[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

[payaza2000]

Also the two types of Government Audits are Operational & Financial. However you have to report on compliance on laws, regulations, and internal control in a Financial Audit if it causes the financial statements to be materially misstated, correct? In a operational Audit you are expressing an opinion on those matters, correct?

5 more days, nervous breakdown mode.

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

[psst_hi_its_me]

Does anyone know which sections specifically to look at in the AICPA standards database for help with the AUD sims?
thanks!

i just found this: https://www.aicpa.org/research/standards/auditattest/pages/clarifiedsas.aspx

is this the right one?
also do the numbers on the ninja sims correlate with the AICPA one on the exam?
sorry for all the questions

[monikernc]

good vibes to farwars. waiting for him to check in.

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

[csvirk]

@Monikernc

how did you tackle BEC material? I am doing readings and this is boring and I am loosing my interest. some insight will be great.

Hope FAR_WAR exam went well.

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

[monikernc]

i am using ninja book and mcq's. have finished first pass on the books and mcq's. kind of hit a wall because retention wasn't happening. so i slowed down a bit and rescheduled my exam for end of february. still finishing the ‘missed last time” round of mcqs while i go through the books again. will finish those tomorrow and will hit review phase in mcqs. will do some random question sets and organize my notes. i get hung up on stupid things like lockbox calculations or not taking a discount. i have watched some miles and roger videos and blitz while it was available. i do the ninja flashcards rather than not study at lunch or at night when i am tired. i found a 50 question test for mba's with answers for capital budgeting that i am meandering my way through. i will read the coso erm doc someone posted a page or two back on this thread because everyone says it tested so heavily. i need to review writing topics in a gleim book that i have.
with this one i just have to keep hitting it again and again so i will retain it. none of it is hard, it just doesn't build up to much. so, ya it is a bit boring and a little frustrating. it is requiring way more time than i expected. it is just too much.

what are you doing for it?

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

[sacpa]

monikernc,
Please check the following link to your post about AUD exam.
https://www.another71.com/cpa-exam-forum/topic/suggestion-for-aud-tester
Can you please reply to my question? Thanks.

FAR - < than 75, 10/2013, 2/2015
BEC - < than 75, 10/2013
AUD - < than 75, 8/2015, 1/2016

~ Winners fail until they succeed. Losers quit when they fail. - Robert Kiyosaki
~ I survived because the fire inside burned brighter than the fire around me.
~ Something will grow from all you are going through. And it will be YOU.
~ Right now you may not be where you intend to be, but it's where you need to be in order to get where you want to go.

[payaza2000]

As a result of sampling procedures applied as tests of controls, an auditor incorrectly assesses control risk higher than appropriate. The most likely explanation for this situation is that:

A.
the deviation rate in the auditor's sample is less than the tolerable rate, but the deviation rate in the population exceeds the tolerable rate.

Correct B.
the deviation rate in the auditor's sample exceeds the tolerable rate, but the deviation rate in the population is less than the tolerable rate.

C.
the deviation rates of both the auditor's sample and the population exceed the tolerable rate.

D.
the deviation rates of both the auditor's sample and the population are less than the tolerable rate.

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

[for425]

In auditing accounts receivable, the negative form of confirmation request most likely would be used when:

a. The total recorded amount of accounts receivable is immaterial to the financial statements taken as a
whole.
b. Response rates in prior years to properly designed positive confirmation requests were inadequate.
c. Recipients are likely to return positive confirmation requests without verifying the accuracy of the
information .
d. The combined assessed level of inherent risk and control risk relative to accounts receivable is low.

Why is answer B incorrect?

FAR - 72, 81
BEC - 76
REG - 78
AUD - 61 (1/24), Retake (6/6)

Materials: Becker
FAR Retake: + Wiley TB
REG & AUD: + Ninja MCQ

[for425]

A client has a large and active investment portfolio that is kept in a bank safe deposit box. If the auditor is unable to count the securities at the balance sheet date, the auditor most likely will:

A. Request that the bank confirm to the auditor the contents of the safe deposit box at the balance sheet date.

D. Request the client to have the bank seal the safe deposit box until the auditor can count the securities at a subsequent date.—–Correct

Why would answer A not be sufficient?

FAR - 72, 81
BEC - 76
REG - 78
AUD - 61 (1/24), Retake (6/6)

Materials: Becker
FAR Retake: + Wiley TB
REG & AUD: + Ninja MCQ

[Jordanlovefood]

Because audit sucks. Seriously though the reason why A would not be right is because D is present. We would rather confirm personally because the bank employee can hypothetically lie. If D was not present, then A would be the right answer.

[Jordanlovefood]

Because audit sucks. Seriously though the reason why A would not be right is because D is present. We would rather confirm personally because the bank employee can hypothetically lie. If D was not present, then A would be the right answer.

[win2bet]

A isn't sufficient b/c you can't expect the bank to be able to confirm certain securities, the auditor would need to see them for himself, for say proper seals, signatures etc. (my guess)

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

[Pete]

is the performance materiality the same as tolerable misstatements ?

another question

are any partner in the firm office impair the independence all the time even if he's tax partner?

[payaza2000]

Can someone explain this question:

In making risk assessments, the auditor should identify and document the controls that are likely to prevent or detect and correct material misstatements in specific relevant assertions. Controls can either be directly or indirectly related to an assertion in which of the following ways?

A.
The more indirect the relationship, the less effective that control may be.

B.
The more indirect the relationship, the more effective that control may be.

Incorrect C.
The more direct the relationship, the higher the overall control risk may be.

D.
The more direct the relationship, the lower the overall control risk may be.

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

[win2bet]

I would guess that one is D

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

[Author]

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