AUD Study Group Q1 2015 - Page 61

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  • February 10, 2015 at 2:26 am #650697
    rachel525
    Member

    When do updates go into effect??!!

    They even changed the Single Audit threshold to 750,000 from 500,000.

    February 10, 2015 at 2:49 am #650698
    Anonymous
    Inactive

    @rachel: Yes, on December 26th, 2014 OMB Circular A-133 was replaced with the new Office of Management and Budget Circular CFR 200 (this replaced pretty much all OMB circulars which governed federal grant awards and combined everything into one large circular). However, I don't think they can test on the new uniform guidelines until 6 months after they have been in place…correct?

    February 10, 2015 at 4:01 am #650699
    Anonymous
    Inactive

    @clopins and rachel – Jeff addressed that concern in this thread several pages back and you are correct clopins that changes are not tested until 6 months after the change. So all of those changes would be available for testing in the 3rd window of 2015. I guess I need to do some researching on OMB Circ. CFR 200 because I literally had no clue.

    February 10, 2015 at 4:53 am #650700
    Anonymous
    Inactive

    @ARCPA2B – thank goodness, lol! Thanks for the info…I will go look for Jeff's comments. I only know about the new circular because part of my job is overseeing federal awards…CFR 200 is quite a monster! I believe it's close to 250 pages.

    February 10, 2015 at 4:54 am #650701
    rachel525
    Member

    @clopins and ARC: Thank you!

    @ARC: Here's the link https://mybecker.secure.force.com/MyBecker

    February 10, 2015 at 2:14 pm #650702
    rachel525
    Member

    Which of the following is not true about an auditor's report on a review of interim financial information of a publicly held company?

    a. It is similar to an audit report in that both provide an opinion regarding whether the financial statements are in conformity with generally accepted accounting principles.

    b. It is similar to a review report under SSARS in that both make reference to the performance of inquiry and analytical procedures.

    c. It is different from an audit report in that the audit report provides positive assurance whereas the review report provides negative assurance.

    d. It is different from a review report under SSARS in that the reference to professional standards is included in the scope

    paragraph.

    A and D are both wrong though…

    February 10, 2015 at 3:27 pm #650703
    Anonymous
    Inactive

    That is confusing. I would go with A because I know that is 100% wrong. There is no opinion in a review. The report states that no opinion is given. Both reports do include reference to the related standards but they differ in the standards they refer to (PCAOB vs. SSARS). So I think D is sort of true and therefore not the correct answer for this question. That's my thought process and why I would have gone with A. Hopefully that's right.

    February 10, 2015 at 4:23 pm #650704
    mariam almas
    Participant

    @rachel525 are u sure A is wrong ??? I'll go for A

    AUD: 81 (Done)
    REG: Currently studying
    FAR: TBD
    BEC: TBD

    NH

    February 10, 2015 at 8:26 pm #650705
    Martin
    Participant

    I just read the following post and I hope I have a similar outcome when it comes to her final grade. Im tired of not scoring higher than a 70 to 73 on Ninja and high scores on both Becker and Wiley. I was reading other posts and it seems that if your average is on the 70s, you have a great chance of passing. This trend did not hold true for REG, but it did for the other 3.

    AUD

    Trending Score 90%

    Average Score 76%

    Actual Score 89

    # of Questions Answered 2809

    # of Questions not answered correctly 0

    # of Questions left unseen )

    This was for my 5th AUD retake. I had been using solely becker and was getting in the high 60's, low 70's each time. I was close to losing my credit for other exams so I decided to put forth the money to buy Ninja MCQ and that was one of the best investments I have made. It bumped me up 18 points, when I though there was no way I would pass this exam! If you are at all considering buying NINJA products, I definitely recommend it. These MC give you so much more feedback than Becker so you learn why your question is wrong instead of just memorizing the correct answers! I did all MCQ's until I got them all right, then just used the adaptive learning phase to select practice questions for me during my review. I also did about half of the SIMs for practice! I can not thank you enough Jeff, for this wonderful and cost effective product! I am finally done and it has a lot to do with your products!

    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

    February 10, 2015 at 8:45 pm #650706
    ruggercpa2b
    Participant

    Congrats on being done Martin. I am going in for my 4th audit retake soon and I hope I get my first passing score using Ninja Products. That is all I am using this go around.

    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.

    February 10, 2015 at 9:07 pm #650707
    superstani
    Member

    @martin good stuff. When did you take your exam? i took it yesterday and I think it went well. i had decent stats on Ninja so hopefully I passed as well.

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

    February 10, 2015 at 9:41 pm #650708
    Martin
    Participant

    I think you guys misread my post. I copy/paste someone else's experience wishing that I get a similar outcome. This person was scoring in the low 70s on Ninja MC,but managed to pass Audit. She took the exam 5 times, and this time around she used the Ninja test bank. Im also scoring in the low 70s with ninja, which suck, cause Im getting higher scores with Becker and WTB.

    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

    February 10, 2015 at 10:12 pm #650709
    superstani
    Member

    @Martin I certainly did. English is my second language so anything is possible. Anyways good luck to you, I'm sure you will do fine. i will be posting my results on the 24th

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

    February 10, 2015 at 10:20 pm #650710
    Martin
    Participant

    superstani, good luck to you as well. What was your average on Ninja MC if you don't mind me asking?

    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

    February 10, 2015 at 10:43 pm #650711
    superstani
    Member

    Thank Martin I had 79 average but my trending dropped to 85.67 after i took two practice exams. at one point i had it at 88

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

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