[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

[ganudorm]

@Mia – are you using Becker? Check FB

Also, a compilation provides no assurance. It is basically like the client giving you legos and saying “build me a castle” and you build the castle but provide no assurance about how good the castle was built.

[Zaq]

Be careful with the words “prepare” and “submit”.

Preparing documents simply means to create financial statements that without you would not exist.

Submitting means to present documents to a client or a 3rd party.

CPA's that “submit” unaudited financial statements comply with SSARS i.e. Compilations and Reviews (nonissuer).

Also.

Reviews give negative assurance. Giving any kind of assurance necessitates independence. Compilations give no assurance and as said above, simply puts all of a client's pieces together in a form without altering any of the information. You're still required to gain an understanding of the company and question balances that are clearly wrong/misrepresented.

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.

[kkimi05]

Don't forget to get a Representation letter from management for a Review, but not required for a compilation!

REG - 2/27/2013 - 78!!!!
AUD - 5/17/2013 - 72...Retake July 12th - 79!!!!
BEC - 8/29/2013 - 77!!!!
FAR - 11/14/2013- 72....Retake February 28th - 80!!! DONE!!!!

AICPA Ethics - 98!

[peetree]

Welp, I start studying for this bad boy tomorrow.

Hopefully two down, two more to go.

FAR 02/21/13 - 95
REG 07/02/13 - 87
AUD 08/02/13 - 94
BEC 08/30/13 - 85
Ethics Exam - 90

Illinois candidate awaiting his license

Used Becker Self Study | Ninja Audio | Becker Flash Cards | Ninja Notes | Wiley Test Bank

[Anonymous]

@Peetree how do you know this monster is a boy? LOL

[Kenada]

Hiya Ninja's

I have this question and I don't get it.

The FS has a material Inconsistency but the Auditor determines the FS don't need to be revised…

So why would the answer be A?

An auditor reads the letter of transmittal accompanying a county’s comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take?

A. Request that the client revise the letter of transmittal.

Answer (A) is correct.

The auditor’s responsibility with respect to other information does not extend beyond the financial information identified in the report, and the auditor has no obligation to perform any procedures to corroborate the other information. However, (s)he should read the other information and consider whether it and its manner of presentation are materially inconsistent with the financial statements. If the auditor determines that the statements do not require revision, (s)he should request the client to revise the other information.

B. Include an emphasis-of-matter paragraph in the auditor’s report.

C. Consider withdrawing from the engagement.

D. Request a client representation letter acknowledging the inconsistency.

FAR 05/27/14; 786/110 - Done !

[sam2013]

I tested audit in 2/7 and i am scared of failing for the third time 🙁

When i reached the simulation i nearly cried from the fear of failing

I wish i can get the result much faster if i failed i must purchased other materiel to study (using Becker )

Going for REG in 29/8

Aud 70 74 91
REG testing on 29/8/2013
Bus 83
Far 88

[Zaq]

@insiyah:

The Letter of Transmittal, itself, identifies a material inconsistency with the financial statements; not the auditor. It's Supplemental Information.

Thus, the auditor requests that the information be changed so that there is not inconsistency with the auditor's opinion (unqualified) and the Letter of Transmittal which appears to say the opposite. The concept is similar to how the auditor will request that a client change or adjust prescribed forms that have information that does not line up with the auditor's stance. If supplementary information contradicts what the auditor states, that information must be adjusted.

If the client refuses to make any adjustments, then the auditor issues an Unqualified OP with an Emphasis of Matter regarding the Supplementary Information. The refusal to adjust the supplementary information, if I recall correctly, does not preclude an Unqualified OP, and is one of the several scenarios where a Modified Unqualified OP is acceptable. Similar to going concern, justified departure from GAAP, lack of consistency, etc.

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.

[Qlad]

Starting to study for this section from today onwards….just listening to good ol' Becker and trying to finish the lecture part in 3 days…..planning to give the exam before Aug 5th…hope it is enough time to study and review if i do 7 to 8 hrs a day…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Kenada]

Oh Ok, thank you Inferno 🙂 God why do i stink at this topic LOL

FAR 05/27/14; 786/110 - Done !

[Zaq]

@Insiyah: It's a lame topic, haha.

So I'm trying to come up with a “cheat sheet” i.e. a single page of notes that I can write over and over again so that when I get into the testing center I can write it on the sheet paper that they give you. So far, what I have on there is:

1.) Important Mnemonics.

2.) Ratio Formulas. Not all 31 listed in Becker, but some of the more important ones. All Turnover ratios have what's being turned over in the Denominator and the Numerator is either Sales or COGS (easy to determine).

3.) Sampling Formulas. MPU. Ratio. Difference. Tainting %. Projected Error. Sample Size. Sampling Error. Upper Dev Rate.

Can you guys think of any other good stuff to add to this sheet? I'm sure it will vary based upon person and how much of what they know of whatever section. I'm trying to think of what to add for Chapter 4's Transaction Cycles. I already have a good understanding of when an EP should go before or after the OP and I think I know Chapters 1-2 like the back of my hand. Hm. Maybe a brief list of ARC responsibilities between some of the major control procedures and ToC's…

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.

[ganudorm]

Infero – when do you take AUD again? Also, you seem to have a pretty good understanding of the material – why do you think you failed the first time? What areas did your score report come back weak on (Not MCQ/Sims but more along the lines of particular sections)

[Zaq]

I take it this Saturday.

Thanks! I definitely failed the first time because I tried to cram 2 weeks of studying (full-time) so that I can take both REG and AUD in the same testing window. I was able to get through all the material, but it definitely wasn't enough for me to absorb all the information. Funny enough; I was scoring pretty well on my Becker Progress Exams; 85ish. Not so well with Wiley: 65ish. But I only supplemented with Wiley for the last couple of days.

Forgot my score report, but I know I got weak in Sims, one strong, one comparable, and the rest weak in MCQ's. Transaction Cycles are definitely my hardest subject.

What I did differently since May was grill millions of MCQ's down (mainly Wiley). I also took a much more extensive amount of notes and rewrote those notes (typed it online) and kept like a “Master List” of items that were pretty much all my weak areas. I stopped relying on energy drinks and changed my diet to eat healthier and went to sleep on time. I read the book probably thrice over in its entirety and I really focused on trying to really understand the big picture.

I feel much better this time around, but I'm not sure how much of it will pay off.

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.

[ganudorm]

Please don't mess the curve up for me as a first-time taker (sarcasm, of course)

Do you have any experience in Audit? I've been doing audits for a year so I am hoping some of the experience I've gained will come in handy for the test.

I am a bit intimidated by this test but I don't really know why (mainly because it's my last one).

From my reading here and speaking with various people, it seems like taking your time understanding what the MCQs are actually asking and using the authoritative literature extensively is a key to passing AUD.

[Zaq]

No experience in Audit at all. Lol.

My suggestion is to do MCQ's until you puke. Leave as much time for Sims on the exam, but DON'T rush through the MCQ. Read it carefully and be sure to extract keywords like “most likely, least likely, etc.” out for every question. Take notes on anything and everything you get wrong, or if you got it right but you guessed or got lucky, or if it made you hesitate. The goal is to try to make this material like 2nd nature to you.

If I say compilation, you say no assurance, SSARS no rep, non-issuers, understand the entity, disclose independence. No hesitation.

If I say audit risk, you say CR x IR x DR. CR x IR is RoMM. Test of controls. Test of details, substantive tests, analytical procedures. Planning and review phase required.

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.

[Author]

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