[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]

@shanky I know! The way Becker describes the transaction cycles it's like people are walking documents to eachother. It's hard to even picture because everything is done within Oracle at my company. My personal favorite is the reference to the “paymaster” and what should be done with unclaimed payroll checks. Clearly the CPA Exam has not been updated since 1995 haha.

[StephAV]

I'm taking AUD on Friday… I have Roger CPA Review (purchased in 2013) so I also have the WTB. When I started studying over a year ago (said in an old lady voice) the WTB was better! Now my overall score is a 65% but some of that is due to accidently hitting the box while scrolling on my iPad. Grrr. I guess I can't complain at least I can use the WTB on my iPad now.

Anyone else studying with Roger? I'm not loving his test bank… Seems like they don't quite have all the kinks worked out. I can't see my history. I have been scoring 50% pretty consistently on the Reporting section in WTB so I went over to Roger's test bank and tried a set today and scored 80%… I feel like I've never had good scores on WTB though…

I totally agree with the archaic systems they describe. I have a hard time using my actual knowledge and experience to figure those out.

The section I seem to be really struggling with is Reporting in the WTB. It just seems like they keep coming up with new scenarios and a lot of the time I can narrow it down to 2 and then I guess… And WRONG.

FAR - 7/13 - 72, 11/13- 74, 2/14- 82!!! Best score ever (for me)!!!
BEC - 1/14 - 75!!! Perfect score! First Pass! YAY!!!
AUD - 8/14 - 80!!!
REG - 5/14 - 72, 10/14 - 66, 1/15 - 78 - DONE FOREVER!!!
I did 5 of the UNA and CPAExcel classes to earn units.

[Anonymous]

Can someone tell me if this is right or wrong? I've done the WTB and Becker questions related to audit sampling and I think I have it down now.

The planning considerations for Attribute Sampling

-Tolerable Deviation Risk

-Beta Risk

-Expected rate of deviation

The planning considerations for Variable Sampling:

-Tolerable Misstatement

-Beta Risk

-Variability in the population

[ruggercpa2b]

I am taking my exam tomorrow and I am about to lose it. I feel burned out already. I plan on going over the audit reports one more time today, rewrite the financial ratios, work through 4 sets of 30 MCQs, complete two Becker Simulations (Reports and Evidence) and then calling it a night. My exam is not till 6pm tomorrow. I only plan on reading and rewriting the ratios again tomorrow and that is about all I will do. I don't want to kill my confidence.

Good Luck to everyone else taking the exam this month.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

How much attention are you guys paying to the little blurbs on PCAOB auditing standards? Becker really doesnt pay much attention to them.

[greg422]

Ive mostly focused on the main differences between issuers and non issuers such as record retention 7 yrs instead of 5 years; partner rotation every 5 years; different rules for independence etc

REG - 82
AUD - 97
BEC - 81
FAR - 84
DONE!

[Anonymous]

that's probably a good area to focus on. That's the last chapter in Becker which I start tomorrow so hopefully those things are emphasized more

[Anonymous]

home stretch…7 days till exam, done with all the chapters, final review time.

weakest on auditing with technology and audit sampling…feel okay about everything else, really. but, CPAexcel's auditing with technology section is just awful compared to the MCQs I've had with supplemental test banks. there's like 0 detail. just a very vague and general outline. and unlike the rest of AUD, I can't just apply logic and concepts to figure stuff out because the MCQs are asking such specific knowledge.

[steph2014CPA]

Hey guys,

I'm scheduled to take AUD in 17 days. I've had a tough summer and have only gotten through half of A3 (Becker self study) which isn't even half way of the material.

FAR: 80
AUD: 83
BEC: 79
REG: 56, 74, 74, January 6th

[steph2014CPA]

cont..

should I reschedule my exam? I don't work and go to school part-time…. I wanted to pass all four parts by the end of this year but that won't happen if i reschedule… I know audit is tough but should I take the risk?

has anyone done something similar?

FAR: 80
AUD: 83
BEC: 79
REG: 56, 74, 74, January 6th

[Anonymous]

How much studying do you think you can get done by time you're scheduled to take it? I would sit down and write out a plan. If you think you can get it done, stick with it. You're going to pay a $30 fee to reschedule at this point anyways…see what you can get done in the next couple weeks.

[willpassby2014]

An auditor discovered that a client's accounts receivable turnover is substantially lower for the current year than for the prior year. This may indicate that:

A.

fictitious credit sales have been recorded during the year.

B.

employees have stolen inventory just before the year-end.

Incorrect C.

the client recently tightened its credit-granting policies.

D.

an employee has been lapping receivables in both years.

I thought if we tighten the credit then the AR balance will come down since more customers will pay on cash/AR Balance in relation to sales will come down so it will reduce the turnover ratio. Am i missing somthing

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

Ill go with A.

my logic: As receivables increase, turnover decreases. We will never get paid on fictitious sales so receivables balance will be high and thus turnover low.

if we tighten credit, we are not going to have a lot of receivables because we wont let people buy on credit

not positive Im right, just how Im thinking about it.

[greg422]

Well if ficticious credit sales were recorded, wouldn't your AR and your Net Sales increase. So both the numerator and the denominator are increasing. Sales have a higher balance than AR so an equal increase in both accounts will still reduce the ratio. I usually write some fake numbers down to play out the scenario and see what happens with the ratio.

REG - 82
AUD - 97
BEC - 81
FAR - 84
DONE!

[Anonymous]

If we tighten credit, thats going to reduce both sales and AR, leading to a higher turnover. The only logical explanation is that fictitious credit sales have been granted during the year for the exact explanation that @Darcer wrote out.

[Author]

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