AUD Study Group Q2 2015 - Page 62

  • Creator
    Topic
  • March 5, 2015 at 8:09 pm #192520
    jeff
    Keymaster

    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

Viewing 15 replies - 916 through 930 (of 1,631 total)
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  • April 7, 2015 at 5:53 pm #669267
    AJG38
    Participant

    Hey group,

    Took the audit exam this morning, not too bad, finished in 3 hours. Finished MCQs in a 75/80 minutes, testiest 2/3 were pretty tough (especially in comparison to sims). Was able to work out 5/7 sims perfectly with no problem, leaving only 2 I'm hesitant about. Thanks for all the help/suggestions/notes/MCQs, and good luck on your exams!

    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

    April 7, 2015 at 6:19 pm #669268
    CPA2B_NJ
    Member

    @ajg38 – Best of luck!

    FAR - 50, 78
    BEC - 67, 72, 75
    AUD - 72, 80
    REG - 70, 85

    To God be the glory! Forever, amen!

    NJ License

    April 7, 2015 at 9:36 pm #669269
    Martin
    Participant

    An investor is reading the financial statements of the Stankey Corporation and observes that the statements are accompanied by an auditor’s unmodified report. From this the investor may conclude that

    A.Any disputes over significant accounting issues have been settled to the auditor’s satisfaction.

    B.The auditor is satisfied that Stankey is financially sound.

    C.The auditor has ascertained that Stankey’s financial statements have been prepared accurately.

    D.Informative disclosures in the financial statements but not necessarily in Stankey’s footnotes are to be regarded as reasonably adequate.

    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

    April 7, 2015 at 9:45 pm #669270
    ruggercpa2b
    Participant

    This is a hard one Martin. Is the answer D?

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    April 7, 2015 at 10:39 pm #669271
    Anonymous
    Inactive

    Why does a higher specific risk of incorrect acceptance DECREASE sample size?

    April 7, 2015 at 10:56 pm #669272
    ladybossxo
    Participant

    C?

    CPA Exams Done.

    April 7, 2015 at 11:28 pm #669273
    Martin
    Participant

    A.Any disputes over significant accounting issues have been settled to the auditor’s satisfaction.

    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

    April 7, 2015 at 11:28 pm #669274
    Martin
    Participant

    ladybossxo, I also picked C.

    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

    April 7, 2015 at 11:31 pm #669275
    Martin
    Participant

    ruggercpa2b, why are you waiting so long to take the exam? I think anyone who got a 70 or above should take the exam before the 20th. You know more than you think. Dont make the same mistakes I made with FAR.

    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

    April 8, 2015 at 10:21 am #669276
    Mystro
    Participant

    @Determined_To_Succeed

    Why does a higher specific risk of incorrect acceptance DECREASE sample size?

    From my understanding the incorrect acceptance is the risk that the auditor will not figure out the risk &

    by inherent risk the auditor will assess internal control too low, which means decreases sample size by auditor mistake.

    Regards,

    April 8, 2015 at 2:18 pm #669277
    ruggercpa2b
    Participant

    @Martin I am getting married May 16 and have been planning an out of state wedding. Not to mention I started a newer slightly more demanding job in January. I haven't really had time to study, a week long trip to Cancun this month, and out of town trips have really slowed down my progress. I would love to take it sooner but just haven't had time to actually study.

    Thanks for the push and the vote of confidence.

    AUD - 73, 72 retake 7/2/2016
    BEC - 8/20/2016
    REG - TBD
    FAR - TBD

    I am so ready for this nightmare to be over. Been at this way too long.

    April 8, 2015 at 2:33 pm #669278
    Mystro
    Participant

    @nijuromeo

    An accountant who submits unaudited financial statements to the client that are not expected to be used by a third party may use:

    a). An engagement letter

    b). A compilation report

    c). An engagement letter than a compilation report

    d). A compilation report than an engagement letter

    Please comment with an answer which is absolutely correct. Thanks

    The correct answer is:

    c). An engagement letter than a compilation report

    The comment is:

    Because this case is related to something called “Plain Paper ” which means actually there is no report.

    and should make a reference to restrict the use on each page of F/S as well.

    Regards,

    April 8, 2015 at 7:44 pm #669279
    Martin
    Participant

    ruggercpa2b, I would have chosen the same date if I were in your shoes. Have fun in Cancun and dont go to the city at night. Too many cartels.

    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

    April 9, 2015 at 6:57 pm #669280
    Anonymous
    Inactive

    Hello, all. I just joined the community today and I started studying AUD in Becker this week. I just got the NINJA Notes and Audio and can't wait to try them out. My Becker book is from when I tried the CPA last year, so I'm relying on NINJA to fill the gaps where things have changed. I still have access to 2015 Becker videos and MCQ/Sims, but those expire in June or July. I've taken one test – FAR – last year and got a 40, which completely crushed my spirits and I'm just now ready to get back to studying (although I wasn't serious about it when I “studied” last year). I'm hoping to knock out AUD and FAR before my Becker expires in 2 or 3 months, but that may be a little too optimistic.

    Looking forward to learning the way of the Ninja! 😉

    April 9, 2015 at 7:42 pm #669281
    Mr.SD
    Participant

    The rematch! 4/22/15 (58 on first try with 3 weeks of study)

    "Do better to know better."

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