[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/

[JMG]

I'm having a difficult time with the MCQs on the transaction cycles, especially when dealing with all the moving parts between departments with controls and assertions. I've even re-typed the flowcharts as tables in Word. Any tips/advice?

[Dman1]

@JMG, yeah re-typing or drawing your own flowcharts helps a lot. I'm a visual learner and tried re-drawing the expenditure and revenue cycle until I learned them. I think those are the biggest ones.

Btw, watch out if questions are asking for sales VS. vendor invoice. Sales invoice are internal documents and not a good evidence for existence in the A/R. Vendor/purchase invoices, on the other hand, are external and good enough evidence for testing existence and valuation in the A/P. Best of luck!

[Earla Riopel (NYCARE)]

@kctennis95 / @TurboSandwichCPA

“In an integrated audit of a nonissuer, if an auditor concludes that a material weakness exists as of the date specified in management's assertion, the auditor should take which of the following actions?

A. Disclaim an opinion

B. Obtain written representations from management relating to such matters.

C. Issue an adverse opinion.

D. Communicate, in writing, to the entity's outside legal counsel that the material weakness exists.

The answer…
For those with experience on the AUD exam, are questions usually worded this vaguely?”

My take: What is an integrated audit?

Answer: Although this is for nonissuer (non-public companies), but PCAOB Auditing Standard No. 5: https://pcaobus.org/Standards/Auditing/pages/auditing_standard_5.aspx explains a more clearer meaning of what is an ‘integrated audit'.

The above MCQ's answer would be “A” if it's I/C related (non-financial statements material weaknesses), and Answer “C” if it's a financial statement material weakness.

The keywords here are, “material weakness exists as of the date specified in management's assertion”. This is more like an I/C related (non-financial statements material weaknesses) issue than a financial statement material weakness.

Therefore, if this asked in a CPA exam, I will answer, letter “A”.

[K]

Hi Everyone,

Taking Aud sometime in Q3 haven't exactly scheduled it yet but I have been studying slowly, but surely. Just going through chapter 1 it seems like so much to take note of. Any suggestions on note taking for AUD?

[Andria – Another71]

FAR Test Your Might! Be sure to post your answer in the FB thread to be eligible to win. 🙂

[JMG]

@Dman1 thanks for the advice! When you mentioned visual learning it really stuck with me as I am the same kind of learner, so I wrote out all the departments and tasks/documents on little squares of paper. Turned it into a sort of puzzle game where I lined up the department titles and then shuffled the tasks/docs and placed them in the right spots. Definitely helped a lot in terms of visualizing the processes.

[AR]

Hello All,

Those with experience with AUD exam, are there multiple Sims that directly ask for paragraph in professional standards (research sims)? In FAR there was just one, which I skipped, but it won't be logical to skip this kind of Sims ( I am not very good at them) if I am assured of getting 2+ such questions in my AUD exam.

Thanks in advance!

[luvlee_linda]

What is the suggested “count down” clock for the AUD exam? Trying to make sure I have sufficient time for each MCQ and simulations?

Also, for those that took the new AUD exam, did you use the break that doesn't count towards your time?

Exam on Friday, super nervous!!

[mo3athn]

Hello everyone, just started in audit yesterday any tips for the studying? is it possible to finish the subject before September?

[CPA]

Using Becker to study for Audit. Got high 70's on mock exams. Everyone says they do better on the actual exam but I'm worried that this won't apply with the 2017 changes.

[Andria – Another71]

BEC Test Your Might – Be sure to answer in the FB thread to be eligible to win!

[kmeadows]

Hello All! I am looking for review tips for AUD. My test is 7/31 and I am wrapping up my Wiley CPAExcel today (two weeks early, yay!)
I have Ninja MCQ's and I was planning on pounding those between now and the 31st. Any other recommendations from prior test takers? This my first attempt at AUD.

Thank you all. We rule. Don't give up. Keep on keeping on, and all that jazz. 🙂

Kristina

[Carla Reilly]

My name is Carla Reilly and I take the Audit exam for the 4th time on July 24th. Had been using Becker to study, now using Ninja.

[Andria – Another71]

AUD Test Your Might – Be sure to answer in the thread to be eligible to win a freebie!

[Ryan]

I'm trying to be thorough in studying the “ethical requirements of the Department of Labor” included in the CPA exam.

The study material I am using covers the following:
– Family Medical Leave Act
– Comprehensive Budget Omnibus Reconciliation Act
– Employee Retirement Income Security Act
– Health Insurance Portability and Accountability Act
– Occupational Safety and Health Act
– Fair Labor Standards Act

What DOL topics is the CPA exam limited to? Do I need to be studying any DOL ethical requirements other than the ones stated above?

[Author]

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