[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

[hhung1485]

Just took Audit and honestly feel terrible about it.
Especially the sims.

Got the dreaded fricken ratio sim. So unfortunate.

Time to wait out the dreaded 17 days until my score.

FAR - 93
REG - TBD
BEC -
AUD -

[Theodore]

hhung1485 That's right you tested today. try not to stress about it and hope for the best. what's done is done and there is no use in stressing over it. I hope you pass! Try not to disclose any more exam info tho. 🙂 I am testing on wed. the 7th and ill get my score on the 20th too.

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

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

[CPA_Chik]

They say Hope dies last. Well, my hope started going into a cardiac arrest after the 2nd testlet. On the 3rd testlet I wasn't able to defibrillate it and it got burried 7 feet under during the sims.
I'm so upset because I was studying really hard for it and got slammed by some random crap on sims which some weren't even related neither to AUD nor FAR.

REG - 75!!!
FAR - 66; 73 (FML!!!)
AUD - 09/16
BEC - TBD

[Theodore]

@CPA_Chik that's a great way to put your experience. lol like I told hhung don't stress too much about it. 15 of the tested questions and 1 sim is not graded. Let's hope it's that one.

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]

don't leave Dab and I alone guys. we're still studying and need your help

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]

you know what's fun? when your trending score starts dropping as your getting closer to test day. NOOOOOOOOOOOO! WRONG WAY! I mean I know (or at least I think) the whole idea behind the adaptive learning section of Ninja MCQ is that it dials in and hammers away at your weak area – but jebus, talk about a blow to the ole confidence.

[JT]

Lol at some of the previous comments.

I guess rosy, allaboard, and I are the last ones for this quarter?

Allaboard, hang in there, you got it. I'd be concentrating on, conceptually, why I got those wrong.

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

[Theodore]

I've been trending in the 80's getting closer to adaptive learning. what is the purpose of the assessment, adaptive, and review of NINJA MCQs?

The closer the day gets the more nervous I get. breathe rosy, breathe

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'm not sure what any of the phases are about to be honest.

I know once u answer (I think) 35% of the questions correctly, then you get out of the assessment phase and into adaptive learning. Once you answer all of the questions correctly atleast once, then your in review.

You naturally go through the random sets of 30 while in the adaptive learning phase, I think it's suppose to try to trigger your weak areas. You will see a ton of repeat questions in adaptive learning if you do the regular random sets of questions.

If you customer the questions, you can see “new questions” and completing these will push you through the adaptive learning phase a lot quicker. I'm not sure if it's recommended or not seeing how test day is about 4 days away.

Everyone has there own style.

People sometimes recommend going through all of the questions atleast once before doing repeats. Others go thron ugh the adaptive learning phase by doing repeats.

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

[JT]

This is a ninja mCQ that has me tripped up a little. The answer is A which I got correct but I'm more tripped up on the answer explanation.

Which of the following documentation is not required for an audit in accordance with generally accepted auditing standards?

A. A flowchart on the effectiveness of the entity's internal controls

B. A client engagement letter that summarizes the timing and details of the auditor's planned fieldwork

C. An indication that the accounting records agree or reconcile with the financial statements

D. The significant risks identified and related controls evaluated

Answer: While flowcharts may be a useful tool in documenting the effectiveness of an entity's internal controls, they are not required for an audit in accordance with generally accepted auditing standards.

My point is that I thought flowcharts were used to document the internal control design, NOT the effectiveness of internal control. This is why I immediately chose A. Any thoughts?

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

[Anonymous]

I keep reminding myself that I'd rather run into these hard questions, get them wrong, and realize why I got it wrong now – rather than on the test.

@rosy0407 I THINK the assessment phase gives the program an idea of where your weak areas are, then in the adaptive the program tries to throw more questions at you from your weak areas under the theory that if you just practice them more you'll start to figure it out – I've honestly never made it to the review phase, typically I barely make it out of assessment.

I've seen on other threads where jeff suggests doing the random sets of 30 that way the set of 30 as a whole is representative of what you'll see on the test – some topics are going to be tested more than others and the random set of 30, even through some may be repeats, gives you sets of 30 based on the exam's weighting of topics. If you only do new questions and you have more questions unseen questions from a topic that isn't tested very often but those are the only “new” questions you have left, the program is going to give you new questions – however this won't prepare you for the exam because the likelihood of seeing those questions, or that amount of questions from that topic, are slim and unrealistic of what your actual exam will look like.

[Anonymous]

@dab – i agree, i was under the impression that flowcharts were meant more for documenting the form of IC – not necessarily proving the effectiveness.

With that said, I think the better explanation would be to say that flowcharts are a way to document the auditor's understanding of IC but they are not required – there are other ways the auditor can document their understanding of IC and there are no rules saying that they are REQUIRED to do a flowchart. On top of that, the other 3 options are required, which helps support the choice for A even more.

[Anonymous]

survey – if a question asks for Debt Ratio %, do you assume that means

A. Debt to Asset Ratio
B. Debt to Equity Ratio

[Theodore]

@allaboard Honestly I need to strengthen my knowledge when it comes to ratios. Plan on spending the whole day today reviewing chp. 4 (transaction cycles, audit evidence, Adj. J/E, ratios etc.) and doing MCQ's.

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]

this poop:

How long do the standards require a firm to retain documentation for engagements other than audits?

A. 7–10 years

B. The firm should establish policies and procedures for the retention of the records for a sufficient period.

C. There is no specific requirement.

D. As long as the client wants the records retained

I answered C. C is not correct – B is the correct answer. Here is the explanation:

The Statements of Standards for Accounting and Review Services (SSARS) do not specifically give a time period for retention of records. Therefore, the firm must establish policies and procedures to retain the engagement records for a period sufficient to meet the needs of the firm, standards, and regulations.

AAAAHHHHHHH! I get that the firm should establish their own policies, but they didn't ask about what SHOULD the firm do, they asked WHAT DO THE STANDARDS REQUIRE? blargh. mind games.

[Author]

Replies