[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

[Veggie]

Which of the following procedures most likely would assist an auditor in determining whether management has identified all accounting estimates that could be material to the financial statements?

A. Inquire about the existence of related party transactions.
B. Determine whether accounting estimates deviate from historical patterns.
C. Confirm inventories at locations outside the entity.
D. Review the lawyer's letter for information about litigation.

Correct answer is D.

I originally chose B; is this question asking about the completeness assertion?

BEC (2/27) 85

CMA Part 1 (10/14) 440
CMA Part 2 (5/15) 420

[ImCPA]

Hello Everyone..

I gave my FAR last week and now planning to start with AUD till the time FAR results come out.

I was hoping if anyone can share their experience/strategy/study plan on how to study for AUD in 5-6 weeks time frame.

Look forward to communicate with all in this study group.

Thanks!

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[jpowell31]

@Veggie – yes they want to know if management have missed anything so B only includes estimates that are already included and wouldn't necessarily confirm whether or not there are estimates that are NOT included. Requesting information from an outside party would give the best info relating to all amounts that should potentially be recorded.
@ImCPA – welcome…it's been a quiet thread this window! What study materials are you using?

[mselaineous]

@ImCPA I'm studying for AUD right now (in 6 weeks), test coming up at the end of the month, my focus is understanding the concepts. I'm using RogerCPAReview and added NINJA MCQ for additional questions. I power watched all of RogersCPAReview videos and took lots of notes, then I started to hit the MCQs.

What I found works well is understanding why each choice is either wrong or right for each question. For example, the question might be about a compilation report, but often times the choices in the answer might relate to an audit or a review, instead of a compilation. Working through each answer has helped me score in the high 80s on my practice exams. Further, reading each question (I read each question twice, often) is key. I don't memorize, I seek to really understand the concepts. Also, practice the SIMs. For me, that's also helped to reinforce the concepts.

Good luck!

FAR - Passed (04/16) ROGER
AUD - Passed (05/16) ROGER & Ninja MCQs
REG - Passed (07/16) ROGER & Ninja MCQs
BEC - 08/16

[mselaineous]

@ImCPA I'm studying for AUD right now (in 6 weeks), test coming up at the end of the month, my focus is understanding the concepts. I'm using RogerCPAReview and added NINJA MCQ for additional questions. I power watched all of RogersCPAReview videos and took lots of notes, then I started to hit the MCQs.

What I found works well is understanding why each choice is either wrong or right for each question. For example, the question might be about a compilation report, but often times the choices in the answer might relate to an audit or a review, instead of a compilation. Working through each answer has helped me score in the high 80s on my practice exams. Further, reading each question (I read each question twice, often) is key. I don't memorize, I seek to really understand the concepts. Also, practice the SIMs. For me, that's also helped to reinforce the concepts.

Good luck!

FAR - Passed (04/16) ROGER
AUD - Passed (05/16) ROGER & Ninja MCQs
REG - Passed (07/16) ROGER & Ninja MCQs
BEC - 08/16

[Veggie]

@jpowell31 That makes sense, thanks!

The search function of the research/ authoritative literature for the TBS section isn't working properly in Wiley study material. Does anyone know of another source of this that is in the same format as the exam?

BEC (2/27) 85

CMA Part 1 (10/14) 440
CMA Part 2 (5/15) 420

[Operation_CPA]

@Veggie

The AICPA offers 6 months free to CPA candidates.

https://www.aicpa.org/BecomeACPA/CPAExam/ForCandidates/HowToPrepare/Pages/literature.aspx

[ImCPA]

mselaineous: Thank you for sharing your strategy. This is helpful.

I had similar learning from my FAR experience. Working through each answer choice helped me reach the right one in my exam. Like they say, if you mark an answer as right, you need to know why it is right and most importantly why the others are wrong.. Glad that this strategy would work for AUD too 😉

I'll be using Becker material for my preparation with target to finish 1 module in one week. Hope that is doable! I see Module 3 (Engagement Acceptance, Planning and Risk Assessment) and Module 4 (Audit Evidence) are lengthy of all and looks might need more than a week. I'm planning to study average 5-6 hours daily. If Module 3 is a heavy topic, I might have to keep extra time from the long weekend for this 🙁 I hate my friends who are asking “what plans for long weekend?” gggrrrrrrrr…

Everyone: Any experiences on Module 3 and Module 4? How long it might take to complete these two long topics of AUD?

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[patelhj1]

ImCPA I will be joining you very soon for FAR study group to AUD. I will be start 1st week of June. I have gotten my material in already and will have almost the exact study time available as you.

I look forward to sharing my dreadful experience with you 😛

BEC 78 08/2015
REG 71 11/2015, RETAKE 83 01/2016
FAR 75! 5/2016
AUD ? 8/2016

Becker with Nonstop NINJA MCQ
Google most difficult professional exam

[ImCPA]

Hi patelji. Wish you all the very best!!!!

We are sure you will do good 🙂 Waiting to hear your experience in FAR group..

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[jpowell31]

@Veggie….what @Operation said. Also, the AICPA practice test (albeit very short, with only one research question) has what it looks and functions like on exam day…it has more search functions that most study software allows so I would play with that as well.

[jpowell31]

Here's an AICPA practice question (difficult) figured I'd get some discussion going in this thread 🙂 even though I sit in a couple of days…:

Which of the following procedures would an auditor most likely perform to identify unusual sales transactions?
Tracing credits in the accounts receivable ledger to source documentation.
Performing a trend analysis of quarterly sales.
Examining duplicate sales invoices for credit approval by the credit manager.
Tracing cash receipt entries to the bank statement deposit for amount and date.

[ImCPA]

@jpowell31: Is the answer a.

I haven't started with AUD yet, starting it today just now! But thought to give it a try and see 😉

FAR - 85 (5/10/2016)
AUD - 89 (7/12/2016)
BEC - 9/07/2016
REG - TBD

[marqzho]

jpowell31

I think is B.

Performing a trend analysis of quarterly sales.

Analytical procedure. Let say we have $100 sales revenue in the last 100 quarters, but we have a $10000 sales in this quarter. You know there are some “unusual” sales.

REG 90
FAR 95
AUD 98
BEC 84

[Theodore]

or C? I already went through ch. 3 and 4 and Im still having trouble with them D:

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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