[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

[CPATG17]

Had my 1st AUD exam today. Questions was not too bad but Sims was supper bad.

Will see

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

[Forem004]

Don't say that! I take it next Monday!

[Forem004]

Since so many of us are having a problem with assertions, let's play a game. I know I can use this just as much as anyone, but typing it out is helping. Someone classify the following assertions based on the distinction on whether it tests for balances-5, transactions-5, or disclosures-4. Some assertions can be used more than once.

Accuracy
Classification
Completeness
Cutoff
Existence
Occurrence
Pres. & disclosure
Rights & oblig.
Val. & allocation

[pharaoh]

For Transactions & Events CPA CO
Completeness
Period Cutoff
Accuracy
Classification
Occurence

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

[pharaoh]

For Account Balances RACE
Rights & Obligations
Allocation & Valuation
Completeness
Existence

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

[Forem004]

Presentation and disclosure also tests If account balances are appropriately presented and adequately disclosed.

[Forem004]

@cpatg17, without getting into too much detail that is not allowed, can you talk more about general situations with the simulations? Were they similar to the Ninja ones, just more detailed? Ot was the wording just totally confusing?

[ortegar5]

I know this is a forum for AUD study group. But thought, I'd share my AUD testing experience. I just tested on the Nov 27th. I found the MCQ’s fair, and only flagged a few, which I was not 100% confident. The rest I felt I narrowed down to the right answers. However, I did notice the testlets go from Med, Hard, then back to Med… Now onto the SIMS. The SIMS were definitely doable. Nothing out of left field, I actually thought they were pretty easy. Ultimately, I don't know what to make out of this considering I don't ever expect an exam to be this straightforward. But I've read similar experiences with good and bad outcomes. :/

[Chantel]

Could someone remind me where in the NINJA book the info is on when the CPA is responsible for material misstatements to 3rd parties, when they have to prove it, etc. I've had a brain fart of how to search for that and want to refresh myself.

F - F ('12), 90 (Dec '15)
A - F ('12), 73 (Feb '16), ? (July '16)
R - 87 (May '16)
B -

[Forem004]

I'm not sure exactly what you're referring to, but chapters 2&3 have info about third parties. I guess I need to know more specifically what You're looking for because 4-5-6 also include info about Third parties. 😊

[user2701]

Hey…
How did you all study various operating cycles ?

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[Forem004]

I'm not sure. Such as?

[Chantel]

Can someone remind me where to find in the book the info regarding when a CPA is liable for misstatements to 3rd parties and etc.?

F - F ('12), 90 (Dec '15)
A - F ('12), 73 (Feb '16), ? (July '16)
R - 87 (May '16)
B -

[user2701]

I mean….How are you all jotting down notes for Operating cycles ?

Any mnemonics or so ?

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[Forem004]

Give me a specific question that you're referring to. I think this may be one of the subjects that just came to me without studying since I've been auditing for nearly five years. 😉

[Author]

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