[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/

[Anonymous]

I am taking AUD on July 5, so no 4th of July partying this year. Our parties will be bigger and better once we are CPAs so LETSS GOOOOOO!!!!!!

I need advice on how to approach practice MCQ and Simulation problems. I am using Becker. Should do I X # of questions, then take a break? Should I check the answer to a question immediately after answering, or wait and review wrong questions in the end? Any advice would be GREATLY appreciated.

I have taken (and failed) both REG and BEG, and I know my main issue. I don't work enough practice problems. This is something I will change.

[Shubh06]

Taking AUD on july 19, started with wiley books n test bank. Was wondering about the “outlines of professional standards” supplement given in wiley books. Are they just for reference or do we need to cram up everythng??

How everyone is planning their studies.. Thrs so much to study in auditing n sometimes become boring

REG 78
BEC 75
AUD 84
FAR 82

[lvr21]

@TNDCPA

I really can't tell you why it is so hard for me. I made a 72 on my last retake. I really don't know what my deal is with this test! My problem areas were not even on this last test, I feel like it was just made up questions! haha!

{R: PASSED!! (I passed one!)}
{B: PASSED!! (Halfway there!)}
{F: PASSED!! (1 left!!!)}
{A: PASSED(I am done!!)}

[NYCaccountant]

@Shubh06 I had that same Question, but when you read the chapters, Wiley will point you to read the extra info in the back of the book.

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

[Anonymous]

A former client of Charlie Hayes, CPA, filed a lawsuit in state court alleging that Charlie failed to exercise due care in the performance of tax and compilation services performed in 2009. Charlie firmly believes that he discharged his professional responsibilities with competence and diligence. In his defense, he plans to admit to making one minor error which he says was inadvertent and did not have a material effect on the client’s taxes or financial position. In light of his admission, has Charlie complied with the AICPA Code’s standard of due care and why?

A. No, because he obviously did not discharge his professional responsibilities with

competence and diligence.

B. No, because Charlie did not perform professional services to the best of his abilities.

C. Yes, because he has chosen to be honest in reporting that he made an error.

D. Yes, because the AICPA standard for due care does not require CPAs to be infallible.

Which one is right ? B or D

[Fk]

Does any one have notes on Service Organisation.. Its very confusing in Bisk audit book.

[NYCaccountant]

@Fayas Service organization provide two kinds of reports – Report on design and implementation of controls and second an opinion on the design, implementation and the effectiveness of controls. I remember that the auditor of the user org can only rely on the second report and cannot reference service org auditors work. The User auditor will look at service auditors professional reputation to determine competence and if anything else, ask questions regarding procedures used.

That's all I have on that section. I need to clearly need to flesh it out a little more.

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

[Anonymous]

For SOC these are the two reports you need to know about

Type I – a type I is a report on policies and procedures placed in operation as of a specified point in time. SSAE 16 type I reports evaluate the design effectiveness of a service provider’s controls and then confirms that the controls have been placed in operation as of a specific date

Type II – a type II is a report on policies and procedures placed in operation and tests of operating effectiveness for a period of time. SSAE 16 type II reports include the examination and confirmation steps involved in a type I examination plus include an evaluation of the operating effectiveness of the controls for a period of at least six consecutive calendar months. Most user organizations require their service provider to undergo the type II level examination for the greater level of assurance it provides

I am not sure if this will help or not but this is how I made things become clearer for me when I was doing AUD

My company uses ADP for our payroll function. So Imagine my auditor is KPMG, when they come to audit us they won't audit ADP right because its another company that we have “out sourced” our payroll function too.

So in order for KPMG to be able to determine that there are the necessary internal controls in place at ADP – they would ask for a SOC report. This would be ADP's Auditor issuing a report that enables the user auditor to perform risk assessment procedures, and if a Type II report is performed, to assess the risk of material misstatement of financial statement assertions affected by the service organization’s processing.

Hope this makes sense 🙂

[Anonymous]

Taking AUD on 3rd July. All the talk of having FAR sims in AUD exams is a little scary!

[cpain2015]

@Alpha…FAR sims in AUD exams? I am confused…

Does anyone here know of a good place to pick up extra credit hours.. I have all my accounting credits..I just need 8 more credits to reach 150

FAR - 73, 75 PASSED
AUD - 74, 96
BEC - 79
REG - 89! Done. I'm a CPA!!

[Fk]

@ NYCaccountant and @ brainfarts thanks

[riceperson]

@NYC looks like we planned our exam almost exact? Hahahahah Good luck man! we gonna crush it! I took two weeks on Internal Control and I still feel a bit wobbly. Everything i got down except for the the Segregation of Duties. Part of my duties at my job is A/P and I constantly see myself going for something I would do at work that turns out to be the wrong answer.

I've moved onto Substantive Testing. AUD has been rough with all the theory,kind of throwing me off. 6 weeks and a day to go and five more chapters. Definitely doable and more than enough time to hash out IC and ST.

FAR 69, 83
AUD 85
BEC 80
REG 82
FINISHED

[Anonymous]

@cpain2014, i was following the Q2 Aud study group thread and a lot of folks there talked about how some of the sims were more FAR than AUD….adjusting entries etc.

[iddyrashy]

@Alpa, I heard that many people mentioned that FAR knowledge is necessary to tackle SIMS. However, to my opinion what is if you have knowledge of accounting that is enough.

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

TEXAS 2016

[zieba]

That's right general accounting knowledge will do. There are a couple in the WTB and Becker materials which are in the neighborhood. Just garden variety financial accounting. I think a better way to get your arms around this is to make a list of “FAR related” topics covered in our AUD study materials:

– disclosure of events in FS, or loss contingencies, which kinda bleeds into subsequent events, when is something adjusted on statement versus just note disclosure. When you do something you technically shouldn't – i.e. after balance sheet date, or existing at balance sheet date – you need to adjust it or reverse it, Knowing these recognition rules, imo, is what they are looking to test

-revenue recognition, which is really a discussion of selling something FOB or destination, sold crap in Y1, shipped in Y2, recognized sales in Y1, adjustment needed? (i.e. OK or not?). Sold something FOB in Y1, was supposed to reach buyer in Y1 but didn't until Y2, booked revenue in Y1…adjustment needed?

I imagine these are the types of topics which people perceive to be “FAR” though they are really a part of your AUD knowledge and materials.

any others?

DARK, I believe the answer to that MCQ is D. It just makes sense. Imagine if every CPA who made one small mistake was guilty of not discharging duties properly. We'd have lawsuits flying all over the place! Mistakes happen, and a small immaterial mistake, sure cannot be a justified basis for failing to follow code.

AUD - 75*, 88 done 5/14! (*exp)
BEC - 74 , 77
REG - 65 , 76 (10 point combooo!!)
FAR - 69 , 75

Dr: perseverance
Dr: intelligence
Dr: luck
. Cr: . advisory score

[Author]

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