[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

[Anonymous]

I'll play and throw in a 3rd answer choice – type II sampling risk

[Larry]

Maybe I'm wording it wrong but I was trying to give the answer of risk of incorrect acceptance.

@aatoural, no, I'm working at my polling location.

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

[HoosierCPA]

haha, someone feel free to break out the risks while I'm in this meeting!

Sounds like I could use the review!

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

[mckan514w]

ha ha ha…. makes two of us dt- guess I will be hitting that after my review on ethics, independence and professional responsibility….

(but I think I might have been able to get it right had it been in the form of a multiple choice- and that does give me some hope)

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]

Risk of Incorrect rejection – risk of stating a sample is materially overstated when in fact it is not.

Risk of incorrect acceptance – risk of stating a sample is not materially incorrect when it is

Risk of assessing risk too low – deviation from sample is lower than actual deviation from population

Risk of assessing risk too high – deviation from sample is greater than actual deviation from population

Please correct me if I'm wrong!

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

[Larry]

Sorry that I didn't give an answer choices. This is why I gave the question without answer choices for a pop quiz.

AR = RMM(IR x CR) x DR

As detection risk increases, substantive testing must be _______. In order to maintain the AR, what must be decreased?

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

[aatoural]

Substantive test must decrease if DR is increasing.

Also BEta risk (effectiveness) – risk of incorrect rejection and assessing control risk too low

Alpha risk (efficiency) – risk of incorrect aceptance and asseing risk to high.

?? Confirmations please I am doing it from my memory

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

[Larry]

I have a picture image that I memorize about that from the Becker book. I can't confirm the alpha of beta. Gosh, I need to marry the audit book lol.

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

[Anonymous]

I think you have your acceptance/rejection swapped:

Beta (effectiveness) – you incorrectly accept and assess control risk too low so you don't do enough substantive testing to catch the material weaknesses and the audit is ineffective

Alpha (efficiency) – you incorrectly reject and assess control risk too high so you do more substantive testing than you need to but ultimately get to the same conclusion but the audit is inefficient.

[aatoural]

@allaboard – when I was reviewing I kept swaping those, could not make a conection. Thanks!

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

[aatoural]

@Papogator – the two tables together for variables and attributes where Becker explain it?

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

[Anonymous]

I have to keep telling myself to slow down. When I try to rush through things is when I start missing easy stuff, like words.

[Larry]

@aatoural, yes.

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

[HoosierCPA]

Good discussion! Just letting you know I'm lurking in the background soaking this all in! lol

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

[Anonymous]

has anyone else watched these new ninja videos?

[Author]

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