[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

[mehrong]

Before applying principal substantive tests to the details of accounts at an interim date prior to the balance sheet date, an auditor should:

A.
assess control risk below the maximum for the assertions embodied in the accounts selected for interim testing.

B.
determine that the accounts selected for interim testing are not material to the financial statements taken as a whole.

C.
consider whether the amounts of the year-end balances selected for interim testing are reasonably predictable.

D.
obtain written representations from management that all financial records and related data will be made available.

The answer is C and I can understand why it's correct as I was between B and C, but can someone explain why B is wrong?

[CPATG17]

@Carolina

My advice to you is to relax and not to panic because it won't do you well in exam and in (life)***
Focus on your notes and keep doing questions and don't stress it's not the end of the world if you don't make it from the first time. Go with confidence!!

***One of my close friends passed all her four parts and became a CPA and also ended up with some nerve damage around her neck cuz of the stress that she used to give to herself. Until this day she still has no cure for that nerve damage.

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

[CPATG17]

Just FYI.

One of my friend just took the exam yesterday and told me there were a lot of questions and including one Sim focused on Ratios from Audit Evidence and also some questions had Journal Entries style in it.

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

[CPATG17]

@mehrong

Applying substantive tests to the details of asset and liability accounts as of an interim date increases risk, as it is possible that errors will occur between the date of interim testing and the balance sheet date. For this reason, the auditor generally selects for interim examination only accounts that are reasonably predictable with respect to amount, relative significance, and composition, and must also identify procedures sufficient to extend interim conclusions to year-end.

Generally, accounts selected for interim examination should be reasonably predictable with respect to amount, relative significance, and composition.

Hope that helped.

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

[mehrong]

@Carolina – I totally know exactly how you feel!! I've been having issues with my blood pressure recently and was just told by my doctor that it was due to anxiety. I don't know how to not feel anxious about it but can only rely on the light at the end of the tunnel. I'm on my 4th try for Audit on the 21st…I can only hope for my health's sake that I pass this time

@CPAGT17 – thanks for the reply! The answer makes sense and I recall seeing another question that explained that predictable account were ones that you use for interim testing. I just feel like B could be right since if the account isn't material as a whole it could be tested in the interim, however I assume this is one of those BEST answer questions that always trip me up.

[CPATG17]

@mehrong

Our Becker Professor told us that at most time there will be two answers are correct however one of them will be the most reasonable answer in regards to the question asked. So just keep that in mind.

Best

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

[Madam Secretary]

Thanks @CPATG17. btw, do we really have to memorize all the flowcharts? I'm having trouble with it. I hope your friend informed you that too.

[CM]

CPATG17 and Mehrong thank you for your words. This journey has definitely taken a troll on my health, but I'm doing my best to pass and move on.

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

[Anonymous]

Hey Carolina, I'm taking the exam the same day (although it's not on my bday). I wish you the best! Just keep calm and keep pushing through.

I just finished my Becker Final Exam # 2. I scored a 73.4.

So far my practice exam results have looked like this:

Becker:
Final Exam # 1 – 72
Final Exam # 2 – 73.4

NINJA:

Practice Exam # 1 – 83

I'm having mixed feelings about it. I found the Becker Final Exams to be so much harder ( longer and more complicated MCQs, longer and more complicated SIMS). I hear that people tend to score significantly higher on the real exam than in the Becker Final Exams, so I feel a bit better. Still, I would feel so much better scoring a decent passing score on the becker exams.

How is everyone holding up?

[CPATG17]

@Asmodey

Your scores seems convencing enough I would say you will end up with higher score on the exam. Becker MCQ's and Sim's tend to be very difficult and complicated than the real exam itself.

Its not a rule but my friend was scoring 65 on Becker and ended up with 78 on the real exam.

Best of luck

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

[CPATG17]

@Warrior

She didn't mention to me anything about flowcharts I will find out and keep everyone updated. And to be honest I don't know if I should memorize them as well or not.

The one thing I started to understand well and memorize is the ratios in A4 “Audit Evidence”

Later on I will post what should be memorized when I ask one of the Becker professors.

Best

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

[Anonymous]

Hey I'm taking this beast on July 13th also! My weak spot are the Sims, except the research one. I'll probably focus on doing those today and tomorrow. I don't like to do any practicing or studying the day before the exam. It seems better to go in with a “fresh brain”.

My Ninja MCQs are trending 95%, average 80%, so let's hope a strong performance on the MC testlets carry me!

[A1lessio]

@Asmodey – I also have a friend who was scoring low 60s on the Becker practice exams and got an 88 on the actual exam. I consider him to be much smarter than I am, but if I were scoring 70-73 range I would be very happy.

AUD (08/02/2016)

[Madam Secretary]

so for everyone scoring way above 60's, any tips for me? I just took Gleim practice exam for Internal Control and I got a score of 55.

[Madam Secretary]

im pretty sure someone outhere knows how to answer questions concerning tracing and vouching. kindly share pls. thank you.

[Author]

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