[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

[G3]

Oops, posting this on the wrong thread (sorry Jeff) 🙁

Just posted it on the correct thread

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

[G3]

Oops, posting this on the wrong thread (sorry Jeff) 🙁

Just posted it on the correct thread

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

[kpmartin42]

Anyone else have this problem with the A3 simulation tabs 6 and 8?

On tab 6 the question reads, “While preparing the auditor's report, the audit assistant believes that the auditor can never use the findings of a specialist. The audit manager disagrees. What citation in the professional standards supports the audit manager's position? The citation that supports that the specialists findings CAN BE USED is AU-C 620.15, but Becker references AU-C 620.14 that also states the finding can't be used. Isn't the audit manager's position that it CAN be used? So why would the citation that it cannot be used be the correct answer?

On tab 8,

“Martin CPA, wants to be sure that the risk of material misstatement due to fraud is properly addressed. What guidance is provided by the AICPA Professional Standards that may help martin locate the example of possible audit procedures to address the assessed risks of material misstatement due to fraud? The Becker answer is AU-C 240.75, which only cites the risk factors related to fraud and material misstatements, while AU-C.76 lists specific procedures.

Becker told me I was right, then prompted me to update my 2013 lectures, but I am studying for 2014 and bought Becker after they made the switch.. Just curious to see if anyone else has come across this.

[kpmartin42]

Anyone else have this problem with the A3 simulation tabs 6 and 8?

On tab 6 the question reads, “While preparing the auditor's report, the audit assistant believes that the auditor can never use the findings of a specialist. The audit manager disagrees. What citation in the professional standards supports the audit manager's position? The citation that supports that the specialists findings CAN BE USED is AU-C 620.15, but Becker references AU-C 620.14 that also states the finding can't be used. Isn't the audit manager's position that it CAN be used? So why would the citation that it cannot be used be the correct answer?

On tab 8,

“Martin CPA, wants to be sure that the risk of material misstatement due to fraud is properly addressed. What guidance is provided by the AICPA Professional Standards that may help martin locate the example of possible audit procedures to address the assessed risks of material misstatement due to fraud? The Becker answer is AU-C 240.75, which only cites the risk factors related to fraud and material misstatements, while AU-C.76 lists specific procedures.

Becker told me I was right, then prompted me to update my 2013 lectures, but I am studying for 2014 and bought Becker after they made the switch.. Just curious to see if anyone else has come across this.

[Fk]

what is the difference between a piecemeal opinion and a audit of a specified elements ?

[Fk]

what is the difference between a piecemeal opinion and a audit of a specified elements ?

[keaguek]

hey guys, I am taking audit in a few weeks and will be my first cpa test.

How do you use the authoritative literature to your advantage?

I feel like on the research questions, my answer seems right but then there is always something else that is the correct answer. Do you go through the tabs or use the search function?

Also, through anyones past experience with the audit test, how much of it was calculations related? Not that is is too hard of a concept but i've somewhat ignored all the ratio related questions and formulas. Should I definitely go back and try master that concept or is my time better suited in other areas

Audit- 91 Feb 2014

FAR- 78 5/14

BEC- 82 7/14

REG- 2/15, 70
retest 4/15

[keaguek]

hey guys, I am taking audit in a few weeks and will be my first cpa test.

How do you use the authoritative literature to your advantage?

I feel like on the research questions, my answer seems right but then there is always something else that is the correct answer. Do you go through the tabs or use the search function?

Also, through anyones past experience with the audit test, how much of it was calculations related? Not that is is too hard of a concept but i've somewhat ignored all the ratio related questions and formulas. Should I definitely go back and try master that concept or is my time better suited in other areas

Audit- 91 Feb 2014

FAR- 78 5/14

BEC- 82 7/14

REG- 2/15, 70
retest 4/15

[mystical guy]

@keaguek, It seems a matter of preference when it comes to AL, based on people's comments. However, I think it's very worthy to practice using the search function as well as clicking around on topics. That's because when you can't find something through one method, you can just switch and try the other method.

The little secret I discovered about the research questions is that you should never give up until you find the answer to what you're looking for, word for word. One example from an AICPA released questions (or my review course), was asking about what an Auditor should do if management has not signed the representation letter because they're out of town, or something. You will literally see the words, “management has not signed the representation letter because they were not at the client facilities throughout the audit”, or something extremely close to the wording of the actual question. There might be another VERY similar response but it won't have the keywords (seems to me the AICPA picks research questions that have two answers, with one being the best answer). Absolute assurance is needed when it comes to finding the right response.

