[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

[waffle_house]

Can someone explain to me why materiality and audit risk have an inverse relationship? I assumed that since audit risk is low that means your detection risk is low as well and this will cause a decrease in your materiality level.

[lolo]

When you lower your materiality that means that you want to detect more and you will consider the smaller amounts material, for example, at first you considered 50,000 material for an account but now you reconsidered your decision because there is higher risk, so you decided to lower your materialty to 20,000 responding to the risk! in this case you will evaluate smaller misstatements as material compared to what you were doing in the past. hope this helps …

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

[lolo]

@marqzho, congratulations mate! you are finally done..

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]

Thank you Sunshine!

It was an unbelievable time! I never think I can do it one year ago.

REG 90
FAR 95
AUD 98
BEC 84

[So FAR So Good]

Can anyone comment on how Becker's MCQs compare to the actual exam? I'm getting a bit concerned that Becker's MCQs aren't going to adequately prepare me for the actual exam. So far I'm only through A-2, but many of the questions so far have been overly simple and easily answered due to logic alone. For instance, I'm reviewing questions about Attestation engagements and I get about 3 questions in a row asking me which standards are appropriate… kind of silly.

Are the Ninja MCQs worth it for Audit? Anybody use both?

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[TheblackCPAseeker]

@So FAR So Good

In my experience becker is weaker on the SIMS but the MCQs are comparable

Becker A-1 and A-2 are very straight forward in opinion, things start getting harder in A-3 which covers a wide range of material and I personally struggle with internal controls, statistical sampling and Financial statement assertions. The questions do seem easy as well but repetition helps you remember concepts. I used becker 100% on my first AUD attempt and got a 68!!, I have added ninja MCQs this time around in addition to the becker book and my retake is on July 1st. Good luck with your studies

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.

[RE2PECT]

Does anyone have a list or a link for year end adjusting entries, particularly for sales when using FOB shipping or destination? Been trying to find them in my old accounting book, but don't see any.

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

[sarenkas]

Two more days before the test…. Ugh… any advise on last minute studying??
I have been re-writing my notes, took minimum 100 Ninja mcqs every day (trending average score 80), and went over flash cards… I failed this test twice, and really running out of ideas on how to review this material….

FAR 75
BEC 75
REG 81 (EXPIRE 6/30/16) I am so lucky to be able to retake it, uh 🙁
AUD 72, 66 RETAKE 07/02/16

[ImCPA]

Hello Everyone

I'm taking AUD on July 12 and need help on strategy to revise the material in these 12 days.

I was scoring 65-70% in home work questions in first attempt. How should I review the material now to ensure I make most of my time and be ready for July 12 and PASS AUD?

All thoughts are appreciated!

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

[patelhj1]

Hey everyone just started studying for Audit and came across this question that I would like some help with:

An auditor who is unable to form an opinion on a new client's opening inventory balances may issue an unmodified opinion on the current year's:
a. Statement of cash flows only.
b. Statement of shareholders' equity only.
c. Income statement only.
d. Balance sheet only.

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

[marqzho]

d. Balance sheet only.

Balance sheet is a F/S “As of” one date. You don't need to know the opening inventory. All you need is a inventory count at the balance sheet date to get the value.

you can't form opinion on other F/S without the opening balance.

REG 90
FAR 95
AUD 98
BEC 84

[DarkHorse]

Anyone have any advice on Transaction cycles/A4 Becker?

I've tried memorizing the becker notecards, watching lectures, and reading the chapter. It's as if I'm studying for something completely different!

Are there any better materials out there that explain this area better? Any1 have any advice on how to use the Becker material properly for this?

[Theodore]

Can someone help clarify this? I chose A, but the explanation has me a little confused. Becker says there is no piecemeal opinion. Meaning you cannot issue an adverse or qualified opinion on one financial statement and an unmodified opinion on another one, yet I think this question is doing just that. Or am i not understanding this?

An auditor who is unable to form an opinion on a new client's opening inventory balances may issue an unmodified opinion on the current year's:
a. Balance sheet only.
b. Statement of shareholders' equity only.
c. Income statement only.
d. Statement of cash flows only.
Explanation
Choice “a” is correct. If the auditor is unable to form an opinion on a new client's opening inventory balances, the auditor will issue an opinion on the closing balance sheet only and will issue a disclaimer of opinion on the statements of income, retained earnings and cash flows.

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

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

[sarenkas]

Rosy0407
By choosing Balance sheet only you are not giving a piecemeal opinion because you disclaiming opinion on the other statements (meaning NO OPINION)

FAR 75
BEC 75
REG 81 (EXPIRE 6/30/16) I am so lucky to be able to retake it, uh 🙁
AUD 72, 66 RETAKE 07/02/16

[waffle_house]

@sarenkas

Would that be on the same audit report? Or a separate report?

[Author]

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