[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

[Anonymous]

Hi all! I am planning on studying for AUD using Becker online starting Aug 12 and taking the exam before the window closes on Aug 30 or the 31. Is this a totally crazy idea? I'm currently studying for FAR and taking that exam on Aug 9th so any suggestions/tips would be greatly appreciated 🙂

[Anonymous]

Hi all! I am planning on studying for AUD using Becker online starting Aug 12 and taking the exam before the window closes on Aug 30 or the 31. Is this a totally crazy idea? I'm currently studying for FAR and taking that exam on Aug 9th so any suggestions/tips would be greatly appreciated 🙂

[Qlad]

I have no experience of AUD and having hard time understand the logic of RMM and DR…..

When the book says “Increase in Test of Details will Lower the DR” …what does it mean in layman's language?…..

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

[Qlad]

I have no experience of AUD and having hard time understand the logic of RMM and DR…..

When the book says “Increase in Test of Details will Lower the DR” …what does it mean in layman's language?…..

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

[littlenumberrobot]

@Qlad – it means the more tests you do, the less risk you will miss something(Detection risk goes down).

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[littlenumberrobot]

@Qlad – it means the more tests you do, the less risk you will miss something(Detection risk goes down).

CA CPA - All because of the journey listed below
-----------------------------------------------------------------------
FAR - 53('10), 8/25/12 79 PASSED!
REG - 66('11), 69('12), 12/06/12 77 PASSED!!
BEC - 58('10), 74('12), 01/05/13 77 PASSED!!!
AUD - 43('11), 66('12), 69('13), 74('13) 7/29/13 85 PASSED!!!!!

(Combinations of Roger, Yaeger, Wiley Book, Wiley TB, & NINJA Notes)

Ethics 90%

[Anonymous]

Qlad,

Try not to get too caught up in the verbiage and think about it logically. If you are performing and audit, and you wanted to decrease the chance of you missing an error (detection risk), what would be the best way of doing that? You would want to test more of the evidence (test of details).

Also, the more you test, the less chance of you missing an error. That's why when test of details goes up, detection risk goes down.

Hope that makes it a little easier to understand.

[Anonymous]

Qlad,

Try not to get too caught up in the verbiage and think about it logically. If you are performing and audit, and you wanted to decrease the chance of you missing an error (detection risk), what would be the best way of doing that? You would want to test more of the evidence (test of details).

Also, the more you test, the less chance of you missing an error. That's why when test of details goes up, detection risk goes down.

Hope that makes it a little easier to understand.

[Anonymous]

Simply put, if you don't conduct tests of details a whole lot like doing some short cuts or slacking off or being a simply lazy CPA, chances are you will miss to detect errors, fraud or illegal acts.

[Anonymous]

Simply put, if you don't conduct tests of details a whole lot like doing some short cuts or slacking off or being a simply lazy CPA, chances are you will miss to detect errors, fraud or illegal acts.

[Qlad]

@littlenumberrobot, amordiva, DC….

Thanks…i got it!

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

[Qlad]

@littlenumberrobot, amordiva, DC….

Thanks…i got it!

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

[Amay]

Tricky tricky…

Which of the following events occurring after the issuance of an auditor's report most likely would cause the auditor to make further inquiries about the previously issued financial statements?

a. An uninsured natural disaster occurs that may affect the entity's ability to continue as a going concern.

b. New information is discovered concerning undisclosed lease transactions of the audited period.

c. A subsidiary is sold that accounts for 25% of the entity's consolidated net income.

d. A contingency is resolved that had been disclosed in the audited financial statements.

Explanation: Choice “b” is correct. The question addresses the subsequent discovery of facts that may have existed at the balance sheet date. Such events will often require an adjustment to the financial statements. An example is new information discovered about undisclosed lease transactions of the audited period. As a result, the auditor should make further inquiry to determine whether the information is reliable and whether the facts existed at the date of the report.

Choice “a” is incorrect. The natural disaster is an example of a subsequent event occurring after the date of the auditor's report that the auditor has no obligation to investigate.

Choice “d” is incorrect. The resolution of a disclosed contingency is an example of a subsequent event occurring after the date of the auditor's report that the auditor has no obligation to investigate.

Choice “c” is incorrect. Sale of a subsidiary occurring after the date of the auditor's report is an example of a subsequent event that the auditor has no obligation to investigate.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

Tricky tricky…

Which of the following events occurring after the issuance of an auditor's report most likely would cause the auditor to make further inquiries about the previously issued financial statements?

a. An uninsured natural disaster occurs that may affect the entity's ability to continue as a going concern.

b. New information is discovered concerning undisclosed lease transactions of the audited period.

c. A subsidiary is sold that accounts for 25% of the entity's consolidated net income.

d. A contingency is resolved that had been disclosed in the audited financial statements.

Explanation: Choice “b” is correct. The question addresses the subsequent discovery of facts that may have existed at the balance sheet date. Such events will often require an adjustment to the financial statements. An example is new information discovered about undisclosed lease transactions of the audited period. As a result, the auditor should make further inquiry to determine whether the information is reliable and whether the facts existed at the date of the report.

Choice “a” is incorrect. The natural disaster is an example of a subsequent event occurring after the date of the auditor's report that the auditor has no obligation to investigate.

Choice “d” is incorrect. The resolution of a disclosed contingency is an example of a subsequent event occurring after the date of the auditor's report that the auditor has no obligation to investigate.

Choice “c” is incorrect. Sale of a subsidiary occurring after the date of the auditor's report is an example of a subsequent event that the auditor has no obligation to investigate.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Anonymous]

@CPA Dilemma – How were you with Auditing in college? And/or do you do it in your job currently? I took FAR July 17, have AUD scheduled for Aug 14, and feel pretty good about that…but I did quite well with AUD in undergrad (it “clicked” more than any of my other courses), and on 2 different 10-question quiz-type-things for AUD that I took while studying for FAR, I scored 80%, so I figured I must remember something from undergrad! Also, whether or not you're currently working will affect how much you can study in a short time.

However, 2-3 weeks is definitely a short time for a CPA exam section. Unless you are very comfortable with Auditing material, it might not be long enough. But…if not, so what? Worst that happen is you reschedule it, or you fail and take it over, so if the fees associated with re-taking or re-scheduling the exam don't bother you, then might as well try! Just don't let it dishearten you if you have to reschedule or fail, because you will be extremely amazing if you pass it with 2-3 weeks study..and still be pretty awesome if you pass it at all, even if it takes a few tries!

[Author]

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