[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

[Madam Secretary]

i got this wrong:

All of the following are examples of substantive tests to verify the valuation of net accounts receivable except the
A. Recomputation of the allowance for bad debts.
B. Inspection of the aging schedule and credit records of past due accounts.
C. Comparison of the allowance for bad debts with past records.
D. Inspection of accounts for current versus noncurrent status in the statement of financial position.

correct answer: D.

I answered C. looks like analytical procedure to me by comparing CY versus PY. It could be a deceiving answer but then i remember, AP can also be like ST. current versus noncurrent status is more likely the best answer.

bottomline, AUD is very tricky, sneaky test. happy sunday MCQ everyone. thinking as if I'm studying/reviewing with mighty fine Mr. Christian Grey. ha!

[Anonymous]

With tracing and vouching you need to consider what you're trying to verify and/or which assertion the question is asking about. Tracing is from source documents to F/S, and vouching is from F/S to the source docs.

For instance, if you're selecting a sample of transactions to compare to the supporting documents, that's vouching and this supports the existence assertion.

If you're working it in the other direction, that's tracing and that would support the completeness assertion.

Do you have a specific example so I can narrow it down a little?

[Madam Secretary]

Thanks @boe. how can we relate this to effective-efficiency and overstatement-understatement transactions?

yeah, here's one of them: this question mentioned understatement and tracing. other question i bumped into mentioned, overstatement/efficiency to vouching.

If the objective of an auditor’s test of details is to detect a possible understatement of sales, the auditor most likely would trace transactions from the
A. Cash receipts journal to the sales journal.
B. Sales invoices to the shipping documents.
C. Sales journal to the cash receipts journal.
D. Shipping documents to the sales invoices.

[Anonymous]

Okay, when something is understated, there's actually more of it than what is recorded. To check this, you need to work from the source docs toward the F/S, or trace (for completeness), because there will be more source info than what is actually recorded. Overstatement works the other direction, by vouching from the F/S to the source docs you can trace (for existence) of the supporting source docs (for which some will be missing in an overstatement).

Using this logic, I would answer D to the above question because we're looking for an understatement of sales. Since sales actually occur the moment goods leave the entity's custody, shipping docs are a great way to see what was actually sold, and since we're looking for an understatement of sales (some sales haven't been recorded) we should test if there are shipments for which there are no sales invoices, and therefore didn't end up in the sales journal.

[A1lessio]

@Caroline – I just finished the Becker chapter on Sampling risk and also find the calculation questions to be difficult. I understand the theory questions for the most part, but the sims are crazy hard. I guess I should memorize means per unit, ratio estimation, difference estimation, sampling interval, sample size, etc…

AUD (08/02/2016)

[Blue.auditor]

Becker users,

When I do a progress test covering all chapters,

It doesn't pick MCQs randomly !

It starts with Ch5 with 15 MCQs, then Ch4 with 10 MCQs, and so on !

Anyway I can let the application to pick randomly from the chapters?

FAR 90 - 11/16/2015
BEC 81 - 2/14/2016
REG 87 - 5/23/2016
AUD - 8/8/2016

[A1lessio]

I don't think you can select how many questions from each

AUD (08/02/2016)

[Larry]

I've been doing progress tests using only 30 questions (I just finished chp 4) so it would give me:

A1 – 6
A2 – 6
A3 – 9
A4 – 9

That's why I like ninja MCQ. Whenever I finish the becker book, I switch to NINJA MCQs and hit atleast 100 questions a day until test day and after that first week of doing the questions, you'll know more or less what your weak areas are and you can drill down through the becker book.

You've scored way better than I have. I think you will do just fine Blue.

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

[Anonymous]

Hey, so it is true they are going to curve the July exams and that it could possibly take up to three months to get your score back?

[patelhj1]

@dgiuliante I hope not… if anything they have been helpful by extending the testing window like in Q2

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

[Anonymous]

Whew! Finally hit the review stage in the Ninja MCQs (you have to answer every question correctly at least once, and there's 1645 for aud). I love using this software cause the questions are SO much more in line with what you see on the actual exam. Not those ridiculously long-winded Becker questions that you'd never have time to get through in real life. I still use Becker and think it's just fine, but those multiple paragraph questions are an additional teaching aide and therefore too time consuming in review.

[CPATG17]

@boe

I was going to say I am too happy with Ninja MSQs because I see them easy ones and I score better with Ninja than Becker. But I have not gone to the real exam yet, So your statement says that Ninja is more in line with the real exam than Becker?

Ok, Then what about Sim's?

Thx

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

[Anonymous]

@CPATG17

I'll let you know after I sit for it on Wed! I've only taken BEC, so I've only done the written communications. If I had to guess, probably.

[CPATG17]

@boe

I appreciate it. My fiend just took hers last week and told me there were quite few Ratio MCQ's and JE style questions. She wished if Becker had focused on that in their MCQ's

Best of luck

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

[So FAR So Good]

Can anybody shed some light on how important financial ratios are to this exam? I never bothered learning more than a few for FAR, but not sure if this is something that I should be digging into now.

F - 91 (6/5/2016)
A - 7/30/2016
R - 10/8/2016
B - 12/10/2016

[Author]

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