[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

[for425]

@hokinizeu

Thank you for informing me of that, I was unaware!!!

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

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

[Ren_ren]

what's the difference between tolerable misstatement and performance materiality ?

[payaza2000]

Just took AUD, failed. T1 Easy T2 Easy, T3 Medium.

Sims I conceptually understood, however the language that they used threw me off.

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

[Me!]

Hi Ninja's! I took FAR yesterday and I am now studying for an AUD retake on February 29. I thought I would try and participate on the forum rather than just reading this time! Good luck everyone!

[Nets44]

I get why C is correct but why not A? I thought reviews provide limited assurance?

Financial statements of a nonissuer that have been reviewed by an accountant should be accompanied by a report stating that a review:

Incorrect A.
provides only limited assurance that the financial statements are fairly presented.

B.
includes examining, on a test basis, information that is the representation of management.

C.
includes primarily applying analytical procedures to management's financial data and making inquiries of company management.

D.
does not contemplate obtaining corroborating audit evidence or applying certain other procedures ordinarily performed during an audit.

BEC: 72, 75
FAR: 74, 84
AUD: 82
REG: 71, 77!!!

[Pandarama]

@nets – the reason C is the answer is because it is literally the definition of a review engagement.

The first time I passed the audit exam (lost credit, ugh) I had to hammer this theory into my brain:
Choose the best answer, not just the right answer.

Seriously… there is often two answers that could be correct but the audit exam wants you to determine which answer is better. In this case, the definition of a review engagement is going to be better than an element of a review engagement.

BEC - 80
AUD - 64, 75 - credit lost, 90!!
REG - 73, 74, 83
FAR - 61, 72, 85

Feels good finishing on my best note. Time to watch the mailbox.

[Nets44]

Appreciate the feedback. Anyone else want to weigh in here? I feel like there must be something off with answer A. It has to be incorrect somehow.

BEC: 72, 75
FAR: 74, 84
AUD: 82
REG: 71, 77!!!

[Anonymous]

@Nets44

I think answer A is incorrect because it's saying it provides ONLY limited assurance. I don't think that's the only thing that a review provides.

Hope that helps a little. lol

[Nets44]

Haha that probably is the reason. I can dive into why they shouldn't use that word “only” there but whatever..

BEC: 72, 75
FAR: 74, 84
AUD: 82
REG: 71, 77!!!

[win2bet]

@nets i believe a review provides limited assurance no material modifications needed to be made for it to be in conformity with a framework. this test is about memorization,

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

[for425]

According to the AICPA, can a CPA firm be formed as a corporation?

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

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

[scracer14]

Took Audit yesterday, thought I'd weigh in on my experience.

I used Becker lectures and Ninja MQD.

For the Ninja Questions I did about 600 total, and then started doing batches of the “Trouble Questions” and specific chapters I was struggling with. I would alternate batches of difficult questions with ones just pulled at random, mixing in the hard stuff definitely made me think, and improved my score.

I think I ended finishing about 3/4 of the questions total, and my trending score was in the low 90's.

My exam sections felt Easy – Hard – Medium and the sims I was fairly confident on with 2 research questions.

I had a LOT of “Choose Best / Most / Least” questions, but almost all of those I could narrow down to 2 possible choices.

[rossch201]

Is online.becker.com not working for anyone?

[Anonymous]

Currently scheduled to take exam April 4th..but want to reschedule to February 29th. No seats available. Do you think people will drop seats as time approached near February 29th?

[If I can, u can too!]

A lawyer's response to an auditor's inquiry concerning litigation, claims, and assessments may be limited to matters that are considered individually or collectively material to the client's financial statements. Which parties should reach an understanding on the limits of materiality for this purpose?

A.
The board and the client's management
B.
The client's audit committee and the lawyer
C.
The client's management and the lawyer
Correct D.
The lawyer and the auditor

You are correct, the answer is D.

Legal counsel's response may be limited to matters that are considered individually or collectively material to the financial statements, provided the entity and auditor have reached an understanding on the meaning and limits of materiality for purposes of this letter and management has communicated such understanding to the legal counsel.
AU-C 501.A56

I can't fathom this answer. could it be because it's the best available answer? i.e. if there was an e (below), that would've been the answer?
e) the Client and the Auditor

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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