[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

[Kelsie]

Sorry to hear that you all are back to studying for AUD after score release, but I'm glad to have people here with experience on the exam!!

Sorry to take us back to the Wiley question posted, BUT, I finally re-read (this is going to be my hardest hurdle as I have a tough time effectively reading things as they are unless they are on paper and I can underline important wording), and I understand why C is the answer. “more than a remote likelihood” = “a reasonable possibility”

Plus it helps that I listen through to Jeff's audio on Internal Controls this morning, and he specifically said “are significant if there is a reasonable possibility of a material misstatement, that is MORE THAN A REMOTE LIKELIHOOD…”

So…I will at least not miss that question (hopefully) on the exam.

[swim4life107]

MORE THAN a remote likelihood? Wow, they really make it a game of linguistics instead of a game of actually grasping the concepts. Perhaps there is a greater reason for this that I am way too obtuse to understand.

That's like saying an underweight person weighs LESS THAN a normal weight person. You can just call them skinny, dude.

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]

I often get confused about which standards apply to which engagements. For example, a compilation could be SSAE or SSARS depending if the statements are prospective or historical? Is this correct?

PCAOB= Audits and Reviews of Issuers

SASS= Audits and Reviews of Nonissuers

SSAE=Exams, Reviews, Agreed Upon Procedures, Special Purpose Reports, Compilations
Prosepective Statements

SSARS=Compilations, Reviews, and Preparations
Historical Statements

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

[FAR_WARS]

@swim

I could not agree with you more about the actual exam questions being harder than Becker questions. The actual exam questions were so wordy and specific that i feel i should just study from the authoritative standards themselves!

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

[monikernc]

farwars – somebody posted this link and it should help answer your question above.

https://www.aicpa.org/advocacy/state/downloadabledocuments/attest-services-chart-color-nonfillable.pdf

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

[makiu]

@hokinizeu
You are almost there, a quick note. There is one Professor @George Mason Univ. in Virginia that teaches the CPA review course. I did use him for FAR,AUD,and BEC. He is pretty good and he teach pretty well. Just an option besides the traditional courses. Do whatever it takes to pass Audit so you don't loose credit for FAR. Do not give up!!! Be strong that your dream will come true. I feel your pain and I know that you will move forward and become even more stronger. Do not look back in time!!!. just look forward and start from scratch. Wish your best!!!

BEC-3x Pass 08/14
AUD-2X Pass 02/15
FAR-2X Pass 08/15
REG-2X Pass 1/15
Ethics – Done
Virginia CPA Candidate, MST, EA

[payaza2000]

Hi guys this is my Second Go Around at Audit, and I am going through Chapter 1 for Becker.I know that GAAS is for all nonpublic entities, GAGAS is for government entities, and nonprofits and other organizations receiving government funds, and the PCAOB is for all issuers.

Hypothetically speaking: My question is what if a nonprofit which would be subject to both GAAS and GAGAS, because they receive Government Funds. The Federal Agency in which they receive funds from require them to report with an applicable financial reporting framework other than GAAP, however since they will be providing their Financial Statements to donors, lenders, and others they will also prepare their statements in accordance with GAAP. My questions are:

1) Is this permissible
2) What would they do if a transaction or transactions that they recorded with GAAP would cause the F/S to be misstated with the financial reporting framework required by the Federal Agency they receive funds from? Issue two sets of Reports?

Sorry if this is a dumb question or just spinning wheels.

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

[swim4life107]

I thought audits of non-issuers AND issuers were all subject to GAAS. If you are an issuer, I believe you are subject to PCAOB standards in ADDITION to GAAS.

That's not what you asked, just wondering if I have that concept down.

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.

[danner]

I just purchased the Ninja MQCs to complement my Roger course and Ninja Notes. I hand-wrote the Ninja Notes once before my last attempt, but I ran out of time before I could do the re-write. I'm debating whether or not to write them again, as I'm trying to consider the best way to manage my time.

FAR - 74 (7/20/15), 81 (10/12/15)
AUD - 72 (11/30/15), 81 (1/18/16)
BEC - 87 (6/6/16)
REG - 8/8/16

[Anonymous]

Hello everyone. I just purchased the Ninja MCQ for audit as I am just below the mark O.o. I'm seriously ready to pull my hair out. My Audit exam is scheduled for January 15th and I plan on using Becker and the Ninja MCQ. Does anyone have any helpful tips on overcoming the dreaded 74?

Btw- the last time I took audit was in September- I switched to BEC after that because I got so frustrated with Audit.

[If I can, u can too!]

@CPAlife04 no i didn't reach the review phase. i was only half way there. i will reach the review phase and try to get 100% trending close to the end like moniker.

@makiu so you must be in VA! thanks for letting me know of the tip; i might have tried the professor had i known. i never heard anyone telling me he was available while i was attending the school. i actually went to GMU, graduated like 3 yrs ago but i hated it there, mainly due to the administration being horrible. this was my 2nd degree so i know how bad GMU's administration is compared to my 1st one.

@EBrestovansky you're in the similar boat as me (72 3 times). i uploaded my frustration asking for advice and i got some good ones. go here.
https://www.another71.com/cpa-exam-forum/topic/72-3-times-on-audit-got-any-advice

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).

[gordo_c_123]

Howdy everyone. I am studying for AUD right now (using Wiley) and I am currently at the PCAOB & Sarbanes-Oxley (SOX) section right now. For those of you who have taken/passed AUD, how heavily tested is PCAOB/SOX? For SOX do they test specifically on, let's say, any of the Auditing Standards No. 1-18? Do you remember seeing any PCAOB/SOX questions?

I was an undergrad in accounting so yes I do realize how important the PCAOB/SOX are, which is why I ask.

Thank You for the insight! 🙂

[If I can, u can too!]

@gordo_c_123 focus is more on non-public but i've seen public related question asked. you cannot discount any topic nor can you undermine any topics. those missing piece may be what's crucial for you to get beyond 75 mark.

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]

@swim:

from the pdf that monikernc (thanks) posted:

“Audits of financial statements of nonissuers are performed in accordance with the the AICPA Statements on Auditing Standards (SASs) — which is referred to as generally accepted auditing standards (GAAS) — while audits of issuers2 are performed in accordance with the Public Company Accounting Oversight Board (PCAOB) Auditing Standards.”

So i do not believe that GAAS applies to nonissuers, rather PCAOB takes over.

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

[Anonymous]

@hokinizeu thanks for the info! The first time I took audit I scored well on Sims and lower/comparable on MCQs. The second time I scored well on MCQs and bombed the Sims. I know I know the material and the concepts… I think I just need more repetition. I also ordered Wiley's Focus notes. I'm scheduled to take Audit on January 15th. I didn't really read the Becker book the first and second time around- just did the lectures and questions. I also had a Wiley subscription and I did all of their lectures and most of their questions (I like Becker better). I did order Wiley's focus notes for this time around. Since I haven't really read the book- do you recommend I take notes off of the Wiley focus notes and then rewrite them later on and then do a bunch of MCQs and Sims since I'm kinda cramped on time? I'm open to all suggestions on this one.. Any help would be much appreciated.

[Author]

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