[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

[JT]

Hey guys,…. This is from a post I just put on the main message board. Any advice is appreciated.

My audit retake is in 11 days and I’ve been hitting ninja mcq pretty tough over the last few weeks.

I’m thinking about resetting my stats so that I can start over and see/do every question again.

Here are my stats:

Total question attempts 3150
Average 91
Trending 99
Questions not seen 0
Questions not answered correctly 0

Any suggestions?

I’m sort of afraid that I memorized answers so when I practice them, I make sure to understand why each answer choice is incorrect/correct.

Another option I have is getting Wileys test bank. I hear wileys test bank is pretty hard, so maybe that can offer me some diversity in questions?

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[pharaoh]

@forem004 – Can you please explain a bit more what you mean by problem equals allowed?

Any help on the sampling area will be great because I am seriously considering guessing any sampling questions on the exam

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

[pharaoh]

@JT – I might not invest $150 to use for 10 days but I see it is your last part and I am sure you can't wait to pass 🙂 and you will do anything to pass, if money is not an issue, so why not

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

[Spartans92]

haha Pharaoh, Im on the same boat. I just hit the 47 questions on Sampling in Ninja and got a 72%. Not sure how confident I am on the topic but I expected much lower. Sometimes elimination does help which is what I did on most of the questions. I hate the math stuff like the tainting factor etc. If I see those Ill just do “Eeny, meeny, miny, moe”

BEC- PASS

[pharaoh]

Yes Spartans 🙂 that's exactly the plan 🙂 , for some reason, it doesn't make a lot of sense to me and when I try to memorize, it doesn't stick and I can't even make my own logic to be my cheat sheet.

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

[JT]

Tainting factor?! Wtf?

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[JT]

@pharaoh

Btw yeah, money is not an issue for me at this point! I'm ready to get this all over with!!!

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[GiniC]

@jt and @Spartans92 –

My reaction exactly, I never HEARD of “tainting factor” before. I googled it…

tainting percentage – In PPS sampling, the amount of misstatement as a percent of the sample item's book value. The tainting percentage is calculated individually for each sampled item.

@Forem004 – I'm learning sampling as part of the review – my audit course skipped both chapters on the subject. 🙁

[Forem004]

Anything taken from your sample when testing is considered your problems such as sample Rate of deviation or allowance. Your tolerable rate is what's “tolerable” to you or allowed.

[Spartans92]

haha yep I had several “taintaing factor” on becker have yet to see one on Ninja.

In testing long-term investments, an auditor ordinarily would use analytical procedures to ascertain the reasonableness of the:
A.
completeness of recorded investment income.

Incorrect B.
classification between current and noncurrent portfolios.

C.
valuation of marketable equity securities.

D.
existence of unrealized gains or losses in the portfolio.

Anyone care to explain?

BEC- PASS

[pharaoh]

@Spartans92 – Maybe I can explain it by asking why “Long-term” investments be classified as current and noncurrent? and how analytical procedures would help to ascertain that classification?

The same idea when you have a long term debt, using analytical procedures you can estimate the interest expense. Which is making me torn between answers A & C, it depends on the type of the securities, if they are available-for-sale then it is C, if they are Held to maturity then it is A

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

[JT]

I'm trying to get some clarity on increases/decreases in audit risk due to inherent/control risk. Where should I look in the au-c?

And mgmt assertions as well.

Thank you.

REG-80-1X
BEC-80-1X
FAR-73-1X
FAR-75-2X
AUD-September 2016

[Forem004]

My learning software for work explains assertions very well. I'll copy it into here either later or tomorrow

[Forem004]

It's not letting me copy it. Sorry!

[Spartans92]

Has anyone ever used CPAReviewForFree before? I see that theres a few hundred questions and right now Im using Ninja but not sure if I wanna split between the two. I feel like Ninja Im seeing a bunch of same questions over even with the new questions filter. Im now just focusing on my weak areas (Sampling, assertions, and transaction cycle procedures).

Planning on doing SIMS tomorrow. Im down to the last week. Taking it the 26th. Should I bother on practice exams? I won't be able to get too much done next week since work and the holiday. I may get friday off so I can study… or give my brain a break? Any suggestions are appreciated. Guess I'm just super overwhelmed.

BEC- PASS

[Author]

Replies