[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/

[ruggercpa2b]

Cpastudent22 cutoff is usually paired with completeness. Sometimes the mneumonics leave out certain things assuming you have a good understanding of the material and you would know once you write it out on exam day that completeness and cutoff go hand in hand.

This is definitely one of the areas I have been struggling with and part of my downfall was memorizing the mneumonics but not actually understanding the material.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

@ruggercpa2b,

Thanks for the clarification.

Do you know why there were two mnemonics? I'm guessing CEO aproved only applies to issuers, but COVERU applies… to both issuers and non issuers? Or just nonissuers..

[Martin]

JaySt, I dont think you will have a problem passing with your average score. You really understand Audit.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[hdotc]

Just finished my test. I feel more confident about this one than I did about any of the other 3. Hopefully I will find out that I am DONE on the 24th.

Good luck to everyone.

[Smileykayy]

Hey guys, hope everyones studies are going well! Has anyone used Roger's CPA review? I am using Roger for lectures and literature and Becker and Ninja for MCQ. My exam is in 4 days and I am considering buying Roger's Cram course. Has anyone used his cram course? Did you find it helpful?

There are some topics I am still iffy on and I realllyyyyy don't want to have to sit for this section a 3rd time! I'm not sure if I should just read over my materials again or buy the cram course. I feel Roger leaves out some details because when I do MCQ some of them I don't remember him going over…

Any advice is appreciated!

[willpassby2014]

where do you find sample letters in the authoritative literature.Please help

BEC Passed
FAR Passed
AUD Passed
REG Passed

[Anonymous]

I keep seeing this type of questions. What is this, middle ages? Can people print out another set of paperwork? What am I missing?

To provide assurance that each voucher is submitted and paid only once, an auditor most likely would examine a sample of paid vouchers and determine whether each voucher is

a Stamped “paid” by the check signer.

b Returned to the vouchers payable department.

c Supported by a vendor's invoice and purchase order.

d Prenumbered and accounted for.

Correct! When a check signer stamps an invoice “paid”, it is a form of cancellation that enables someone to recognize immediately that the invoice has been paid if it is submitted for payment a second time. Returning vouchers to accounts payable does not assure that there will not be a duplicate payment because, unless the invoice somehow indicates it has been paid, it can be resubmitted and a check signer would not know it has been. A voucher should be supported by a vendor’s invoice and a purchase order in order to be paid but, unless they are somehow cancelled when payment is made, it would be possible for them to be attached to a duplicate payment request.Using prenumbered forms provides assurance that all transactions will be accounted for but does not prevent duplicate payment.

[Anonymous]

@willpassby2014 – I don't think the sample letters/reports can be found on AL. However you can find instructions/procedures on how you will word each part of the letter/report (ie, must contain the word independence, etc.)

@anjanja Probably this question was created decades ago. I was an auditor in another country 10 years ago and as a newbie that's the most common finding I have. (I don't actually know what am I doing back then but just to show I found something). Although modern technology can detect duplicate invoice, due to human error, sometimes duplicate can still happen. One common case in my workplace was if the invoice has leading zero's. So yes, we can still use the stamp to prevent duplicate payment.

[shoagland]

Hi everyone, I took audit for the second time around on Halloween. I've been talking with coworkers and no one really knows but are the sims linked to your performance on the MCQ's or are they like pre-determined by your launch code? I ask because I felt so-so about the MCQ's overall, but my Sims were rather easy overall so I was worried that this meant I was not doing well on the exam…

BEC - 75 (expires 9/30/15)
AUD - Fail, 78
REG - 80
FAR - May 2015

[Anonymous]

Thanks CPAby2015,

I also stumble over “sales register” and “subsidiary ledger” being two different things and being handled by different people.

Example from Roger's book:

Receivables Clerk – posts sales and collections to individual customer accounts based on sales invoices and remittance advices, respectively

General Ledger Bookkeeper – posts journal entries for sales and collections.

Um… really? That's how it works? It's kind of hard to understand all the SOD questions when they use procedures from the punched cards era.

This makes audit so incredibly irritating and hard to understand

[ikecarus]

Took AUD this past Saturday. Not quite sure how I felt about it, but I always end up second-guessing myself so who knows how I did? XD Now to wait anxiously for the results…

[jeff]

[ijustwant76]

In which of the following situations would an auditor ordinarily choose between expressing a qualified opinion or an adverse opinion?

A. The auditor did not observe the entity's physical inventory and is unable to become satisfied about its balance by other auditing procedures.

B. Conditions that cause the auditor to have substantial doubt about the entity's ability to continue as a going concern are inadequately disclosed.

C. There has been a change in accounting principles that has a material effect on the comparability of the entity's financial statements.

D. The auditor is unable to apply necessary procedures concerning an investor's share of an investee's earnings recognized on the equity method.

Answer: B

If there are inadequately disclosed conditions that cause the auditor to have substantial doubt about the entity's ability to continue as a going concern, the auditor must determine whether to issue a qualified or adverse opinion. When there is a departure from GAAP, the auditor must decide whether to issue either a qualified opinion or an adverse opinion.

---

If it was a going concern, the opinion should be to disclaim. For departure from GAAP, that's where we decide between qualified and adverse.

Can someone please tell me why B is right??! I think Ninja is wrong on this one!

[Sandia]

Disclaimer is very majer scope limitation – in your procedure as an auditor…

Adverse “not present fairly Financial statemen” going concern inadequately disclosed is a GAAP departure… you can read the GAAP in the AL to help u more.

FAR - 77 x2 Wiley book & no test bank
AUD - 83 x3 NINJA Test bank 3 time
REG - 80 x1 NINJA Test bank
BEC - 78 X2 NINJA Test bank ..done!!promesa cumplida mama -que llege al cielo 🙂
Ethic 100% Licensed VA CPA

[ruggercpa2b]

1.In which of the following situations would an auditor ordinarily choose between expressing a qualified opinion or an adverse opinion?

A. The auditor did not observe the entity's physical inventory and is unable to become satisfied about its balance by other auditing procedures. – scope limitation

B. Conditions that cause the auditor to have substantial doubt about the entity's ability to continue as a going concern are inadequately disclosed.

C. There has been a change in accounting principles that has a material effect on the comparability of the entity's financial statements. – unqualified opinion (I only say this because it just says material effect but does not say that it would lead the financial statements to be misleading)

D. The auditor is unable to apply necessary procedures concerning an investor's share of an investee's earnings recognized on the equity method. – scope limitation

This is how I narrowed down B to be the best possible answer. Studying for audit gives me headaches!

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Author]

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