[jeff]

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

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

[LCros]

IrieMon,

What CPA review are you using?

[curlyhare]

@Dory_ReachingForTheStars if I were you, I would choose a few of the most diffuct items you know will be tested (the ones that make you cringe) and just hit those hard til the end. i.e. what procuderes to perform to prove which assertions; how some factors (such as derivatives) increase/decrease detection/audit risk; when and how the audit/review/compilation reports can change; etc. Best of Luck!

[curlyhare]

IrieMon,

Hang in there! I too have failed audit twice and I have issues really understanding those same concepts for the same reasons. You may very well have passed, don't beat yourself up yet. If by some grave injustice you did not, shrug it off and keep on tackling those sucky subjects!

We will beat this! I am rooting for you!

[Anonymous]

@Curlyhare, Thank you I'll sure hang in there but its difficult.

@LCross, I'm using Roger mainly but also use Wiley and Becker books.

[Anonymous]

There is a difference between studying for hours, and studying effectively for hours.

I spent about 16 days going really hard for Audit..It's super conceptual, so memorization will not work at all.

I had to tell myself that I was a detective looking for clues management left, in the form of financial statements (COVERU). CoverU is the general ones..but to remember the transaction level assertions, I tell myself, accounts have to be accurate before they can exist..Just little things like that. It's all about connecting all the dots.

I spent alot of time understanding the differences between Audit Reports, compilations, reviews and how they are all related. Save your brain power, because if they share similarities, just remember the differences. The language is sublty different. Like in reviews and comps, they use the word accountant instead of auditor..Little things like that.

I also just went directly to the AICPA website and read the SAS's directly. Boring? You bet, but it is almost in story form compared to the broken up bullet points in Becker. Every new bullet point, was almost as if I have to reset my brain a little.

Audit is too voluminous to memorize. Make connections at the higher level. See the forest first, and then look at the trees.

[Anonymous]

Hi, everyone-I am in my 2nd week of studying for Audit-I will be taking it in April. So far, so good -loving the new Becker format for the online course. I was wondering if anyone has a good strategy for getting a handle on AL and research questions? I noticed there are a lot of them in Becker SIMS and I plan on going after them, but I must say I don't know what I am doing. Should I be reading all the AL, familiarize myself with the AL structure? Any and all tips are welcome and needed!

[curlyhare]

@IrieMon,

@cessnapilot30 has it spot on. I too have Roger study materials and for the cycles the best way to learn is to read AU-C 501 – specific considerations for selected items. See link below. I did not do this on my last two exams, I did software solely but for the stuff you just can't understand after reading Roger's books and listening to lectures, go directly to the standard source.

[ https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-C-00501.pdf ]

[MMAFEM]

Hi all,
is Management representation letter required in Compilation under SSARS? i have seen contradictory information in wiley and ninja notes!! please help, i'll be taking AUD 2/13…..

[mooseonloose]

I am on chapter 1 of Becker.

weak internal control does not equal adverse opinion.
Modified opinion does not equal to good investment.

[CPAIN2K17]

@MMAFEM – no, an engagement letter is required but not a management representation letter.

[MMAFEM]

please help with this question…

Under the Statements on standards for accounting and review services, a representation letter (“written representation”), signed by management, is required for

Financial statement Preperation financial Statement compilation

a. No No
b. No Yes
c. Yes No
d. YEs Yes

i choose A but the answer is B,,,,,,,Why???? its Wiley Mod 6: Q11.

what am i missing here????

[LCros]

MMAFEM,

I believe that is an error. A management repr letter is not required for a compilation nor for financial statement prep. You are simply putting the statements together. It is an attest engagement but not assurance.

[Ny1105]

Is reporting on internal control now required for all audits? (SAS 130)

Also, I understand the audit risk model well, however, if everything stays constant and the question ask ” if you increase substantive testing (which is lower dr) does that mean control risk has to be inverse or not relevant to the question (since usually, it would mean lower AR)

[Ny1105]

TO @MMAFEM

I remember reading on the forum a month ago how, on paper it says that engagement letter isnt required. However, the answer is

Engagement letters are required for all 3 ( comps, reviews, and audits)

It's the rep letters that are not required for comps… Only..

(I could be wrong, however, I remember there was a lengthy discussion about that here)

[mooseonloose]

rep letter is required for review but not complication. withdraw from the engagement if entity declines to provide rep letter.

[Author]

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