[jeff]

Welcome to the Q3 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

[A1lessio]

@DarkHorse- I would definitely look at the book again and maybe write out or really study areas where you struggle. After Sunday I will have exactly two weeks before the exam and my plan is do the Becker Review and really take my time looking at transaction cycles, ratios, different types of audit reports and writing out/memorizing the outlines for each chapter.

AUD (08/02/2016)

[jeff]

test

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[YBD215]

I am missing something Vital to these 2 answers.

Question: If properly disclosed in the financial statements, which of the following would ordinarily cause an accountant to modify his or her standard compilation or review report?

Uncertainty about the entity's ability to continue as a going concern
Inconsistency in the application of accounting principles

A. I only

B. II only

C. Both I and II

D. Neither I nor II – Correct

Question: The procedure, “The accountant should modify the accountant's report if there is a change in accounting principles that is adequately disclosed,” is:

A. not required for a compilation or a review.

B. required for a review only.

C. required for both a compilation and review. Correct

D. not required for a compilation but required for a review.

Both show proper disclosure (unless adequately and Properly are different) and both show a change in accounting principle… yet the answers are completely different. What am I missing?

[Anonymous]

This isn't going to be much help, but I've read those multiple times and I'm missing it too. Seems like the same question with two different answers.

[patelhj1]

okay anyone else get really shocked about the forums being changed besides me?! Anyways looks like we lost some of the discussions we had going 🙁

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

[JT]

I'm really upset about the change. I wished I would've known ahead of time so I could saved some of the info before it was lost. Smh!

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[mckan514w]

@YBD I am going to go out on an interpretation limb and say that the two questions are different because the second question says “a change in accounting principles that is adequately disclosed” meaning you adequately disclosed something however a change in principles now renders this disclosure wrong so it needs to be changed.

Whereas in Question 1 the way I am reading it – it says that you have already adequately disclosed your concerns about continuation and about the inconsistency in accounting principals… there has not been a change in the status of either of those things therefore the reports do not need to be altered.

Again this in going out on an interpretation limb so take it for what its worth

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

Okay I am having wording issues— the question reads…
“Which of the following procedures would an auditor most likely perform prior to the balance sheet date?” – the answer dealt with performing substantive procedures at an interim date.

Any tips clues etc… on how I am suppose to know that this was an interim date question??? Is it because it reads prior to? so if it read “end of balance sheet date” that would not be interim? I guess I thought that all test were performed prior to the balance sheet date if that makes sense…. any insights would help

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[aatoural]

@mckan514w – I am gonna say it also depends on the other options. What were the other options maybe that helps you decide that was the correct one.

BEC - PASSED
AUD - 8/29/16
FAR - TBS
REG - TBS

[Anonymous]

Yes, anything prior to the BS date would be interim testing. The BS date is 12/31 or whatever the end of the year is for that company – I would say most tests are done after BS date, unless it's interim testing. It's hard to confirm 12/31 accounts payable balance if you're doing it before 12/31, right?

[mckan514w]

@aa I will try to re-find the question and post but all of the answers were essentially substantive test that you would perform during an audit… I will post once I find it in my score history….

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

@allaboard… okay that makes perfect sense to me… thank you so much for your explanation! Like I said I guess I kind of had it in my head that most things / test were done prior to the end… like you do the test and then close the balance sheet… but after reading your explanation I see what you are saying- the company closes / ends the year and has the balance sheet and then the auditor audits it.

(sorry if this seems really “stupid” I took audit a year ago and have forgotten more than I thought and clearly I have ZERO audit experience…. 😉 )

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[mckan514w]

oooh look emoticons show up! ha ha ha … yes it is the small things in life…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Anonymous]

not stupid AT ALL! I have zero experience with audit and I feel like I'm swimming through muck. This is my second time through the information and it's just now beginning to click.

[mckan514w]

yes swimming through muck is a perfect description…

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Author]

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