[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

[csvirk]

Fellow Ninjas whats your trending score ? I am in Review phase and i am scoring between 85-90 % Yet test anxiety is killing me. I taking exam this Saturday.

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

[If I can, u can too!]

trending 87% still in adaptive learning. won't stop until i reach 100%. csvirk, don't let the trending score fool you as there's no guarantee.

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]

I never gave the “trending” much thought. Mine was always 100 because i would immediately rework any missed questions. Best advice i can offer is to paste a detailed progress report into excel to find your weakest categories and then attack the questions in that order.

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

[csvirk]

Thank You guys for the insight. What i mean by trending is while review i do about 100 to 200 questions a day and i score around 85 to 90%.

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

[FAR_WARS]

The confirmation of accounts receivable provides evidence about management's assertion of rights and obligations. For what other assertion does the confirmation of accounts receivable balances provide primary evidence?

A Existence.
B Completeness.
C Presentation and disclosure.
D Valuation or allocation.

What makes A better than D?

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

[FAR_WARS]

An auditor's purpose in reviewing the renewal of a note payable shortly after the balance sheet date most likely is to obtain evidence concerning management's assertions about

A Completeness.
B Existence or occurrence.
C Presentation and disclosure.
D Valuation or allocation.

I chose A, answer was C. But isn't completeness a subcategory of Presentation and Disclosure? therefore making it a more accurate answer?

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

[csvirk]

@FAR_WAR

Valuation or allocation assertion most likely related with allowance for doubtful account. When auditor send confirmation he wants to check weather this receivable actually exist and company has right to collect that money.

2nd,
Completeness will be Tracing. Auditor just making sure that weather client has refinance his payable or not. If company refinance its loans they have to disclose it and presented it in properly.

Hope this helps.

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

[csvirk]

Recall:

Tracing ===> Completeness

Vouching ===> Existence

T comes before V
C comes before E

That is how i memorized it. Thanks to Jeff.

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

[FAR_WARS]

Ok so:

Accounts and Balances:
Presentation and Disclosure (the answer to the 2nd question I posted)
E
R
Completeness (wrong)
V

Transactions and Events:
O
C
C
C
A

Presentation And Disclosure:
O
C
Completeness (the answer I am arguing is most accurate)
A

I suppose since the question asks about NP, we only choose from the “PERCV” assertions and not the “OCCA” assertions?

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

[csvirk]

Yes, you are correct.

Question mentioned “renewal & after balance sheet date,” which tells me that auditor already have tested it for completeness.

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

[giftcpa]

Authoritative literature in Wiley CPA course material for any research question is very limited. We get the answers immediately after reading 4 to 5 para, but in exam we need to scroll back and forth. Is it necessary to buy online AL for AUD or FAR to pass exams?

[FAR_WARS]

When control risk is assessed as being low for assertions related to payroll, substantive tests of payroll balances most likely would be limited to applying analytical procedures and

A Recalculating payroll accruals.
B Observing the distribution of paychecks.
C Footing and cross footing the payroll register.
D Inspecting payroll tax returns.

Answer is A. We can eliminate B and C because they are tests of controls. But Why is A better than C? My guess is that Footing is a more intensive process than recalculartion, and therefore less likely to be performed.

explanation given:

When the auditor determines that the internal control structure is effective and thus the control risk is assessed as low, the auditor may alter the nature, timing, and extent of substantive tests performed. In the case of assertions related to payroll, the auditor may decide to limit substantive tests to performing analytical procedures, which would evaluate the reasonableness of payroll-related amounts for the year, and recalculating payroll accruals, which would provide some assurance that the year-end adjustments are proper.

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

[FAR_WARS]

@gift
Find monkinumeric's post near the begining of this thread. he/she posted links to all the AL you will need for AUD. For FAR you may want to use your NTS for a subscription.

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

[payaza2000]

Hey can anyone summarize all the different types of Audit Procedures and whether they are Test of Controls or Substantive Test of Details.

I will start:

Observation: Test of Controls
Analytical Procedures: Substantive Test.

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

[payaza2000]

Hey can anyone summarize all the different types of Audit Procedures and whether they are Test of Controls or Substantive Test of Details.

I will start:

Observation: Test of Controls
Analytical Procedures: Substantive Test.

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

[Author]

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