[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]

mpogue789

I would recommend against rushing it.

I rushed and tried to study for two after tax season (which was unusually brutal this year), and failed them both. I should have taken one at the end of May, and then Q3 on the other.

I'd at least put it off another week.

[Anonymous]

Hey guys, need help understanding this concept –

ABC company engages in hedging transactions for the year ended Dec 31, 20X1. How does this impact the control risk, inherent risk, and detection risk?

[Pumpkins]

Hi guys! First time posting, taking AUD on July 5th (first time taking any CPA exam!)

I've been doing Gleim, very helpful. I've read the whole book along with the MCQs and Sims in the book, and I've gone through most of the online stuff as well. The questions are challenging but helpful and error free.

I bought the 2014 Wiley CPA Excel test bank to supplement, and it's TERRIBLE!! The research questions are just completely wrong. It keeps counting my answers wrong- and when I refer to the Authoritative Literature, the section they say is correct isn't relevant to what they are asking. Also, the search function doesn't work like it does in Gleim, and the full literature isn't there, it's a poorly typed and unpolished paraphrase of the actual content.

There are also endless typos. I just did a tickmark simulation where one of the tickmark symbols it asked about wasn't even shown in corresponding work papers- wtf. It's very frustrating when attention to detail is so important in those simulations.

Is anyone one finding these same problems with the Wiley test bank? I'm considering not using it at and just doing Gleim.

AUD- 93
BEC- 81
FAR- 1/26/2015
REG- TBD

CIA Exams Passed in March, 2014

[riceperson]

Hi guys! Hope all's well. Well it's 3.5 weeks to go and I got Compilations to study as well finishing up Audit Reporting. I must say, I am kind of regretting not taking this test earlier in my quest because there is so much overlap with FAR but so far I think I'm doing ok. I am scoring around a 73% overall in all categories according to the new and not improved WTB with Evidence being my hardest topic and Ethics being the biggest joke. I feel that after I'm done with the lectures, that I should have enough time (a week off of work) to really grind out my weak points in Evidence. I must admit though, I am feeling a bit nervous on this one. How's studying going everyone?

FAR 69, 83
AUD 85
BEC 80
REG 82
FINISHED

[Gian]

@ Amor D, for Q3, I'm taking both AUD and FAR. The former is scheduled on July 18th and the latter is scheduled on August 14th. how about you?

AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15

If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

[Anonymous]

My REG NTS expires on 9/18/14. I have not figured out yet my schedule for REG. For BEC, TBD.

[Gian]

hey everyone.

need some help how to use the advance research of AL in simulation .. i am not good with research questions and any suggestion how to beat this beast?

thanks

AUD - 69, 80
FAR - 71, rematch 01/19/2015
BEC - 01/12/15
REG - 02/23/15

If life knocks you down, try to land on your back, cause if you can look up, You can get up! No matter how bad it is or how bad it gets, I'M GOING TO MAKE IT.

[Pumpkins]

Hi Gian

Which test prep are you using for research Sims?

I've been using Gleim, and by typing in a key term to the basic search, I've usually been able to find my answers- it only comes up with about 5 or less results and highlights the key term in the passage so I can quickly skim through.

I'm not sure how the other courses are, but instead of using advanced search, I would look at the main headings in the contents table, and use your judgement to find which section it will be under. They are very well-organized.

Best of luck!

AUD- 93
BEC- 81
FAR- 1/26/2015
REG- TBD

CIA Exams Passed in March, 2014

[iddyrashy]

In the course of an audit, the auditor realized that an internal control is deficient, but elects not to test that control. The auditor has determined that:

A. the control would not present a reasonable possibility of material misstatement to the financial statements.

B. the control would present the possibility of material misstatement to the financial statements.

C. testing the control would result in inefficiencies in the audit procedures.

D. testing the control is not part of the audit process.

Can someone help me why the correct answer is A instead of C.

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

TEXAS 2016

[NYCaccountant]

How is this D correct and C wrong?

Under the IESBA Code of Ethics for Professional Accountants, threats to the fundamental principles are to be identified so that safeguards can be applied. Potential threats identified include all of the following except:

A.

self-interest threats.

B.

self-review threats.

Incorrect C.

structural threats.

D.

All of the answer choices are threats identified in the Code of Ethics.

You answered C. The correct answer is D.

The International Ethics Standards Board for Accountants (IESBA) Code of Ethics for Professional Accountants identifies five potential threats to the fundamental principles: self-interest, self-review, advocacy, familiarity, and intimidation threats. Once identified, safeguards are to be applied so that the principles are not compromised. Examples of safeguards are provided in Part B and C of the Code of Ethics.

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

[Cpachance]

Thanks @nycAccountant that was a great explanation

[iddyrashy]

@NYCaccountant thanks…

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

TEXAS 2016

[NYCaccountant]

@iddy I think it's A because if a deficiency in control exists for an transactions or account that is immaterial to the financials as a whole, it makes no sense to test it because it's failure or success would not matter to the materiality of the financials as a whole. Like say you have 10 credit sales a year, they make up 10,000 of sales, but the entire sales is 100 million, the controls around the credit cards is irrelevant in the sense that the entires 10,000 could be wrong and the financials are still materially correct. Just my stab at it. Someone with a better guess? I would guess not C, because testing the control would be more ineffective than inefficient because you already deemed it to be deficient, so testing the effectiveness would be worthless. And testing controls is more efficient than testing through substantive test, but substantive test are more effective.

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

[NYCaccountant]

I think hedging causes inherent risk to increase. Because they are very difficult to sometimes value sometime because of foreign exchange rates, derivatives, options, etc.

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

[Pumpkins]

I came across the question about hedging and inherent risk as well (and got it wrong originally)

Hedging causes inherent risk to increase, because whenever a complex transaction occurs (such as hedging) the inherent risk of a misstatement will increase.

AUD- 93
BEC- 81
FAR- 1/26/2015
REG- TBD

CIA Exams Passed in March, 2014

[Author]

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