[Q3] AUD Study Group 2014 - Page 20

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  • June 18, 2014 at 4:12 am #592429
    Anonymous
    Inactive

    @iddyrashy, thanks for the advice!

    Choice “C” most likely is a typo. I've also found some grammatical errors in random Becker questions when I was studying for the other sections. They really threw me off.

    June 18, 2014 at 1:32 pm #592430
    SeePeaAye
    Member

    My retake for AUD is July 9th. I ended up with a 73 from May 🙁 The frustrating part for me is when I got my score report. I got Stronger in my SIMs…Yes, my SIMS, and weaker in my MC. Usually its the other way around. So I know how to apply the knowledge but I can't recognize the correct answer out of 4 options? Grrr. Plus, with a stronger in my SIMS and a score of 73, I can't help but think that I probably missed a PASS by 1 or 2 MC questions!!

    BEC - 69,77(exp), 77
    REG - 65,60,79(exp),73,79 DONE!!
    AUD - 50,71,68,69,73,87!
    FAR - 57,59,74,72,66,76!

    June 18, 2014 at 1:48 pm #592431
    Gabe
    Participant

    @See I had the exact same thing happen to me. Got a 72, was weaker in MCQs and stronger in SIMS, and I thought I blew all the SIMS. Well…practice makes perfect 🙂 I scheduled my retake for July 11! Happy studying

    CPA, CFE
    CISA- Experience will be completed by August 2016

    June 18, 2014 at 1:51 pm #592432
    Gabe
    Participant

    After assessing the risk of material misstatement at the relevant assertion level, the auditor determines that performing only substantive procedures is appropriate for specific relevant assertions and risk. The auditor came to this conclusion because:

    A. the auditor's risk assessment procedures determined that effective controls exist for the relevant assertion.

    B.the auditor's risk assessment procedures have not identified any effective controls relevant to the assertion

    C.the auditor's materiality level was low.

    D.substantive procedures were performed for the relevant assertion level in the prior year's audit.

    Can someone explain why B is the answer? In the solution it says if not effective controls are identified we would test substantively…well I guess that makes sense…if the controls are ineffective they can't be trusted so we would test substantively, does that make sense?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    June 18, 2014 at 2:17 pm #592433
    iddyrashy
    Member

    @Gabe before performing substantive testing the auditor is supposed to access the control, so they can plan for appropriate substantive testing. During assessment of the control the auditor might come to the conclusion that the control are effective then apply test of control to support the assessment. Or during assessment the auditor can come to a conclusion that the control on paper is not effective, then no need to waste time to perform test of control. Instead adjust the control risk to maximum and perform more substantive test. Which is the case for this question. Ineffective control=more substantive testing.

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

    TEXAS 2016

    June 18, 2014 at 2:19 pm #592434
    NYCaccountant
    Participant

    @Gabe Because the auditor was not able to identify any effective controls, the control risk is set at high. When control risk is set to high, it makes no sense to test controls for operating effectiveness because you already deemed to be ineffective. So you just skip to substantive tests. Hopefully my explanation make sense.

    Edit* I see Iddy already responded. Ignore my post.

    Also Gabe, You're going to study for FAR in such a short period? or are you studying for FAR and Audit at the same time?

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

    June 18, 2014 at 2:25 pm #592435
    iddyrashy
    Member

    NYCaccountant@ when are you planning to do simulated CPA exam (90 MCQ and 7 Sims). I think it's suggested to take it two weeks before exam date. I am planning to do it this weekend.

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

    TEXAS 2016

    June 18, 2014 at 2:27 pm #592436
    NYCaccountant
    Participant

    I never do that lol. Of all the sections I've taken, I have never taken a simulated exam. Mainly because I know I'm going to have MCQ's and SIMS already, no need to do an entire practice test, plus I just don't have the time or patience to sit there and do it. I do it on exam day because I load up on two large cups of coffee to keep my focused for the time frame. Otherwise, I have a habit of becoming distracted. Hopefully it does not bite me in the ass this time.

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

    June 18, 2014 at 2:33 pm #592437
    iddyrashy
    Member

    I think that is a fair statement. This is my first exam, and am super nervous.

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

    TEXAS 2016

    June 18, 2014 at 2:39 pm #592438
    NYCaccountant
    Participant

    I understand. I am nervous for all of them. Especially FAR, wow! I've gotten better at relaxing though and just going with the flow. You're not going to know everything and you have to be comfortable with that. Seems you know the material well, so I'm sure you'll do fine. Some advice – don't pay attention to whether you think the exam is getting difficult or not. Just answer the questions and move on.

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

    June 18, 2014 at 2:44 pm #592439
    Anonymous
    Inactive

    iddyrashy,

    I just do the progress tests, so I can figure out what I need to hit hardest the latest into my review.

    Not the practice, but the progress, they tell you what chapter the ones you missed are in. I also set the time to 1.25 minutes, so I can get used to allowing myself that much time. It worked on REG and BEC, but obviously not on AUD, yet.

    June 18, 2014 at 3:02 pm #592440
    iddyrashy
    Member

    @NYCaccountant thanks, I took notes concern that advise. I will definitely do that.

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

    TEXAS 2016

    June 18, 2014 at 4:36 pm #592441
    Anonymous
    Inactive

    Has anyone attempted Sim #25 with Ninja Review. I don't understand why the “Risk of assessing control risk too low” is not a factor to determine sample size while using attribute sampling.

    June 18, 2014 at 5:09 pm #592442
    NYCaccountant
    Participant

    @arushi89 I was going to ask that very same question today. In my review materials, I got 5 risk that determine sample size for attribute sampling: Risk of assessing control risk too low, tolerable deviation rate, expected deviation, population size, and fixed vs. sequential, or stop and go vs. discovery. Obviously, I'm just spitting out terms from memory, so excuse me if I'm not totally correct with the wording. But can anybody shed light on why that assessing control risk too low (at least in that Ninja SIM) does not determine sample size?

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

    June 18, 2014 at 7:06 pm #592443
    mjp44
    Member

    Anyone using CPAreviewforfree.com questions? I dont believe their questions reflect the recent change in clarity standards, correct?

    For instance they refer to unmodified opinion as unqualified. Also, they refer to “scope paragraph” that no longer exists right? The scope is now the auditor's responsibility paragraph?

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

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