[jeff]

Trying something new …

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

[Shay]

What's everyone status?

I started A6, I feel like a lot of info is repeat from REG

[Tootsie]

I'm still on transaction cycles in A4. It's a really long section. Plan on finishing the reading and writing notes tonight.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Heidi-O]

Thanks CheeseDog!!

I have remembered the Standard Audit Report – does anyone suggest that I should memorize the Standard Compilation Report and Standard Review Report too?

FAR Aug 2012 79
AUD Oct 2012 84
REG Aug 2013 87
BEC Jan 2013 80

[Sonyafm]

I just finished re reading and re studying Auditing and IT section. I think I got it now after getting a 99 on the Becker questions. I am taking simulation tests and re studying the sections I am weak on.

[Nevergiveup2012]

I just started studying Auditing and am currently on A2 Becker Prep Book. I seem to have a lot of problems remembering different criteria/rules on special audit reports, OCBOA, etc. Do you guys have any tips on how to understand/memorize the differences between various reports. By the end of the chapter, I seem to have all mixed up. I've been bogged down by these two chapters and I don't want to move on because I am not sure if the subsequent chapters build upon these A1 & A2 chapters. Any advice would be appreciated

BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!

[Sonyafm]

@Nevergiveup2012

My suggestion is not to give up on it. (just like your name) Go over the different types of reports and hightlight the differences. On page 59 there is a great chart that does exactly that.

A few things to remember from this chapter are what reports requires the auditor to be indenpendent and which ones not.

Compilations is the only one that does not require independence but requires to disclose the reason. Compilations are in my opinion the easier type of report. The accountant is required to get familiar with the industry and with that knowledge the accountant puts together the Financial Statements. With a compilation the auditor is NOT auditing, NOT reviewing, this is the lowest level of report. Also with compilations engagement letter and representation letter are not required. All other types of reports yes. Also compilations are only for non issuers and follow SSARS, just like with Reviews.

I remember the first time going over this chapter I felt similarly, don't give up it's going to be one of the easiest ones in my opinion.

I'll highlight more difference or things to remember later

[Tootsie]

Done with transaction cycles, yessssssssss! Now I can move on to the next section.

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[Shay]

@Sonyafm..you are good with reviews..like your post of compilation.

can you review about Substantive Test, Analytical Procedues, Substantive as Analytical procedures (A4.1)

thanks

[Nevergiveup2012]

@sonyafm Thank you so much for your overview, it helps a lot. I wrote down your overview in my notebook for future reference. I don't know why I find Auditing to be more challenging compared to BEC which I recently found out that I passed with flying colors. But I won't give up no matter how s-l-o-w I am at learning this section ^^__^^.

BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!

[Nevergiveup2012]

@sonyafm sorry for the double post.

BEC - 86 (8/31/12)
AUD - 97 (11/18/12)
REG - 83 (5/12/13)
FAR - 91 (12/2/13)
Done!!!

[Tootsie]

Done with “Other Audit Procedures”, whoop! I should be done with A4 by tomorrow night. Then I plan on doing a progress test for A1-A4, reviewing my notes, scanning Ninja notes, and writing stuff. A little over 3 weeks until exam day, yikes!

FAR - 76
AUD - 88!!! DONE!!!!!!!!
BEC - 76
REG - 77

never, never, never give up

[sbarkerACPA]

I have finished all reading materials and working all MCQ the first go around. I am rewriting/re-reading/taking more notes on everything that haven't stuck. My exam is October 1st. Starting Monday I will work Becker and Wiley MCQ a second time and reviewing more..Audit bothers me because it seems so logical but I know this exam will be much harder than logic!!!.

BEC: 74;81
AUD: 77
REG: 71; 80
FAR: 78
License for CPA----APPROVED
CPA Class of 2013

[Sonyafm]

@Shay,

Substantive Test: Is for testing material misstatements (Dollars) vs Test of Controls (follow procedures, signatures, yes or no questions, not dollars)

Substantive test: is done with test of details, that tests balances and transactions in the F.S. (dollars)

With Analytical procedures includes a dollar and a number in most cases ( also look for that if you get a question on the test about which is a Analytical procedure) also comparison of F.S. is an analytical procedure such as a comparison of last year F.S. with current F.S. or budget vs Actual activity. Analytical procedure is use during the Planning to understand the business and to find accounts that require attention. Also use on the Final Review, to make sure they have reviewed all the questionable accounts balances.

Transaction Cycle: Remember segregation of duties. A.R.C.: Authority, Record Keeping and Custody.

Remember the biggest concern on the Revenue cycle is overstatement and for Expense cycle is understatement.

Also important to know Lapping and Kitting and how to identify them.

[Shay]

@Sonyafm…thanks.

Becker says to focus on A4 for SIMs? this would be my first try at AUD. I want feel comfortable with SIMs.

[LSNYC]

Just scheduled my retake of Audit for 11/24 that's just over a month after my BEC exam!

A - 61, 91!!
B - 78!
F - 76!!!
R - 71, 73, 74, 69, 77!!!!

Finally done!

This is my 2nd attempt at the exam, I had two parts passed (failed many) and I stupidly quit, big mistake. Now I'm back and with a vengeance!

[Author]

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