[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

[mckan514w]

@zyx11 from my understanding- I think you kind of have it correct…. If DR is set low this means the inherent and control risk are high thus more substantive test need to be performed…

Then the lower the risk the auditor is willing to accept the greater the sample size necessary….

However the one thing I am not sure about is if there is a direct correlation between DR and sample size…. I thought that sample size was a correlation with tolerable misstatements thus if the auditor set the TM low then they would need to increase the sample size…

that being said this particular section is giving me an awful time and plan to spend today trying to hammer it down….

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

[Zyx]

mcken514w, thanks. You're right. TM is inversely related to sample size-the lower the amount of TM, the more precise the test the auditor needs, and the larger the sample size must be. I don't think DR is directly related to the sample size. Assessing DR low or high is to determine the level of substantive test to perform. Anyway, I'm still confused with this area. I'm taking the exam this coming week. I'd better hammer it down too.

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[mckan514w]

Good Luck zyx11 sampling is kicking my A@@ I read it and think I get it and then answer questions and can't get half of them right…

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

[YBD215]

Test in 2 days and I am still only getting 70's on these practice test… The stress is real!

To support financial statement assertions, an auditor develops specific audit objectives. The auditor then designs substantive tests to satisfy or accomplish each objective. Which of the following audit procedures would primarily respond to the audit objective for accounts receivable that accounts receivable are properly described and presented in the financial statements?

A.
Analyze the relationship of accounts receivable and sales and compare it with relationships for preceding periods.

B.
Review the aged trial balance for significant past due accounts.

C.
Review loan agreements for indications of whether accounts receivable have been factored or pledged.

D.
Review the accounts receivable trial balance for amounts due from officers and employees. – Correct.

Can anyone explain why C (the one I chose) is incorrect?

[Trele6]

I only did the Becker practice test for my first exam (REG), scored a 65 I think but got an 87 on the real test. After that I read about everyone else scoring on average about 10 points better on the real test versus the practice test. I didn't bother taking them anymore. I typically trend in the 60-70's on MCQ and have passed the first three sections on the first try. I get my AUD grade on Tuesday and hopefully I will be 4 for 4 and done.

Advice for upcoming audit tests, study up on the pension chapters. Becker was a little lite on this I thought.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[mckan514w]

YBD if I am not mistaken here they are looking for the assertion of Presentation and Disclosure- which would be have all loans to employees and officers been recorded and adequately disclosed…

Answer C. pledged receivables would speak more to the assertion of Rights and Ownership than disclosure

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

[Theodore]

I am having so much trouble studying for this section. 19 more days till exam day!

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

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

[KJ]

How many days do you guys think you need to do review for AUD? I have not got into adaptive learning yet (I am only at Auditing and Attestation: Understanding the entity and its environment). I have 19 days for my exam. I am pondering to re-schedule and if I do will have to take in October. I thought of re-scheduling is bugging me so much. It really bothers me due to lot of personal reasons I have not been able to put too much time in studying for AUD since I started studying for it on August 10. Do you guys think it’s doable? I work full-time and have family w/kids.

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[Larry]

Pensions on audits exams? Goodness that would be awful.

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[Anonymous]

Speaking from my first experience taking audit – I wish I would have rescheduled. I knew going into that I was close to be ready, but not where I should be…but I was being stubborn about not wanting to reschedule. So I took the test and got a 71. I could've pushed it back 1 week and been done with this mess – plus saved myself $200…but whatever, I'm just made of money 😉

I think 19 days is plenty of time to get things nailed down…you've also still got plenty of time to reschedule if you get closer and realize it won't happen.

[JT]

In the audio, Jeff mentions something along the lines of “internal auditors assisting the main auditor cannot be in charge of judgement.”

I’m confused, I thought internal auditors can be assigned all types of work except responsibility for the audit?

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

[patelhj1]

So on my review phase with T-6 days left till exam. I really recommend going back through and reading Chapters 1 and 2 and doing the MCQ questions again. So many small things I missed 1st time around this definitely helped!

@trele WTF! where are pensions even mentioned in AUD (i'm using Becker as review)

@dtatham don't stress over those practice exams. They hardly reflect what you will actually do on test day. Speaking from personal experience, thats why I don't do them anymore.

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

[Zyx]

mckan514w, Good luck to you too! Audit is kicking my as@ as well. I had a very bad experience with audit when I took it the first time and super awful score. I wish this nightmare will be done sooon!

REG: 77 x2
BEC: 81 x3
FAR: 68 retake 10/1
AUD: 8/27

[Larry]

@patel, for real…Pensions!! ^%&^$$

I stopped taking the becker final exam after my meltdown with FAR review. Thankfully, it wasn't reflected with the actual score.

Trending at 82% and averaging 80. I was at 85 and need to get back up there but struggling. I think I can only know so much that I can't retain any other information. 6 days and already stressing.

REG - 82
FAR - 78
BEC - 76
AUD - 8/27/16

[Theodore]

@Kanwal78 I wish I would have pushed Aud at least an extra week my first time around. I felt like I knew it but not enough to pass and sure enough I got a 72. This time around I pushed the exam one more week but because I didn't want to drive two hours to take the exam. been taking a lot more progress tests and trending 90 – 96% hopefully that's a good sign. I'm just scared that Im memorizing the questions instead of actually knowing them, although I do try to find an explanation as to why i am choosing those answers.

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

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

[Author]

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