AUD Study Group Q1 2015 - Page 36

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  • January 11, 2015 at 10:03 pm #650314
    Anonymous
    Inactive

    There is only Monday and Tuesday left. I am going to do some gleim mcqs, read different reports, do some ninja sims

    What's your plan?

    January 11, 2015 at 10:29 pm #650315
    jstay
    Participant

    yeah at this point i dont really know what to do. I have done becker twice so now i do 90 question progress tests then switch to ninja. ive pretty much gone through ninja once already and am starting to see some repeats. im trending in the low 80s. ill probably read through the book again or atleast the main points. i am just so worried for the sims. By test day, ill have done close, if not over, 6,000 questions

    January 12, 2015 at 3:01 am #650316
    MTRock
    Member

    Does anyone know if the revisions to the OMB Circular A-133 are testable in Q1? The new rules took effect for single audits beginning on or after January 1, 2015. Threshold is now $750,000 in expenditures, up from $500,000. I think auditing/accounting updates aren't testable until 6 months after their effective date, but my Becker software has already started using 750,000 as the threshold (Ninja MCQ have not), so I'm not sure which is the testable one.

    January 12, 2015 at 4:22 am #650317
    hunter32
    Member

    Im not sure either and I havent verified it. Becker says 750 and Ninja says 500. I like Ninja but I'll sleep better going with Becker.

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

    January 12, 2015 at 2:34 pm #650318
    salring
    Participant

    Its 500 through 2014, starting form 2015 and forward it's going to be 750

    January 12, 2015 at 5:26 pm #650319
    pengzars
    Member

    hey, guys

    suffered a loss that would have a material effect on its financial statements on an uncollectible trade account receivable due to a customer's bankruptcy after balance date before issuing auditing report date, it should be adjusted or disclosed?

    thanks

    BEC--83
    REG--83
    FIN--77
    AUD--68-74-Q1/2015
    MAY THE FORCE BE WITH US!!!

    January 12, 2015 at 5:35 pm #650320
    hunter32
    Member

    Well, just got back from Prometric. Wasnt what I was expecting at all.

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

    January 12, 2015 at 5:44 pm #650321
    salring
    Participant

    After balance sheet date should be disclosed

    @Hunter how was the exam?

    January 12, 2015 at 5:50 pm #650322
    hunter32
    Member

    My simulations were pretty rough, nothing that I dont think I couldn't handle but they were complex. MCQ were alright. It was weird though, the majority of my exam was two chapters.

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

    January 12, 2015 at 5:53 pm #650323
    salring
    Participant

    I hope the 2 chapters worked in your favor. Good luck!

    January 12, 2015 at 6:37 pm #650324
    ruggercpa2b
    Participant

    Anjanja you mentioned that you are also using Gleim. How are you liking their questions? The sims really killed me this last time I took Audit and trying to decide if I should purchase the Gleim simulations wizard on top of my Ninja MCQs.

    I am trying not to spend too much money on this exam but I may need another set of practice sims.

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    January 12, 2015 at 6:41 pm #650325
    jstay
    Participant

    i feel like this exam on thursday is going to be the death of me

    January 12, 2015 at 6:56 pm #650326
    Anonymous
    Inactive

    I thought gleim aud sims were not that difficult, I averaged around 80%. I have never taken aud so really not sure

    I remember that FAR sims were very close to the ones I saw on the exam and it was very helpful

    January 12, 2015 at 7:08 pm #650327
    MTRock
    Member

    I just got back from Prometric as well and feel the same way… seemed like my multiple choice was focusing on a lot of the same topics. Simulations were more involved than I anticipated and I ended up using every bit of the 4 hours, but hopefully I pulled off, at least, a 75!

    January 12, 2015 at 8:39 pm #650328
    jackaroe
    Participant

    Fictitious Sales and how they affect A/R Turnover (net credit sales/avg. A/R)

    If someone creates fictitious sales – do they also create fake account receivables?

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