[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

[jackaroe]

Let's say a business opens up a new branch office – does it effect Inherent Risk or Control Risk?

[Anonymous]

@jackaroe I would say that would affect IR because you don't know how successful that new branch will do in that given area.

[Anonymous]

My exam is Saturday I take the day before the exam off… I have went through all the Becker mcq averaging between 80s-90s and I've done around 520 ninja mcq trending at 85%. Should I continue to do more mcq, should I re-read the Becker book (kinda what I want to do), or focus more on the SIMs?

[Anonymous]

@cpa8488 – How proficient are you with the AL? Have you practiced any SIMs? Personally I would schedule some time to at least review some SIMs. Additionally, since the rumor is that if you budget enough time you can usually answer the SIMs with the AL, I would make sure I am relatively familiar with it.

[Anonymous]

@ARCPA2B currently finishing up the SIMs practice in A4. I try to do most on my own. Then look at the answer and say, “oh yea” lol. I'm going to try to finish up the SIMs for A5 and A6 as well today. I think I'm going to skim the book once more and continue ninja mcq until Thursday. I took aud exam in July and got a 72 the SIMs weren't bad at all. But of course I didn't study enough! I heard the SIMs this time around are pretty length so not looking forward.

[Anonymous]

Sounds like you've got it figured out. Good luck!

[superstani]

Which of the following questions would an auditor most likely include on an internal control questionnaire for notes payable?

A.Are assets that collateralize notes payable critically needed for the entity’s continued existence?

B.Are two or more authorized signatures required on checks that repay notes payable?

C.Are the proceeds from notes payable used for the purchase of noncurrent assets?

D.Are direct borrowings on notes payable authorized by the board of directors?

Does anyone know the answer to this question?

FAR-79
REG-79
BEC-81
AUD-82

[salring]

B The auditor would be testing for internal controls.

[tami3492]

I'm thinking it's D. You want to make sure that controls are in place so that borrowings have been authorized by the appropriate people.

FAR 7/8/14 - 88 - Becker live course
REG 10/14/14 - 82 - Becker live course, Ninja notes and audio
BEC 11/25/14 - 88 - Becker live course, Ninja audio, Wiley book for extra questions
AUD 2/3/15 - 94 - Becker self study, Ninja audio, Wiley book for extra questions

[Taherkq]

its D. Are direct borrowings on notes payable authorized by the board of directors?

An internal control questionnaire for notes payable would ask about controls over direct borrowings on notes payable. The concern would be whether it was possible for borrowings to occur without proper authorization.

FAR- 80
BEC- 81
REG- 85
AUD- 77

Done!!!!

(Becker)

[superstani]

@Taherks thank you explaining it to me.

FAR-79
REG-79
BEC-81
AUD-82

[zach16]

Hey guys, this is my first time posting and studying for my first exam (Auditing). I'm using all of the Becker materials and I plan on buying the Ninja Notes. When reading the material, I feel like I am taking too much time taking notes when reading a certain section. Do you have any advice regarding this and studying in general for this section? Thanks!

[Martin]

When performing risk assessment procedures to obtain an understanding of internal controls, the auditor may include all of the following except:

A.

observing the application of specific controls.

B.

performing analytical procedures.

C.

inspecting documents and reports.

D.

tracing transactions through information system relevant to financial reporting.

According to Roger, the answer should be D,but ninja MC answer says that Analytical procedures are not use for risk assessment procedures, so as far as ninja mc is concrern the answer is B. Who is correct here?

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[tami3492]

I would think it is B as well. Performing analytical procedues doesn't seem like something you would do to understand internal controls.

FAR 7/8/14 - 88 - Becker live course
REG 10/14/14 - 82 - Becker live course, Ninja notes and audio
BEC 11/25/14 - 88 - Becker live course, Ninja audio, Wiley book for extra questions
AUD 2/3/15 - 94 - Becker self study, Ninja audio, Wiley book for extra questions

[ruggercpa2b]

This is what I found on the pcaob website. I would say D is correct because to me that is a substantive procedure.

In applying analytical procedures as risk assessment procedures, the auditor should perform analytical procedures relating to revenue with the objective of identifying unusual or unexpected relationships involving revenue accounts that might indicate a material misstatement, including material misstatement due to fraud. Also, when the auditor has performed a review of interim financial information in accordance with AU sec. 722, he or she should take into account the analytical procedures applied in that review when designing and applying analytical procedures as risk assessment procedures.

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.

[Author]

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