[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/

[ahugemistake]

I definitely know the ‘why' I pick the answer in the MCQ but some how it didn't translate into the sims when I took the practice exams. Doing all the questions I got wrong on cpa excel today.

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

[lavendersky]

has anyone done Becker final exam 1 yet? Can someone please tell me the answer for the 1st stimulation problem on Risk? Becker did not provide a answer key for that question. I got some of the parts wrong but do not know the correct answer.

FAR- PASSED
AUD- PASSED
REG- PASSED
BEC-

You got to do what you have to do!

[Anonymous]

@lavendersky

I am planning to take the Becker 1 exam tomorrow and will let you know on the SIM. I have not practiced any SIMs at all so far and I am panicking now. That being said, I completed about 250 MCQs today between Becker and Ninja ranging from 70% to 80% which makes me really worried that I will not be ready by Sunday 🙁

[Anonymous]

@cpabefore40. I hear you. My scores have gone down all weekend in ninja. Right now I'm not feeling good. I have my retake next Saturday and if it doesn't work out ….. I don't even want to think about it.

I was hoping not to have to waste any PTO time this week at work, but I may have to.

As far as Aud SIMS go, you will be able to find a lot of answers in the AL.

good luck. I feel your pain. Al we can do is keep at it and hope for the best.

[lavendersky]

@cpabefore40 Thanks lmk! Becker practice exams always throw me off. It always lower my self-esteem after taking it. I did terrible on the first one. I don't think I ever had such a low grade compare to what I did in hw problems and progress test. I'm taking the 2nd final practice exam tmrw…..and, I will see how it goes. And for some reasons the research ques always panic me b/c I hardly get them right. Maybe b/c there is so much codes you can choose from and I always have pressure in not researching the right word.

I did 205 ques on Becker today consisting of progress test and redoing hw problems. I'm only scoring 70 to 80s as well. Heck, as I first started studying for audit, I didn't think it was that difficult esp. when I did everything with open book. Now, it is a different story. It is so hard to memorize every little detail especially when one word could totally change your answer to a problem.

Anyways, Good luck!

FAR- PASSED
AUD- PASSED
REG- PASSED
BEC-

You got to do what you have to do!

[Anonymous]

Hi everybody, I took Becker Final Exam 1 yesterday and got pretty upset. I did well on the MCQ but terrible on the SIMS, except for one that I scored 100%. My exam is tomorrow. Do you think it will be good to take the second final exam?

Good luck everybody and please see an extra prayer for all the fallen veterans today!

[jbarwick]

The 2nd Becker exam is all new questions you have not seen before so I find it helpful to go over.

Something I have noticed on the forums is an attempt to rush taking exams and not leaving enough time for review. I can see how too much review can be a problem (I felt like 2.5 weeks for FAR was a bit much) but not enough leaves you forgetting some early aspects. Good luck by any means but if you study for 8-10 weeks only to leave yourself with minimal review time will have you wasting even more time retaking in the future if your first go round was not enough for a 75.

Good luck!

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

[Anonymous]

@jbarwick, I understand what you are saying! I only had two weeks to review but my last week was crazy busy at work and did not have a lot of free time to study. I feel very strong in some ares but I still feel I have a lot of little things to remember and my exam is tomorrow so I will try to get the most out of my time today and give my best on the exam tomorrow! I am using Becker and completing with NINJA MCQ!

When is your exam?

[jbarwick]

Not until July 3. I gave myself ~8 weeks to get through the material and review. The only close call will then be trying to finish BEC before the end of August.

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

[pracap]

Hi

I know its a silly question, but still wanna keep everything straight.

Is there any problem if we flag more number of questions in the exam?

Will this be counted for scoring criteria? Or its just a tool for us to keep a track of “not confident answers”

[Anonymous]

@pracap I am not sure about that. I have not flagged questions on my exam. I usually trust my first instinct

[trish_1234]

hey guys I am not posting here bc there is a huge lag time between when I post and people can see my posts which is really frustrating. I am not going to take the exam this window due to some health issues. Anyways wanted to wish everyone good luck and hopefully Q3 thread works better for me.

here is a question that I thought interesting bc review usually does not incorporate knowledge of IC

When planning a review of an audit client's interim financial statements, which of the following procedures should the accountant perform to update the accountant's knowledge about the entity's business and its internal control?

A.

Perform analytical procedures on selected accounts by comparing the interim amounts to the amounts for the previous audited fiscal year-end

B.

Inquire of the entity's outside legal counsel about the status of any previous pending litigation and any new litigation involving the entity

C.

Select a sample of material revenue transactions occurring during the interim period and examine supporting documentation

D.

Consider the results of audit procedures performed with respect to the current year's financial statements

D is correct ….When performing a review of interim financial information, the accountant is required to become knowledgeable about the entity's business and its internal control in order to focus the inquiries and analytical procedures. The procedures to obtain this knowledge include the following:

Reading documentation of the preceding year's audit and of reviews of prior interim period(s) of the current year and corresponding interim period(s) of the prior year to the extent necessary, based on the accountant's judgment, to enable the accountant to identify matters that may affect the current-period interim financial information

Reading the most recent annual and comparable prior interim period financial information

Considering the results of any audit procedures performed with respect to the current year's financial statements

Inquiring of management about changes in the entity's business activities

Inquiring of management about the identity of, and nature of transactions with, related parties

Inquiring of management about whether significant changes in internal control have occurred subsequent to the preceding annual audit or prior review of interim financial information

The review does not contemplate obtaining corroborating evidence for responses to inquiries concerning litigation, claims, and assessments. The accountant is also not required to perform testing on transactions. Analytical procedures would involve comparing interim financial information with comparable information for the immediately preceding interim period (not the previous audited fiscal year-end).

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

[ahugemistake]

Hi Trish! I thought your posting problem was fixed, anyway I just added this question to my review list as well because it definitely is worded strangely but it definitely make sense. btw, I hope you feel better! keep on studying.

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

[ahugemistake]

@agus from what I hear nothing can prepare you for the sims besides your understanding of the matter, they can be easy or hard and the best you can do is build a strong cushion of points by really nailing the MCQ and nailing the research question also.

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

[ahugemistake]

posting some questions for practice

When using confirmations to provide evidence about the completeness assertion for accounts payable, the appropriate population most likely would be

A. Vendors with whom the entity has previously done business.

B. Amounts recorded in the accounts payable subsidiary ledger.

C. Payees of checks drawn in the month after the year end.

D. Invoices filed in the entity's open invoice file

When reporting on conditions relating to an entity's internal control observed during an audit of the financial statements, the auditor should include a

A. Description of tests performed to search for material weaknesses.

B. Statement of positive assurance on the structure.

C. Paragraph describing the inherent limitations of the structure.

D. Restriction on the distribution of the report.

A weakness in internal control over recording retirements of equipment may cause an auditor to

A. Inspect certain items of equipment in the plant and trace those items to the accounting records.

B. Review the subsidiary ledger to ascertain whether depreciation was taken on each item of equipment during the year.

C. Trace additions to the “other assets” account to search for equipment that is still on hand but no longer being used.

D. Select certain items of equipment from the accounting records and locate them in the plant.

When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the

Auditor's Responsibility section Notes to the financial statements

Yes Yes

Yes No

No Yes

No No

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

[Author]

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