[jeff]

Post by Another71.

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

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

[Anonymous]

This is what AR 90.66 says:

.66 In considering the implications of a restriction on the scope of the audit,

the accountant should evaluate the possibility that information affected by

the scope restriction may be incorrect, incomplete, or otherwise unsatisfactory.

Nevertheless, when the accountant has been engaged to audit an entity's financial

statements and has been prohibited by the client from corresponding with

the entity's legal counsel, the accountant ordinarily would be precluded from

issuing a review report on the financial statements.

OK, I guess it makes sense

[teamryan15]

This is my 4th time taking Audit. I am trending at an 85% and an average of 82% using the Ninja MCQ. Before I was using Becker and WTB. Although I feel very strong about my MCQ I dont feel good about my sims. Any suggestions?

[mlevine63091]

@teamryan15

Same here, 4th time taking it. Passed the other 3 and only have 2 chances to pass. Used becker for the first 3 times then bought wiley test bank and ninja mcq. Taking it tomorrow and i've done about 1,100 ninja mcq and im trending a 92% and avg an 88. For Wiley i did about 80% of the questions and avged a 75. I feel good about the mc as well but for the sims i feel nervous especially if its journal entries. I'm very good at financial accounting but i have trouble interpreting the question. Got a 69,74, and 71 so im right there. hopefully this is the last one.

[jstay]

good luck tomorrow mlevine!

I'm kind fo in the same boat except this is my first time taking AUD. i passed FAR and BEC before. I am trending in high 70s/low 80s for Audit and have went through becker twice with my scores improving in almost all areas. I have also started reading the book again. I have done 2,500+ questions since christmas and before that i had went though becker once so add another 1,600 questions to that. I am halfway through Ninja right now and will be doing becker progress tests every morning. Do you think 5,000+ questions is enough??

[salring]

Jstay you sound more than ready, I noticed that the becker book has the best audit explanations of all the review books so if you are using it you should be okay. Wiley is too wordy and Gleim is over simplified.

Good luck on your test.

[jackaroe]

@mlevine63091 – Good luck and hope the CPA gods provide you with the simulations that you can find word for word in the AL.

Why did they take out AU 332 and split it into 5 or 6 sections for the clarified standards?

Does the PCAOB authoritative literature have a section on Derivatives – other than refer to the outdated AU 332 section?

[Anonymous]

Hi guy, those of you who are using Becker, could you please let me know which version are you using. I have V1.0. I was wondering if it is still current.

[Phantasmagoria]

Hi guys,

I'm trying to figure out this question:

The auditor must communicate accounting principles and methods in areas where there is little authoritative guidance to the audit committee.

Yaeger said yes, Wiley said no. Google said I don't know.

Please help.

Thanks,

[seepeeaye]

So in the sims, should we be searching AU or AU-C? Or is there a difference?

FAR - 92
BEC - 94
AUD - 93
REG - score release 5/27

[howmany74s]

@seepeeaye – AU-C are under AU. So you're practically searching AU-C.

[howmany74s]

Anyone has an idea why I got the below question wrong? (This is a Sim question from Ninja MCQ -#79)

Misstatement: The company has the same person approving pay requests and cutting checks.

Audit Procedure Used to Detect Misstatement: Select an unpaid invoice and ask to be walked through the invoice payment process.

Internal Control That Could Prevent or Detect Misstatement in the Future:

(Wrong answer) -> At the end of each month, the purchasing department confirms terms of delivery with selected vendors.

Correct answer -> Accounts payable personnel are assigned different responsibilities each quarter within the department.

I understand the effort of segregating duties however if person A, during his/her quarter rotation, does all the cooking with checks and supporting documents, will person B do a quality check on person A's work to detect any error/fraudulent activity? How is the correct answer represent a preventive and detective control activity?

Thank you!

[Anonymous]

I am taking my second attempt on Friday – i dont even know how to study this week..ive been through the book at least 5-6 times and I have been doing multiple choice nonstop…I have been doing a TON of progress tests and have been ranging anywhere from 85-97s on them.. I am so ready for this to be over. Does anyone have any last minute study advice..? I scored a 72 on my first attempt…so I am hoping that I will kill it this time around. Good luck to everyone else thats taking it this quarter!

[sweetmoon]

Hi guyz, this is my repost from the exam experience thread :

Took the exam on the 3rd of Jan.” Woof!!! “was exactly how I felt coming out. Overall I felt it was brutal. The first testlet was very very easy and I even started thinking may be I had overprepared for the retake, but all that completely changed with testlet no 2 & 3 . It got harder and harder and I was finding it very difficult to manage the time within testlets. I had to read the wording of the questions and the answer choices several times to figure out the answers. Gleim did a good job in preparing me with the basic concepts, which I could apply towards the harder questions in the exam. A couple of sims were hard and there was a Sim from a topic which has less that 2% weightage and that was ironically the only topic in sims that I ignored during my preparation due to lack of time. I spent several hours on that topic during my first take and hardly got any questions from that and I thought may be I would concentrate on other topics this time, and well I was wrong. I had a hard time managing time with Sims as well. Last exam, I had lots of time, I finished each testlet in 20 mins and reviewed them twice. But it was different this time, I had to manage time with strict discipline and finished everything when I had 37 secs left. If there are some lessons learnt, here they are :

1) dont ignore any topics for sims, They can really surprise you and it is really shocking if you have to answer a whole sim from a topic which you ignored.

2) dont just do MCQs, but understand the reason behind as that is what will help you when you do the real exam.

3) dont underestimate the 4 hours , thinking you will have lots of time. I was surprised that I had to manage time for this exam just like FAR.

FAR : 71, 83
AUD : 73,88
BEC : 87
REG : sweet 82 and DONE !!

[Anonymous]

Hi,

I am starting out AUD prep this week. Any tips on which topics are really important? How to study for this exam. For BEC and REG i didnt practice the SIMs as Jeff adviced. I just focused on the MCQs and understood all concepts. What about this one?

[Anonymous]

I am confused by this question, why isn't C correct? The answer is referring to AU-C 800.04, but it states:

.04 Section 806, Reporting on Compliance With Aspects of Contractual

Agreements or Regulatory Requirements in Connection With Audited Financial

Statements, addresses the auditor's responsibility and the form and content of

the report when the auditor is requested to report on the entity's compliance

with aspects of contractual agreements or regulatory requirements in connection

with the audit of financial statements.

It used ti be AU 623, but I can't find what AU-C # it is now

An auditor's report would be designated a special report when it is issued in connection with:

A. interim financial information of a publicly held company that is subject to a limited review.

Correct B. compliance with aspects of regulatory requirements related to audited financial statements.

C. application of accounting principles to specified transactions.

D. limited use prospective financial statements, such as a financial projection.

[Author]

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