[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

[Theodore]

hmmm. I don't recall studying this. Thank you!

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

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

[hhung1485]

Should I focus on any ratios for this exam? I see quite a few ratio sims on Becker. I only know a few.

A/r turnover
Inventory turnover
Current ratio
Debt /equity
That's about it lol

FAR - 93
REG - TBD
BEC -
AUD -

[Theodore]

@hhung1485 Im on the same boat lol

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

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

[JT]

I think the issue with that question has to do with the cpa being not only a part of the company but also part of management. I don't think management is allowed to have anything to do with the preparation of the f/s.

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

[Theodore]

So I feel like i have an ok understanding of the material, but I get lost trying to put it together, since becker starts at the end then jumps to the beginning then to the middle and lastly they do the in between of an audit. At least that's how it feels for me.

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

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

[samer]

I have already passed 2 sections (FAR, BEC) while having a weak memory :), they key for me was making my own summaries and notes which I review before constantly a couple of days before the exam.

I will be sitting for AUD on the 7th, and I havn't memorized a thing (I couldn't anyway), but I feel iam prepared because I understand most of the concepts. while being relatively easier than the other exams, I think Audit will be my biggest challenge.

5 days away from the exam, we'll see how it goes. any tips would be appreciated.

[samer]

@allaboard

My understanding of SSARS: they only apply to outside accountants, I can't see why would and INSIDER consider SSARS provisions (Independence, reporting requirements….). he is part of the company, lets say he is preparing the company FS, according to SSARS every page should be marked “no assurance is provided”. I can't see why would an internally prepared FS include such a statement. while if is prepared by an outside CPA, he has to confirm that he is not giving any assurance.

[Anonymous]

well when you put it like that – it makes sense. thanks, @samer

[Anonymous]

ugh! these stupid questions:

A compilation report is always required when financial statements prepared by the accountant are expected to be used by which of the following?

A. Management only

B. Third parties only

C. Management and third parties

D. A compilation report is only required whenever the accountant is engaged to subject the financial statements to compilation procedures.

I understand why D is correct – but it's these types of questions that make me nervous. After having it drilled into my head that if FS are going to be used by a third party then the auditor cannot do anything less than a compilation – my mind IMMEDIATELY goes to “yeah, if a third party is going to use then i need to do a compilation” – but no matter who is going to use it, at the end of the day the auditor only issues a compilation report if they have been engaged to do a compilation. ARGGGHHHHHH!

[Theodore]

@allaboard that question got me too. I chose C. ugh

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]

does anybody know if the ninja TBS get factored into the trending score? i'm guessing no, but was curious.

[JT]

No it doesn't

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

[patelhj1]

Good luck to all taking the exam this week. GO KILL IT!

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

[emihartsell]

Hey guys,

I'm going through A2 right now with Becker and am having trouble differentiating between a preparation engagement and a compilation engagement. The description Tim Gearty gave about preparing the F/S's made sense (helping a client calculate depreciation and entering the journal entry because they don't know how to do so)… However, I was researching the difference and AR-C 70 lists things that the “preparation standard” applies to and things it does not apply to, and both “maintaining depreciation schedules” and “entering general ledger transactions or processing payments in an accounting software system” as things it does NOT apply to. Now I'm really confused lol. Does anyone have a better (and hopefully simple) explanation as to what the difference is between the two types of engagements?

[Theodore]

@Emily Preparation – prepare the FS in accordance with application Financial reporting framework & a compilation – assist management with the assembling of FS through accounting and financial expertise and reporting on that framework but not providing assurance on the FS in the report. The way I see compilations is reading the FS.

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

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

[Author]

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