[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

[FAR_WARS]

she will release the result at midnight.

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

[monikernc]

I think you should be going through ninja section by section now and reading everything that comes up with those answers. You should start doing sims and really evaluating the answers and how the question was asked then find and read tge source/standard it was based on. I don't think you want to miss anything in your prep. With the amount of time that you have you could hit review now and reset and start over with goal of hitting it again before your exam. Remember i did almost 5500 questions to prep. You should be having 6-8 ah-ha moments a day as you discover one more thing about something you thought you knew.

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]

Farwars, too funny! You ready? Yours is 15th, right?

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

[FAR_WARS]

Yes- Friday is the big day. Giving it my all until then and will hope for the best.

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

[Pete]

I am doing now some questions from cpareviewforfree has good questions

[Pete]

Which of the following procedures would an auditor most likely perform in auditing the statement of cash flows?

a-Reconcile the amounts included in the statement of cash flows to the other financial statements’ amounts.
b-Vouch a sample of cash receipts and disbursements for the last few days of the current year.
c-Reconcile the cutoff bank statement to the proof of cash to verify the accuracy of the year-end cash balance.
d-Confirm the amounts included in the statement of cash flows with the entity’s financial institution.

[Pete]

Auditor confirmation of accounts payable balances at the balance sheet date may be unnecessary because

a-This is a duplication of cutoff tests.
b-Accounts payable balances at the balance sheet date may not be paid before the audit is completed.
c-Correspondence with the audit client’s attorney will reveal all legal action by vendors for nonpayment.
d-There is likely to be other reliable external evidence to support the balances.

[Pete]

1- a

2-d

[red_rose]

@ everyone: A is the answer. The explanation says that the literature states to use the last day of the auditor's fieldwork. This question got me too! I originally chose C, but A is correct

[red_rose]

@FARWARS, you're going to do well. Just by seeing your answers on this forum, it appears you understand the concepts. Good luck to you! My exam is in 16 days:-(

[monikernc]

Red…thanks for posting that answer. I read the standard and still don't understand it.

Farwars you got this!

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!]

i guess the biggest mistake i made on the question was the assumption made that i shouldn't have. thanks red_rose!

@monikernc hmmm, while hitting the ninja MCQ would be easy and beneficial to some extent, i'm afraid it may prepare me in a one-sided manner. i can't fail it this time again… appreciate all your comments and time (as always!)

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).

[red_rose]

no problem everyone. Got another ?:

An increased extent of the tests of controls is most likely to occur under which of the following situations?

A. It is a first-time audit.
B. Controls are ineffective and the preliminary control risk assessment is high.
C. Controls appear to be effective so that the preliminary control risk assessment is low.
D. The auditor is performing a fraud audit.

[red_rose]

One more:

One of the components of internal control that an independent auditor must come to understand about each audit client is “information and communication.” What is meant by this term?

A. The ability of the management of the company to communicate its priorities to the appropriate staff levels within the organization.

B. The ability of the accounting system to generate reliable information and convey it in a timely manner to those parties within the organization that need it.

C. The ability of employees in a company to warn the independent auditor of fraudulent actions within the organization.

D. The ability of the internal auditor to communicate information about the various systems to people within the organization at an appropriate level of authority.

[Anonymous]

red….where do you get questions from?

anyway….my answers to the above questions:
1st question : C
2nd question : B (Not sure about this !!)

[Author]

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