[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

[aatoural]

Dtatham try to read over the book and memorize the tables they give you as well to understand. chapter 1 (the only one I've done so far) looks pretty straight forward. Take your time to read the question well most of them are too long and many are repeated or are VERY similar.

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

[CPATG17]

I am thinking Chapter 5 Audit Sampling is the worst. Don't ask me why!!

I think if you do well in 1,2,3 then it will pay off in chapter 4.

AUD - 08/23/2016
REG - TBD
BEC - TBD
FAR - TBD

[CPATG17]

Have anyone thought about Becker final review before?

If so, Is it worth it?

AUD - 08/23/2016
REG - TBD
BEC - TBD
FAR - TBD

[aatoural]

CPATG thanks for the heads up about chapter 4 I am finishing chapter 1 today and starting chapter 2 tomorrow, so far so good.

I have not gotten to that point with the final review, but if is anything like BEC. The first one was terribly easy and most of the questions were repeats from the homework. The second one was good and hard. However, like Jeff has mention many times in different threads – your score in those do not mean anything. They are weigthed equally and thus the % score you get is not an acurate measure of how well you did on it. I guess unless you only miss one or two, in which case you can safely say you are good to go.

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

[Larry]

AUD is definitely about practicing alot of questions and memorizing those concepts. I do internal audit for my local county government so it's a bit different than what I read in the book except for chapter 4 it's about the same. So, this is a different area and it's fun to learn.

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

[aatoural]

Can somebody pleasegive an straight forward explanation of group engagement partner/tem and the component auditor. Everytime time I think I got it, I get confused again with so much back and forth in the textbook.

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

[CPATG17]

@aatoural

The group engagement team is required to gain an understanding of the component auditors and determine the extent the group engagement team will be involved in the work of the component auditors, and then choose
to either:
– Assume responsibility for, and thus be required to be involved in, the work of component auditors, in which case the group engagement team would perform additional procedures and issue the standard report, or
– Not assume responsibility for, and accordingly make reference to, the audit of a component auditor in the auditor’s report on the group financial statements

• When the auditor chooses to assume responsibility for the work of the component auditor, the new standard increases auditor responsibilities (and their involvement with the component auditor) with respect to:
– Significant components (either a component of individual financial significance or a component likely to include significant risks of material misstatement of the group financial statements) When a component is deemed significant, the required audit procedures exceed those of the old standard. Additional procedures include requiring the group engagement team to be involved in the risk assessment of the component. The following diagram shows how the significance of the component affects the group engagement team’s determination of the type of work to be performed on the financial information of the component.

Check this one out here

https://www.aicpa.org/interestareas/frc/auditattest/downloadabledocuments/clarity/clarifiedauditingsnapshot_auc600.pdf

AUD - 08/23/2016
REG - TBD
BEC - TBD
FAR - TBD

[aatoural]

Thanks CPTAG17!!

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

[aatoural]

Management of Edgington Industries plans to disclose an uncertainty as follows:
The Company is a defendant in a lawsuit alleging infringement of certain patent rights and claiming damages. Discovery proceedings are in progress. The ultimate outcome of the litigation cannot presently be determined. Accordingly, no provision for any liability that may result upon adjudication has been made in the accompanying financial statements.
The auditor is satisfied that sufficient audit evidence supports management's assertions about the nature and disclosure of the uncertainty. What type of opinion should the auditor express under these circumstances under U.S. auditing standards?
a – “Except for” qualified.
b – Disclaimer of opinion.
c – Unmodified with an emphasis-of-matter paragraph.
d – Unmodified without an emphasis-of-matter paragraph.

Explanation
Choice “d” is correct. The note presented describes an uncertainty that is properly disclosed. An emphasis-of-matter paragraph is not required in the unmodified opinion under U.S. auditing standards.

However Becker textbook says:
Use may be necessary for professional judgment. Examples: uncertainty, major catastrophe, related party transactions, subsequent events

What not C then?

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

[Ash]

Hi aatoural
So from my understanding the emphasis of matter paragraph is used for matters that are appropriately presented/disclosed in the financial statements and the auditor is just bringing special attention to this matter. In reading the question “Accordingly, no provision for any liability that may result upon adjudication has been made in the accompanying financial statements”. So I feel the auditor would not need to add emphasis to this matter its not in the financial statements.

AUD- 72, 71, TBD (now i am pissed no more messing around)
BEC-8/29/16
REG-10/10/16
FAR-70 retest-11/28/16

[aatoural]

thank you CPA143, I guess my confusion come s from not understanding that sentence a 100%. I just assume it was uncertainty on litigation matters.

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

[A1lessio]

@aatoural – It's not C because adding an emphasis of matter paragraph for litigation is not mandatory. Off the top of my head The Emphasis of Matter Paragraph MUST be used for:

– Going Concern
– Subsequent Events or facts that lead to changes in F/S
– Justifiable changes in accounting principles

AUD (08/02/2016)

[Madam Secretary]

thank you @aatoural @CPATG17.

[HumbleCPA]

Hey everyone! This'll be my first section of the CPA. Just checking in. Lets do this!

FAR - Late July
BEC - TBD
REG - Late August (maybe)
AUD - TBD

[CM]

I finished answering all my NINJA MCQs last weekend. During the past few days, I did the NINJA AICPA released questions (I did great in the moderate questions and horrible on the difficult ones), re-read some chapters from my Roger’s book, wrote a lot of Mnemonics, listened to Jeff (too much), worked on some SIMS, and started doing more MCQs using the “missed last time” feature. However, I’m still having problems with certain areas, such as sampling risks, analytical procedures, and risk of material misstatement. My overall scores last weekend were Average: 69% and Trending: 71%. This weekend my scores are 68% and 73% respectively (I have only done 81 MCQs this weekend).

This is my 3rd attempt, and I’m starting to panic. I’m scheduled to take my exam on Wednesday July 13th (My b-day!), and I have been trying to stay focused and not let my anxiety get to me as I have had 2 anxiety attacks since I started studying for these exams.

Anyways, my question is: What do you recommend I should do from today until Tuesday night? On the night before the exam, I plan on only reading my notes and NINJA notes, but I don’t know what I should be doing now besides MCQs. Should I just concentrate on hammering MCQs on my weakest areas?

FAR: 78 (5x)
AUD: 80 (3x)
BEC: 9/07/2016
REG: 12/06/2016

Failure is never an option.

"Faith in your own powers and confidence in your individual methods are essential to success." Roderick Stevens

[Author]

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