[jeff]

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

[mooseonloose]

@Spartan this questions is so confusing, I honestly don't know what are they asking for. Its on becker, chapter 5 question 1,2,3 and 4

An audit partner is developing an office training program to familiarize his professional staff with statistical decision models applicable to the audit of dollar value balances. He wishes to demonstrate the relationship of sample sizes to population size and variability and the auditor's specifications as to tolerable misstatement and risk of incorrect acceptance. The partner prepared the following table to show comparative population characteristics and audit specifications of two populations.
Characteristics of
Population 1 Relative
to Population 2
Audit Specifications as to a Sample
from Population 1 Relative to a
Sample from Population 2

Size
Variability
Specified
Tolerable
Misstatement
Specified Risk
of Incorrect
Acceptance
Case 1
Equal
Equal
Equal
Lower
Case 2
Equal
Larger
Larger
Equal
Case 3
Larger
Equal
Smaller
Higher
Case 4
Smaller
Smaller
Equal
Higher
Case 5
Larger
Equal
Equal
Lower
You are to indicate for the specified case from the above table the required sample size to be selected from population 1 relative to the sample from population 2.
In case 2 the required sample size from population 1 is:

a. Larger than the required sample size from population 2.
b. Indeterminate relative to the required sample size from population 2.
c. Equal to the required sample size from population 2.
d. Smaller than the required sample size from population 2.

[Spartans92]

@moose, I'll get back to you in a bit when I get back home its hard to see in that format on phone.

BEC- PASS

[off_beat]

@wc4044 thank you!! this is my first test, i did go through a couple sims and research questions… but i will definitely pound out MCQs thanks!!

[Scared-cpa]

I'm back with more questions I was hoping you guys could help me with. I am scheduled to finish the material 03/03 and sit for the exam 03/08. That leaves only FOUR days of review!!! That really freaks me out and I was hoping someone could give me guidance on what to do about this. I really don't think I will be able to finish earlier than the 3rd so I will only have 4 days of hard core review studying. Also, what are the areas I should focus on the most?

Getting so close to the exam and still having a lot left to do is making me a nervous wreck!

[Spartans92]

@Moose, so for Q1 on Ch5. The question is asking about Case 2 if I'm not mistaken, so what you want to see is Variability, the tolerable misstatement, and the risk of incorrect acceptance. So the variability is Larger, the population would be larger because you think there are more changes.. Then it said Larger tolerable misstatement, if you think you can handle more misstatement you want a smaller sample. Lastly, the risk of incorrect acceptance is equal.. so there is no change on sample population. As a result of the variability and tolerable misstatement it depends on the greater change of those two. So the result is it is indeterminable.

In short, if there is bigger variability you want a bigger sample population. The bigger the tolerable misstatement the smaller the size. Risk of incorrect acceptance, let's say you can handle more risk of accepting something as right when in fact it isn't.. the higher that risk you can accept, the smaller the population would be.

Hope that helps..

BEC- PASS

[mooseonloose]

@Spartan thanks!

[mooseonloose]

My comfort level:

90% comfortable with chapter 1
90% chapter 2
90% chapter 3
70% chapter 4
80% chapter 5
80% chapter 6

[JessieP]

Exam in 6 days, starting the freak out! Lol. Just wrapped up my gleim rehearsal with an 80, so hopefully that's a good sign. I'll be spending the rest of the week hammering MCQs and working flashcards in the brainscape app.This could be my last exam and time is running out, feeling the pressure!!Good luck to all of us in Q1.

FAR:63,76!! 11/28/15
BEC:
AUD:
REG:75 🙂 6/6/16

[mooseonloose]

You got this!!!lwt is know how it went

[kjack8799]

Just got done taking it. Was tending at 85% on MCQs.

It went quick and it felt pretty easy. I couldn't tell a difference on difficult level but I felt the same way on AICPA practice tests too (some of the difficult ones felt easy).

Fingers crossed!

[NeedsA75]

How were the sims kjack? Any advice you can give on those?

[off_beat]

Hey guys,

I am struggling with ratios and sampling, any idea on how heavily tested these two areas are? Or have any tips on how to remember them?

[mooseonloose]

I wouldn't worry too much about calculation aspect of ratios. just know what some of the main ratios are for, for example, Current ratio, inventory ratio, rec ratio…As for sampling, I am also struggling a bit, I don't think its heavily tested, but you never know.

[HelpHelpHelp :)]

Just wanted to pop back in here to give you all some hope… I took my exam on 1/30 and left with an ok feeling, but the more I thought about it the more I freaked out. My testlets were medium, hard, medium, and my sims were just weird. Like nothing really way out of left field, but phrased in a way that I was totally unsure of myself. So I tried not to think about it, but I was kind of expecting between a 65 and 75. Welllllllll just got my score back and I got an 84!!!!!!! So don't lose hope!! Good luck everyone!!!! 🙂 🙂 🙂 🙂

The happiest people don't have the best of everything, they just MAKE the best of everything!

We can do it!! 🙂

[mooseonloose]

Congrats! I envy you so much right now haha. Thanks for the encouragement =D I just hope I don't see any DRS questions on my sims.

[Author]

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