[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/

[golfball7773]

I can't explain your questions 🙁

I run to the library usually otherwise she will ask me to do a billion different chores

FAR: 63, 55, 62
REG: 65, 77*
AUD: Fail, 64, 71
BEC: 72, 74, 81

*expired

[Anonymous]

@hugemistake I am using Becker and Ninja MCQ but I work full time so my weekends are the only time that I have to study for a long time !!!

[Anonymous]

@hugemistake I am using Becker and Ninja MCQ but I work full time so my weekends are the only time that I have to study for a long time !!!

[ahugemistake]

I hope youre coming home at 5 and going all in on the chapters and MCQs, I just started the Ninja MCQ review after finishing up cpa excel and take mine on May 29. It can be done as long you commit the time and understand the concept otherwise don't sweat it and take it first thing in July.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[ahugemistake]

@trish can you explain what you mean by this: “know changes in ratios too.”?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[trish_1234]

An auditor uses the assessed level of control risk to:

A.

An auditor uses the assessed level of control risk to:

A.

evaluate the effectiveness of the entity's internal control.

B.

identify transactions and account balances where inherent risk is at the maximum.

C.

indicate whether materiality thresholds for planning and evaluation purposes are sufficiently high.

D.

determine the acceptable level of detection risk for financial statement assertions.

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

[trish_1234]

@ahugemistake

how changes in ratio effects balances….. for instance, What would be the reason for account receivable turn-over ratio to increase?

What audit procedure would detect MM for instance,

what audit procedure would best detect absolute inventory?

those are the type of questions that screws ppl over I believe… you will only learn those by practicing questions

also, dont worry abt memorizing ratios but know how to calculate them..

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

[okcpa2015]

Ratio analysis would be a question like, “how does the collection of a large receivable at year end effect receivables turnover or DSO.” These are analytical procedures.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[ahugemistake]

Thanks okcpa, makes sense now.

now another question:

Wouldn't tracing a transaction be part of substantive procedures rather than test of controls, unless that falls under re-performance.

“Procedures to obtain audit evidence about the design and implementation of relevant controls may include:

inquiry of entity personnel,

observation of the application of specific controls,

inspection of documents and reports, and

tracing transactions through the information system relevant to financial reporting.”

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[ahugemistake]

When you guys are doing ninja mcqs are you going section by section or just doing new questions from all sections?

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[okcpa2015]

just normal MCQ until I had about 20% of the questions to go.

FAR - 91
REG - 88
AUD - 98
BEC - 88

[Anonymous]

ahugemistake:

Risk assessment procedures for internal control -Inquiries of management

-Observing the application of specific controls

– Inspecting documents and records

-Tracing transactions through the information sys

So, to answer your question, tracing from source docs towards financial statements Can be used as a substantive test to test Completenetss assertion for instance. But as above shows, tracing the source to financials can give insight to understanding the controlls in place (ie.e authorization, segregation of duties, ect..) so this would be used as part of the ‘Gaining an understanding of IC when preparing the audit. Also, Tracing maybe used as a Dual type procedure (Not sure abou this just guessing as Im not auditor).

Answer other q, in past sections of the exam (BE & Reg) I just let the program goto All Questions. for audit I have used New Questions exclusively and finished all and got to review stage by attempting about 2300 total (not so good). then I reset the test bank. Im Just trying dff approach this time since the audit stuff wasnt sinking in so well as the others sections. I hope it works for me?

[Anonymous]

in above I meant to write “But as above shows, tracing the source to financials can give insight into ASSESEMENT of the controlls in place” not “But as above shows, tracing the source to financials can give insight to UNDERSTANDING of the controlls in place”. Sorry for misstate statement.

Its part of the Risk Assesment process. Its also a substantive test when testing for completenetss for instance.

Sorry no edit feature here?

[trish_1234]

Prior to seeking approval of certain tax services from the audit committee, a registered public accounting firm must:

A.

describe in writing, to the audit committee, the scope of service and fee structure.

B.

discuss with the audit committee the potential effects of the services on independence of the firm.

C.

document the substance of the discussion with the audit committee.

D.

All of the answer choices are correct.

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

[ahugemistake]

@trish I'm not sure why but I never see your responses at the time you post but much later, like I did not see your answer when okcpa posted and then it showed up right above his answer – not a big deal but just letting you know. But thanks for the heads up I will go over ratios a little bit next week.

@wolf thanks for explaining- I feel that the wording just threw me off, I listen to the ninja audio and tracing is a substantive procedure and re-performance is a internal control procedure – but I guess the questions don't use the same lingo.

Also I'm just going through it section by section, hopefully I will do all of the questions by this week and start review next week. I didn't quiet get how the course worked when I started it. Doing all sections at once would really confuse me personally.

FAR - 78*
AUD - 66, 79
REG - 73, 76
BEC - 79

[Author]

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