[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]

jckund – Sounds like you're ready. Before I took my exam, I flipped through the glossary to make sure I had some of the more obscure terms/regulations down. Good luck!

[Anonymous]

jckund – Sounds like you're ready. Before I took my exam, I flipped through the glossary to make sure I had some of the more obscure terms/regulations down. Good luck!

[LoxRican]

I received my score report today from NASBA. I blew the SIMS out of park. Hoewever, the MC were weak.

On another note, I need some clarification on qualitative measures of materiality.

Thanks,

Roberta

[LoxRican]

I received my score report today from NASBA. I blew the SIMS out of park. Hoewever, the MC were weak.

On another note, I need some clarification on qualitative measures of materiality.

Thanks,

Roberta

[LisaMarie0426]

AUD round 4 tomorrow. I literally cannot know this stuff any better. Good luck to all! If ya fail, just try again. I promise you'll survive!

AUD 69..65..74..91!!!!
REG 77!
BEC 82!!
FAR 77!!!

Certified October 2013

Becker Self Study - All Sections
Ninja Audio - AUD

[LisaMarie0426]

AUD round 4 tomorrow. I literally cannot know this stuff any better. Good luck to all! If ya fail, just try again. I promise you'll survive!

AUD 69..65..74..91!!!!
REG 77!
BEC 82!!
FAR 77!!!

Certified October 2013

Becker Self Study - All Sections
Ninja Audio - AUD

[Amay]

@amordiva In Becker A6 Outline Letter F – “Whenever possible safeguards should be applied to eliminate threats or reduce threats to an acceptable level.” Since contingent fees are considered a threat, then this would apply.

I believe the chart we were looking at (which is also included in the outline) refers to independence standards. Since the question does not refer to independence at all, I am guessing here we were looking at the wrong thing!

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]

@amordiva In Becker A6 Outline Letter F – “Whenever possible safeguards should be applied to eliminate threats or reduce threats to an acceptable level.” Since contingent fees are considered a threat, then this would apply.

I believe the chart we were looking at (which is also included in the outline) refers to independence standards. Since the question does not refer to independence at all, I am guessing here we were looking at the wrong thing!

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]

I have a question about a simulation that I did in Wiley: We have to pick whether CRDRIR increase or decreases (we only get 1 option):

“During year 2, the company instituted a new procedure whereby the internal audit department distributes payroll checks to employees for selected payroll cycles.”

I picked correctly that CR decreased but I don't understand why DR wouldn't therefore increase as a result of this so both answers should be correct, right?

Another example: If a company gets rid of a warranty program during the year for whatever reason, would IR decrease and ALSO DR increase at the same time. I think I might be mixing myself up. I thought if the RMM changes then DR needs to automatically change to keep AR at the same level. Any comments would be helpful.

[Anonymous]

I have a question about a simulation that I did in Wiley: We have to pick whether CRDRIR increase or decreases (we only get 1 option):

“During year 2, the company instituted a new procedure whereby the internal audit department distributes payroll checks to employees for selected payroll cycles.”

I picked correctly that CR decreased but I don't understand why DR wouldn't therefore increase as a result of this so both answers should be correct, right?

Another example: If a company gets rid of a warranty program during the year for whatever reason, would IR decrease and ALSO DR increase at the same time. I think I might be mixing myself up. I thought if the RMM changes then DR needs to automatically change to keep AR at the same level. Any comments would be helpful.

[Anonymous]

Thanks Yama!

[Anonymous]

Thanks Yama!

[Amay]

The way I see it is that DR is the only thing auditor controls based on how much testing they decide to do. How much work they decide to do depends on the RMM (IR X CR). So based on those examples above, they are just asking about individual risks (either CR or IR) Don't think there is enough info about the other risk to conclude on DR, although you could probably assume the outcome.

Payroll question clearly talks about a control, so immediately you know CR decreased. Same with warranty program, you know that deals with IR. I would just see what the question is asking for and what the options are in the MCQ ( I doubt in an MCQ both answers would be there, say that IR decreases as once choice and that DR increases as another – if they were, the question will probably ask to pick BEST answer and then I would go with your responses above). Try not to over-answer the question if you know what I mean…and as tricky as this exam can be try to always think about the obvious answer or the one that most relates to question asked.

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]

The way I see it is that DR is the only thing auditor controls based on how much testing they decide to do. How much work they decide to do depends on the RMM (IR X CR). So based on those examples above, they are just asking about individual risks (either CR or IR) Don't think there is enough info about the other risk to conclude on DR, although you could probably assume the outcome.

Payroll question clearly talks about a control, so immediately you know CR decreased. Same with warranty program, you know that deals with IR. I would just see what the question is asking for and what the options are in the MCQ ( I doubt in an MCQ both answers would be there, say that IR decreases as once choice and that DR increases as another – if they were, the question will probably ask to pick BEST answer and then I would go with your responses above). Try not to over-answer the question if you know what I mean…and as tricky as this exam can be try to always think about the obvious answer or the one that most relates to question asked.

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]

Thank you Yama1317. What about in a simulation where we can decide if whether IRCRDR increasesdecreasesdoesn't change (so all three risks we had to answer). For the two examples above, would you say that only IRCR changes or would say that DR also changes. I guess you're saying that it would be rare for one of these risks to DIRECTLY change more than of these risks at once?? I can't really think of an example that would only change DR since its sort of the counter balance of the other two.

[Author]

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