Finally, first time I took AUD, studied for a week and failed with 74. Second time I gave her the respect she deserves. I studied like my life depended on it, for 2 months, and covered 5,000 MCQs. I could literally tell you the answer to any of those without looking at the multiple choices, and I got to the point of memorizing the AU-Cs lol.

Based on my study of past exam questions, the only two type of calculations are in the SIMS, and they are (a). Checking bank reconciliations to find out they are arithmetically correct. (b). Adding up some items that go into JEs, e.g. getting COGS from Sales and Gross profit. JEs are more prevalent than calculations.

CPA - Since 2015
CISA - Smashed 2012
CIA - Passed 2015

[mystical guy]

@keaguek, It seems a matter of preference when it comes to AL, based on people's comments. However, I think it's very worthy to practice using the search function as well as clicking around on topics. That's because when you can't find something through one method, you can just switch and try the other method.

The little secret I discovered about the research questions is that you should never give up until you find the answer to what you're looking for, word for word. One example from an AICPA released questions (or my review course), was asking about what an Auditor should do if management has not signed the representation letter because they're out of town, or something. You will literally see the words, “management has not signed the representation letter because they were not at the client facilities throughout the audit”, or something extremely close to the wording of the actual question. There might be another VERY similar response but it won't have the keywords (seems to me the AICPA picks research questions that have two answers, with one being the best answer). Absolute assurance is needed when it comes to finding the right response.

Finally, first time I took AUD, studied for a week and failed with 74. Second time I gave her the respect she deserves. I studied like my life depended on it, for 2 months, and covered 5,000 MCQs. I could literally tell you the answer to any of those without looking at the multiple choices, and I got to the point of memorizing the AU-Cs lol.

Based on my study of past exam questions, the only two type of calculations are in the SIMS, and they are (a). Checking bank reconciliations to find out they are arithmetically correct. (b). Adding up some items that go into JEs, e.g. getting COGS from Sales and Gross profit. JEs are more prevalent than calculations.

CPA - Since 2015
CISA - Smashed 2012
CIA - Passed 2015

[mystical guy]

@Fayas, I didn't see a response to your question but a report on a specific element is part of the Special Reports (AU 623 .12 to .14, I believe). Piecemeal opinion is expressing an opinion on a specific element when the auditor has issued a adverse or disclaimer on the financial statements as a whole. If I remember correctly, that is inappropriate.

However, there's a little exception. The auditor MAY issue a piecemeal opinion if the element(s) are not a major portion of the financial statements as a whole. For instance, the AL gives the example of Accounts Receivable. There is a caveat. The report MUST be issued separately from the report disclaimer/adverse opinion on the financials. In short, you can't issue a disclaimer/adverse on the financials with an additional paragraph stating that the AR are clean.

CPA - Since 2015
CISA - Smashed 2012
CIA - Passed 2015

[mystical guy]

@Fayas, I didn't see a response to your question but a report on a specific element is part of the Special Reports (AU 623 .12 to .14, I believe). Piecemeal opinion is expressing an opinion on a specific element when the auditor has issued a adverse or disclaimer on the financial statements as a whole. If I remember correctly, that is inappropriate.

However, there's a little exception. The auditor MAY issue a piecemeal opinion if the element(s) are not a major portion of the financial statements as a whole. For instance, the AL gives the example of Accounts Receivable. There is a caveat. The report MUST be issued separately from the report disclaimer/adverse opinion on the financials. In short, you can't issue a disclaimer/adverse on the financials with an additional paragraph stating that the AR are clean.

CPA - Since 2015
CISA - Smashed 2012
CIA - Passed 2015

[kpmartin42]

What is everyone's thoughts on the review up to the exam? Is it really possible to review the whole book in two weeks?

[kpmartin42]

What is everyone's thoughts on the review up to the exam? Is it really possible to review the whole book in two weeks?

[JimmyChoo]

This may be a really dumb question, but I need peace of mind on this topic for me.

Can someone clarify the what “Group Level” is and what “Financial Statement Level” is?

For example, when you have a non-significant component analytical procedures are performed at the group level. I believe it was in the NINJA notes. I just want to make sure that I am not misunderstanding what ‘group level' means.

AUD: 71,66
FAR: 52, 56, 69, 73(shoot me)
REG:
BEC:

[Author]

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