[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

[RatherBeGolfing]

@plotikkk85 I believe A/P confirms to vendors w/ zero balances tests completeness, not existence because you're looking for unrecorded liabilities.

[Zuly]

@plotikkk85 in this question they ask about the existence and valuation. When you test existence you have to vouch so that would mean you have to go back to the source document so you would go from the ledger back to POs, etc. I almost missed that key word of “existence” I am having a hard time with the evidence part so I'm dissecting every word to make sure I understand…so far it's working, we'll see how I do in the exam. Good luck!

FAR - (11/01/14) 71 (02/07/15) 79
AUD - (04/30/15) 86
BEC - (07/21/15) 73 (10/01/15) 75
REG - (11/30/15) 55 (05/19/16) 74

[Zuly]

@CPA2B_NJ, I was also panicking with 5 days left and even posted something in the general forum about my %, which is only 74%. Jeff responded right away that it can be done, just to let that panic drive you and focus. So it can be done, just keep drilling MCQs. I've been at this since 7am this morning and now taking a lunch break but I've been drilling MCQs, writing notes in the margins of questions I got wrong or don't understand. Reading and re-writing mnemonics, etc. Just keeping hammering away. Good luck to you!

FAR - (11/01/14) 71 (02/07/15) 79
AUD - (04/30/15) 86
BEC - (07/21/15) 73 (10/01/15) 75
REG - (11/30/15) 55 (05/19/16) 74

[CPA2B_NJ]

@Zumo76 – Thank you so much for the words of encouragement. I will do that! Our exam dates are one day apart. Good luck to you too!

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

To God be the glory! Forever, amen!

NJ License

[plotikkk85]

one more:

The Cosby CPA firm is auditing the financial statements of Hamster, Inc. for the latest year. Hamster manufactures widgets in its factory located in Gaffney, South Carolina. The auditors are currently analyzing each of the entries made to the repair expense account. What is one of the purposes for doing this testing?

A The auditors hope to gain evidence that the company’s liabilities are not overstated.

B The auditors hope to gain evidence that the company’s net income is not understated.

C The auditors hope to gain evidence that the company’s current assets are not overstated.

D The auditors hope to gain evidence that the company’s current assets are not understated.

[plotikkk85]

Going to bed 🙂 here is the right answer:

The auditors are looking for the possibility of material misstatements. The repair expense account is studied to determine whether any costs that should have been added to an asset account were incorrectly added to this expense account. If that has taken place, the expense balance will be overstated and, as a result, reported net income will be understated. If that has occurred, the machinery and equipment balances will also be understated but they are not current assets.

Correct answer is B

[silliepanda]

Beginning to study for audit today. Using Roger review and hoping it is enough. Plan to supplement with NINJA MCQ as well. Testing end of the month. How is everyone's studying going? Good luck.

BEC - TOO MANY FAILS TO LIST! July 2015 I WILL GET IT!
AUD - AUG 2015- NEVER PASSED!
FAR - LOST CREDIT
REG - PASSED

[Anonymous]

Feel like this is a stupid question but can anyone simply explain the difference between something being trivial and something being immaterial. From my understanding, they are not the same

[ladybossxo]

Trish!!! Yes I did! On April 15th! When are you taking yours??

CPA Exams Done.

[trish_1234]

Hey lady, I fell behind. I have to review next week and set the date. How did your exam go?

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

[alafount02]

Hi everyone. I am using Roger CPA review and Ninja MCQ. There is a questions that is exactly the same on both however, the correct answer is different on each. Has anyone else noticed this?

AUD: 5/2/15-79
FAR: 8/31/15-80
REG: 11/15/15 -79
BEC: Feb-20-16-71 April 16-77 DONE!

[trish_1234]

@ alafount 02… we found a bunch of errors I cant remember which material it was in… copy and paste the problems

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, where have you been? Are you taking it soon?

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]

ladybossxo, do you any other part pending?

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]

long story martin, got distracted bc had to deal with a few things. I am going to take it as soon as I finish reviewing the material again in a week or 2. how did your exam go? I will be thinking of you guys during the count down (clock of death)

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

[Author]

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