[jeff]

Welcome to the Q2 2016 CPA Exam Study Group for AUD.

Some BLITZ videos to help your exams: https://www.another71.com/ninja-blitz

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[cdn]

@mikemaaa – You have (if remember right) 4 questions per each testlet that are not graded – this are pretest questions. And also 1 SIM is not graded.

[marqzho]

capri1032

For AUD is 5 pretest questions per testlet.

REG 90
FAR 95
AUD 98
BEC 84

[Theodore]

Auditing is so boring. on A-4 and 2 months till my exam. having so much trouble focusing. so far hardly any numbers so that makes it worse.

@marqzho would it be an outline of the procedures to be performed that the auditor and mgt have agreed on?

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[marqzho]

When does a CPA need to limit the distribution of the accountant's report???

REG 90
FAR 95
AUD 98
BEC 84

[N_FullThrottle]

Hey everyone! New candidate here!

Just cracking open my study book for the first time today. I will be using the Gleim textbook and Mega Test Bank. It is all very content heavy so far, so I am hoping for the best.

Nice to meet you all!

Let's do this...

A -

F -

R -

B -

*Fingers cross that I pass before the new format in 2017*

[RE2PECT]

I just finished all the questions in Ninja and so far I'm averaging 73 and trending 75. Haven't hit the review stage yet since it was my first attempt at all the questions. Not sure if those numbers are good or bad, but I'm hoping to hammer at least another 1000 before my exam on May 3rd. Should I focus on trouble questions or start doing the adaptive sessions?

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[marqzho]

Could someone please explain to me what does this mean?

“Analytical procedures performed as part of the planning phase of the audit usually use data aggregated at a high level”

My exam is in a week, but it looks like I have some significant deficiencies in my AUD knowledge 🙁

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

It means that you are making analytical procedures based on financial figures provided to you through management. in other words you are using management info to do analytical procedures (not-audited) financial data unlike the analytical procedures at the final stage!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[marqzho]

Thanks .Sunshine.

I got another one :

Which of the following procedures most likely would provide an auditor with evidence about whether an entity’s internal control activities are suitably designed to prevent or detect material misstatements?

Incorrect A.
Reperforming the activities for a sample of transactions

What's wrong with this answer?

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

Happy to help, for your next question I would say its completely wrong because reperforming would only give you an overview and understanding of an entity internal control not (material misstatements) that would other wise be detected using substantial procedures. another way to get it, is that the word “prevent” in the question would 100% indicate that re-performing a transaction may never “Prevent” misstatement from occurring!

My Nick name is sunshine, but the fact is I have not been in touch with it since I started this CPA exam! IT HURTS

AUD - ✔ Passed Becker self study!
BEC - ✔ Passed Becker self study!
FAR - ✔ Passed Becker self study!
REG - TBD

[Louie]

Hi everyone,

I took BEC and REG this month and waiting for my scores. Waiting for a month is the hardest thing in the world. 🙁 still waiting till May 4th.

FAR: 77
BEC:
REG:
AUD:

[Louie]

Hi everyone,

I took BEC and REG this month and waiting for my scores. Waiting for a month is the hardest thing in the world. 🙁 still waiting till May 4th.

FAR: 77
BEC:
REG:
AUD:

[marqzho]

Field, CPA, is auditing the financial statements of Miller Mailorder, Inc., (MMI) for the year ended January 31, 20X1. Field has compiled a list of possible errors and fraud that may result in the misstatement of MMI's financial statements, and a corresponding list of internal controls that, if properly designed and implemented, could assist MMI in preventing or detecting the errors and fraud. Select the internal control that most likely could assist MMI in preventing or detecting the recording of a credit for the customer's full account balance when the customer's check is for less than the customer's full account balance.

A.
Remittance advices are separated from the checks in the mailroom and forwarded to the accounting department.

Correct B.
Total amounts posted to the accounts receivable ledger from remittance advices are compared with the validated bank deposit slips.

C.
Validated deposit slips are compared with the cashier's daily cash summaries.

D.
An employee other than the bookkeeper periodically prepares a bank reconciliation.

It looks to me D is correct answer too. Any thought ?

REG 90
FAR 95
AUD 98
BEC 84

[jeff]

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Theodore]

Thank you Jeff for testing our knowledge. I got this one right so that made me feel a little better.

FAR: 66, 76!
REG: 76!
AUD: 72, 9/7/2016
BEC: TBA

Don't Stop When You Are Tired, Stop When You Are Done.

[Author]

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