[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

[JT]

So I assume that ninja McQ was pretty similar to what I should expect for the exam? I read some comments above about some random questions that weren't covered in the material being on the test, but for the most part, was it pretty close?

Man, I HATE J/E!! I got to study them again?!?!… This sucks!

So should I refresh myself in depth or with a general understanding of J/E?

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

[Anonymous]

@dab I run into a good amount of questions where I can narrow down the answers to two and then it's a toss up. I'd say I get it right 50% of time – which is slightly more positive than saying I get it wrong half the time 😉

[HoosierCPA]

@Dab I can't speak for Ninja, but Becker covered 95% of the exam material. Does that mean I got it right? Absolutely not lol but if I missed it it's because I didn't study well enough rather then Becker not covering it. For that 5% (maybe less) I won't be blaming that if I do fail. I wouldn't spend all evening trying to find this minor topic if you have other areas you are weak at your time is much better spent reviewing those areas.

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

[JT]

Definitely that's dtatham10.

You suggest I dig deep into my j/e review? Or just brush up on it? I suck at j/e so I might have to dig deep into it again to refresh myself.

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

[HoosierCPA]

My journal entry question wasn't too crazy. I'm not sure how to point you in the right direction without violating exam disclosure. If you are good with journal entries even if you don't' necessarily understand misc rules surrounding the topic then you should be able to hold your own.

Know the basics. If you pay for something its a credit to cash lol. If you buy something on account its a credit to payables. If you sell something on account debit to receivables. Buy securities debit to securities account…stuff like that.

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

[JT]

Definitely thank you!

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

[mckan514w]

Only thing I saw in Roger's about pensions was something about if hiring an expert ha ha ha ha– yeah that info helped. I have to agree with @dtatham10 on the J/Es– just brush up on the basic understanding of when you DR and when you CR… I also SUCK at J/Es (maybe because I also suck at knowing my right from my left)… and a brush up on the basics will serve you well.

As for prepared- Yeah I would say ninja did a REALLY good job in preparing me for what I saw– Roger's was just OK…. (I would say 95% of it was covered in the NINJA questions- and about 90% was covered in Rogers)… and I pretty much know what I missed / when I fail it is more because of the length of time I studied than anything lacking with my prep material– (My NTS was expiring so I attempted to do this stone cold in 15 days so will be more shocked with a pass than a fail)

Its wasn't so much what they hit me with but how they hit me (like a bitch slap to the face 🙂 )

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

[JT]

Mckan514w

Thank you for the insight.

LMFAO at your comment though! Hahahahaha

Stone cold in 15 days?! That's rough. I'm pretty sure it was 15 days of torture for you.

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

[mckan514w]

@dab – I can assure you that it has been 15 days of SHEER HELL and not something I will ever recommend doing, attempting to do or will ever attempt to do again– I have been eating drinking and breathing MCQ's -little ninja men and trend lines have haunted my dreams– that is when I actually managed to close my eyes… I am now enjoying frosty tasty adult beverages in copious amounts in an attempt to banish the entire experience from my mind…

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

[samer]

SSARS provisions does not apply if you are an employee of the company. independence is not the onlyy issue, compilation of FS doen’t require independence but requires disclosure, howver if you’re an insider (employee) you don’t have to disclose such info

As for the lower AR turnover ratio, option D says that the employee was lapping in both years, so it’s unlikely that a significant decrease in AR ratio would be due to Lapping. which makes option A the best answer

[JT]

Samer

I don't know what the question was but it sounds like your talking about complications being under ssars. Just want to throw my 2 cents in…If it was compiled by an employee/insider, you would need to disclose this as there is no independence but the employee CAN compile it. (Only for private/non-public companies)

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

[Anonymous]

@samer – thanks! so if a question says “submission financial statements” do you assume that means compiled? I guess I read that as it could mean preparing FS and not necessarily compiling/reviewing. I'm still kind of confused why an employee/insider wouldn't follow SSARS for the compiling of the FS.

@dab – if an insider/employee did compile the FS, would they still follow SSARS?

Here's the original question:

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

[Theodore]

Wouldn't this question impair independence? D?

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

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

[Theodore]

or B?

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

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

[Anonymous]

the answer is B

here's the explanation given:

AR-C 60.A21 states that, “SSARSs provide the standards used for fulfilling the overall objectives of the accountant’s work. SSARSs address the general responsibilities of the accountant as well as the accountant’s further considerations relevant to the application of those responsibilities to specific topics.” SSARS 21 offers the provisions for when a CPA is performing controllership or other management services.

[Author]

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