[jeff]

Welcome to the Q1 2017 CPA Exam Study Group for AUD. 🙂

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Scared-cpa]

Thank you, Kenneth!

[Spartans92]

Hey guys stupid question.. but for those that have retake AUD before are on their retakes do you actually re-read the book? I keep finding myself zoning out. I just wanna save time and crank out the mcq instead as reading takes me about an hour per section (even the small ones).

BEC- PASS

[mperez102204]

Spartens- I read the sections that I did not score well in. I wouldn't say I read everything again, but I did reference it a lot.

[Vee]

Hey @mperez102204, so I also took my Audit retake last Friday the 27th. I, too, felt like I was going to throw up the entire morning and even the night before.

I read your post from last Friday and I felt the same way. I felt the MCQ's were much harder than last quarter. I got some really obscure questions about Emphasis-of-Matter paragraphs and 2 or 3 on Service Organizations. I'm only about 50% confident on the SIMS as well.

Needless to say, I cried all evening on Friday. In the car while I was driving, in the parking lot waiting to pick my son up from Basketball. I was a complete mess, I've never felt so horrible after leaving an exam. Not trying to get anyone down, I'm sure everyone here will do just fine and won't have the issues I've been having. I have awful test anxiety and I was dreading that exam every minute of every day.

I'm really hoping you did well!!! 🙂

[kenckang]

@Vee I totally feel you on that. I feel like you just never know though. From what I read about people's experience with these exams on here, Reddit and other forums, you just never know. Some people walk out of the exam feeling like a champ but end up getting a 65. Others, like me, walk out of FAR feeling like total shit but end up barely passing with a 77.

[MMAFEM]

Hi,
I'll be taking AUD 2/13, can some one please explain SAS 130 & SAS 131 that are new in Q1 and what has changed due to these , how did you guys prepare for it? thanks.

[curlyhare]

@MMAFEM SAS 130 simply moves AT 501 into GAAS; (removing it from AT, which are attestation standards). AT 501 discusses that internal control opinions must be integrated with financial audits for public (issuer) companies. So there is no new principle, just a change for the point of reference. See below for SAS 131 explanation. Hope this helps.

https://www.pwc.com/us/en/cfodirect/standard-setters/asb.html

[MMAFEM]

@curlyhare, thanks a lot, its indeed helpful!

[kevinm36]

Hey guys I'm taking my final exam in a couple days and I'm having trouble finding an answer to a question.. Can someone tell me when a report is issued on internal control over financial reporting? Is it only by request?

[kenckang]

Im not 100% sure but here's my thought process: A report/opinion on internal control is NOT required under AICPA standards but IS required under PCAOB auditing standards. Due to SarBoxley, public issuers now REQUIRE a report on internal control over financial reporting. I think the ICFR report can be issued separately from the Finacial Statement Audit Report OR combined.

[Anonymous]

ICOFR is under SSAE, right?
And of the 4 report types (C-A-R-E: Compilation; Agreed-Upon Procedures; Review; Examination), ICOFR service is provided in AUP and examination reports.

I’ve already shared this screen on this thread, but let me post this again and see if this helps you.
Good luck.

SSAE

[Rachel Silver]

Hi Everyone!

How different do you think the audit test in Q1 2017 will be to the Q2 2017?

[kenckang]

@Rachel Silver See: https://www.another71.com/2017-cpa-exam-update-far-aud-reg-bec/

also, more emphasis on SIMS 50% versus 40%

[Anonymous]

Hi everyone. I sit for AUD this Friday (2/10) and am starting to get nervous. I feel the more questions I work, the worse I have been testing. I started out great, and now I'm averaging in the 70's. Any advice on how to focus during my last few days of studying for this one?

[Anonymous]

I retook AUD today… and I think I might have failed…. AGAIN!

I honestly have no motivation whatsoever to take it a third time. I've watched my review videos a thousands times, spent many hours goning through the book, supplementary material (including the Ninja MCQs which I bought twice and which conveniently expired today). I had no idea AUD would've been so difficult and its only going to be getting more difficult.

To say I didn't study for this exam would be a lie, because oh boy, I did! Sure, if I'm being honest, I am still having difficulty grasping an understanding of testing the cycles and understanding applying audit procedures to management assertions. I've yet to find a review course, a book, or a YouTube video that explains these in such a way I can understand.

[Author]

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