[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

[Pete]

@hokinizeu Nope i wasn't late, it was cancelled cuz there was test center closure, and i didn't receive any email that tells me the appointment was cancelled !!!

@win2betmore i think the answer is B

[win2bet]

@peter, the answer is C. i also thought it was B & this question is driving me CRAZY. the Wiley text even confirms that the answer is B & personally i still think its B.

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

[Kelsie]

How is it C??? I would have gone B, as well. Has anyone found an explanation/verbiage pointing to C rather than B?

[If I can, u can too!]

is this a Ninja question? i suggest you search the PCAOB standard to search for the answer.

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).

[monikernc]

hokinizeu – your wait is almost over! how are you holding up?

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

[Kelsie]

I'm re-combing the PCAOB standards, but from what I've found, I still would choose B as the answer. I'm not sure why or in what case it would be a “remote” likelihood. PCAOB AS No.5 doesn't mention anything at all about “remote” possibilities, but plenty about reasonable likelihoods in determining significant accounts.

[If I can, u can too!]

Hi moniker!
Time flies… I'm just enjoying my time off from studying right now (and life is GOOD). I do solve some Ninja questions here and there and hanging out here to be in study mode. ^^

How's your BEC study going?

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).

[monikernc]

hokinizeu – BEC is like herding cats. this information is from all over the place. i am slowly working through mcq's section by section and capturing calculations as i go. i plan on plastering my wall with them. i have to say that having just gone back to school recently to study accounting exclusively i am amazed by what i recall of what i studied when i got my undergrad and MBA 25, twenty-five, years ago. i came across the capital asset pricing model yesterday and fell on the floor laughing because it was the first time since school that i had seen it. nostalgia doesn't quite describe what i am experiencing but recalling all these older topics of study does bring back a good feeling. without reading much i am averaging over 80% on mcq's just from recall. it does make me wish, as so many things do, that i was younger or started this sooner. oh well. lots of good years ahead.

as for you, i think you put a winner in the spinner with this go at audit. i am sending good vibes that this is your last pass! i will be watching for your update.

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

[If I can, u can too!]

moniker, thanks for your good vibes, i feel it coming here!

it goes the same for me. i got my 2nd BS in acct few years ago (which took me 10 yrs as i was taking 1 course per semester). my regret is not taking acct as my 1st BS but on the flip-side, having a MIS background with acct is a great combination.

you'll nail BEC, there's so much less ambiguity, it's just formulas. no need to read standards etc so i imagine the study time to be shorter.

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]

@hokinizeu @Kelsie it was a Wiley 2014 question. # 62 in module 3 specifically. lets just hope we don't run into this exact question on the test since we all would still put B

so i just looked at PCAOB standard no 5. & it confirms C is actually correct. here is the text: “A10. An account or disclosure is a significant account or disclosure if there is a reasonable possibility that the account or disclosure could contain a misstatement that, individually or when aggregated with others, has a material effect on the financial statements, considering the risks of both overstatement and understatement. “

as you see, it clearly says if there is a reasonable possibility, which is NOT more than reasonably possible. this is why i despise Audit

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

[If I can, u can too!]

@win2betmore post the question as well to refresh our memory plz?

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]

@hokinizeu
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!

[Pete]

@win2betmore Thanks for sharing this trick 🙂

[win2bet]

@peter my pleasure

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

[If I can, u can too!]

@win2betmore thanks, it makes sense. the standard is saying in auditing, we need to ensure misstatement that has a remote likelihood must be looked at since any material misstatement would be significant.

45 more minutes until the release! nervous here!

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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