[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

[riceperson]

I'm not entirely sure what I should record as a benchmark for my test exam.

I just took one and got 74/90 Practice Qs and then the new efficient learning pos of a system decided to crash on me. So then I did 7 simuations but I had seen them all before. Any ideas?

FAR 69, 83
AUD 85
BEC 80
REG 82
FINISHED

[EYNewHire]

Hello everyone. I have 3 weeks from Monday to study for Audit in time for my exam. I'm using Becker and thanks to a great family have no other uses of my time other than passing these exams. I'm a very quick learner and can retain fairly well on one pass. So far I've had about 4 to 5 weeks per exam. Is there any tips you guys can give me with such a short time till exam day?

[lvr21]

@EYNewHire

I would say the best advice for Audit is READ THE QUESTION! One tiny word skipped can cause you miss a question…..

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

[Anonymous]

@EYNewHire: Congrats on your new job and welcome to EY 🙂

[Anonymous]

So back to the discussion on IT,

my question is does ITF use our (auditors) data or Client's fake data to test on the Client's system?

[Hunnsterr]

@coocooper:

ITF: Client's system is used to process the auditor's data, online

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[Anonymous]

what i do not understand is, if we use auditor's data to test on client's system online why do we need to use the fake data? in order not to mess up with their real data?

[Hunnsterr]

@coocooper:

Well, none of my notes mentioned anything about fake data, but i'm assuming that auditor's data is also known as fake data. Auditor's data (fake data) is nothing but a simulated test data, for which the auditor already knows the results.

So the auditor processes his data (fake data) in the client's system and compares the actual results to the expected results.

The only difference with Test Data and ITF is that ITF is carried out online. Hence the auditor processes his data (fake data or test data) simultaneously with live data (which is processed by client employees) in the client's system. The auditor puts a coding on his data (fake data/ test data) to separate it from live data. The client personnel are not informed that test data (fake data) is being run along with the regular live data.

Hope this sorts out the confusion

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[mjp44]

“Subsequently discovered fact lead to a change in audit opinion – the auditor may use the emphasis of matter or other-matter paragraph, as appropriate” How does the auditor decide on which one is appropriate? Materiality?

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.

[nicole2035]

Is this correct?

GAAS is issued by AICPA and PCAOB, but PCAOB has some additional for public companies. AICPA is non issuer and individual CPA focused and PCAOB Is for issuers and public cpa firms

But there are also standards specifically for the type of service too?

[EYNewHire]

@coocooper thanks. I don't start till September but I'm both excited and quite nervous. I've never worked in an office before or in public accounting and don't really know what to expect.

[Anonymous]

Hey everyone! I just took BEC yesterday and have AUD (retake due to losing credit for it last year) scheduled for August 28th, so I'm going to begin my studying next weekend. Actually, I'm leaving for Milan tomorrow morning for work and have my AUD book packed up and ready to go so I can start studying in my hotel. Gotta do what you gotta do 🙂 Anyone else taking audit at the end of august?

[Hunnsterr]

@mjp44:

How does the auditor decide which one is more appropriate? Well it's definitely not materiality.

If subsequent discovered facts refer to a matter presented or disclosed in financial statements, then it should be a part of Emphasis of matter. If it does not relate to a matter presented or disclosed in financial statements, then it should be included in other matter para.

Shortcut: If year 1 had an emphasis of matter. ANd subsequently discovered facts in year 2 prove that year 1 issues have been dealt with; then year 2 will also have an emphasis of matter explaining the corrections and difference in opinion in year 2 report.

Vice-versa for other matter para

BEC - 88
REG - 72, 78
FAR - 75
AUD - 64, 64, 3rd attempt!!!

"A day of worry is more exhausting than a day of work" - John Lubbock

[NYCaccountant]

Welcome @Amanda! how was BEC? couple more days for me until I sit for Aud.

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

[Anonymous]

@nicole2035, from my understanding, GAAS, SSARS and SSAE are all issued by AICPA, compliance with GAAS is mandatory for all audit including governmental audit. SSARS applies to non-issuers on compilation and review services.

SSAE applies to attest engagement.

PCAOB is created through SOX and applies to issuers.

@EYNewHires: From my experience, people there are pretty nice, but it also depends on which department you work for as well as the location, you might experience some crazy hours during busy season (which i am sure you've already heard of). in general, i wouldn't worry much about it. Good luck!!!

[Author]

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