[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

[Operation_CPA]

Second time through Becker A4 and still very much struggling. What made this click for you guys??

[TheHoundThatRides]

Doing battle with AUD again in two hours. Been studying exclusively with NInja MCQ for the retake. I completed the exam in two hours last time and will take my sweet time this time around.

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

[Jackobe24]

I have a question.

I know changing of accounting method and disclose the change in notes to FS would result in an unmodified opinion with emphasis of matter paragraph, but if it is not disclosed in the FS footnotes will it be qualified opinion??

FAR - 9/8/16 (Hopefully it's my last CPA exam, God bless me!)
REG - 80
BEC - 81
AUD - 69, 81

[Double-entry Deviant]

@BDaBoss – I also have my exam scheduled for 6/1. I still have tons of MCQ to answer first time around. I want to complete all of them and then redo the ones I got wrong.

I'm thinking of rescheduling for later on in the week or early the following week…..I need to do that today or take 6/1. I hate waiting to know I failed and paying the fees again to re-do. 🙁

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Jackobe24]

another question….

can someone explains to me the differences between piecemeal opinion and audit of a single FS??

I don't get why we can audit just BS, but not RE and IS and that's not considered piecemeal.

FAR - 9/8/16 (Hopefully it's my last CPA exam, God bless me!)
REG - 80
BEC - 81
AUD - 69, 81

[Double-entry Deviant]

@Jackobe24 – the way I understand it is the auditor needs access to all the financial information so he can review all the financial information of the company. If he / she doesn't have full access- that would be considered “piecemeal”. If the auditor has full access to the financial info, he / she can audit just the balance sheet – for example.

Hope that makes sense – so full access is required here….

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Jackobe24]

thanks @didato, I think that make sense now.

FAR - 9/8/16 (Hopefully it's my last CPA exam, God bless me!)
REG - 80
BEC - 81
AUD - 69, 81

[Double-entry Deviant]

Studied this morning and for a few hours in sunny, warm Chicago. I don't consider this the “ideal” way I'd like to spend the Sunday of a holiday weekend, but I'd rather do this now than study for Audit another time over and over again.

How's everyone else doing with their studies this Memorial Day Weekend?

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Veggie]

@didato Studying this weekend is not fun. The weather is fantastic and I was invited to atleast 3 cookouts. Hopefully it'll all be worth it next Saturday.

The thing I dislike about the CPA is how I'll run across test questions for concepts that I've never heard of or are not in the study material.

In accordance with Office of Management and Budget audit requirements for audits of non-Federal entities expending Federal awards, which of the following statements is accurate regarding Federal awards expended?

1. Donated surplus property cannot be valued at the assessed value provided by the federal agency.
2. Food stamps cannot be valued at fair market value at the time of receipt.
3. Government loans are classified as noncash assistance programs.
4. Free rents received as part of an award to carry out a federal program are treated as federal funds expended.

What do you think?

BEC (2/27) 85

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

[lolo]

most likely D

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

[Double-entry Deviant]

@veggie – I got you! Better than failing and having to re-do it!

I agree – letter D!

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Double-entry Deviant]

BTW – has anyone noticed that Ninja software is slower now – I've used it for REG and BEC. This time around, the system responds much more slowly when I'm waiting for the program to grade a question or to start up a new section.

I thought maybe it was just my laptop or the WIFI connection, but this also happens to me at work on a computer connected to DSL on a landline.

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[cultur3]

A lawyer's response to an auditor's inquiry concerning litigation, claims, and assessments may be limited to matters that are considered individually or collectively material to the client's financial statements. Which parties should reach an understanding on the limits of materiality for this purpose?

A.
The board and the client's management

B.
The client's audit committee and the lawyer

C.
The client's management and the lawyer

D.
The lawyer and the auditor

I thought it was A…..the answer is D? Can somebody explain please?

F 83 4/09/16
A 85 6/10/16
B 81 7/19/16

[Veggie]

@didato and @.Sunshine. you're both right!

@cultur3 Haha, I posted the same question. There are some good responses. I think it might be one or two pages back. I had that question pop up in two seperate test banks, one the correct answer was A and the other the correct answer is D. What are you using for review? I'm using Wiley.

BEC (2/27) 85

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

[Double-entry Deviant]

@ veggie – I'm using Ninja 100% – some tough stuff here….

REG: 5/30/15 - 77
FAR: TBD
BEC: 8/31/15 - 70, 73, 1/8/16 - 77
AUD: 6/1/16- 73, 8/2/16

[Author]

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