[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

[NYCaccountant]

Planning, Obtain an understanding one entity, environment, internal controls (AKA Risk assessment), Document the understanding of internal control, perform substantive tests and probably test of controls, depending on assessment. Review, obtain representation letter, subsequent events, and then issue report. That's my very concise understanding of it. Some one please me correct if I missed a step.

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

[mjp44]

You da man NYC! That paints a clearer picture. One question tho, isnt the representation letter obtained in the beginning of the audit?

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.

[Qlad]

engagement letter at the beginning and representation letter must be dated either the date of the report or the day when the fieldwork was over ( i think)

I wud just add the pre planning stage…as Engagement where u inquire about the entity and the predecessor auditor and decide u will accept the engagement.

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

[NYCaccountant]

I think we should sub out engagement letter for written understanding. An engagement letter is technically not required, but a written understanding is.

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

[linkman311]

Can someone explain how an misstatement of inventory affects COGS…ie understated inventory leads to overstated COGS. How does it affect GOGS since inventory is a balance sheet item and COGS is a income statement. I don't understand how they are related.

Confidence is a prerequisite for success

FAR - 1/1
AUD - 1/1
BEC - 1/1
REG - Q4

Have Becker, wish I got Roger

[NYCaccountant]

They are related as things flow from income statement to balance sheet. Beginning inventory + purchases = goods available for sale. Goods available for sale – ending inventory = COGS. If I don't know the beginning inventory, or it's misstated, then my COGS is most likely wrong. I probably won't be able to express an unmodified opinion on my income statement, but I can express one on my balance sheet because I know the ending inventory balance.

If my beginning inventory is understated, i'm going think I sold those extra goods, which in fact I did not. So for example.

If inventory is understated at year end, that means that COGS is too high and you need to post the entry:

Inventory Dr.

COGS CR.

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

[Gian]

@NYCaccountant very well explained. Thanks. You're gonna ace your last section. when is your schedule?

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.

[iddyrashy]

I am done with Ninja MCQ, am averaging 82% and trending 83%. I have 8 days to D day. I have to say that Ninja MCQ is the hardest in town. I tried to get a perfect score several times and that never works. I am back on review my notes, becker summary and do WTB.

I am planning to take a simulate exam using CPAexcel this weekend.

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

TEXAS 2016

[Gian]

@iddy same here. currently doing ninja mcq. i'm not yet done. hopefully anytime soon. 380 items away from completion averaging at 75%.

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.

[NYCaccountant]

I sit for my exam on July 19th. Couple more weeks and then it's time to face the music.

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

[iddyrashy]

NYCaccountant@ you're few miles away from promise land. Lol

Are you still using Ninja MCQ? or you back on WTB?

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

TEXAS 2016

[iddyrashy]

@Gian Ninja MCQ hands down so far.

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

TEXAS 2016

[Qlad]

wow..u guys…i feel like jumping if i touch 80s in becker or wiley and u guys r doing so well on ninja, which u say, is more tougher than others…

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

[iddyrashy]

This is a good a good question

An accountant has compiled the financial statements of a nonissuer in accordance with Statements on Standards for Accounting and Review Services (SSARS). Does SSARS require that the compilation report be printed on the accountant's letterhead and that the report be manually signed by the accountant?

A. SSARS require that the compilation report be printed on the accountant's letterhead and that the report be manually signed by the accountant.

B. SSARS only require that the compilation report be printed on the accountant's letterhead.

C. SSARS only require that the report be manually or printed signed by the accountant.

D. SSARS does not require either item.

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

TEXAS 2016

[NYCaccountant]

I'm going to say D. It can manually or electronically signed. and I don't remember reading anything about letterhead.

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

[Author]

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