[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

[jpowell31]

The answer is B. Unfortunately, because it's an AICPA released question, they don't provide an explanation but I share the theory with @marqzho 🙂 you guys have a ways to go studying, don't worry!
The subjectivity in AUD drives me crazy. There's so many times when you would easily do ALL things listed, so what's the difference?

[If I can, u can too!]

key to the question is “identify unusual sales transactions”, which is often done in an analytical procedures as quoted below.

“If analytical procedures performed in accordance with this section identify fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by a significant amount, the auditor should investigate such differences by” (AU-C 520.07)

hope this helps.

Licensed CPA since Apr 16
Order in sequence of passing
FAR-71,71,79
BEC-80
REG-72,77
AUD-56,72,72,72,80! Thank you, thank you, thank you Lord!
FAR/BEC/AUD: Becker & Yaeger lectures (Wiley & Ninja MCQs). REG: Becker lectures (Ninja MCQs).

[Theodore]

So, I got stuck on this question. Per The becker review explanation

“Analytical procedures are performed to provide a basis for inquiry about UNUSUAL items….” and include trends, Ratios, Budgets vs actual data.

It makes sense now. Thanks guys!

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

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

[Theodore]

Based on my experience on the past two exams i've taken, those were pretty straight fwd questions, but this sections requires more reading and carefully analyzing the questions/answers. Read questions twice if not three times is key.

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

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

[Leena_1101]

This is MCQ# 1388 Do you guys think the explanation matches the question? If so, could you please explain how?

For which of the following judgments may an independent auditor share responsibility with an entity's internal auditor who is assessed to be both competent and objective?

A.
Evaluation of significant accounting estimates

B.
Materiality of misstatements

C.
Both evaluation of significant accounting estimates and materiality of misstatements

Correct D.
Neither evaluation of significant accounting estimates nor materiality of misstatements

A division of responsibility between the auditors is not, in most cases, disclosed. If the principal auditor is able to satisfy himself or herself about the quality of another auditor's work and is willing to take responsibility for that work, no mention of the other auditor is necessary. The type of opinion (unmodified, qualified, adverse, or disclaimer of opinion) is not relevant. However, if the principal auditor is unable to satisfy himself or herself about the quality of the other auditor's work, a reference to the quality of the other auditor's work is made and a clear separation of responsibilities is described in the audit opinion.

[marqzho]

It doesn't match.

For the question, it is talking about the relationship between external auditor and internal auditor. In short, anything touch “Judgement” is a NO-NO for internal auditor. So, evaluation of significant accounting estimates is a NO, materiality of misstatements is a NO.

For the explanation, it is talking about the relationship between principal auditor and the Subsidiary auditor. If principal auditor is willing to take responsibility for the other auditor, there will be no mention of division of responsibility in the audit report.

REG 90
FAR 95
AUD 98
BEC 84

[Leena_1101]

Thanks a lot. marqzho For a sec I was a little confused.

[jeff]

Test Your Might: AUD

https://www.another71.com/auditing-cpa-exam-question-an-auditor-intends-to-use-the-work-of-an-actuary/

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

[marqzho]

B 🙂

REG 90
FAR 95
AUD 98
BEC 84

[user2701]

Friends…..

Plzz help me out. On an average how long does it take to study for AUD ?

I mean study guide & then MCQ. I know it depends on each one of us..still just wanted to know on an average

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[lolo]

4 weeks!

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]

4 weeks sounds fair

REG 90
FAR 95
AUD 98
BEC 84

[user2701]

4 weeks- its the module & MCQ ?

Have old Wiley 2014 book..will that suffice or should I go for new ?

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[TheblackCPAseeker]

Hello everyone,

I'm a long time follower of the forum, I was planning to take AUD at the end of this month, however I have found it very difficult to focus since the end of tax season.

I'm in week three of serious studying and using the becker book from 2014/2015 ( my software expired in December 2015). I plan to use Ninja MCQ's in place of the becker MCQ's. Right now I'm just reading the book and taking notes, after that I plan to tackle the MCQ's twice before practicing SIMs and taking the Exam the first weekend of July.

My only concern is the Becker books might be outdated, I'm counting on the majority of the information to still be valid.

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[lolo]

@user2701, unfortunately I have no idea about Wiley.

@TheblackCPAseeker, I don't know whether there will be a difference since I didn't read 2014 Becker AUD!

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

[Author]

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