[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/

[Anonymous]

I do not feel prepared either. I had a crazy week at work. Worked today until 2.30 pm and have to work overtime all this coming week and my exam is May 26th. I just hope that GOD sees my extra effort and gives me the strength and knowledge that I need to get a 75!

[Anonymous]

I'm on a retake of AUD and some of Beckers materials have changed. My question relates to Governmental Auditing Standatds. GAGAAS

Does anyone know if we should follow the OMB CIRCULAR A-133 rules for Aud or TITLE 2 CFR 200 rules. I'm taking AUD on May 30. When are the new rules tested? Does this change occur on JULY or has it already been implemented ?

[ahugemistake]

@agus buy a box of 5 hour energy and forget anything outside of work and studying, your exam is close and you need to initiate hermit mode.

@Doover, I have cpaexcel and Ninja, I trust both of these courses to have the latest material necessary to pass the exam. I have not seen any questions regarding title 3, only OMB A-133

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

[ahugemistake]

Hey guys can I get a breakdown of you all memorize the test of controls sampling technique; I had it down but now that I am reviewing I really need a better understanding.

For example stuff like this, I can't seem to remember the effects of control risk and the effects certain factors have on the sample size etc.

Tolerable error or the tolerable misstatement is the maximum monetary error in the related account balance or class of transactions that may exist without causing the financial statements to be materially misstated. The tolerable error is a planning concept and is related to the auditor's preliminary estimates of materiality. The higher the auditor sets the tolerable error, the smaller the sample size the auditor will require.

Assessing control risk is the process of evaluating the effectiveness of an entity's internal controls in preventing or detecting material misstatements in the financial statements. The less an auditor can depend on internal control in preventing or detecting material misstatements in the financial statements (increasing the assessed level of control risk), the larger the sample size the auditor will require.

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

[Anonymous]

@ahugemistake, I've been studying since I got home from work and will study all day tomorrow. I am glad I have 3 full days before the exam to concentrate just on this! I can do it!

[ahugemistake]

goodluck man, I'm also banking on next weekend for my final review.

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

[Anonymous]

Which of the following is a conceptual difference between the attestation standards and the generally accepted auditing standards?

A. the attestation standards do not apply to audits of historical financial statements, while generally accepted auditing standards do.

Explanation:A is correct because AT 101 states that attest standards do not apply to audits of historical financial statements.

---

Wiley has the above question with A being the answer. Can someone explain why Attest standards do not apply to audits of ‘historical' financial statements and GAAS do?

Is it because GAAS apply to audits of non-issuers and PCAOB standards apply to audits issuers? So they say that the Attest standards do not apply to audts of “historical financial statements”?

Confused

[gurmeet]

Hi I am Smile from India, done with 3 sections of the CPA Exam and left with the aud section. I have taken the Exam 4 times but stuck in 70's and unfortunately this is my last attempt as my credits for REG would be expired in August. I need lots of different and hard simulations to practice coz i am very week in that area, In my last attempt of Aud, i got journal entries and practical portion in the simulations. Looking forward to practice such questions.

Kindly provide me with the Simulations to practice and more and more sample papers to practice.

Thanks

[jbarwick]

@cdwolf – While I am very early into AUD studying, I just worked on attestation yesterday. My understanding is attestation is for forecasted or projected F/S. So GAAS is backwards looking and Attestation is Forward looking.

This is what I have in my mind and it seems to work pretty well. My first go through of Becker homework questions had me scoring in the high 80s with missed questions being in some of the gray areas.

I start A3 today and I think skipping Becker videos has been fine. I let them run through though so if I ever need to use the guarantee, my videos will be at 100%.

Journey Started - January 2015
FAR - 4/2015 - Passed
AUD - 7/2015 - Passed
BEC - 8/2015 - Passed
REG - 11/12/2015 - Passed

[Anonymous]

Jbarwick, thanks, I think Im getting confused since Attest or AT includes examinations which includes audits –so for them to make a statement that Attest standards dont apply to ‘Audits of Historical Financial Statements' is confusing to me. Thanks for the tip about Attest. I think im just gonna treat this as one of those things to just stick in the back of my mind in case I get a mcq on it on the test.

[Jostrowski]

Hey guys I will be taking the audit exam for the second time this Tuesday. The first time I took the test I really struggled with the ratios especially on the sims. Not so much the calcs but more so if I was given an event deciding if the ratio increased, decreased, or stayed the same. I also struggled with procedures to perform after deciding this. I use Becker but feel like they do not prepare you well for the ratio questions. Any suggestions?

AUD: 62 [2/27/15], 87 [5/29/15]
REG: 76 [5/1/15]
BEC: 86 [7/20/15]
FAR: 76 [8/28/15]

DONE!

Becker self-study, Illinois candidate

[ahugemistake]

-removed-

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

[ahugemistake]

I feel that AUD only kind of touches on ratios, if you really want to get a better understanding I would go into the FAR section and read up on ratios a bit more, of course it will be an entirely different test this time around too. They way I try to remember the effects is that I have think about the account they are giving us and see which part of the ratio is goes into (denom or numer.) If the numerator goes up and the denom does not then the the ratio will increase if it num. goes down and denom stays same, ratio will go down.

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

[ahugemistake]

@cdwolf I hadn't thought about this as much I just sort of accepted it, but since you mentions examinations I'm wondering if this is more of a SSAR vs SSAE thing? like SSARS allowing procedures to be performed on historical facts?

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

[ahugemistake]

So I keep questions like this in Ninja MCQs but did not have many like this in CPA Excel:

Title IV of the Sarbanes-Oxley Act of 2002 requires which of the following?

how important is it to know the different titles of the SOX ACT or the different rules of the PCAOB?

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

[Author]

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