[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[iddyrashy]

Did anyone come across Sampling Size SIMs which hummer calculations such as PPS or MPU?

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[Anonymous]

I need to review my Sampling notes before I do the sampling Sims. All the other ones have been good.

@lenglish917 It will be worth it at the end. I read on another thread…it's not how hard you study, but how strong your motivation to finish is. We will all get through it some day!

[NYCaccountant]

Ninja has some sampling sims that have PPS calcs. I have not seen means per units though.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

@Ancel,

I'm just starting A4 and haven't finished the homework for A1-A3. I only did about half of each. I'm hoping to finish A4 by tomorrow and rushing through A5 and A6 this week so I can start reviewing. Do y'all think I have enough time to do all the MCQ by July 7? I find that I am really slow and I've only been taking notes during homework. I was going to go through the book and make notes for the first week of my final review, but I don't know if I'll have time.

Also, I purchased the AUD Ninja MCQ, so I've got to go through that as well.

I'm thinking I should reschedule for a week later. I'm getting anxious.

[Anonymous]

Can anybody explain this question to me:

An auditor is required to reach a conclusion in every audit regarding whether there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. If the auditor decides to mention the going concern problem in his or her report, he or she is precluded from:

A.indicating the reason or reasons for the going concern problem.

B.issuing a qualified opinion on an accounting matter along with the going concern explanation paragraph.

C.issuing an unmodified opinion on the financial statements.

D.using conditional language in the auditor's conclusion about the entity's ability to continue as a going concern in a going concern emphasis-of-matter paragraph.

Explanation: Some auditors issue reports in which the auditor's conclusions about the entity's ability to continue as a going concern is unclear because of the use of conditional terminology, such as “substantial doubt about its (the entity's) ability to continue as a going concern.” Such language is precluded by AU-C 570, The Auditor's Consideration of an Entity's Ability to Continue as a Going Concern.

Why is the answer D, not B? I thought you could only issue an unmodified opinion or disclaim with a going concern so I marked B. And I thought you were supposed to use conditional language to explain a going concern issue.

[iddyrashy]

@cindywindy you need to be faster, and it's doable. The only risk is to forget the material on previous chapter. But you can do it.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[iddyrashy]

@arushi89 going concern doesn't necessary means financial statement is not fair presented, instead it means that despite the facts that financial statement is fairly presented but their is likelihood that the company will be in financial distress. The auditor objective is to make sure that going concern issue is clearly disclosed in the footnotes of the financial statements, if management failed to disclosed it clearly then auditor can issue qualified/adverse (GAAP issue), but if the management disclose in the notes then auditor will only need to add emphasis of the matter paragraph and issue a unqualified report with language such as “substantial doubt” , “going Concern”, refer the specific section of the notes.

D is correct.

AUD 89 (07/06/14)
REG 83 (08/27/2015)
FAR 78 (04/27/2015)
BEC 75 (11/13/2015)

TEXAS 2016

[NYCaccountant]

Can some one help me with letter of inquiry? I had a Ninja Sim where you need to update the date on a report received in January when the the audit report date is in March. What are the rules on the dates of the letter of inquiry?

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Anonymous]

Arushi89,

I think it's because the auditor just adds an Emphasis of Matter paragraph when there is a going concern issue. However, the auditor can issue any type of opinion based on the audit evidence regardless of if there is a going concern issue; they just have to make sure the Emphasis paragraph is included if there's a going concern issue.

The auditor cannot use conditional language because they must explain exactly why there is a going concern issue. They cannot be vague by just stating there is “substantial doubt.”

Example EOM Paragraph per Becker A1 pg. 28:

“Without qualifying our opinion, we draw attention to Note Z in the F/S which indicates that the Co has suffered recurring losses from operations… These conditions along with other matters set forth in Note Z indicate the existence of uncertainty which may cast significant doubt about the Co's ability to continue as a going concern.”

Edit: EOM Paragraph is for IAS, but US one is similar and uses “substantial doubt.” If you have Becker, it's on page A1-27

I hope that helps!

[Anonymous]

Does anyone know what changes are made to AUD starting in July 2014 or where to find that info? I ask because I have the non updated 2014 CPAexcel version.

[manikmehtani]

is anybody in LA studying for Audit CPA exam.

My Audit exam is on July 30th and i am currently residing in Culver City.

[ruggercpa2b]

@AnnaWoodurn If there are any changes I know in the past CPAexcel has updated the online software. And if you have offline they will tell you its updated and tell you what you need to do to get the updates.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

Cindywindy,

I would probably re-schedule.

I wasn't as effective this weekend as I wanted to be, I'm on that brutal 147 question final mc on chapter four of Becker, and still need to re-study the ratios. Then I plan on getting five and six done before spending two weeks on ninja.

I'm going to wait until the 23, and then decide. That should be the last day you can re-schedule without the fee.

However, if I had to bet, I'd put my money on a re-schedule. Why take it when your not ready, and end up paying another $242 to re-take it.

I still have to take FAR, and was trying to get enough time to have a month to study and take it before 08/14, but to heck with it.

[Qlad]

took a much needed break this weekend….fully charged now to finish wiley and get to ninja…

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

[Priscilla]

Hi all!

I need some help!!!!

I'll be seating for my 3rd time AUD beginning of July…. I feel 90% confident in material…. how should I study this time around? I don't want to feel down again over failing one more time!

Evaluation: mcq'S good and Sim's weak. I also only had one weak topic (which was odd considering that was the topic I was doing excellent during study sessions)….

I'm taking mcq's test for chapter 1-2 (Becker) and scoring in the mid 90's.

I need help figuring out “how to study” please any advice/help is appreciated!

Priscilla!

AUD - Done
REG - Done
BEC - Done
FAR - August 2015

[Author]

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