[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

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[scudd1pa]

Has anyone updated their 2012 Becker for the new materials? I ordered it online and received a confirmation email, but I thought it was a online download… Should I be looking for the materials in the mail or am I missing something?

FIN-May 2013- 81!
AUD-July 2013- TBD
REG-September 2013- TBD
BUS-September 2013- TBD

[GodsSport]

Eliabraham – Yes, it appears Wiley has issued an updated 2013 book with the clarified standards. It also contains an alternate Mod 5 Reports. If you buy it online be sure ti check the table of contents.

FAR 83
BEC 85
AUD 68, 93
REG I'm coming for you!

[Anonymous]

Hi Guys. I need a quick explanation on this becker question:

An auditor suspects that a client is fraudulently overstating revenue by recording fictitious sales. Which of the following audit procedures would most likely be used to identify this situation?

a. Select a sample of entries in the sales journal and trace to the related sales invoices.

b. Select a sample of sales invoices and trace to the related shipping documents.

c. Select a sample of shipping documents and trace to the related sales invoices.

d. Select a sample of sales invoices and trace into the sales journal

The answer is b because phony sales invoices would be created but there wouldn't be any shipping documents to show this. That part I undertand, but as far as the tracing and vouching go is this question assuming that the auditor already vouched down from the F/S and discovered the Revenues were false? I'm confused because Becker keeps associating vouching with overstated revenues and assets, and tracing with understating expenses and liabilities.

[10keyLeah]

There's an explanation of a similar question that may help located here:

https://www.another71.com/cpa-exam-forum/topic/im-still-not-understanding-this-tracingvouching-business

Read through that thread and see if it helps.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[wisco_cpa_quest]

AUD – 7.13.2013

BEC – 8.31.2013

FAR – TBD

REG – TBD

Studying Becker week 2. Working FT studying nights and weekends. Anyone have any unique tips. Flashcards worth it? Considering purchasing them.

AUD 07.13.13: 81
BEC 08.31.13: 76
FAR 12.06.13: 82
REG 02.08.13: TBA

[Anonymous]

The more I think about it the more it makes sense. Knowing the revenues are overstated we must find support and existence. Sales invoices without shipping documents means the sale was recorded but nothing go sent to the customer. Thanks for the reference 10key!

[Anonymous]

After a 71 on AUD in April, it looks like I'm back. Probably going to re-take around July 15. Good luck to everyone.

[jeff]

HiYa for Internal Control

https://www.another71.com/ninja-blitz/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[fa2cpa]

Ok, funs over. A two week break turned into a 5 week break. eeeeek! Back to it.

BEC- 79 (Feb. 2013)

REG- 80 (Apr. 2013)

AUD- TBD (July 2013)

FAR- TBD (August 2013)

[Zaq]

Two questions to my fellow Ninja'ers:

1.) Can someone give me a real life example of kiting in a bit of detail? I understand the concept terminology and how it differs from lapping, but I'm having a hard time physically seeing how this works

2.) What section of Jeff's Ninja Notes apply to Transaction Cycles? (Chapter 4: Becker)

FAR: 50, 76!
REG: 74... (ouch baby, very ouch), 76!
AUD: 65, 91!?
BEC: 80! Aaaand doneskies!

May 2012 to August 2013. Can't believe it's over.

[Anonymous]

Check Kiting is basically floating checks to fund an initial check or groups of checks. For instance: You're broke and have no money today you write a check for 100.00 to get by until payday but you have no funds. Tomorrow you write another check for 100.00 and take that money to the bank to cover the first check you wrote, the next day you write another check to cover the second check that covered the first check and so on and so on until you hopefully have the funds to clear up the initial 100.

[Anonymous]

I am taking the Auditing test on July 8th. I feel really confident because I passed BEC which I considered it to be my toughest challenge of the four parts.

[Anonymous]

I think another main point of Kiting has to do with the recording aspect within a business. The bank account the check is written off(1st bank) of is not recorded day 1 and the bank account the check is written to(2nd bank) is recorded. It makes the funding appear to be in two places or doubled until it gets bounced(returned) by the 2nd bank.

[jeff]

NINJA AUD Update is here.

HiYa!

https://www.another71.com/clarity-project-cpa-exam-2013/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[ksgrlnaz]

I am going to start studying AUD on Saturday, June 1st and have scheduled my test date for Saturday, July 13th … we have a family vacation to the inlaws scheduled over the Fourth of July, but I plan to stay on track and study in the mornings/evenings. I plan to knock AUD out in 6 weeks!!!

Good luck to everyone!

Cathleen

AUD - JUL 2013
BEC - AUG 2013
REC - NOV 2013
FAR - FEB 2014

[Author]

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