[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

[willpassby2014]

Thats right. I thought it was A since lawyer cannot determine the materiality threshold. It should be the management and Auditor .

BEC Passed
FAR Passed
AUD Passed
REG Passed

[johnny_debt]

@willpassby2014, I answered A as well but I wasn't satisfied with Ninja MCQ's answer so I looked it up.

I believe the auditor and management set the limits of materiality for which management will communicate to the lawyer for purposes of the ‘letter of inquiry' (See AU-C 501.A56 and AU-C 501.A69 for example). However the lawyer can establish his/her test of materiality. The lawyer should also reach an understanding of materiality with auditor regarding materiality to be used in response.

“If the audit inquiry sets forth a definition of materiality but the lawyer utilizes a different test of materiality, he should specifically so state. The lawyer may wish to reach an understanding with the auditor concerning the test of materiality to be used in his response, but he need not do so if he assumes responsibility for the criteria used in making materiality determinations. Any such understanding with the auditor should be referred to or set forth in the lawyer's response. In this connection, it is assumed that the test of materiality so agreed upon would not be so low in amount as to result in a disservice to the client and an unreasonable burden on counsel.” (See AU-C 501.A70)

AUD - 91
BEC - 84
FAR - 91
REG - 91

[jackaroe]

New ARCS Clarity Standards – to be in effect by 12/15. Compilations will require signed engagement letters from both parties, compilation engagements will require modified one-paragraph report, AR 70 will cover ‘planning' engagements that aren't compilations, reviews or audits… .

https://www.aicpa.org/research/standards/compilationreview/downloadabledocuments/ssars_21_summary.pdf

[johnny_debt]

@jackaroe, do you think that will be on the exam before the implementation date?

AUD - 91
BEC - 84
FAR - 91
REG - 91

[jackaroe]

@johnny_debt – no. Six months after 12/15 for exam purposes. Early implementation option for real life purposes. But I would check with Jeff for verification.

[willpassby2014]

Thanks Johhy. Thats a pretty good explanation.

BEC Passed
FAR Passed
AUD Passed
REG Passed

[johnny_debt]

@jackaroe, thanks

@willpassby2014, you're welcome.

AUD - 91
BEC - 84
FAR - 91
REG - 91

[Anonymous]

I feel like when I'm doing the MCQ's I'm just barely reading the questions, scanning the answers for obviously wrong ones, and then just picking something that sort of seems right.

Overall, studying AUD has been the most frustrating out of all 4 exams.

[johnny_debt]

@Akvod, I feel the same too. It really is pick the best answer out of all them type of test.

AUD - 91
BEC - 84
FAR - 91
REG - 91

[Anonymous]

I'm worried that the actual test would have a lot more diversified pool of questions and with less predictable wording. And the questions/sims might be more conceptual.

[johnny_debt]

@Akvod, I have the same worries. But I think the concepts tested will be the same as whats on the Ninja MCQ. I think we just have to do our best at understanding the material and keep up our stamina during exam to read through all the multiple choices.

AUD - 91
BEC - 84
FAR - 91
REG - 91

[magatha12]

This may be a dumb questions BUT is it recommended to memorize the SOX Titles (403,401, etc etc). I notice that are in NINJA MCQ, but nowhere else (I don't remember seeing them in cpaexcel, or maybe I just wasn't paying attention)? I'm not sure how to prioritize my topics, I'm 10 days out and slightly freaking out!

FAR: 79
AUD: 81
REG:5/29/15
BEC:85

Using CPA Excel, NINJA notes and audio, NINJA MCQs

[johnny_debt]

@magath12, I haven't remembered them. The way Ninja MCQ's have questions regarding those rules, they either give the title of the rule or other wording/clue to indicate what the rule is. I've been relying on that since Ninja MCQs are from the AICPA, which should be representative of the questions on the exam.

AUD - 91
BEC - 84
FAR - 91
REG - 91

[NeverGiveUpCPA]

@magath12 i feel the same way.. and i'm doing horrible on the Sampling part.. Can someone please share how do you prepare for sampling?

[How many letters do you need]

Akvod: This section has been tough for me as well, mostly because IMO it relies less on logic/calcs/process than the other three and more on rules. I've always been more of a numbers person and less of a language person, and I think for myself and people like me we can have issues with AUD. As for your MCQ process, I honestly think that's one of the best test taking strategies for this section. I've never taken AUD before but if I had to guess, I would say on the exam the questions will probably be a little bit more detailed, and the wrong answers will be more subtly wrong, or just some will be less right than others. What this means to me is that I've got to read the question more carefully, and read ALL the answers. I've got a habit of reading the answers until I find one that fits, then selecting it and moving on. This has served me well with the other three exams because the subject matter is more objective, and time has never been an issue as of yet. I think reading the question carefully, reading all answers carefully, then eliminating the clearly wrong answers should get you to a 50/50 at least. I think the critical last step that I've been trying to pick up on after that is to consider which of the last two answers is MORE correct at that point. My time using this process has been solid on WTB, but I'd be lying if I said I wasn't a little concerned about my time come exam day….

MBA,CMA,CPA, CFF?, ABV?

[Author]

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