[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

[marqzho]

.Sunshine.

No, I'm a Roger user

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

Ok in accordance to Becker definition of PCAOB prospective: ” A material weakness is a deficiency or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company annual or interim financial statements will not be prevented OR detected on a timely bases. As you see in the definition “OR” which leaves a room that a material misstatement could occur and be detected but ignored, and therefore no material weakness!

Another evidence, go back to see the only 4 Indicators of material weakness, which the related to our topic point says: “Identification of the auditor of a material misstatement that would not have been detected by the entity's internal control”, Again it refers to the detection no matter was ignored or resolved, which clearly indicates that the matter is “detection”, so even it was detected but no action was taken then we cant imply that internal control has got a material weakness even if there is a clear indication of material misstatement!

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]

Correct me if I'm wrong. You're saying, internal control is good and detects a MATERIAL misstatement in F/S, but the management can just ignore it. Therefore it is possible that material misstatement could occur in F/S even with a good internal control?

It is a good point but I can't agree with it.

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

Yea that's exactly what I mean, For example, an employee could neglect that eventhough the internal control detected such a material misstatement, then internal control would be great but it would not be fair to conclude a material weakness because negligence caused by an employee eventhough internal control has alerted for that.. I Could be wrong 🙂

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

[TheHoundThatRides]

@Sunshine and @marqzho

I think I've read that “management override,” “employee negligence,” and “collusion” are inherent limitations of internal control. The fact that internal control in general has limitations means a material misstatement can exist even with proper internal control. That's why auditors test substantive details and not just controls.

BEC - 78 (August 2015)
FAR - 80 (November 2015)
AUD - 73, 67. (Ok I gotta confess I was even more lazy this time around)
REG - August 27th, 2016

[lolo]

@TheHoundThatRides, Thanks for the note! I was thinking about that too..

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]

TheHoundThatRides & Sunshine

Oh, you guys are right. I totally forget about the limitation. LOL

REG 90
FAR 95
AUD 98
BEC 84

[marqzho]

You guys make me nervous about my score on 5/24 LOL

REG 90
FAR 95
AUD 98
BEC 84

[lolo]

Have faith mate you are gonna make it …

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

[Veggie]

Can someone help me understand the grading of the simulation questions? I'm using the Wiley study material and I just took 7 TBS relating to audit sampling and IT Auditing. Of the 7 questions I had 4 100% correct, 1 90% correct (it was a drop down and I had 9 of 10 correct), and 2 80% correct (also drop downs, one i had 8/10 and the other 4/5). This resulted in a score of 50.

Is this how it will be on the actual exam? If all parts of the question are not correct then the questions is graded as wrong? Is partial credit given for these questions?

BEC (2/27) 85

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

[lolo]

No way, no one would pass if thats the case, I think it depends on the number of right answers filled in each …

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

[TheblackCPAseeker]

How many Ninja MCQs does everyone average a day?

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.

[jpowell31]

@TheblackCPAseeker I was doing min 50 max 200 in my last couple of weeks. The days I was doing less I was redoing/reading notes and listening to audio.

[TheblackCPAseeker]

@jpowell31 I'm currently doing a 120/day so I can get into the review phase after 2 weeks. What did you score on Audit?

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.

[TheblackCPAseeker]

@jpowell31 I'm currently doing a 120/day so I can get into the review phase after 2 weeks. What did you score on Audit?

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.

[Author]

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