[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/

[Andria – Another71]

FAR Test Your Might – Be sure to answer in the facebook thread to be eligible to win!

[Jmg718]

Hello all! Audit in 4 weeks.

[CoachEmUp]

Just finished FAR yesterday (my first ever CPA exam) and now am starting today on AUD which I take 8/31. I'm studying full time and even putting in 4-5 hours a day it looks like this will be a pretty accelerated time frame. I have very little auditing experience. Took one class in college that was with maybe the worst instructor I've ever had and learned very little. Overall I'm not looking forward to this section, but 1 month of studying and I can rip this band-aid off.

Looking forward to studying with you all. For those nearing their test date all the best!

[HoldMyBeerCPA]

Violations with any of the applicable auditing and related professional practice standards may result in:

A. disciplinary proceedings by the PCAOB. – Correct

B. criminal prosecution. – My answer. Incorrect.

C. the inability to practice public accounting with respect to public companies in the future.

D. the inability to practice public accounting with respect to private companies in the future.

Explanation: Registered public accounting firms that do not comply with applicable Public Company Accounting Oversight Board standards may be subject to PCAOB disciplinary proceedings as set forth by Section 105 of the Sarbanes-Oxley Act. Any violation of the PCAOB's rules is treated in the same manner as a violation of the Securities Exchange Act of 1934.

My question is, where in this question does it even refer to the fact that the violations were caused by a registered PCAOB firm?

[CoachEmUp]

Started today with Wiley and I'm enjoying how short these AICPA standards videos are. A lot of the stuff is straightforward and pretty much common sense. I'm going to get through 13 lessons today on Wiley when I think about 7 or 8 per day was an absolute max I could do in FAR.
This Robert Prentice guy is a bit too close to the vest and serious… I miss Pam Smith already!

[kmeadows]

@CoachEmUp I know what you mean. I really enjoyed Pam Smith's lectures, too! I personally couldn't and didn't watch any videos for the AUD material. I read the lecture material, answered the questions and moved on. I am currently reviewing with Ninja MCQs (they are a must!) and my test is on Monday!

Kristina

[CoachEmUp]

@kmeadows yea at least with this first part on the AICPA/SEC rules Prentice isn't adding any value, he's merely just reciting the material that is in the textbook. I'm still listening to them out of habit, but mostly just reading and jotting down notes while I listen to them. Just how material sinks in for me.

Please let me know how the test goes and how Wiley did (or didn't) prepare you. Good luck!

[afrieband16]

Which of the following procedures is considered a test of controls?

a. An auditor reviews the entity's check register for unrecorded liabilities.
b. An auditor evaluates whether a general journal entry was recorded at the proper amount.
c. An auditor interviews and observes appropriate personnel to determine segregation of duties.
d. An auditor reviews the audit workpapers to ensure proper sign-off.
INCORRECT ANSWER EXPLANATION:
Incorrect. By evaluating whether a general journal entry was recorded at the proper amount, the auditor is testing controls over the recording of journal entries. Reviewing the check register for unrecorded liabilities is a substantive test of details. Interviewing and observing personnel to determine segregation of duties is part of obtaining an understanding of internal controls so it can be evaluated and the auditor can determine whether or not to perform tests of controls. Reviewing audit workpapers is part of the process of making certain that the audit has been completed in conformity with GAAS.

The correct answer is B, can someone explain why? Wouldn't that be a substantive procedure since it is dealing with dollar amounts? I put C because I thought inquiry and observation were tests of controls and now I am really confused. Any help is greatly appreciated! Audit in 6 days!

[cmashambe]

Testing for Audit on the 10th of August. Running out of steam fast especially with working and studying. Anyone have any tips to getting over this hump?

[VanDammage]

Just got back from my audit exam. I went in pretty confident. I was trending 90% on Ninja MCQ, had an 87% overall, and had crushed three practice exams on Wiley and Ninja. I left feeling pretty meh about the test. My second testlet of multiple choice questions was significantly harder than anything I'd seen in either study program. Overall I think I did pretty well with the MCQ though. The SIMS were also harder than I had anticipated. One of my SIMS was completely out of left field and there's no way I got it right, so hoping that was the pretest one.

Also, the testing center was more packed than I've seen it previously. I got there at 7:45 to take an 8am test and didn't actually get seated until almost 8:15 due to the line.

[Anonymous]

Has anyone taken the practice simulations on the AICPA website for audit? I am working through them and the AICPA gives the answers but not any explanation like Becker does. I have a question on the last simulation why it is 50,000 shares at $0.30 rather than 150,000 shares at $0.10? Any insight would be appreciated!!

[CoachEmUp]

@vandammage I'm using Wiley and would appreciate any insights on whether you thought it was adequate in giving you a foundation of material for the tests? And the practice questions were ok as well? Was good ole Don Tidrick's advice that in AUD you are more likely to see the same questions as to which you practice accurate?

And finally if you could just touch on the timing of the test. How much did you spend on the MCQ's and SIMS?

I had a similar SIM experience on FAR last week, there was one of the 8 in particular that simply had to be a pretest question because it was laughably difficult. How many research SIMS did you have?

[VanDammage]

I thought that Wiley gave me a very good base for the test. I got about 5-10 of the exact same questions that were in their study materials on the actual exam, so I'd say their multiple choice questions were definitely good preparation. I do think Ninja is better, just because their questions seem more focused on the topics covered on the actual exam vs being a little more scattershot with Wiley. I had the same experience with Wiley vs Ninja for BEC as well.

I had 2 research SIMS. I'd definitely allocate a good bit of time for the SIMS. I finished the MCQ in about an hour total, then spent about 2 total on the SIMS.

[CoachEmUp]

For the Research SIMS… what are the possible places we'll have to go? I'm still early with Wiley but all of their research SIMS so far have been AICPA professional code, and it looks like PCAOB is also an option. Are there any others that I should be familiar with where I might have to look up a question?

[AR]

@vandammage, and all Wiley users: how useful is the supplementary module 41 on information technology? There is some limited information in module 8 Auditing with Technology. What is/was your approach, read both or just the limited information? Testing on August 13 and want to nest allocate my time.
Thanks in advance.

[Author]

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