[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

[mckan514w]

OMG these questions are driving me NUTS!!!! How can “the immaterial nature of the interest” be irrelevant when the standard says it must be either material or DIRECTLY Immaterial???

If requested to perform a review engagement for a nonpublic entity in which an accountant has an immaterial indirect financial interest, the accountant is:

A.not independent and, therefore, may not be associated with the financial statements.

CORRECT B.not independent and, therefore, may not issue a review report.

C.not independent and, therefore, may issue a review report, but may not issue an auditor's opinion.

Incorrect D.independent because the financial interest is immaterial and, therefore, may issue a review report.

To issue a review report, an accountant must be independent. Independence will be impaired if, during the period of the professional engagement or at the time of expressing an opinion, the CPA or firm had or was committed to acquire any direct or material indirect financial interest in the client. The fact that the client was a nonpublic entity is irrelevant. The immaterial nature of the interest is also irrelevant.

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]

@Papogator – sorry I couldn't post about my exam yesterday we started moving and after exam was work, work, work. So MCQs first testlet like always a breeze, second testlet was HARd not so much the fact that questions were foreign but the options they gave you were very strange. Third testlet was and in between of the first and second to me. Now the SIMS, ohh what can I say, I did get a DRS, which I was thankful for; it was easy like Beckers just look at the info they give you and you are good to go. The research was fine too. There was a couple more that I guesed half of it and the rest “educately guessed” by way thru them lol. Ill be sticking around until September 9 to see if I made it thru. So joining you in the struggle.

Good luck to all the ones taking it today!!

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

[aatoural]

mckan – I would have gone with B as well, the fact that he has some kind of interest even if it is inmaterial and indirect, he is not independent of mind and appareance to to a review. Maybe if the question was just him been part of the audditing firm but not in the review team it would not have made it ok. That is how I see it.

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

[HoosierCPA]

@aatoural I'll admit my stomach went in knots after reading your exam experience. Sims have always been my downfall. I think a lot of it has to do with me just losing focus by the time I get to them. I get so drained after all the MCQ's–I'm debating on taking a little longer break before starting the sims so I feel more fresh.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[mckan514w]

Thanks @aa – I would almost buy that explanation had I not just had another one I got wrong where I marked he wasn't allowed to issue the report and in this one he was because it was immaterial… I honestly think at this point the best i can hope for is narrowing it down to 2 and praying I pick right…

Sounds like your exam went well… hard is good 🙂 fingers crossed for you!

@dtatham10- funny you said that about the break because normally I am so worried about time that I don't take a break and I get to SIMS and I am just brain dead- and already told myself that this time I was taking a break in between the 3rd and SIMS

I PRAY to God I don't have to still sit for these things when “the change comes” in Q2- but at least if I am I know that you will now be allowed a break without it counting against you time wise- one positive thing. 🙂

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

[Larry]

@aatoural, sounds like you passed. I didn't get a DRS. Half of my sims I did educated guesses. Research was easy peasy. Looking forward to 9/9!

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

[Anonymous]

@mckan514w I would've picked D, too; given the whole indirect piece. I kept re-reading the question thinking there was an EXCEPT or WHICH ONE IS NOT CORRECT spin…but nope.

[Larry]

I'm insanely bored. Working elections today for our primary elections in our local county. I've been here since 5:30 and the polls doesn't close until 7:00 pm. I forget to bring my audit book to keep me company since I have nothing else to do.

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

[mckan514w]

lol better polling than Jury Duty which is where I am at) Papogator!! you just think audit is awful at home nope concentration is way worse in the jury pool praying you don't get called… ha ha ha

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

[Larry]

Oh mckan, hope you don't get called.

Pop Quiz

What is the risk an auditor is taking when he/she conducts a sample and accepts the results as no material misstatement but in fact has a material misstatement.

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

[HoosierCPA]

In a 3 hour meeting here :/. Just keep thinking about my exam tomorrow!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[HoosierCPA]

@papo Audit Risk!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[mckan514w]

I was gonna go with judgement risk— audit risk is for overall audit missatatements isn't it???

GOOD LUCK tomorrow dt!!

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]

@dtatham – that is exactly what happened, but I was debating on getting 5 minutes break after second testlet or before SIMS. Had to be after second testlet, needed to pee (sorry for the TMI). I did felt my brain was so exhausted. I felt knida of “brain dead” after but with tons of physical energy. Fingers crossed for two weeks. Good luck tomorrow and remeber take your time to read and if you got time go over all of them before submitting testlet to make sure those questions with the “leastlikely” or “except” you answer accordingly.

@Papogator – are you in the loby of 11? I can bring you notes from any chapter if you want. All we can do is pray 9/9 is an awesome no sleep day for all of us.

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

[HoosierCPA]

yeah you're correct you caught me reading too quickly again! I will have to go back over my risks tonight

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Author]

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