[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for AUD. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your AUD exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[kerry.buscaglia]

Never mind…. I read that they do that so you don't waste your time searching for answers. That's bogus and not helpful in preparing for the exam!

[iwantthiscpa]

Hi all,

I'm working on a research question for AUD and I saw that the answer was PCAOB AS6 9 (actually it's been updated for 2017 and the answer apparently now is PCAOB AS3101 .18A). I don't know if I'm navigating the Authoritative Literature properly, because I'm trying to search where to find that PCAOB section but I can't seem to find it. I'm able to find the right answers for ones that are AU-C, but I can't find the PCAOB. Anyone know what I'm doing wrong?

I usually navigate to this page: https://library.aicpa.org/Handlers/GetDocument.ashx?targetdoc=ps&targetptr=how_this_publication_is_organized&table=how_professional_standards_is_organized_table1-large and then click on whichever link applies to what I'm looking for. I have a feeling that isn't right…?

[CoachEmUp]

Taking this thing Thursday afternoon… I'm ready to go. Tired of studying this topic! Anyone else on the countdown?

[gregy1111]

@iwantthiscpa Not sure about the link you're showing, but if your goal is to get familiar with and practice research a question, I might recommend going through the AICPA sample test. One of the AUD sim questions is a research and should be exactly like you would see on the real exam. Theoretically, you could keep the sample test open on the research question and research directly on there for any research questions in your own materials. I haven't tried this myself, but I assume it should work. Hope its helpful:

https://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/TutorialandSampleTest/Pages/default.aspx

[mardybum13]

1) If a client loses some of their records in a computer crash (a scope limitation), and then asks to change the engagement from an audit to a compilation – do you accept or withdraw?

2) Its clear that if the scope limitation is due to the client trying to hide things by changing the engagement, you consider withdrawing. What if the scope limitation is due to reasons beyond the client's control? (a tsunami wiped out the records)

[jweeks21]

Took the exam yesterday and here are my thoughts:

The good: MCQ was more than fair. In fact, I thought overall it was the easiest MCQ of all the sections. I finished them with about 2:45 left and probably could have finished with 3:00 left but I took a break between testlets and carefully re-read over a few questions that were worded trickily before submitting.

The bad: SIMS were very different from what Becker had. They weren't terrible but I didn't expect them to be as different as they were. This seems to be the recurring trend with the exams so I won't look too much into it.

This was the last section of the 4 exams I took. I'm just happy to be done studying for the time being and hopefully done studying for them forever (fingers crossed for September 22nd). Good luck to everyone else!

[CoachEmUp]

@mardy 1. I would think, assuming you can satisfactorily perform a compilation, that you would do the compilation.

2. If the reasons are beyond the clients control then you can either qualify if pervasive or disclaim an opinion on the fs and list the reason as being from an event beyond the control of the company you're auditing.

Like all of auditing, both scenarios are subjective and could be handled different ways. That is what I find hardest about this section, is that most questions have 2 good answers that you could justify picking for each MCQ.

@jweeks21 congrats on being done (and hopefully for good). I'm ready to just be done w this section tomorrow. Feel prepared and definitely think if I can just get reasonable simulations that I will pass.

[CoachEmUp]

My thoughts on the exam:

As everyone else has said, I thought the MCQ's were more than fair, particularly the first testlet. I legitimately think I got no more than 3 wrong out of 36. However, because of this, the next testlet was more ambiguous and difficult to be 100% confident I selected the best answer. As usual I could get most questions to the 2 best answers, but very few questions out of the the 2nd testlet did I know the answer confidently.

As far as the simulations: Out of the 8 I can see what people mean when talking about having to know FAR. I think that my knowledge of far helped on no less than 4 of the simulations. As I have felt the whole time studying this topic: I'm not quite sure how they grade something where it could be argued between two answers either way. One SIM in particular was so ambiguous and odd that I'm not quite sure how it was approved for testing. OH WELL!

As far as the topics I would focus on for those getting ready to review: Know your way around the authoritative literature as that can help you answer multiple SIMS. I took my sweet time and finished with 25 minutes left (I expected to have more time after reading some people here) so you have time to do it. Other than that… know all the reports (and minutia about them).

[cpApex Predator]

Hello audit board,

Coach em up, I remember you from the FAR board. I just took REG and you just took AUD. For the next month I will be reading all the posts in this board working up until test day on October 3rd. Good luck to you all!

[sgcpa235]

Just took the exam today and similar take as coachemup and jweeks.. mcq's seemed fairly straightforward. SIMs were ok as well. I had a few with numbers but thanks to people having made that comment before I wasn't surprised to see them there. Now we await.. good luck to everyone!

[CoachEmUp]

@Apex Predator (love the name, great beer btw) How was Reg? I'm going to start studying this weekend. Any high level tips you could give for someone about to start studying?

[DiligentCPA]

I take the test on 9/8 and i just I just found out about the changes associated with SSAE 18. From my understanding, SSAE 18 states that compilations are now only a part of SSAR and not SSAE. Is this true? and if so is it testable by 9/8 or should I keep my understanding to the old way for the test? thanks

[CoachEmUp]

@aaron Yes. SSARS=Preparation of FS, Compilations, and Reviews SSAE=Agreed-Upon Procedures, Reviews, and Examinations

[justa75pls]

@coachemup what FAR items did you brush up on while studying for AUD? I've looked at bonds, capital leases and adjusting journal entries. I took FAR in July as well and will take AUD next Thursday.

[cpApex Predator]

@coachemup, For REG, I would recommend establishing a really strong foundation in the fundamentals of C Corps, S Corps, Partnerships, and like-kind property transactions. They say up to about 40 percent of the exam is on corporate taxation, and that was true for me. I would also study all of the main tax forms. Stay shallow with the studies. For example, don't memorize how to calculate how much of social security income gets taxed, but just know the surface level fact that if you make high income then 85% gets taxed, and if you make very little then none of it is taxed. The test is very shallow with very little chance of seeing any testing of amounts of thresholds and rates. The MCQ of Wiley or whoever you are using should amply prepare you for the MCQ on the exam. I went through the MCQ test bank of Wiley and Ninja five times until I was getting an average of 96%. This made the questions on the exam super easy and I finished both testlets in an hour leaving three hours for the SIMS. Ample time that way. Best of luck!

[Author]

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