[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]

sometimes I think waiting for the score is worse than the preparing. At that point there is nothing I can do about it and yet I still sit around thinking about the questions and trying to figure out what I missed. At least when I'm preparing I still have a shot at changing the outcome. Good luck!

[aatoural]

I think is Rosy the one sitting on the 7th

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

[hhung1485]

I am taking it on Saturday the 3rd. I want to get my shot in before the blackout month so if worst comes. I can take it again in october.

FAR - 93
REG - TBD
BEC -
AUD -

[Anonymous]

I'm Tuesday the 6th. Just like knowing I'm not the last one standing.

[HoosierCPA]

In my opinion waiting is far worse. Next week will be hell, especially the couple nights leading up to the release. I tell myself over and over what's done is done and stressing won't fix the problem but its no use, I toss and turn and stare at the ceiling. It's miserable.

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

[Larry]

I started back at crossfit (Been doing it since it came on the scene) after a year and a half off to study for this. This is going to beat me up thinking about pain and not about the score haha. I'll worry about shedding 25 lbs before the score.

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

[mckan514w]

well holy effing crap was that hard- I think my brain melted somewhere between the second testlett and the SIMS… lets see I found the first testlett fairly easy- very straight forward with the exception of two questions- one I had absolutely never heard of and the second one was a narrow it down to two and do the eeney-meeny-miney-mo approach.

And then came the second one. I flagged the first 7! yes you read that right the first 7 questions!!!! HOLY CRUD—I had no clue what they were talking about let alone what the right answer might be…. I then proceeded to flag about 10 more. I felt like someone was beating me over the head with a frying pan. So many concepts that I had never heard about / specific situations that were not covered and answers that were almost identical except for one word. There was a whole lotta guessing going on….

Third testlett was not as easy or as straightforward as testlett one but it wasn’t cry your eyes out hard like the second one. I flagged four or five but mainly it was just tricky which REALLY FREAKING SUCKS because at that point you are mentally drained and don’t feel like parsing out the tricks if you can even see the tricks. Didn’t feel confident I at all.

Then came the sims… time wise I thought I was doing great I had about an 1:45 left on the clock. Started with the research which I am about 98% sure I found- the only question there is if I read what they were looking for correctly. One I was able to use the AL to get so I am 100% sure I got that one right then the rest were a crap shoot. One I had no idea what they were asking me for so I just picked items from the menu making the best educated guess I could. One I KNEW -I mean I could actually recite what they wanted in my sleep but the choices they gave me were so vague that I ended up having to guess on what I thought were the most appropriate choices…and then One I swear to God I had on my FAR exam… I remembered it.. and just thought WTF are you doing here again on my AUD exam am I in the right test???

Finally I saved the DTS for last — it was very similar to the one that @dtatham10 described… however unlike dtatham10 I don’t do that every day and while it wasn’t exceedingly difficult it did require A LOT of time… a lot of calculation and I am not sure I did it the way they wanted me to do it so I am not feeling confident at all…. with 4 mins. left on the clock I hit submit. All and all I am pretty sure that I failed… if I had to guess I would say low to mid 70’s. Re-study I plan on working a lot more JE’s and SIMs as well as maybe reading the entire AU-C code because the MCQ’s really were THAT esoteric…

and damnit al it looks like I just missed the cut-off window of Aug 31 for score release and will have to wait until the 20th— which SUUUUUUUUCKKKS!!!!

anyway off to let my brain melt some more and then regroup- am struggling between continuing to study AUD or look towards my BEC re-take…. grrrr neither are appetizing choices at the moment…..

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

[Anonymous]

ok, help. on this question I was between A and D:

An auditor discovered that a client's accounts receivable turnover is substantially lower for the current year than for the prior year. This may indicate that:

A. fictitious credit sales have been recorded during the year.

B. employees have stolen inventory just before the year-end.

C. the client recently tightened its credit-granting policies.

D. an employee has been lapping receivables in both years.

I understand why A is right, but I could also see an argument for D and the explanation didn't explain why D would be wrong. My thought was to go with D instead of A because in A the fictitious credit sales would inflate both the numerator and denominator, so not necessarily causing the AR turnover to drop; but in D only the AR is being impacted and the AR balance is increasing because accounts aren't being paid off correctly.

Is this just one of those questions where they think A is the BEST answer? Or am I thinking about D wrong?

Here is the ninja explanation:

Accounts receivable turnover is affected by the balance in accounts receivable, so fictitious credit sales could be the cause. The other answer choices would not cause the turnover ratio to decrease.

If fictitious sales were recorded, the net credit sales (numerator) would increase. Since the sales are not real, the ending accounts receivable balance would also be higher than normal. These “fake” receivables are also not being repaid. This in turn, means that the average receivables (denominator) would get larger. This would in all likelihood result in a lower receivable turnover ratio.

[Trele6]

Anyone ever find a good way to study for the AICPA auditing questions on pensions?

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

[patelhj1]

trele6 I know what you what you meant by pension questions I had a few….

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

[HoosierCPA]

@mckan based on your hints at what your sims were I am confident we had at least 2 or 3 that were exactly the same. The FAR one in particular I remember thinking its been wayyyy to long since I've studied FAR (took the exam Nov 2015). Mine was a JE question and so I think I was able to salvage a few points..some sides of the entry are straight forward (ex. crediting cash is pretty self explanatory). I remember 1 sim like you mentioned that was a easy concept but of course they make it confusing where I know I didn't get 100% on it. It's so discouraging spending sooo much time to pass this exam and then they word a question all weird or they ask concepts that are barely touched in your study material. Sometimes I wonder if they are testing your actual knowledge on the material or seeing how well you can decipher their questions or catch all their little tricks they throw in there.

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

[mckan514w]

@allaboard- if I am not mistaken which I may be but if you were kiting this would more affect your cash accounts because essentially you are playing the float… with your cash accounts moving them from account to account trying to mess with the timing…. (I am doing a poor job of describing this sorry brain dead)- But essentially I don't think Kiting would affect your AR ratio enough for it to be the “best answer”….

@dtatham10 – yes from re-reading your description I would say that we had the same sim “package” ha ha ha… and yes it makes me mad that I feel like they are testing my deciphering more than my knowledge and on audit in particular…

@trele6- YES!!! I FINALLY know what you are talking about and am planning on googling and reading AICPA Guide to Employee Benefit next go round so I would start there if I were you….

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

[Anonymous]

A CPA provides an entity with controllership or other management services that include the submission of financial statements. The CPA is required to follow the provisions of Statements on Standards for Accounting and Review Services when:

I.the CPA is not a stockholder, partner, director, officer, or employee of the entity.
II.the CPA is a stockholder, director, officer, or employee of the entity.

A. Both I and II

B. I only

C. II only

D. Neither I nor II

The answer is B – but why not A? It's the submission of financial statements – which doesn't require you to independent, right? Plus you're already providing those other mgmt. services, blowing your independence – so why would being a stockholder, director, officer, or employee of the entity change whether or not you follow SSARS for the prep of FS?

[Anonymous]

@mckan514w ohhh…so maybe I don't understand what lapping receivables is. I thought that was when an employee stole the money from the payment of one AR account and then used money from following AR account payments to cover the first one they stole the money from.

[Anonymous]

I felt so confident last week, this week I'm unsure how this test will go…and these reviews of the test are making even more excited!

@mckan514w – I hear ya on the brain melting. I don't think I have ever felt so mentally exhausted. I remember wanting to stop and take a nap after the MCQ…but no, there were still TBS to enjoy! I left there so drained and had to sit in my car for a few minutes before I could think about what to do next – like drive home.

[Author]

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