[jeff]

Welcome to the Q4 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/

[Recked]

So 3 weeks into AUD, 1000 MCQ's done averaging 75.2%

I am switching up my game plan from FAR and not doing MCQ's today in hopes of being “fresher” for tomorrows exam.
Instead I am going through my notes and the book to type up a 1 page summary of mnemonics and charts. I will then rewrite that one page over and over while continuing to review.

Any other last minute tips/advice?

[Anonymous]

Although this may have been discussed, what is the approach regarding adjusting entries sequence in the CPA exam? I just did the AICPA sample test and entered debit sales credit AR, then debit inventory credit COGS as adjusting entries. Whereas the answer key had it debit sales debit inventory, credit AR credit COGS. Would that matter? I assume not, however, if anyone knows for sure, I would be most grateful if you share. Thanks!

[dab88]

@Reckeplace i just did an AICPa released question from 2016 saying it is SSAE, but from my reading it should be SSAR. I have my exam tomorrow and was wondering if you figured out the answer.

[Recked]

Always post the question so we can see the available answers.
I am looking at 2016 AICPA questions (2015 questions released in April 2016) and the only question I see referencing SSARS vs SSAE is…
What standards are applicable for a compilation of a nonissuer?
A. Statements on Auditing Standards
B. Statements on Standards for Accounting and Review Services (SSARS).
C. Statements on Standards for Attestation Engagements (SSAE).
D. Generally accepted auditing standards (GAAS).

My source says answer B is correct.

[Recked]

Which of the following standards should a CPA firm apply in a review of pro forma financial information?
A. Statements on Standards for Attestation Engagements.
B. Statements on Standards for Consulting Services.
C. Statements on Standards for Accounting and Review Services.
D. Generally accepted auditing standard

Answer is A according to my source. Pro forma falls under other services.

[Recked]

Are unmodified/unqualified ever used interchangeably?
PCAOB = Qualified
AICPA = Modified

[SONA]

Nope….

[SONA]

How was your exam by the way?

[Recked]

Posted in AUD experience thread.
As the time goes on I get less confident and think I did more things wrong.
Hopefully its enough for a pass.
I feel this exam was probably set to EASY mode, compared to my FAR which was set to SOUL CRUSHING mode.
EASY mode is (relatively) nice, except it just means you need to get more questions correct to achieve a pass.

I wish we could discuss the questions because I am still scratching my head about one particular SIM. There is probably a simple explanation that I am just overlooking.

[Recked]

So my course explicitly said Issuer/PCAOB = UnQualified, and non-issuer/AIPCA was UnModified.

I am looking at the 2015 AICPA released SIMs and the first SIM has a sample internal control audit letter.
Of particular note… Sling Co is a non-issuer.
At the bottom of the sample letter it states we also have audited….. expressed an unqualified opinion.

Nonissuer should be unmodified…??

If these terms are interchangeable that profoundly changes everything.
Apparently the AL is down, or I don't have access to it anymore.

So on further review…
5 basic types of opinions
Unmodified Opinion – Clean
Unmodified with emphasis or other matter
Types of Modified opinions include:
Qualified
Adverse
Disclaimer
Note that the AICPA and International standards use the term “Unmodified”, while the PCAOB standards uses the term “Unqualified”.

I thought anything with Qualified/unQualified was strictly for PCAOB use.
Whereas Modified/unModified was non-issuer/AICPA.

[Bourne]

I thought they all changed to unmodified. Laaaawd help my exam

[Recked]

In light of these new revelations… outlook – not as confident.
Dec 19th can't come soon enough.

You moving on to REG or BEC?

[SONA]

I am going back to retake my FAR I lost in June-16 with 74. Any tips will be appreciated.

On the other hand, my AUD went well and I think I will pass, but I should not be overconfident so doing 50 mcqs everyday until result comes.

[Bourne]

It all just depends on these results. If I passed both, I'll move on to REG, otherwise I'll retake whichever I failed.

[Right Brained Accountant]

Anyone else from the 2-scores-on-12/19 camp that is vacillating between self-shaming/restudying versus needing to give the mind a quick rest before busy season? From studying 24/7 to this quiet lull I am fighting off tremendous guilt for not getting back on the FAR study train…

[Author]

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