[Q3] AUD Study Group 2014 - Page 57

Viewing 15 replies - 841 through 855 (of 1,389 total)
  • Author
    Replies
  • #592991
    Anonymous
    Inactive

    chapman: well, I've only done like 10% of AUD at this point, so I'm probably not the best person to ask, but yes, I have used FAR information that I wouldn't have known without FAR. one of the practice sims I did asked about likely explanations for ratios changing year to year, another presented a set of financial statements and basically asked a series of questions about some line items and asked “what's wrong/suspicious here?” and if you didn't really understand financial accounting you wouldn't be able to answer the questions there.

    #592992
    Anonymous
    Inactive

    @chapman: as someone who failed the exam twice, i would say yes, it is especially important to Sims but MCQs? not so much. Most of the MCQs I came across were still based on the actual audit concept itself.

    #592993
    thechapman
    Member

    @coocooper – Do you think it would be useful to just flat out memorize the unmodified opinion if I have time? I'm doing the homework for A1 right now, and Becker tries to give you some crazy mnemonic that really isn't helpful. They say that memorizing it would be an inefficient use of time, but after looking at some of these questions it seems that it would be pretty helpful…

    Passed - 2014

    #592994
    mjp44
    Member

    Going thru Gov't auditing now…are my notes correct here?

    2 types of audits: financial and performance

    1.Financial audits- Governed by GAGAS but generally incorporate much of GAAS.

    – Includes an opinion or disclaimer on financial statements

    2.Performance audits

    – Include reports on compliance and internal control

    Types of reports:

    Report on internal control and compliance with provision, laws and regulation etc — NO OPINION ISSUED

    Report on internal control and compliance applicable to each major program – required for program-specific audits and OPINION IS REQUIRED

    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.

    #592995
    riceperson
    Participant

    Just a random Question: I'm studying some FAR topics just in case, can someone remind me about consignment of inventory?

    If you send items on consignment to someone else, you still have that inventory on your f/s?

    or the opposite?

    Also I saw a WTB about this and said that items on consignment would have an account in your accounts receivable?

    FAR 69, 83
    AUD 85
    BEC 80
    REG 82
    FINISHED

    #592996
    JamesBJames
    Participant

    @thechapman: Yes. I had two or three FAR-like SIMs on my AUD exam.

    I also had a couple of MCQs where knowing some FAR concepts really helped.

    FAR: May 1st, 2014 - 91
    AUD: May 29th, 2014 - 97!
    BEC: July 16th, 2014 - 91
    REG: August 29th, 2014 - 88

    Licensed December 2015

    Feel free to add me on LinkedIn by clicking my username!

    #592997
    Anonymous
    Inactive

    riceperson,

    The inventory is on your books. It's in one of the Becker Sims.

    #592998
    funtiks
    Participant

    When you consigne inventory to someone you dont take it off your book until the consignee sells it.

    Think of it as you give your inventory to a store, and when they actually sell it, then you take it off your books

    FAR - 76*, 73, 85
    BEC - 69, 72, 78*, 80
    AUD - 72, 71, 90
    REG - 71, 74, 85

    AFTER 3 YEARS I'M DONE!!!

    #592999
    Hunnsterr
    Member

    @riceperson & NYCaccountant:

    Thanks a lot for the help guys 🙂

    @riceperson:

    can u tell me the FAR chapters you are revising. I have the exam next week and I was thinking of picking up a few FAR chapters. But it's been almost 7-8 months since i gave the exam, so I've got no clue where to start.

    Can others please also chip in to highlight important FAR chapters to revise before the AUD exam.

    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

    #593000
    Hunnsterr
    Member

    @chapman:

    In the exam, you can view samples of unmodified audit reports by using the authoritative literature.

    But I would advise you to memorize the mnemonics since you never know if a related question might pop in one of the MCQ testlets. If not the content, atleast be familiar with the structure of the audit report. For example, where the opinion paragraph is placed or where the emphasis of matter para is placed.

    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

    #593001
    riceperson
    Participant

    @fun thanks man, that makes much sense. It's been so long I've forgotten alot. I just went over for thirty minutes why the adjust entry for a missing interest expense was a credit to accrued liabilities instead of a/p. :Sigh:

    @Huntsterr I'm kind of shooting in the dark with the FAR stuff. I went over inventory, and interest. I might go over AFS/Marketable Securities if I have time, but I'm still not where I want to be with Audit Evidence. I personally think I'm good on everything else with the exception of Gov Auditing which I kind of blew off (not really but sorta)

    The thing I'm worried about here is kind of what happened with BEC; I've done almost all of the WTB questions and am scoring 80-81% and I've done a fair amount of the RogerCPA ones as well. With FAR and REG I was doing 69-72% whenever I did a practice test or the equivalent mcqs and as you see below, I scored well above on the actual exam.

    When I hit BEC, I was scoring in the 82-84% on WTB and I ended up with an 80… maybe the writ comm I don't know.

    With Audit, I feel I'm ready, but I can't really gauge it. I do 20 questions at a time mostly and I've been scoring 15-17. Never more, never less. I was doing pretty good at the AICPA released questions… So hopefully I cover all my basis, go over Evidence Sims, Reporting, SSARS, and more Evidence tomorrow; take a break Tuesday completely, and then PASS Wednesday!

    FAR 69, 83
    AUD 85
    BEC 80
    REG 82
    FINISHED

    #593002
    Hunnsterr
    Member

    @riceperson

    Any FAR input would be useful for a person who just managed to get 75 in FAR (I still thank my stars till date)

    I think you're quite ready for the exams. I would advise you to revise Govt auditing once more. Try reading the “Page references” on the WTB whenever you come across Govt Auditing questions. They'll help you revise, while at the same time attempting questions.

    I have my exam on the 19th. But I think I'm going to go ahead and reschedule it. I just don't feel confident with my AUD preparation so far. There are way too many instances where I'm making guesses, and my practice test scores reflect that. I keep scoring around 75-79% and that doesn't seem an encouraging sign. I remember scoring 65-67 on my FAR practice tests and I just managed to pass the exam on the dot with a 75. I thought I was destined to fail. While it was the other way around for Audit, as i scored 78-ish on practice tests and ended up with a 64 in the real test. Bizarre! And it seems like deja-vu with my current AUD practice tests :s

    Well, i say don't worry about your test scores. Make sure you go over your weak areas again. And go at it hammer and tongs! Good luck for exam. I'm sure you'll nail it !

    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

    #593003
    NYCaccountant
    Participant

    @Hunnster I'm not rescheduling at this point, whether I feel ready or not. I'm of the mindset that if I fail, I fail. I'm just ready to get the thing over with. If I fail, I'm taking it again late October, and will probably not pick up to study again until September 1st.

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

    #593004
    Gian
    Member

    hey guys… the clock is ticking.. 3 more days to go.. re-match AUD section.

    anyway, can anyone explain in layman's term what is the difference between auditing around the computer to auditing through the computer. 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.

    #593005
    Hunnsterr
    Member

    @Gian … Good luck for your exam!

    In very simple layman terms, auditing around the computer means performing audit procedures without the use of computers. This is normally possible when the client keeps a detailed trail of documentation.

    Similarly, when a client uses a computerized accounting system, an auditor will have to perform audit procedures “through the computer”.

    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

Viewing 15 replies - 841 through 855 (of 1,389 total)
  • The topic ‘[Q3] AUD Study Group 2014 - Page 57’ is closed to new replies.