[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

[Anonymous]

Priscilla,

As I posted earlier, I feel your pain. 72,73,70.

I'm going through Becker again, and then doing two weeks of NINJA.

I bought the MC, Notes, and Blitz at the buy two get one sale.

[NYCaccountant]

Audit is so tricky! This is the first exam where I have used two full test banks, so I'm throwing everything at it on July 19th, and then heading on Vacation.

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

[Priscilla]

@ Ancel and NYC:

I got 68/72/72………… seriously?

Thanks for the feedback.

I got Wiley/Ninja and Becker MCQ's…. so I'm doing a mix each day of mcq's and compare scores… I'm also doing my own notes and flashcards….

but should I focus only on sims? since that's my weakest point?

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

[NYCaccountant]

I have never taken Audit, but for my prior exams, I just focused on knowing the material by doing MCQ's. I did SIMS too (except for BEC), but if you know the material, I'm guessing SIMS should be fine? Are the SIMS in Ninja comparable to the exam? Or are they easier? Also, I never ever use the AL when I'm doing SIMS in Wiley or Ninja. The goal is to know the material enough to not necessarily have to rely on the AL.

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

[iddyrashy]

I too never sit for CPA before, some day I feel like am ready, some day i feel like it will crush me. I am doing WTB, Ninja MCQ and supplement with Becker questions.

I am score between 80-85 on all software systems. Previous I worried about Sampling but this weekend i bury that weakness, because i invest all my time into Audit Sampling. This week am moving to GAO and SOX and PCAOB as i notice Ninja have challenge questions on this area more that WTB or Becker (my opinion).

I have 21 days to exam day. I am done with the notes, am planning to do practice exam this coming weekend.

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

TEXAS 2016

[Anonymous]

Hey guys, I am very confused with comparative financial repotting rules, please help me with the question below:

When reporting on comparative financial statements, an auditor ordinarily should change the previously issued opinion on the prior year's financial statements if the:

a.

Auditor is a predecessor auditor who has been requested by a former client to reissue the previously issued report.

b.

Prior year's opinion was unmodified and the opinion on the current year's financial statements is modified due to a lack of consistency.

c.

Prior year's financial statements are restated following a change in reporting entity in the current year.

d.

Prior year's financial statements are restated to conform with generally accepted accounting principles.

The answer was D–> if there's an opinion change on the prior year's f/s, the auditors should go ahead and update the PRIOR year's F/S. However, from what Becker says (this is on A1-48), “If, during the current examination, the auditor becomes aware of evidence that affects the prior statements and the opinion that was expressed, the auditor should update the opinion in the CURRENT year's report”.

Please help!

[NYCaccountant]

Generally when you report on comparative financials, you have to update the opinion for the prior year financials. Say for the prior year, you issued a qualified opinion because of an departure from GAAP, but the client has since made the adjustment and now the prior year financials conform with GAAP, well obviously the prior financials being presented again are GAAP compliant and hence that qualified opinion is wrong now. It states update the opinion in the report – the current report includes the opinion on the current and prior year financials.

@iddyrashy It's ok not to feel ready. I never feel ready and I have passed the 3 test I have taken so far. I think you usually do a little better on exam day than your review material. The review material is usually harder. Which is a good thing.

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

[Anonymous]

AU 508 .68 and .69

“If, during the current audit, an auditor becomes aware of circumstances or events that affect the financial statements of a prior period, he or she should consider such matters when updating his or her report on the financial statements of the prior period. For example, if an auditor has previously qualified his or her opinion or expressed an adverse opinion on financial statements of a prior period because of a departure from generally accepted accounting principles, and the prior-period financial statements are restated in the current period to conform with generally accepted accounting principles, the auditor's updated report on the financial statements of the prior period should indicate that the statements have been restated and should express an unqualified opinion with respect to the restated financial statements. [Paragraph renumbered by the issuance of Statement on Auditing Standards No. 79, December 1995.]”

“The explanatory paragraph(s) should disclose (a) the date of the auditor's previous report, (b) the type of opinion previously expressed, (c) if applicable, a statement that the previously issued financial statements have been restated for the correction of a misstatement in the respective period, (d) the circumstances or events that caused the auditor to express a different opinion, and (e) if applicable, a reference to the company's disclosure of the correction of the misstatement, and (f) the fact that the auditor's updated opinion on the financial statements of the prior period is different from his or her previous opinion on those statements.”

Letter (c) should help.

[Anonymous]

Priscilla,

Each test, except the last one, where I focused on sims, I've been higher than the people that passed on the MC, and lower on the Sims. That test, I was lower on both. I've been scoring 90 on my Becker progress tests, before each exam. That's why I'm doing the Ninja now. I do alright on the Becker sims.

I just feel that the real sims, are a lot more vague on what they actually want. I can't say too much, but it seems like on the sims, the AICPA, isn't trying to test your knowledge so much, as try and trick you. On two of the sims on the last test, I felt that they were really tricky, kind of almost like two of the answers were right, or that no answer was right. The wording was just screwed up.

However, I've always been a write stuff down and learn type of person, so I'm hoping the rewriting part of the Ninja system will get me over the hump.

I would and am going to study everything.

[NYCaccountant]

Is the AL helpful for the Audit SIMS? Or is mainly you either understand it or you don't?

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

[Anonymous]

@NYCaccountant: Thanks! It makes sense now 🙂 Good luck studying!

[Anonymous]

I think it depends on how you attack simulations since everybody is different. For REG and FAR, I didn't use the AL, but others have said the AL really helped them.

[NYCaccountant]

I did not use the AL for FAR. Tried to for REG, but could not find the answers, or it was written in another language!

@cindywindy I'm just trying to get an idea on what to expect for the SIMs.

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

[Anonymous]

NYC, I haven't really done the practice sims for audit yet, but I feel like the AL has more information you could apply if you cannot find the answer. There are more examples in this AL than in REG and FAR and it is more descriptive to me if I'm making any sense lol.

[NYCaccountant]

I'm going to spend some time really learning how to use the AL more effectively for Audit.

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

[Author]

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