AUD Study Group Q1 2015 - Page 51

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  • January 30, 2015 at 7:10 pm #650541
    NoraU
    Member

    @ARCPA2B. I currently use Ninja MCQ my score is around 75. I had middle sixties on REG and FAR and passed both. My approach not to try to answer as many as possible correctly but rather understand and document (just like IC) every one I got wrong.

    When is your test?

    BEC 05/12/14 77
    REG 08/25/14 82
    FAR 11/25/14 80
    AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

    January 30, 2015 at 7:20 pm #650542
    Anonymous
    Inactive

    Anybody else have an answer for this:

    For the engagement letter: is it from auditor to Board of Directors or is it from auditor to management?

    January 30, 2015 at 7:22 pm #650543
    Anonymous
    Inactive

    An auditor most likely would limit substantive audit tests of sales transactions when control risk is assessed as low for the occurrence assertion concerning sales transactions and the auditor has already gathered evidence supporting:

    a. Opening and closing inventory balances.

    b. Cash receipts and accounts receivable.

    c. Cutoffs of sales and purchases.

    d. Shipping and receiving activities.

    January 30, 2015 at 7:25 pm #650544
    Martin
    Participant

    NoraU, Im happy to hear that you were scoring in the middle sixties on both REG and FAR, and you pass both with 80 and 82. I feel discourage every time I work on Ninja MC and I score a 70 to 72. I think the best way to compare the ninja MC vs the real exam is to compare the scores with the average you get on ninja. If I go by trending, I will be scoring in the high 80s once I start doing the same questions over and over. Do you feel that Ninjas questions were similar to the exam or harder. Based on your scores, i would think they were harder than the real deal.

    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

    January 30, 2015 at 7:26 pm #650545
    Martin
    Participant

    cpa8488, I would think the engagement letter goes to the one who hired (directors) you right?

    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

    January 30, 2015 at 7:28 pm #650546
    Martin
    Participant

    CTM, is it B?

    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

    January 30, 2015 at 7:29 pm #650547
    Martin
    Participant

    The 3 letters CTM is a big insult in South America. What a funny coincidence, I think you are insulting me every time i see your responses.

    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

    January 30, 2015 at 7:29 pm #650548
    Anonymous
    Inactive

    Martin, yes! For some reason the revenue cycle is killing me.

    January 30, 2015 at 7:30 pm #650549
    Anonymous
    Inactive

    Here was the explanation:

    Examination of accounts receivable and cash receipts provides the auditor with evidence with respect to both the completeness and the occurrence of sales transactions, thus limiting the need to test sales transactions.

    January 30, 2015 at 7:31 pm #650550
    NoraU
    Member

    Martin, It is hard for me to compare. All I can say Ninja helped me big time ( I also purchased Audio for all tests and I am a big fan). Again I tried not to concentrate on a score part while doing MCQs but rather use it as a learning tool.

    BEC 05/12/14 77
    REG 08/25/14 82
    FAR 11/25/14 80
    AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

    January 30, 2015 at 7:42 pm #650551
    Martin
    Participant

    CTM, the way i answer this question is by asking myself which of the pairs of answers only deals with sales?

    a. Opening and closing inventory balances.

    b. Cash receipts and accounts receivable.

    c. Cutoffs of sales and purchases.

    d. Shipping and receiving activities.

    The first pair deals with many cycles not just sales. C deals with sales,but purchases is too broad. Letter D deals deals with sales but receiving deals with purchased like letter C. The only one where both come from sales is B cause you either sell items on cash basis or on account. This is how I answer a lot of questions on Becker and WTB.

    NoraU, I have to look at them the same way if I want to pass otherwise, I will just feel i dont know enough.

    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

    January 30, 2015 at 8:11 pm #650552
    Anonymous
    Inactive

    Martin, thank you. That makes complete sense.

    January 31, 2015 at 12:01 am #650553
    Anonymous
    Inactive

    Wow, I missed a lot of good convo today.

    @Nora – Thank you for the input, I have a similar strategy when studying MCQs. I test on 2/27, and I have worked completely through Becker's AUD materials (other than flash cards, not my thing) and was averaging around 85% on Becker progress tests but I feel that may be skewed as I have a tendency for memorizing MCQs fairly easily.

    @CTM – I'm with Martin I work through those transaction cycle questions the same way… It can be tricky at times but you just have to pick out the unrelated/related accounts. Actually, I work just about every audit question in this way, I read each response and rule out the ones in my mind that I know are incorrect and then reconsider the 1-2 that I believe could be correct, it generally works and certainly should increase your odds.

    Is there a secret to launching Ninja MCQ on iPad? I can't get it to work… 🙁

    January 31, 2015 at 1:19 am #650554
    Martin
    Participant

    ARCPA2B, let me know how you do with the ninja questions. Im also averaging around 85 on Becker and Wiley test bank,but only 70 to 72 on ninja.

    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

    January 31, 2015 at 1:27 am #650555
    Anonymous
    Inactive

    I'll try to update after a bit when I get a good feel for it… I've only done 30 MCQ gonna try to get into it pretty heavy this weekend, really interested in the SIMs. So far I really like the answer explanations, a good mix up from Becker… Becker is the only other program I'm familiar with though, this is my 2nd exam and I strictly did Becker for FAR (hopefully passed) if I have to do FAR again I'll probably use some Ninja products.

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