[jeff]

Post by Another71.

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

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

[jstay]

mtwst113, how is studying going for you? how are you doing on becker mcq?

[mtwst113]

Studying is going pretty well. If I do 20 questions from each progress test, I average about a 18/20. Starting to feel decently confident going into Saturday. What about you?

BEC | √
AUD| √
FAR| Spring 2015

[jstay]

wow, cant believe saturday is already 1/3! but its going well i suppose. im currently going through becker questions for the second time-straight through. after today ill be through A4 and my scores have gone up in almost every section. gotta work on transaction cycles and audit evidence a bit. i plan to do A5 & A6 again over the next two days then i will just do 90 question progress tests in the morning and then switch to ninja. I usually read the book too after doing questions on that section.

but idk, i definitely dont feel super confident about this exam

[jstay]

past 4 days = over 1,250 MCQ

i really hope this pays off

[mtwst113]

I'd say just keep doing multiple choice. That's what has helped me drive home the concepts

BEC | √
AUD| √
FAR| Spring 2015

[mtwst113]

When is your exam?

BEC | √
AUD| √
FAR| Spring 2015

[jck524]

I am reading the Ninja audit book right now and wanted to know why the answer is D and not C? This pertains to the second PDF of the book on the end of page 34. It wont let me copy the question here since the pdf is secured. anyone help me out?

AUD 2/21/15: 85
FAR 5/22/15: TBD
REG: TBD
BEC: TBD

[hunter32]

I always find it interesting how many different ways people absorb material. I usually study till I start seeing stars or feel like vomiting lol. It's worked so far

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[uokoro]

Hey guys, can you please help me with this.

I know that the standard audit report is broken down into TIMAA

TITLE

INTRODUCTION

MANAGEMENT RESPONSIBILITY

AUDITOR RESPONSIBILITY

AUDIT OPNION.

my question is, is management responsibility and auditor resposibility part of the introductory paragraph, and were does the scope paragraph goes.

thanks

AUD - 83
FAR - 77
BEC - TBD
REG - TBD

This too shall Pass

[uokoro]

hey guys do you agree with this statement

“Material departures from U.S. GAAP are no longer acceptable in any circumstances under the guidelines of the FASB. (Such departures are still allowed under GASB and FASAB to be included in an unmodified opinion with an explantory paragraph if the auditor believes that the departure is justified”

from my understanding if the financial statement would be misleading then you can depart from GAAP as long as you provide reasons for departing.

thanks

AUD - 83
FAR - 77
BEC - TBD
REG - TBD

This too shall Pass

[jstay]

yeah as long as its justified i believe

[uokoro]

Jstay- so FASB don't allow departure for any reason

AUD - 83
FAR - 77
BEC - TBD
REG - TBD

This too shall Pass

[rosssumner15]

Hey guys, I am a little late to the game, but I just came across the audit risk model and I have a question about the inverse relationship between RMM to DR.

I am kind of thinking out loud so bear with me. Is the relationship inverse because if RMM is low, DR is higher because the auditor will not be examining account balances, etc. as closely as they would if RMM is high?

Thanks in advance. I have been skimming the thread and you guys help me out a lot. Good luck to everyone!

FAR - 67-85
BEC - 75
REG - 78

[hunter32]

Rosssummer, put it this way, if their controls are dog crap (RMM high) it means there is a higher probability of them screwing up, so you have to examine more evidence (to make DR low). If they have good controls (RMM low) chances are that their controls prevent, detect misstatement properly, meaning that you may not have to examine as much evidence, but since you are relying on the controls being good you have to test them more. Hope that helps

BEC - 80 (Becker)
AUD - 92 (Becker+NINJA MCQ)
FAR - 87 (Becker+NINJA MCQ)
REG - 90 (Becker+NINJA MCQ and Audio)

[jstay]

similar to what Hunter32 said, if RMM is high (because of CR or IR) then DR must be low which would mean more required substantive testing. if RMM is low and DR is high then less substantive procedures are required

[Author]

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