[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]

I have three days before I sit for AUD. Any tips for what to study today and tomorrow? I'm planning on doing a practice test Friday morning and then taking the rest of the day off to let my brain rest.

[shankysays]

@Amanda_88 (or anyone else), with that inventory assertion question you posted up there, what's the distinction between A and B? Would consignment be a Rights/Obligation thing, since it still has to do with who legally owns the inventories, rather than how they are classified on the f/s? Tricky question.

BEC - 72, 82! ✓
FAR - 80! ✓
AUD - 70, 92! ✓
REG - 74, 78! ✓

Licensed CPA 5/2015

[greg422]

Well I don't know if consignment would or would not relate to rights and obligations. Inventory on consignment is owned by the consignor (company putting it out on consignment). So even though its being held by someone else, “consignment” still means they own it. Right?

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

[On2Sum]

Would anyone like to comment on NEGATIVE ASSURANCE? What is it? When is it issued or used?

FAR - 79
REG - 76
AUD - 94
BEC - 77

DONE! DONE!! DONE!!!

"Success is not final, failure is not fatal; it is the courage to continue that counts"
-Winston Churchill

[Anonymous]

@greg becker says that consigned inventory falls under the rights & obligations assertion because the auditor has to make sure that consigned inventory that the client is holding is not included in the clients balance, i.e. they don't have rights to it.

[ruggercpa2b]

The consignment inventory can be a little tricky based on whether the audit client is the consignor or the consignee. If you are the consignor then you have the rights to the inventory. If your client is the consignee then you have to make sure that the inventory is not included on their books because they don't have the rights to the inventory. It might be warehoused in your space as a consignee but does not actually belong to you.

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.

[AOCI]

I have my exam on Saturday.

How should I study for simulations? Just do more problems?

FAR-82!
REG-82 Again!
BEC-78!
AUD-84!

Done with the exam and LICENSED in VA as of 11/17/2015.

[Anonymous]

@AOCI Mine is on Saturday too. I have done some sims but mainly focused on MCQs. I have done 9 sessions of 100 MCQs between yesterday and today. Focus on your weakest areas and do as many MCQs as you can on them.

[Anonymous]

Im also in for Saturday.

[AOCI]

I heard the real exam's MCQ is vastly different from the test banks. I should do more MCQ on evidence.

Good luck Amanda and Darcer.

FAR-82!
REG-82 Again!
BEC-78!
AUD-84!

Done with the exam and LICENSED in VA as of 11/17/2015.

[Anonymous]

I took Audit three years ago and passed but lost credit…I was shocked at how similar the MCQs were to Becker. Some of them seemed almost word for word. We'll see what its like now. Good luck to both of you!

[TiffaNiffaNi]

Just got back from the exam and…you shall be shocked again, Amanda_88 🙂

FAR: 7/17/14- 79
AUD: 8/20/14- 91
REG: 10/1/14- 88
BEC: 11/10/14- 85

Becker Self-Study

[Anonymous]

Becker says: Inspection of payroll tax returns is an extensive substantive test .

i thought it was it was a test of controls, which include: Reperform, Inspect, Inquire, Observe.

[Anonymous]

I don't think those 4 methods are only limited to test of controls. Those 4 are just the most common methods of testing controls….they can also be used for substantive tests.

[Anonymous]

Good riddance, AUD. Hated you from the beginning.

Half way done.

[Author]

Replies