[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).

[Accountingbeans]

Can anyone determine what the rule is for forming a conclusion based on variable sampling. For attribute sampling, I know you compare the Upper deviation rate vs. the tolerable deviation rate, and if the upper is lower you rely on the controls. But what exactly is the rule for variable sampling? It's not very clear in Becker. Thanks!

Newbie
BEC- August 31

[CPYay]

Took my exam this morning. Finished about 1hr 45min early. I'm not one to go back and review questions though, so I saved time there (I moreso trust my initial response).

Mixed feelings about it. I felt good on a lot of the questions. Sims were hard and kind of vague, as usual. Audit is sneakily difficult because it seems simple to grasp but due to the “best answer” aspect… it can be challenging.

[Chantel]

It's a section code(s) that have do with when a CPA has to prove misstatements were unintentional or they are liable or when the 3rd party has to prove it, etc. I know it's simple stuff I'm just going blank.

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

[Forem004]

I don't remember that code. Sorry! I have the information, not the code, in my notes. When I come across it, I'll let you know.

I found another question that has multiple answers for “best” 🙄
Which of the following best describes the reason an auditor performs a walkthrough of transactions from inception through financial statement presentation?
I. To ensure that the single transaction type involved in a walkthrough is properly recorded in the general ledger

II. To determine if a necessary control is missing or ineffective

III. To determine the different types of significant transactions handled by the process

A.

II
B.

I and III
C.

II and III
D.

I, II, and III

[CPYay]

Hi Chantel,

I think you're referring to the Securities Exchange Acts. These have literature pertaining to the liability of an accountant. The statute states that the burden of proof is on the accountant to prove they were not liable through the process of due care and something else I can't recall. But this should give you a head start in finding your answer, if this doesn't answer it.

Forem004, is it D? Sounds reasonable to me haha

[cpaMD86]

Good luck to those of you that are looking to test soon.
I received my score in the Nov. 22 release, but had yet to describe my experience.

I prepared for ~5 weeks and felt Ninja MCQ prepared me for the test very well – the questions were all fair. The SIMs varied from being pretty straightforward to plain, “Huh?”. Digging through the literature for the SIMs may help, but I would not spend too much time on it unless it's something in the question that could be identified verbatim. Ultimately, I am just glad I passed. The waiting was not as bad as the one for FAR, but my anxieties certainly increased as the score release approached.

I have my BEC exam coming soon – working and hoping for another passing score.

Good luck to you all once again!

FAR: 9/3

[CPYay]

Thanks cpaMD86!

I'm taking BEC next too (Mid-January). I'm hoping I passed AUD so I don't have to stress over that again. I agree… Ninja MCQ was great. There were some pretty far-fetched MCQs on the actual exam, but that's expected.

[Forem004]

It's actually C

[cpaMD86]

@CPYay

I'm sure you did great on Audit. How's your BEC studying starting off? I went through the lectures pretty fast, but I am definitely going to have to recap on some subjects. The questions get pretty ridiculous.

FAR: 9/3

[Forem004]

I asked this before with no response. Does anyone know if the trouble questions are just generally hard questions, or are they questions we have previously missed? I'm asking because I don't want to continue focusing on the same problems repeatedly.

[cpaMD86]

I'd suggest the trouble questions are related to topics that you are consistently performing lower in when compared to other topics.

FAR: 9/3

[CPATG17]

@Forem004 – I didn't study from Ninja. I used Becker only. Sims can't be predicted even if you do study from multiple sources. But I can grantee you will be the same concept. My advice to you is to focus on A4 “Ratios & JE's” they play big role in Sims not just my opinion but lots of my friends who went to this exam saying that too. If I don't pass this exam I would say because of Sims and also it was my fault that I paid too much attention to solving questions more than working on Sims.

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

[CPATG17]

I am planing to keep studying AUD until exam results comes out and get ready to repeat in Jan along with going to take BEC at the same timing. Would be be a reasonable way to prepare? Also, I am going to get Ninja questions and Sims any advice on the above

Thx

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

[Forem004]

I passed BEC by doing multiple choice repeatedly. I printed each example written simulation and Read over them a few times. Knowing the concepts will allow you to write a strong answer.

[Anonymous]

Be careful of the word tracing and how its used.

[Author]

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