[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for AUD.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Sticky Nicky]

@dtatham10 im actually trending 98% averaging 84% with 564 questions unseen…i just do new questions per section and then when im done i go back and do missed last time seen for that section,,,when im done with a section of Ninja i go back to Roger and read the next sections and watch the vids,,,then go roger MCQS for that section and then back to ninja,,,seems to be working out pretty well,,problem is i dont wanna start remembering answers like i did w my first BEC take

[Tiffany Holifield]

Nicky when I noticed I was remembering answers, I would explain why it was the answer since I knew it was. Then when your asked the same concept in a different way, you know it.

[Sticky Nicky]

i feel like they ask the same questions 5 diff ways lol

[Zara]

I am new here and I am using Roger and NINJA MCQs for my AUD prep. Would love to get some insights on how to prepare and topics to emphasize on. Thanks a lot!! and Good luck to you all …

[pharaoh]

@Zara – “My way” is watching Roger videos and taking notes, IPQ and after I am done with all sections, I do Ninja. First because they have different order and don't have the brain to search for the sub-section and second reason, I work full time and have family and a toddler and only have 2-3 hours a day max and my study plan is long and Ninja access is only 3 months (I buy it one at a time), so I don't buy it until I am within that range from the exam day.
When I am 50-60% through Ninja, I look at the weak areas and go back to the video or the book or the forum to fill my gaps.
That was my process for FAR and worked and following the same for AUD

I know @Sticky Nicky is going in a different sequence as he described earlier and he is happy with it. So whatever you feel will be working best for you.
Welcome on board and Good luck 🙂

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[cpaMD86]

I watched all of the Roger lectures while taking notes then hit the Ninja MCQs. While doing the MCQs I'd read the explanation and take some notes (sometimes) whether I got the question right or wrong. I've done all of the Ninja MCQs and the last few days have been back and forth between Roger's IPQ and Ninja…just to mix it up a bit.

FAR: 9/3

[CPYay]

I studied thinking I'd be able to register for an exam in Oct, but when I finally got my NTS, the earliest was Nov 30. Super bummed. This happened two weeks ago though. I've since decided to reread the entire textbook and take notes per chapter. Then with 3 weeks before the exam, I'll hit MCQs until my eyes bleed.

[Spartans92]

Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, Year 3. Park obtained sufficient audit evidence for all of Tech's financial statement items except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, Year 3, inventory balances. Park's opinion on Tech's Year 3 financial statements most likely will be:

Balance sheet Income statement

a.
Unmodified

Adverse

b.
Unmodified

Disclaimer

c.
Disclaimer

Disclaimer

d.
Disclaimer

Adverse

I thought we can't have piecemeal opinions. Answer is B

BEC- PASS

[cpaMD86]

@spartans92

Wouldn't this be more of a scope limitation rather then a piece meal opinon?

We aren't saying accounts 1, 2 and 3 are in conformity with GAAP, but 4 and 5 are.
In this instance, we aren't able to properly calculate COGS due to the inadequate records. (scope limitation).

FAR: 9/3

[Porma Fierles]

Hey, why is this C not D?

In auditing a client's retained earnings account, an auditor should determine whether there are any restrictions on retained earnings that result from loans, agreements, or state law. This procedure is designed to corroborate management's financial statement assertion of:

A.
valuation and allocation.

B.
existence.

C.
presentation and disclosure.

Incorrect D.
rights and obligations.

[pharaoh]

@Spartans92 – You can give different opinions on the “statement” as whole like in the question, unmodified for Balance sheet and disclaimer for income statement.
Piecemeal is when you say the AR is good while you are giving an adverse or disclaimer opinion on the balance sheet which is prohibited

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[pharaoh]

@Porma Fierles – When you have restrictions on RE, it should be shown as RE appropriation, I think either on the face of the statement or in the disclosure. Usually RE questions are concerned about presentations and disclosures. Rights and Obligations questions will be more about inventory, receivables and payables …..my observation, don't take it as a rule though 😀

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[Porma Fierles]

Oh OK, got it, thanks. Also, am I the only one who noticed that the practice SIMS can be brutally easy or brutally hard?

[Spartans92]

Gotcha. Thanks guys. ITs been a while since Ive looked at AUD. Wish I didnt move on. I would have passed much easier, now it just sucks cuz I can't remember anything.

BEC- PASS

[George]

Got AUD retake tomorrow morning. I'm hoping for a pass this time.

[Author]

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