[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

[Larry]

@patel, written assertion will come up in B3. CEO Aproved. That's going to be your mnemonics.

Trele, if you could find out what page it's on for Becker, it would be much appreciated. I could not find anything pensions in the Index.

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

[patelhj1]

Thanks redoing A3 todays so should hopefully have some more clarification. Thanks for everyone help.

Keep pushing and grinding, make everyday count!

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

[aatoural]

Finally can log in. Been having issues with this thread don't know why 🙁

I am re-doing SIMS from scratch – is there any insights on how to better prepare yourself for SIMS than just re-doing them?

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

[JT]

I have a bone to pick with this ninja mcq. It's my understanding that the auditor initially “request inquiry” of the clients lawyer and the client then discusses this with the lawyer and either allows it or don't allow it. The answer to this question below is C. But technically I think it should be A.

Which of the following parties should request inquiry of a client's lawyer?

A. The auditor

B. The stockholders

C. Client management

D. The auditor's attorney

Thoughts?

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

[Anonymous]

I think the actual request is supposed to come from the client. The auditor tells them what to write/send and the client puts it on their letterhead. The lawyer sends his/her/their response back to the auditor.

Right? So the client is requesting the inquiry on the lawyer. I get what you're saying – that it's the auditor that is driving the request, but when it comes down to it the client has to do the requesting.

[JT]

Thanks for your input. I think I might be looking into this question in too much detail.

I'm thinking- the auditor “request inquiry”
The client actually does the “inquiry”

But again, I think I'm looking into this question too much.

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

[tjn8240]

@Dab

I had the same thoughts, but I made my peace with it by looking at it this way. Due to attorney-client privilege, lawyers are not allowed to share information regarding a client with others. therefore, if an auditor made a request directly to the laywers… lawyers are legally not allowed to say anything.

The auditor creates the draft of the legal inquiry/request. Client Management puts the draft on the client letterhead and signs the request. In this request, the “client” is asking their lawyer…i'm paraphrasing but it's basically… “our independent auditor is performing an audit of the F/S of Company as of 12/31/2016 and for the year ended. Please provide to our auditors the information requested below regarding any litigation, claims, and assessments as to which you have been engaged and to which you have devoted substantive attention on behalf of Company in the form of legal consultation or representation.” Management should then proceed to mention how the lawyer's response should be sent directly to the auditor.

Management making this request allows the lawyers to share the information with the auditor.

FAR - 02/20/15 - 88! ✓
BEC - 07/27/15 - 88! ✓
REG - 01/31/16 - 87! ✓
AUD -

[Anonymous]

EDIT – I took too long to answer, you guys have already covered it. Sorry if the following is redundant.

It's funny how small things you see in the field end up being helpful on this test section. And you don't even realize it until you see somebody ask.

@DAb – it is definitely the client. As @allaboard stated, it is the auditor driving the process, but the client has to make the request.

More detail, if you want it: The auditor asks the client about contingencies and goes through legal invoices to determine what to ask and to which lawyers. (We don't send a letter to every law firm used, just the ones that may have information materially relevant to the audit.) The auditor then drafts a letter that will be sent to the lawyer. But it is the client that has the relationship & the privilege with their lawyer – it is the client who must make the request of the lawyer to share information with the auditor. The client will print the provided letter (asking the lawyer to send this information directly to the auditor) on client letterhead and sign it.

To maintain control of the process, the signed letter given to the auditor, who mails it. The lawyer then mails their response directly to the auditor.

[JT]

@bet10 and tjn8240

Thank you for the additional help/info on this!

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

[Larry]

How much of AL will be using for using the SIMS? I have heard before that everyone uses the AL for all the sims they were using. Not that I am going to rely on the SIMs for my exam, I'll be prepared by studying as usual preparing for MCQ and sims. It just that I have double time for the exam as I am deaf and I have 8 hours to complete this exam. Yes, 8 hours, but for each exams I have taken, I have finished way before the regular time allowed for everyone.

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

[patelhj1]

Can someone please reference me what to look up in FAR that related to AUD. If possible the Page number in the FAR book also. Trying to make sure I cover everything related to FAR I keep hearing about SIMS.

Having a bit of panic of attack but trying to keep calm. Don't really feel that well prepared yet and test is this Friday! Need to make these last few days count!!

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

[vera12345]

Taking AUD in 2 weeks for the 4th time… failed each time with a 73/74. REG expires in a couple of months. So if I don't pass AUD now I'm pretty much screwed. I've consistently performed weaker in the simulations – any advice on how to improve that score? All suggestions welcomed, thanks

[Theodore]

@pateljh1 I don't have my book with me but I think I told aatoural about ch. 2 and 7 I believe it covers adjusting entries and ratios. I've been hearing pensions. that's covered in FAR too. but I can't remember what ch. covers this.

@vera12345 I'm taking AUD for the second time and I am scared that I will get a 74. did you try changing it up a little? that's what Jeff suggested. and to start from scratch. I did and in a couple of days I will be hitting becker MCQ's in the mornings before work (been doing this for a while now) and Ninja MCQ's and SIMS after work.

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

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

[vera12345]

@Rosy0407 I studied with becker the first 3 times and wiley this time (becker expired) but I feel like the sims for both were not comparable to the exam, as in the sims in the exam were harder. not sure how else to study for the sims

[Theodore]

well you changed to a new software, hopefully that helps! don't give up!

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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