[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

[FAR_WARS]

I am having trouble understanding what you are asking. Here is an explanation for the question that I found:

The auditor may choose to perform detailed audit work during an interim period prior to the balance sheet date, especially for accounts that are reasonably predictable. If travel and entertainment expenses are budgeted and closely monitored, they may very well be predictable and subject to interim testing.

Subsequent events occur (by definition) after the balance sheet date, so it would not be possible to review them prior to the balance sheet date.

The search for unrecorded liabilities is a search for obligations that existed, but were not recorded, as of the balance sheet date. Therefore, it would not be possible to perform this search prior to the balance sheet date.

A letter of audit inquiry to the client's legal counsel relates to pending or threatened litigation matters that existed at the balance sheet date and for a period thereafter. Since the letter includes discussion of matters existing at the balance sheet date, it would not be possible to send this letter prior to the balance sheet date.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[EuroAddict]

@UTA

It can't be A b/c subsequent events are AFTER the BS date.

It wouldn't be B b/c part of the reason you are sending it is to make sure all events have been recorded.

Remember, you run Analytical procedures on P&L accounts b/c more likely relationships exist. Answers A,B,D all have to do with AFTER the bal sheet date.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[gigabyte2001]

2 weeks to test day. Completed all the chapters in Gleim. Average overall score was 76.62. Sat down & did the exam rehearsal & scored 69.05. About half the questions I missed, i had it down to 2 possible answers and got the wrong one over & over. I also apparently don't know the ratio formulas at all. Now I'm discouraged and feeling a little lost about what to do to fix it. I can't stand the idea of being that close and not passing. I managed to pass both parts of the CMA exam on the first try and with 15 yrs of work experience I feel like I should know this better than I do.
Feeling very discouraged & lost right now.

B - 11/11/16
A - 4/16/16 87!!
R - 2/17/17
F - 7/26/16 - Waiting for 8/23

[RWCPA]

Hi all! I am starting my Audit study today and hoping to be ready to test by end of May. My BEC exam was yesterday and wont have that score until may 5 so I plan to keep my mind off that with a ton of AUD. Any suggestions on how to approach studying for this exam?

[pyacpa49]

@RWCPA

To me it depends how much experience or prior knowledge you have about Auditing. I came in with limited knowledge and no experience, so for me it was going through all of my study materials and reading the text while taking notes. I took FAR first and passed that with hitting MCQs hard, not much note taking on my reading so that was different for me. Of course I am fresh out of school so I had a solid background knowledge of the topics in FAR, so the difference in approaches made sense in my mind.

After I went through the material and felt I had a decent idea of all of the topics I went back and reviewed some stuff that I still wasn't sure about. I read the different reports word for word. some more than others, so when I get questions wrong that deal with the reports I re-read them again.

With about 3-4 weeks left before my exam (I did the first two parts in about 2 weeks) I started really focusing on the MCQs. Now I'm taking well over 100 questions a day, I supplemented with NINJA, which I did not do with FAR, to give myself more questions to be sure I wasn't just memorizing answers.

Best advice I can give is make sure you are understanding the concepts as you go through. memorizing questions will not help, and there aren't any formulas to memorize really except for a few sampling formulas that don't look to be heavily tested. Know the assertions and understand evidence gathering. And if you have any questions post them here, I'm sure I speak for all of us here that say we are happy to help. Good Luck!

[RWCPA]

Thanks for the advice. I will be posting questions I'm sure.

[qfolmar]

Hi everyone! I will start studying Audit next week and I plan to take my exam on May 31st. I've taken FAR (finally passed) and I just sat for REG on Saturday. I am excited to be apart of this study group as I am convinced that my participation in the study groups enhances my understanding of those difficult concepts.

FAR-79
REG-82
AUD-83
BEC- August 31st

[GPRay]

Quick question regarding test data. I came across two MCQ with conflicting answers. Is the test data approach under the auditor or client's control?

One answer was uses client data and is under auditor control. The other answer was uses client data and is not under auditor control.

Help please!

[FAR_WARS]

i thought test data was Auditor's fake data, clients control.

i will look up and report back.

FAR- 80
BEC- 75
AUD- 78
REG- ?

[If I can, u can too!]

@GPRay i happen to have this on my notes (direct copy from Ninja MCQ Solution). it's “under the auditor's control.” read below for full explanation.

Test data approach to testing an accounting system:
-Looks for invalid entry (like invalid $, invalid employee ID #)
-Test data is processed by the client's computer programs “under the auditor's control.”
-The test data need consist of only those valid and invalid conditions that interest the auditor.
-Only one transaction of each type need be tested.
-Test data is data specifically designed and developed to test the accuracy and completeness of a computer program.

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).

[GPRay]

@FAR_WARS and @ hokinizeu

I had a NINJA MCQ like the one @ hokinizeu mentioned (correct answer is auditor controlled )as well as another question that said the correct answer was client controlled. Two conflicting answers.

[If I can, u can too!]

@GPRay maybe you're right but i don't have any notes that are conflicting (just went through all my notes). maybe you can post those questions here if you run into them again and we can all discuss.

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).

[RE2PECT]

For those who have already taken AUD, how much IT was on your exam? Seems there's a lot of definitions and things to memorize and was wondering if I should spend the extra time to remember everything or just try and learn the main things and move on.

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

[If I can, u can too!]

@RE2PECT there's not that much on IT, you should just be familiar with IT related things/controls like Seg. of duty, general control vs application control. make sure to do all questions and read all answers at the bottom of ninja mcq. read some AU-C, PCAOB etc…

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).

[RE2PECT]

@hokinizeu Thanks for the response. I guess it will help to get an understanding on it since I'll be taking BEC 5 weeks after AUD.

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

[Author]

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