[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

[EuroAddict]

Did everyone just give up? lol

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[swim4life107]

Just reporting back that I passed on my 2nd try! As you can see, I had nearly a 20 point jump. I'm now delaying my FAR test until Q2 as I have until Q1 in 2017 to pass. Only one more left!!!

Hang in there, hokinizeu! I did exactly what you did (use the Ninja MCQ) and it worked like a charm! You have no idea how happy I am to have Audit out of my life. Worst class in college. Worst section to review. Ugh!!!

To FAR we go!

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.

[cdn]

@swim4life107 – can you tell me how you improve your score from 59 to 78? I also will take 2nd time AUD next week and feeling like crazy. What was your average in NINJA?
Thanks.

[swim4life107]

I did about 100 questions a day for about a month. Towards the end, I tried making sure I was customizing the questions to make sure there were 50 new questions. I wanted to make sure that I had at least seen the entire test bank.

I practiced maybe 15 simulations, I didn't bother much. I suspect that is what I struggled with the exam.

I was trending in the mid/high 80s by the end. When I first started, I was mid/high 60s. It defo helped. Make sure you are noticing what the trending scores are for the individual sections. That way you can know if you need to customize the questions to spend specific time with those sections. I believe I was struggling with section 3 or 4, so I would spend answering questions just on those sections.

I didn't do a ton of reading the second time. I was reviewing with Becker for the first test. I had felt as though I had read enough of the material for the first test. I noticed understanding the materials and knowing how to answer the questions are two different skills. To pass AUD, you really need to develop a skill for answering the questions. Once you realize that one word in the question can virtually eliminate 2-3 of the choices, you realize how much easier this section of the exam becomes.

Wordy, but I hope that helps!

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.

[cdn]

Thanks @swim4life107 – It helps a lot.
Last week I was doing good and getting 75 average, but this week everything just starts to mix up and I lower it up below 70.
I also have same issue 3&4…..
I did not do any SIM yet in NINJA, but I do them in Becker as there are much easier to follow by chapter, I hate that with Ninja I have to choose q number, and if I just choose new I usually get research question.

[red_rose]

@all: I just took the AUD exam Friday. I ended up buying the NINJA mcq/simulations for audit about a month prior to the exam. Idk if it helped, but my scores seemed to improve. I also use Wiley as my study guide. It just pisses me off that $1800 for a study guide isnt enough, you have to pay for addt'l resources as well! i digress…. I guess i really didnt go by the trending score, bc i cared more about understanding the questions. Honestly this 3 1/2 week wait for score release is just plain wrong. I'm just going to start studying REG bc honestly idk what to do with myself. I've been studying/taking exams for over a yr now. So i'll just hope i pass and only have 1 more left. My suggestions: do mcq until you cant anymore & use other resources if possible. Also, I suggest going through all AL bc you never know which areas they will give u research questions on. I feel i got mine both right, but you never know. Good luck to everyone out there!!

BEC: 77
FAR: 64, 75
AUD: waiting results
REG: TBD

[Spartans92]

Hi All,
This is my first time using this forum and the suggestions and comments seems to be insightful. I am sitting for my first section AUD on Monday (2/8). I am just doing as many progress test as I can on Becker. I haven't really done any of the SIMS except for the research questions because I feel as if I know the materials well enough I'll be able to do the SIMS on the actual exam. But I was wondering if I should take some time and work on those or should I just focus on the MCQs? Thanks!

BEC- PASS

[If I can, u can too!]

Do the SIMS. you may realize you do not know as much as the questions are asked in a different manner. Please do not under-estimate Audit like many of us have.

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).

[EuroAddict]

I got this Q right but it just seems odd to me.

“Which of the following is a correct statement about the circumstances under which a CPA firm may or may not disclose the names of its clients without the clients' express permission?”

A.
A CPA firm may disclose this information if the practice is limited to bankruptcy matters, so that prospective clients with similar concerns will be able to contact current clients.

B.
A CPA firm may disclose this information if the practice is limited to performing asset valuations in anticipation of mergers and acquisitions.

Correct C.
A CPA firm may disclose this information unless disclosure would suggest that the client may be experiencing financial difficulties.

D.
A CPA firm may not disclose this information because the identity of its clients is confidential information.

Explanation is the confusing part – I thought only could be disclosed for subpoena, with clients permission, or for peer review.

“The Internal Revenue Service (IRS) has rules against a CPA or other preparer disclosing a tax return client's name. Since auditing and tax preparation have been separated by the Sarbanes-Oxley Act, audit clients could be disclosed. Such disclosure would be prohibited if it would suggest the company had financial problems, such as a company consulting a bankruptcy specialist.”

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Spartans92]

Hi EuroAddict,
You're correct you may disclose your client's information if you meet those criteria as you mentioned, Subpoena, peer review, regulatory agencies (IRS, Insurance, etc). Also, your defense attorneys. So based on the answers A and B those seems like confidential matters (bankruptcy matters will lead to people believing financial issues and Asset valuation may also cause financial problems if you say, for instance, Apple valued their assets erroneously, this will affect their reputation etc). Therefore, you would not be able to disclose the name of the client under rule 301. D is wrong because you may disclose the name of the client as long as it's not confidential information related. While C sounds the Best. You are allow to disclose the name unless it relates to bankruptcy matters or issues related to financial problems. Put this into perspective, if I audit Apple for instance, and I say Apple is going to bankrupt this coming week. As an investor I would sell all my stocks probably before I lose all my money. Hope that helps. I know I could have shorten my response.

BEC- PASS

[Jordanlovefood]

I am taking my test on Tuesday. There are two main weaknesses that I currently have:

1. Comparative financials statements are troubling me. When can they not be shown together, when can they be, and what scenarios do they have with opinions?

2. I am also having issues with government audits
I understand that we always have to describe the scope of our testing. Other than that, do we issue positive assurance, negative assurance, to whom should we report, etc.

Can anyone explain these two areas to me conceptually?

[EuroAddict]

I believe gov't is both positive (on f/s) and negative (on compliances).

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[EuroAddict]

Do you guys ever choose just new Q's to do or keep going with the adaptive learning etc?

As of now there are approx 420 q's I haven't seen. I've started selecting only new Q's to do. I am 3 weeks out as of today.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[If I can, u can too!]

think adaptive learning would work fine unless you have weak ares that you haven't seen new problems with. i would drill and continue doing problems in weak areas. gl to us!

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).

[Spartans92]

Hi all, just wanna update my exam experience with audit (first exam). First I noticed all my testlet were majority short questions like a sentence or two. There were only like max 6 questions of all the testlet that were longer than 3 lines. Does that mean I did very bad on them? I didn't really notice the difficulty increased. As far as the sims they were very FAR based, no adjustments entries or anything tho. Lots of understanding of concept however. I did very bad and gave up with 10 mins left without really going over my work because I didn't have the knowledge I feel like. But I'm keeping my fingers crossed and will start FAR this week so if I end up failing hopefully FAR will prep me for audit next time. I was hoping for an easy test before going in and then I guess it was not that hard while taking and yet I feel like I bombed it at the same time.

BEC- PASS

[Author]

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