[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/

Focusing on what I'm getting wrong not right!

[Hadi]

hi all! ive passed 3 papers n am going for the last audit before FAR credit is lost. I plan on giving the exam on november 15th hopefully. i was doing the sims and cant seem to open up sim 84 or 85. the system automatically changes it to 83. i know there are 85 sims according to the list of sims, any idea if its opening up at somebody elses end?

@hadi what program are u using?

[saenzj]

Good afternoon. I am looking for some last minute tips on passing Audit. Monday will be my third time taking the exam. I took it the first time on 3/6/17 and received a 70. Then I took it again on 4/18/17 and received a 73. I feel like I understand it but I don't know what I am doing wrong. I am using Roger CPA Review for my prep. Any tips are appreciated.

FAR – 77
BEC – 75
AUG – 70, 73
REG – 72

[Anonymous]

Scheduled my AUD in December. NTS good until Mid-January, but I do not want to take in January for another quarter change.
I use Gleim. Is it good enough for AUD. I have no AUD experience. Only took two auditing courses in university.
Any advice on how to study and understand AUD would be appreciated.

[cmckenzie]

@mo3athn — that is what I ended up doing. Changed my approach, and I hope it works. I'm an auditory person and I liked to listen while driving to/from work.. but Mike Brown is just not doing me any favors!

[56_Moves]

@cmckenzie — I am also using Becker. My exam is next Tuesday and I am going through the lectures for a second time as a review. I hear a lot of people complain about Mike, but while his is not nearly as good as Olinto or even Gearty, I still enjoy listening to him. Good luck with your studies.

In my opinion, Gleim is good if you have the time to follow their program. The Smart study method of going through all 20 study units. . It just takes a lot of time. Studying full time I'd say 6 weeks to get through the entire course before final review. . If you have a FT job or family commitments .. 2 months plus.

[4dkids]

Good evening fellow AUD warriors. Would someone kindly share where my understanding is lacking as I believe a decrease in misstatements means an increase in detection risk which would require LESS testing allowing for interim testing. Grateful for help.

Holding other planning considerations equal, a decrease in the amount of misstatements in a class of transactions that an auditor could tolerate most likely would cause the auditor to
A. Increase the assessed level of control risk for relevant financial statement assertions.
B. Apply the planned substantive procedures prior to the balance sheet date.
C. Perform the planned auditing procedures closer to the balance sheet date.
Answer (C) is correct.
A decrease in the acceptable level of detection risk or in the amount considered material will result in the auditor’s modifying the audit plan to obtain greater assurance from substantive testing by (1) selecting a more effective audit procedure, (2) applying procedures nearer to year-end, or (3) increasing the extent of particular tests. The reduction in materiality requires greater assurance from substantive testing.
D. Decrease the extent of auditing procedures to be applied to the class of transactions.

[4dkids]

I am using Gliem. It is true that there isn't time to do their whole system. I shoot for a 76-80 then move on but continue to do cumulative test. Their Sims fill in many gaps and teach me not to freak out no matter what is thrown at me. Just dig in and find out how the CPA gods want you to play each one. Still, just when I think I've got a handle on AUD, I make a 55% cumulative score. Sigh…

[cmckenzie]

@4dkids —

I think you have this right in that you'd have less testing at interim because the amount of tolerable misstatements decreased. To me, “closer to the balance sheet date” means *after* interim.

[JJK94]

Hey guys,
i have a doubt on one question:
Section 404 of the Sarbanes-Oxley Act of 2002 requires each annual report of an issuer to include which of the following?A.Representations from the company’s external auditors that the company has effective internal control over operations.

B.Management representations that the company’s external auditors have examined its internal control over compliance with laws and regulations.

C.Reasonable assurances that fraud will be identified before the issuance of the company’s annual report.

D.Management’s assessment of the effectiveness of internal control over financial reporting.

The answer is D.
Every public company (an issuer) must include in its annual report management’s assessment of the design and effectiveness of internal control over financial reporting. An accelerated filer (a company with market equity of at least $75 million) also must annually obtain an auditor’s report on internal control over financial reporting.
Only accelerated filers need auditor’s report on internal control over financial reporting???isnt tat for all issures?

[runegoblet3xx]

Took my exam yesterday.

I felt like I totally rocked the MCQ's. Finished those in about an hour.

SIMs were a totally different story. Felt like I was trapped in a nightmare. And…what's with all the research questions lately? That's super frustrating that one of those will probably be dropped.

will doing FAR simms help with preparing for AUD sims?

[bobby]

Hey all!

I'm about halfway studied for AUD. My test date is November 1st, and I'm feeling good about most all of it so far, except for chapter 4 of my study prep.

I using Becker right now, and I am just scoring terribly these past couple of modules. Like in the 30s, where my usual is around 70s. Is chapter 4 notorious for being difficult or am I not realizing something?

[Author]

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