[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

[swim4life107]

Ironically, my Candidate report says I was “comparable” in Audit Procedures/Obtaining evidence. It's actually the only section that I'm trending below 75% on (around 60-65%) on Ninja. Ninja MCQs have done wonders. 2 Weeks ago I was high 60s/low 70s. Today I just got past the 80 barrier.

I really think the repetition of doing questions (100 a day!) helps more than reading. Usually it isn't even about memorizing facts, it's about paying attention to key words. Usually you can eliminate (at least) 2 questions just based on key words. You usually can get the right answer just by knowing what that the other 3 answers are wrong.

I need to go back and look, but Ninja implied that something expresses Limited assurance, not negative assurance. I was always under the assumption they were the SAME thing and interchangeable words. I'll try to find the correct question and explanation to get further clarification.

BEC: 77 (08/20/15)
REG: 85 (10/10/15)
AUD: 59, 78 (01/06/16) NINJA MCQ IS A LIFESAVER!!!!
FAR: 77 (6/8/16)

ALL DONE!!! I AM PROOF THAT ANYONE CAN DO IT.

[FAR_WARS]

It has to do with the wording of the report.

A review under SSARS/SAS/PCAOB will give limited assurance. A review under SSAE will give negative assurance.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[Pete]

this topic makes me crazy i gonna focus on this topic soon

so i had question before, what the reasons that make the auditor inform who relies on report when pop up any issues related to report ?

[FAR_WARS]

Sometimes the auditor becomes aware of material information after the report has been issued. This information could be a variety of things. The key factor is that it is MATERIAL to the fair presentation of the statements. In this case, the auditor should advise the client to immediately disclose the information to people relying on the statements.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[csvirk]

Before applying principal substantive tests to the details of accounts at an interim date prior to the balance sheet date, an auditor should:

A.assess control risk below the maximum for the assertions embodied in the accounts selected for interim testing.

B.determine that the accounts selected for interim testing are not material to the financial statements taken as a whole.

C.consider whether the amounts of the year-end balances selected for interim testing are reasonably predictable.

D.obtain written representations from management that all financial records and related data will be made available.

My answer was A but Correct answer is C. anyone can explain this why!!!

FAR: 71, 77!
AUD: 69, 80
BEC: 72
REG: 84

[Pete]

William Halsey is auditing the consolidated financial statements of Rex, Inc. Abbey Lincoln is the auditor who has audited and reported on the financial statements of a wholly owned subsidiary of Rex, Inc. Halsey’s first concern with respect to the Rex financial statements is to decide whether he

A. May refer to the work of Lincoln in his report on the consolidated financial statements.
B. May serve as the group auditor and report as such on the consolidated financial statements of Rex, Inc.
C. Should resign from the engagement because an unmodified opinion cannot be expressed on the consolidated financial statements.
D. Obtain an understanding of Lincoln’s professional competence.

[FAR_WARS]

@csvirk:

If the year-end amounts are reasonably predictable, it would not be necessary to perform substantive tests on those accounts.

A is wrong because CR could be at maximum. We would still need to perform the tests.

“An auditor should consider whether the year-end balances selected for interim testing are reasonably predictable (with respect to amount, relative significance, and composition) before applying substantive tests at an interim date. It is not necessary to assess control risk below the maximum for the assertions embodied in the accounts selected for interim testing.”

FAR- 80
BEC- 75
AUD- 78
REG- ?

[FAR_WARS]

@peter:

B. May serve as the group auditor and report as such on the consolidated financial statements of Rex, Inc.

“The first objective of the group engagement partner is to determine whether to serve as the auditor of the group statements. If so, the objectives are to
(1) determine whether to refer to the component auditor's report
(2) communicate clearly with the component auditor or auditors, and
(3) obtain sufficient appropriate evidence about the financial information of the components and the consolidation process. ”

FAR- 80
BEC- 75
AUD- 78
REG- ?

[payaza2000]

One thing I really HATE about Beckers course, unlike NINJAS is that the Multiple Choice does not contain reverences to the authoritative literature about where the answer is referenced. Nothing like getting a demoralizing 70% on the HW on Engagement Acceptance, and Understanding the Assignment —> The First Subchapter of Chapter 3 🙁

FAR 5/6/2015- 84
REG 8/3/2015 - 87
AUD 10/25/2015- 69 1/20/2016 -75
BEC 2/26/2016- 80

Thank you God

[Jdn9201]

I have a general question for those studying for January exams (My exam is January 8th, which is fast approaching!). Are you spending a lot of time memorizing the differences between the International standards and the US (GAAS, etc.) standards? I'm using Roger and he has this huge chart in the book that outlines every difference and similarity. I'll memorize it if I have to, but I don't want to waste time if it's not heavily tested. Thanks!

BEC - 88 8/29/15
REG - 82 11/14/15
AUD - 83 1/8/16
FAR - 80 2/29/16

[swim4life107]

I've almost seen no MCQs regarding the differences. Maybe 1 or 2 over the several thousand I've drilled these past few months. Supposedly there is a simulation with the differences (which if you had it on the exam, you could just use the authoritative literature).

I'd just read it over once and what you remember, you remember. In AUD, don't make the mistake of memorizing. It's much more conceptual.

BEC: 77 (08/20/15)
REG: 85 (10/10/15)
AUD: 59, 78 (01/06/16) NINJA MCQ IS A LIFESAVER!!!!
FAR: 77 (6/8/16)

ALL DONE!!! I AM PROOF THAT ANYONE CAN DO IT.

[If I can, u can too!]

@jdn9201 they could test you on the difference; i believe i had been tested in the past in the exam. you can memorize the difference by recording a voice memo yourself and listen to/from work. gl on your exam.

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!]

here's a ninja mcq. test yourself.

In determining whether confirmation should be sent for accounts receivable, the auditor researches the required auditing standard, which states that confirmation is presumptively required unless accounts receivable are immaterial, the use of confirmations would be ineffective, or the combined assessed level of inherent risk is low. This is an example of which set of auditing standards?

I. U.S. PCAOB Auditing Standards
II. U.S. Auditing Standards under the AICPA
III. International Standards on Auditing (ISAs)

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).

[FAR_WARS]

is it I&II only?

FAR- 80
BEC- 75
AUD- 78
REG- ?

[If I can, u can too!]

Correct FW.

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).

[Author]

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