[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]

knicks92, I think FAR is the hardest but not because of the content,but more because of how much information you have to learn and retain before the exam. FAR has twice as much info as Audit,but in Audit the MC questions on the real exam are nothing like NINJA or Becker, most question want you to think like an Auditor. If two choices are correct out of the four choices, which of the two would you chose if you think like an Auditor? This is is the reason why Audit has the highest failing rate in every single quarter, and I still do not understand why many people here say that even BEC is harder than Audit. I guess this is because the population of this forum is only a 10th of one percent of the true population. You have great scores,so you might do better than you think.

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]

The auditor should design and perform further audit procedures that are responsive to the assessed risks of material misstatement at the relevant assertion level. In designing further audit procedures, the auditor should consider such matters as:

a. the significance of the risk.

b. the likelihood that a material misstatement will occur.

c. the characteristics of the class of transactions, account balance, or disclosure involved.

d. the nature of the specific controls used by the entity and whether they are manual or automated.

e. whether the auditor expects to obtain audit evidence to determine if the entity's controls are effective in preventing or detecting material misstatements.

The above is just an excerpt from a NINJA mcq explanation, Ive seen the phrase “relevant assertion LEVEL” numerous times in studying for AUD.

Can someone tell me what the ‘LEVEL' refers to? I understand what a ‘relevant assertion' is, but not clean on why they use the word ‘Level”? Are the simply referring to the part of the accounting records the assertion appears (i.e. FS, GL, subledger) or is it something else?

[ladybossxo]

Martin!! Good luck studying!! I am getting so nervous now. I don't want to write this exam again because of the changes in July and because I have written it so many times!!

I totally agree with you. The actual exam is nothing like NINJA/Becker. That's why I stopped doing MCQ a week ago. I am just writing out the highlighted stuff in Becker and rewriting them over and over. I know there are a lot of questions related to reports and they can be very specific.

CPA Exams Done.

[Anonymous]

Martin:

“Im so traumatized by Audit that I dont think my 82 average is even good enough. I can answer most questions on every test bank and get at least an 80 to 84,but I can not call the answer before I see the choices that I have and that worries me. I get the right answer by recognizing it in one of the 4 choices. I dont know if Im just paranoid like that and this is just normal, or I need to study more. I was going to take it on the 13th, but I moved it to 20th, which is the cutoff. I took FAR and got a 71 the first time and 85 the second try. My only hope is that BEC and REG are not as bad as these two.”

In regards to your above post, Ive been studying about for about 50 hours and have about 1200 MCQ done in NINJA AUDITso far with ave of about 71%. Im in a similar boat as you, I cant seem to recall the answer unless I look upon the 4 choices and I must rely on process of elimination mostly to get to correct answer. Im worried this wont be effective on the real test since I know they write alot of those questions to trip you up.

In regards to recognizing the correct choice from among the choices, If I understand correctly from what you said, that happened to me when using NINJA exclusively on my prior 2 tests and it really hurt me I think since my averages and trending scores were very high going into the actual test but my actual test scores where only in the high 70's.

My adivce(take with a grain of salt) would be to either reset you ninja MCQ (assuming your in review stage) or complement with another test bank your less familiar with.

[Martin]

cdwolf, thanks for the advice, Im reading all the chapters and notes now, and combining becker with ninja on the MC. Im also working on as many simulations as I can.

ladybossxo, I moved my test date to the 20th since I dont think I will ever feel prepare, and Im taking BEC by May 31. Are you having the same issue as me and CDwolf? We both can answer most questions ninja test bank and get a decent score but we can not call the answer before we see the choices we have on most questions.

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]

Martin! Yes I am, especially with GAGAS reporting and some other topics. For my last exam, there were 10 to 15 questions I knew I got right and most of them I had to narrow them down to two answers and I remember I had to read every question twice. Really nervous for this exam. I feel like I am already forgetting half of the stuff. I've been working on SIMS today and yesterday.

You'll be fine Martin! We just have to believe in ourselves!!

Ohh you have lots of time for BEC!

CPA Exams Done.

[Martin]

ladybossxo, you have a great average score on ninja,so I also think you will do great. Im resetting ninja tonight after 1,319 MC questions and an average of 82%. I went up 8 points from the last time I completed ninja with 1,100 questions. For the next week, Im only going over flash cards, and the sampling chapter, I did not go over Info technology, there are not that many questions on that topi, and i dint see any on the actual exam. Good Luck everyone who is testing before the 20th.

1 Auditing and Attestation: Engagement Acceptance… 88%

2 Auditing and Attestation: Understanding the Ent… 79%

3 Auditing and Attestation: Performing Audit Proc… 81%

4 Auditing and Attestation: Evaluating Audit Find. 84%

5 Accounting and Review Services Engagements 84%

6 Professional Responsibilities 80%

Question Session Totals: 1597 506 1,302 82%

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]

Martin! That's good! I am sure you're going to pass this time!! I did well on the first category too! Unfortunately it is worth less than the other categories! Professional responsibilities is also my lowest. I have never scored strong on that category. It was always weak (3 times) and medium once. Honestly, doing them by sections is so much better than letting the system pick the 30 questions for you. I think you actually retain more and know what topic you're being tested on. I never got tested on IT and sampling, but I am going over them anyway just in case this time I might get them…

CPA Exams Done.

[ijustwant76]

Look at this question and tell me how to differentiate between the answers.

Financial statements are considered special-purpose financial statements when:

A. prepared in accordance with either a regulatory or contractual basis of accounting.

B. restricted as to use.

C. prepared in accordance with either a contractual or an other comprehensive basis of accounting.

D. prepared on a pro forma basis designed to demonstrate the effects of hypothetical transactions.

Correct answer is C, but it seems awfully close to A, right? And see the explanation…it's SAYS regulatory!

Answer C. An entity's compliance with aspects of contractual agreements or regulatory requirements related to audited financial statements is specifically listed as a special-purpose financial statement in AU-C 800.04 and .07.

[Martin]

ijustwant76, these are the type of questions where C is better than A although A could be the right answer if c was not there.

ladybossxo, you are absolutely correct, you tend to retain more if you do it by section specially right after you review the chapter,but the last week should be cumulative, so that your brain can get ready for what is coming.

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]

Took Audit last testing window and got a 71. Not sure how I should study for it this testing window. I have 20 days to study and increase my score by 4 points. Studying 6 hours a day.

[CPA2B_NJ]

@ijuatwant76 – I know it's a weird question, but C just seemed like the better option when comparing with A. Special Purpose Financial Statements can be prepared using any other comprehensive basis of accounting, that's why C sounded like a better choice.

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

To God be the glory! Forever, amen!

NJ License

[CPA2B_NJ]

Can you guys confirm which percentage is better to keep in mind: average or average trending. It's not very different in my case 58 vs 63, but which is important?

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

To God be the glory! Forever, amen!

NJ License

[Anonymous]

The average percentage includes every single set of mcq's that you've done. The trending percentage only takes into account the last five set of mcq's. I like to look at the trending because it's a better representation of how I'm currently doing. The regular average score includes grades from the very beginning when I was initially learning the material and consistently getting them wrong.

[CPA2B_NJ]

@CPA Title in 2015 – Thanks. I wasn't sure about the different. Got it now.

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

To God be the glory! Forever, amen!

NJ License

[Author]

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