[jeff]

Welcome to the Q1 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

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

[If I can, u can too!]

Yay, new thread!

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Tre]

3rd time is the charm I guess? Done with Ninja MCQ/flashcards, can't stand seeing an average score over 75, a trending score over 90, and a final score of 65 (6 points worse than the time I studied with Wiley).

BEC - 84
REG - 88
FAR - 75
AUD - 71, Nov 2015

[Kelsie]

Planning on using Ninja alone for now to begin prep for AUD. I haven't even submitted my app to sit yet, but have all of the pieces together with the exception of the cash to file the application. Hoping to test in February 🙂

[monikernc]

I am off to BEC but wanted to leave some very helpful tips to those working on AUD. https://www.another71.com/cpa-exam-forum/topic/suggestion-for-aud-tester

Good luck to all! With AUD start at the beginning and always know at what stage of the engagement you are in to know what neeeds to be done! Learn your Independence rules! Remember everything comes from the standards.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[monikernc]

Links to the standards:

Auditing – use the Clarified, always AU-C
https://www.aicpa.org/research/standards/auditattest/pages/clarifiedsas.aspx

Attestation – always AT – https://www.aicpa.org/Research/Standards/AuditAttest/Pages/SSAE.aspx

Compilation and Review – AR, but Reviews are covered under some other standards, too, so watch out…
https://www.aicpa.org/RESEARCH/STANDARDS/COMPILATIONREVIEW/Pages/compilation%20and%20review%20standards.aspx

Ethics – AICPA Code of Professional Conduct https://pub.aicpa.org/codeofconduct/Ethics.aspx

PCAOB 5 for Issuers – An Audit of Internal Control Over Financial Reporting That Is Integrated with An Audit of Financial Statements – https://pcaobus.org/Standards/Auditing/pages/auditing_standard_5.aspx

and then AICPA makes their Online Professional Library (OPL) available free for 6 months to anyone with an active NTS. some folks on here say it helps them learn more effective searches. you can submit your request here: https://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/HowToPrepare/Pages/literature.aspx

i didn't find the OPL to be helpful. but hey that's just me.

– See more at: https://www.another71.com/cpa-exam-forum/topic/using-al-for-audit-sims#sthash.ktUR2Aaw.dpuf

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[akirakongouji]

Well, third's time a charm. Will mostly focus using NINJA, as it seems that I do recall a lot of stuff, but not the minor details. Also using the 500 questions book for AUD, to get some of the missing information that I may have missed with NINJA. So far, so good.. 🙂

AUD - 37 (self), 60 (Gleim)
REG - 52 (Gleim)
BEG - 69 (Gleim)
FAR - 62 (Gleim)

[Kelsie]

Thank you, monikernc!!

[If I can, u can too!]

Let's jump-start on our study Ninjas.

Which of the following items would most likely require an adjustment to the financial statements for the year ended December 31, Year 1?

A. Uninsured loss of inventories purchased in Year 1 as a result of a flood in Year 2
B. Settlement of litigation in Year 2 over an event that occurred in Year 2
C. Loss on an uncollectible trade receivable recorded in Year 1 from a customer that declared bankruptcy in Year 2
D. Proceeds from a capital stock issuance in Year 2 that was being approved by the board of directors in Year 1

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[If I can, u can too!]

Guess everyone's taking a break. The answer is C.

For each event discovered subsequent to the end of the year under audit but before the audit report has been issued, the auditor would ask, “Does this event provide additional evidence with respect to conditions that existed at the balance sheet date?” Only one of the answer choices meets this criterion. The loss on an uncollectible trade receivable recorded in Year 1 from a customer bankruptcy declared in Year 2 would be indicative of conditions existing at the balance sheet date (the customer's financial condition would have been deteriorating at the end of Year 1) and would require an adjustment so that the financial statements are not misleading.

The other three answer choices provide evidence with respect to conditions that did not exist at the balance sheet date but arose subsequent to that date. Each of these events would require disclosure, but not adjustment, in the financial statements.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Kelsie]

Hokie, ever heard the joke about the deer with no eyes?? haha, I HAVE NO EYE-DEER!
I have not even started studying yet (plan to start on Sunday night after I finish finals weekend), and audit was my weakest subject in undergrad (though, I'll admit, I didn't pay close attention because I don't personally care for audit…that was my mistake). This is the main reason I've decided to start with it. However, I do appreciate you coming in to save the day with the explanation of the answer!! 🙂

[Pete]

I had a bad experience with prometric last this november, they cancelled my audit exam neither i received email or messgae via phone 🙁

So i will take the exam second attempt in January, 30 2016 with Material 2015

[Josh]

I planned to still be studying REG. Let's see how that goes. I hope the 3rd time is the charm for me on AUD. Any of you guys rap? I tried doing a couple of Eminem songs for my wife the other night. She's not big into rap or hip hop I don't think, so we changed the subject.

[Josh]

Planning on February 5th at this point.

[If I can, u can too!]

@peter were you late? i hear they cancel your appt if you're late.

@kelsie will try to come here often and help us pass this mysterious exam! GL to us all!

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[win2bet]

For purposes of an audit of internal control performed under PCAOB requirements, an account is significant if there is more than a:

a) Reasonably possible likelihood that it could contain immaterial or material misstatements
b) Reasonably possible likelihood that it could contain material misstatements.
c. Remote likelihood that it could contain material misstatements.
d. Remote likelihood that it could contain more than inconsequential misstatements

REG 68,87
BEC 85
FAR 75
AUD 64,64, 86!

[Author]

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