Strategy is “how to do it” …will you test control ? Will you increase / reduce substantive procedures?

I hope this helps.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[stoleway]

Ladybossxo.

Audit plan is more detailed than strategy, think of audit plan as “what to do”

It contains the nature of the audit, timing and extent of audit procedures to reduce audit risk to a minimum.

I usually want to think of the planning stages as where all the work begins, assembling the audit team, communicating with predecessor auditors after acceptance, reading financial statements, asking questions etc.

Planning stages is used to gain understanding of the entity and their business. Its also involves assessment of risk.

Strategy is how you approach your audit after having all this information available to you.

Strategy is “how to do it” …will you test control ? Will you increase / reduce substantive procedures?

I hope this helps.

REG -63│ 84!!
BEC- 59│70│ 71 │78!
AUD- 75!
FAR- 87!

Mass-CPA

[ZSRizvi]

Management believes and the auditor is satisfied that a material loss probably will occur when pending litigation is resolved. Management is unable to make a reasonable estimate of the amount or range of the potential loss, but fully discloses the situation in the notes to the financial statements. If management does not make an accrual in the financial statements, the auditor should express a(an):

a. Qualified opinion due to a scope limitation.

b. Qualified opinion due to a material misstatement of the financial statements.

c. Unmodified opinion with an other-matter paragraph.

d. Unmodified opinion.

The answer is D but why wouldn't it be C? If the litigation will result in a loss, why wouldn't it be disclosed in an “other-matter” paragraph? More importantly, why wouldn't it be disclosed under an “Emphasis-of-Matter” paragraph?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[ZSRizvi]

Management believes and the auditor is satisfied that a material loss probably will occur when pending litigation is resolved. Management is unable to make a reasonable estimate of the amount or range of the potential loss, but fully discloses the situation in the notes to the financial statements. If management does not make an accrual in the financial statements, the auditor should express a(an):

a. Qualified opinion due to a scope limitation.

b. Qualified opinion due to a material misstatement of the financial statements.

c. Unmodified opinion with an other-matter paragraph.

d. Unmodified opinion.

The answer is D but why wouldn't it be C? If the litigation will result in a loss, why wouldn't it be disclosed in an “other-matter” paragraph? More importantly, why wouldn't it be disclosed under an “Emphasis-of-Matter” paragraph?

BEC (July 2013)
FAR (OCT 2013)
REG (NOV 2013)
AUD (JAN 2014)

The CPA Exam is an opponent that not even the Fellowship of the Ring would want to come across.

I have a long...long...journey ahead of me.

[G3]

@ ZSRizvi

I think because they “fully disclosed” it

3XBEC:75 * 4XREG:82 * 4XFAR:76 * 7XAUD:77

“It is hard to fail, but it is worse never to have tried to succeed.” Theodore Roosevelt

[Author]

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