[jeff]

Trying something new …

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Anonymous]

I am totally in. I want to pass before all the changes come into place and before getting a full-time job. I am half-way done reading Becker and hoping to do MC and Simulation in November.

Edit: Taking it in January, but studying in Oct/Nov. I am taking all December for BEC.

[Geshanyc]

Going in for 12 hours of me vs AUD. Running on sheer motivation to brutalize this thing and regain my life back! There are two outcomes- Win or Loose. I choose to fight and win, fight until I cant stand anymore, then I will sit, If my eyes close, I will listen. This is my life and I run this B*tch ! 🙂

“Unless you do your best, the day will come when, tired and hungry, you will halt just short of the goal you were ordered to reach, and by halting you will make useless the efforts and deaths of thousands.”

[Geshanyc]

117 – mod 5 pg 357 – Willey

When performing an attestation engagement, which is the least likely to be present?

a) Assertion b) Independence c) subject matter d) criteria.

ans – A – Assertion.

and I didn't just read a page and memorize a report on reporting on mgmt's assertion about a subject matter!?

lol.

[TXNYC]

@Geshanyc

In wiley P 334.

Subject matter of an attestation engagement may take many forms, including:

historial or prospective performance or condition

physical characteristics

historical events

analyses

systems or processes

behavior

In attestation engagement, there are FPS, Pro form financial information, MDA and so on…..

FAR - 79 (5/2011) expires 11/30/2012
BEC - 81 (7/2011)
REG - 76 (8/2011)
AUD - 69,70,70,86(10/2012) Finally got the AUD credit before FAR expires.

[Geshanyc]

@TXNYC – Tnks for reply – I am writing this one off as things I remember and move on 🙂 result= something ill never get wrong come exam day.

also, like the fact that an engagement letter is not necessary in an AUP and the MGMT rep letter is optional. Come on – both are complete contradictions to AUP, where an understanding of procedures etc must be established with the specified parties – and we make this understanding through Morse code or Emoticons lol?

Look at q 120 – same mod – I ask you does or does not the specified part take resp for suff of procedures? Then look at answer expl for A.

[Anonymous]

Awwwww silliepanda,

that made me so emotional… I can imagine!! 🙁 take your time but try to study 1-2 hrs per day.

When is your exam???

I am so disappointed with myself, today was not that productive , i was lost and took too many naps while studying Audit sampling. Nevermind i still have half day left.

@geshanyc- management letter is not optional with AUP , its mandatory if third party is a client .where are you reading this from?

[silliepanda]

My exam is Nov 21 so I am going to try to get thru 2 chapters a week. I am not watching videos because I find with AUD I am just staring and getting angry at it ha ha. I am going through the E-Book to mark up mine and read through it at the same time. I am aiming to start writing Chapter 1 notes tonight. I want to be able to wake up each morning and work out and read my notes. Not only am I trying to study, but plan a wedding and get everything in order. Ohhhhh the stress I put on myself. I just keep saying it will be all worth it!!!!! And you totally do have half a day left 🙂 Go get some red bull 😉

BEC - TOO MANY FAILS TO LIST! July 2015 I WILL GET IT!
AUD - AUG 2015- NEVER PASSED!
FAR - LOST CREDIT
REG - PASSED

[Geshanyc]

Agreed Upon Procedures:

1. Becker Book / Willey Book In conjunction with the Attest or Auditing Standards Directly from AICPA.org ( for piece of mind and research practice) which are extremely well articulated, include a million examples, and are Downloadable in PDF ( u just saved thousands on review material – lol).

Here is the links on practitioner's responsibility for obtaining management representation letter in conjunction with Attest Standards and Agreed Upon Procedures Engagements.

Attest Engagements General (AT §101.60) https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00101.pdf)

Agreed Upon engagements (AT §201.39)

https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00201.pdf

Let me know your thoughts on the Sources as a general review or reference tool – for me they serve well at work and no reason why not for exam. I am making a summary so I never screw this up on the exam.

many naps on this side too – Its stressful stuff so you reset for 20 minutes – better than having an anxiety attack or wasting time – I took 4 today – at least im alert and focused all day and probably well into midnight.

[lessieallen]

I'm taking AUD Nov 26 and I'm so confused on HOW to study! I'm using Becker, ninja notes and flashcards but i feel like I'm memorizing more than understanding. Help please!

[Geshanyc]

@lessieallen – How are you doing on the MCQs? How far are you in Becker? – Memorize / Understand is the moving bulls eye in audit. You should Master this stuff / but like you see in my post form earlier today, sometimes you just better of memorizing and moving on.

This is what I did when I failed – I read the chapters, Did some MCQs, and balanced my social life and work. Result is im still here.

Here is what I did when I passed BEC and REG = I bite the bullet – cut everyone and everything off and totally and fully commit to conquering this hell ride. I read, annotate, re annotate, I use different color pens and markers to keep from going bored, I use Powerpoint and word and excel and paper – all to keep me from loosing it. Sometimes I make fun of this stuff and tell myself ridiculous stories that SSARS is GAASs unlucky cousin and SAEs wanted to be GAAS but couldn't do it. Just stuff like that. I do MCQs, use Wiley book for reference and go to AICPA site for additional guidance (source of AU, SSARS, and SAEs – I hope you knew that 😉 . I go on skype with a few people that are taking aud and we discuss AUD – its serves 2 goals; 1) review live with peers and 2) some social interaction with people in the same boat. Lastly, I found this forum :). So instead of facebook or my iphone I have this thing open all day – beats seeing pictures of what people had for dinner tonight lol.

[Anonymous]

ok i am super nervous. I am at work and working on month end, but thinking about Audit

May be this time i feel less prepared oh no oh no !!

[Soon2BCPA127]

Can i someone provide me an example executing different types of sampling techniques? I can't get my head around the differences and always get confused when I'm trying to a sample for PPS/Project error, point estimate? is there an easy way to differentiate on how to calculate these?

[TXNYC]

Soon2BCPA127

Attribute sampling(AS) ==> % error rate

Variable sampling(VS) ==> $ dollar amount

PPS belongs to Variable sampling ==> uses % to express $, is a hybrid method.

AS: sample deviation rate+allowance for sampling risk= upper deviation rate

Upper deviation rate v.s. Tolerable rate

VS: sample error +recorded balance= point estimate(Projected misstatement=PM)= Likely misstatement

Upper limit on misstatements= PM +Allowance for sampling risk(which includes basic precision & Incremental allowance for projected misstatements)

Upper limit on misstatements v.s. Tolerable misstatement

PPS: 1, define sampling interval & sampling size by $ total BV

Sampling interval =Tolerable misstatement/reliability factor

Sample size= Recorded amount of the population(which is total BV)/sampling interval

2, determine the method of selecting the sample

3, perform sampling plan and evaluate the sample results

( Upper limit on misstatements= PM +Allowance for sampling risk(which includes basic precision & Incremental allowance for projected misstatements))

FAR - 79 (5/2011) expires 11/30/2012
BEC - 81 (7/2011)
REG - 76 (8/2011)
AUD - 69,70,70,86(10/2012) Finally got the AUD credit before FAR expires.

[Soon2BCPA127]

@TXNYC – thank you but what's BV? I think my problem is that i can't always guess the point estimated error or project error and i know Becker showed a couple of different methods for a various sampling technique. I have a specific question from becker but i will post it again later. I don't have access to Becker at work.

thank you again – you seem to have sampling techniques down pretty well!

[Anonymous]

Wow thanks TXNYC This is great ino

[Author]

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