[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

[utaustincpa]

Hi everyone. I had a question about the audit exam about the sampling topic.

Do we have to learn how to solve questions like these

In a probability-proportional-to-size sample with a sampling interval of $10,000, an auditor discovered that a selected account receivable with a recorded amount of $5,000 had an audited amount of $4,000. If this were the only misstatement discovered by the auditor, the projected misstatement of this sample would be:

or

An auditor established a $60,000 tolerable misstatement for an asset with an account balance of $1,000,000. The auditor selected a sample of every twentieth item from the population that represented the asset account balance and discovered overstatements of $3,700 and understatements of $200. Under these circumstances, the auditor most likely would conclude that:

Any help is greatly appreciated
Thank you

– See more at: https://www.another71.com/cpa-exam-forum/topic/audit-help-sampling#sthash.nehZNSVC.dpuf

BEC - 80 2/29
AUD - 72, 76

[mikemaaa]

I am taking AUD next Monday…how does the practice exam score compare to the actual exam score for you guys? I'm still struggling a bit getting 74 on the practice…I still have a week left to keep doing it, but just wanted to see how it compares for ones that have taken it already

AUD - 61 (expected, didn't want it)
FAR - 7/11/16
REG - October 2016
BEC - November 2016

[If I can, u can too!]

utaustincpa, u should know questions like that. the answer would be $2k for the 1st and the 2nd would be reject/fail the sample since sample would be beyond $60k tolerable misstatement. to your question, i never had a question that needed me to calculate such numbers but there is no guarantee they won't ask you.

i'd know make sure to know a general question like the advantages of PPS sampling, advantages of classical variables sampling or the difference between the two before understanding calculation.

i feel there are other things more likely emphasized… like the reporting requirements (what's on au-c reports, pcabo reports, ssars reports etc), which assertions given the circumstances would apply to, what the appropriate internal control to prevent and detect the misstatement is, how the auditor found the error 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).

[cdn]

When should management representation letter be dated?

[pyacpa49]

So, took the test yesterday. First testlet was manageable and was feeling pretty good. Then all hell broke loose in the second testlet. Several questions that I did not remember seeing or had two answers that both looked equally correct. I'm hoping the increase in difficulty was because I did well on the first testlet, but you never can tell with these tests. The third testlet was still difficult, but not as bad as the second. Had a lot more questions that I felt I could steal some points from. Overall the SIMs were about what I expected. They made you think, but weren't too crazy. Very happy I left myself more than enough time to tackle those. Now to wait until May 5th.. Hoping for the best.

@capri1032

The Management Representation Letter should be dated the same date as the auditor's report because the representations should cover the entire period of the audit.

[cdn]

Thanks everyone for all great answers 🙂
Feeling good having all you guys helping with AUD struggle 🙂
Test day on Monday, April 18!!!

[mikemaaa]

@pyacpa49 – are the sims on the actual test comparable to the ones on ninja? I went on the AICPA website to do the example exam and those sims scared the crap out of me.

AUD - 61 (expected, didn't want it)
FAR - 7/11/16
REG - October 2016
BEC - November 2016

[pyacpa49]

@mikemaaa

I didn't do too many sims from Ninja really. just tried to find as many research questions as I could to get practice with those. I would say the sims I had were a bit tougher. Definitely closer to the AICPA practice exam in terms of difficulty. Don't mean to scare you though, if you do the ones in NINJA and you truly look at them and understand the answers you will be fine.

Honestly, though, after I got my butt kicked by testlets 2 and 3 (mostly 2) my brain was a little fatigued. If there was anything that my studying didn't prepare me for it was the length of time it took to do the sims on the exam rather than in NINJA/Wiley.

[Anonymous]

Is the restatement of previous financial statements to correct a material weakness a material weakness? Or just an indicator of a material weakness?

Does the auditor report fraud at all levels? I've read to report it when its material for employees, and to report regardless of materiality for senior management and key employees.

Thoughts?

[marqzho]

Dmb2stepper

For fraud
how about,
If immaterial, report to one level higher.
If material, report to senior & audit committee

REG 90
FAR 95
AUD 98
BEC 84

[NYaccountingstudent]

I just purchased my NTS. I am aiming to take this test 5/27 if their is availability in my area

[tacctfin11]

Taking the exam tomorrow…Any last minute tips?

FAR- 76 01/08/2016 exp 08/04/2017
AUD- 82 04/14/2016
BEC- May 28th

baby

REG- TBD

[marqzho]

What is compensation balance arranagment?
And How does review confirmation of compensation balance arranagment helps ID related party transaction?

REG 90
FAR 95
AUD 98
BEC 84

[Skittnator]

@pyacpa49 I had the same exact experience when I took my test last Friday. First testlet felt like a breeze, second testlet left me scratching my head and re-reading questions over and over again. Some just plain didn't make sense. I feel comfortable enough with the material, but honestly I feel like the combo of the confusing 2nd testlet and some open-ended SIMS may very well have left me just short of the mark. I expect a high 60's to low 70's if I'm being realistic, maybe even lower… How….. unfortunate….. But I guess if it were easy everyone would be a CPA, eh?

ya rite.

[Andrew T]

A4 in Becker is rough…

FAR (2/29/16) - 84
AUD (5/9/16) - 68; (7/16/16) - 90
BEC (6/10/16) - 80
REG (9/8/16)

[Author]

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