[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/

[greenolive]

@ Eli

Thats right, it is just like reading the dictionary! Even watching the first couple sections of Roger's lectures and it seems like there are already 30 mnemonics.

We got this! Picking it up again tomorrow. Still have not started studying again yet! :/

[JMG]

Hello group,
I will be taking AUD on July 7, started studying today after a little break from my BEC retake. Mainly using Becker but also considering Ninja audio. Good luck everyone!

[swtshelly308]

Hello Group,

I am taking AUD for the second time (scored a 71 the first time) on 7/17. Took BEC on 5/22, but I won't find out my score until mid-August. Using Gleim as my review.

[famh110]

Hello A71 friends,

Looks like everybody here is back into the study groove. I was getting recharged after taking Reg last Wednesday…whew! Well, I am moving on to Audit now and planning on taking it late August. No date marked as of yet because I have a 3 week international travel coming up in July so that will surely disturb the studying cycle.

I will be using Roger review along with Becker.

[ChristieF]

Hey Ninjas! I Took REG last Tuesday and am ready to move on. I'm getting back on the study train and working on AUD for mid-end of July. I took this over a year ago and failed, so I'm just starting fresh. Happy studying!

[Michael Blazevich]

Hey everyone! Taking Audit and my first exam ever July 1st!

[Lexi]

Hi everyone! Taking AUD at the end of July for the first time…I might be thinking this too much but does anyone have a good strategy on how to do a research question quickly? It just seems like we have to look at different sets of rules or am I mistaken? Thanks!!

[lampy44]

Hey everyone! I just graduated college end of April, took May off and started studying Audit 2 weeks ago. Using Becker but considering extra notes and MCQ's depending on how well I grasp the material, which at this point isn't going great. I plan on taking AUD in July depending on my NTS… still waiting. Would love any veteran stories. Trying to stay motivated but it just seems like SO much information. Thanks 🙂

[taxfreak]

RJ is a partner at PwC New York office. His engagement team is currently auditing PwC's largest client, IBM. Which of the following conditions would not violate AICPA independence guidelines?

A) RJ's father, Lou, is the CEO of Exxon Mobil. Lou also serves as the chair of IBM's audit committee.

B) RJ owns 100 shares of AIM Energy A, a mutual fund trading on the Nasdaq. This mutual fund is comprised of several stocks, including IBM.

C) RJ's dependent stepson, CJ, owns 1% of IBM's outstanding shares, acquired through his deceased father's will. RJ knows of this interest.

D) RJ's wife, Sue, is employed with Protiviti, a firm that provides internal audit services for public companies. She is currently providing internal audit services for IBM.

The answer is B. Isn't B impaired due to indirect financial interest?

[HoldMyBeerCPA]

@taxfreak: B would not impair independence because the mutual fund has several stocks beside IBM. Additionally, the question makes no reference to the size of his investment portfolio.

Answer B WOULD represent an impairment of independence if that mutual fund represented a substantial part of his net worth and the IBM portion of the mutual fund was significant.

[Sonia]

Anyone looking for a study partner in Dallas?

[greenolive]

@tax freak

A=direct financial interest
B=immaterial indirect
C=direct
D=direct

Since A, B, and C are a direct financial interest in IBM, this would impair independence. If B was a MATERIAL indirect financial interest, it would also impair independence but it is immaterial since 100 shares of a mutual fund with several stocks trading on a big exchange like Nasdaq is immaterial.

[dbacpa]

Any non-auditors out there having trouble understanding some of the material? I have zero auditing experience so a lot of this is new to me, I've only have one auditing class in college. I am finishing up Becker Chapter 3 and I am struggling with sampling right now. And if there are any auditors out there that would be able to give any advice, I would greatly appreciate it!

[PwCnewbie1]

Good luck. Spend extra time double checking your sim answers using the available reference materials instead of finishing early. And if you screw up the Becker final exam (like myself) don't beat yourself up about it.

And if anyone hasn't seen this page, I found this to be pretty accurate with my results (86 on Becker final, 99 on exam)

https://www.google.com/amp/s/amp.reddit.com/r/Accounting/comments/2e692p/cpa_exam_scores_becker_vs_actual/

FAR 94 (8-4-15)
BEC 90 10-11-15)
AUD 99 (11-30-15)
REG 88 (2-21-16)

Time to get my life back.

[Lexi]

Does Audit get any better after Sampling lesson????Taking Roger and it's not clicking!

[Author]

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