[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).

[GiniC]

I just looked it up in my Becker book – there is no header on the sample compilation reports. The section says “Although independence is not required, a determination of whether the accountant is independent of the entity is required.” The video lectures noted that independence is not required (linked to the fact that no assurance is provided) but the LACK of independence must be disclosed in the report.

[Forem004]

Okay, I don't have an updated book, I just know what's in practice right now. Wasn't sure if it was being tested. Thanks!

[pharaoh]

One of the AICPA released questions

Which of the following matters in a financial statement audit is most appropriate to communicate with
those charged with governance?
A. Clearance explanations of workpaper review notes.
B. Major variances in budgeted versus actual audit hours.
C. The nature and timing of detailed audit procedures.
D. An overview of the planned scope and timing of the audit

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

[Anonymous]

D?

[pharaoh]

Yep

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

[pharaoh]

This one got me

Which of the following activities would be most helpful to a CPA in deciding whether to accept a new audit client?
A. Reviewing industry benchmarking data.
B. Considering the client's compensation methods.
C. Evaluating the CPA's ability to properly service the client.
D. Evaluating the most recent peer review of the client's previous auditor.

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

[rschwa46]

Hi everyone,

I have my test next Thursday, dec 8th. ive been using becker and constantly doing mc review tests. I am scoring in the high 80s to low 90s on all the tests but I feel like I just memorized a lot of the answers. Is that happening to anyone else, if so, what do you recommend to make sure you actually understand the information.

REG: 78
BEC: 78
FAR: 72(retake aug 30, 2016)
AUD:

[Anonymous]

@Pharoah, yes that question is tricky.

How about: C. Evaluating the CPA’s ability to properly service the client.?

[Anonymous]

@rschwa46, have you tried the Final Practice Test for AUD? Have you considered buying Becker's Final Review Book for about $170 and they offer 20% something discount at this season.

[rschwa46]

@Amor D, I didn't do the final exams yet as in the past for the other exams they have not been quite accurate of my knowledge of the material (always much much harder than the actual test). I will do them anyway. What have you been scoring on mc review?

I also bought the ninja mc but they seem to overlap becker

REG: 78
BEC: 78
FAR: 72(retake aug 30, 2016)
AUD:

[pharaoh]

@AmorD – C it is

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

[pharaoh]

One more

According to the AICPA Code of Professional Conduct, what would a covered member most appropriately
do upon learning that another member of an attest engagement team is considering employment with the
client?
A. Notify an appropriate person in the firm.
B. Disassociate from the engagement.
C. Report the situation to the client's board of directors.
D. Advise the engagement partner to withdraw the firm from the engagement

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

[rschwa46]

@Forem004, I see you passed the other 3 parts… do you have a different strategy for passing this part than you've had for the other parts?

Thank you everyone for your responses in advance!!! I wish you all the best of luck with this part.

REG: 78
BEC: 78
FAR: 72(retake aug 30, 2016)
AUD:

[Anonymous]

@Pharoah, that's even a harder question.
Let me try, D and B definitely incorrect. C is off, since it's a matter within the firm, we cannot involve the BODs (just yet, maybe). How about A? It's just my best guess.

[pharaoh]

A is correct

I chose B and then when I looked in the book I found disassociate is when you have a conflict/disagreement with the Partner

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

[Author]

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