[jeff]

Welcome to the Q2 2015 CPA Exam Study Group for AUD.

World Premier: “Unmodified” (Audit Reports Rap Video) 🙂

Posted by Another71 on Thursday, November 13, 2014

Free NINJA: https://www.another71.com/cpa-exam-study-plan/

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

[Martin]

In performing an audit of internal controls over financial reporting, the auditor uses:

A.

the general standards applicable to an audit of the financial statements.

B.

audit standards specifically designed for an audit of internal controls.

C.

attestation standards applicable to PCAOB standards.

D.

auditing standards established by the IASB.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Martin]

DPD516, the answer is=

A.

observe the segregation of duties concerning personnel responsibilities and payroll disbursement.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Anonymous]

OK.

I see the difference between a sales order and a credit approved sales order.

Sales department approves the sale, then it becomes a credit approved sales order, then billing records and matches shipping docs. Finally, the point being that under a system of strong internal control, accounting should only record creditworthy and matched sales orders.

Question:

Do you think it's OK if accounting record in both the subsidiary and general ledgers, or should the two ledgers be separated? In other words, should billing record in the subsidiary ledger, then accounting record in the general ledger?

[WANNABE_CPA]

Martin A?

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

The General Ledger is often called the “Control Account.” The Subsidiary ledger contains the details that support the balance in the control account. Keeping these two accounts separate is a control against errors (i.e. updating one account, but failing to update the other). Furthermore, keeping them separate allows for a Reconciliation control to take place, which can only make a system stronger. Thus, even within the “R” category of ARC, it is desirable to separate certain record-keeping functions such as GL and Sub ledger.

[Martin]

A is correct

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[Martin]

For the fiscal year ending December 31, previous year and the current year, Justin Co. has net sales of $1,000,000 and $2,000,000; average gross receivables of $100,000 and $300,000; and allowance for uncollectible accounts receivable of $30,000 and $50,000, respectively. If the accounts receivable turnover and the ratio of allowance for uncollectible accounts receivable to gross accounts receivable are calculated, which of the following best represents the conclusions to be drawn?

A.

Accounts receivable turnovers are 10.0 and 6.6 and the ratios of uncollectible accounts receivable to gross accounts receivable are 0.30 and 0.16, respectively. Examine allowance for possible overstatement of the allowance.

B.

Accounts receivable turnovers are 10.0 and 6.6 and the ratios of uncollectible accounts receivable to gross accounts receivable are 0.30 and 0.16, respectively. Examine allowance for possible understatement of the allowance.

C.

Accounts receivable turnovers are 14.3 and 8.0 and the ratios of uncollectible accounts receivable to gross accounts receivable is 0.42 and 0.20, respectively. Examine allowance for possible overstatement of the allowance.

D.

Accounts receivable turnovers are 14.3 and 8.0 and the ratios of uncollectible accounts receivable to gross accounts receivable are 0.42 and 0.20, respectively. Examine allowance for possible understatement of the allowance.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[AJG38]

Quick question for those who have taken any section of exam and passed successfully, what is your confidence level going in, is it more confident ready to go, or i've done as much as possible, feel comfortable, lets see what happens?

Thanks

AUD - 91 (4/7/2015)
BEC - 88 (4/29/2015)
FAR - 80 (5/29/2015)
REG - 70 (8/18/2015); 82 (11/08/2015)

Gleim & Ninja Flashcards

[Martin]

I took this exam back in 2007 when it was 70% MC 20%Simulations and 10%Memo. My confidence level back then was 100%, I took FAR in 3 Months, and passed then Reg 2 months and passed with a 80, then took Audit in 3 months and got a 74%,but now my confidence level is very low. Im beginning to think that i have some kind or leaning disability. What a difference an a change to 60%MC and 40%Sim can do.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[trish_1234]

@ Martin, this exam is simply ridiculous. I'm thinking to go back for a masters instead. I just cant handle the way I may have to sit multiple times before I pass this exam while not working…. Plus nothing worse restudying the same damn thing over and over again… College is so much easier sooo much easier Study= A don't study = c… CPA study = IDK

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[WANNABE_CPA]

An auditor most likely would be responsible for assuring that management communicates significant deficiencies in the design of the internal control:

A.

to a court-appointed creditors' committee when the client is operating under Chapter 11 of the Federal Bankruptcy Code.

B.

to shareholders with significant influence (more than 20% equity ownership) when the significant deficiencies are deemed to be material weaknesses.

C.

to the Securities and Exchange Commission when the client is an issuer.

D.

to specific legislative and regulatory bodies when reporting under government auditing standards.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[WANNABE_CPA]

Why would this not be considered for attribute testing? I feel this can result in a yes/no answer?

“Determining all payables are recorded at year-end”

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[trish_1234]

wannabe what a wacky question!!!

B???

AUD 69, 92 7/15 Gleim and Ninja test bank
FAR sometime in 10/15 Gleim
BEC not taken
REG not taken

[Martin]

trish_1234, I want to give up too,but I passed FAR after 6 months of studying, and got a 72 on Audit. If we dont do it now , we are never going to do it. I heard something about some new changes on this exam from 60/40 to a 50% MC, and 50% simulations, if that ever happens, the passing rate will be even lower. This exam is very passable for someone who just came out of college. My only hope is that if I pass Audit, I will be done with the 2 parts with the lowest parsing rate, and hopefully have a better chance with the other 2.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[ladybossxo]

@Wannabe: D?? :S

CPA Exams Done.

[Author]

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