[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).

[CPATG17]

I am in Cali as well and I took mine on 11/28!!

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

[GiniC]

Thanks @CPYay – awesome score by the way! Thanks for sticking with us.

[CPYay]

Thanks! Given you've already passed the ones I'm looking to take and I've passed the ones you're looking to take, I'd say we're both well on our way!

[pharaoh]

@CPYay – Congratulations 😀 I am so happy to see your great score. What's next for you?

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

[CPYay]

Thanks Pharaoh!

BEC in Jan and REG in Mar. What's your schedule looking like? I followed you through the FAR and AUD study groups haha

[Chrex]

Just got out of my exam. I really didn't realize how heavily tested the ratios were going to be. I had two entire SIMS on them. This isn't even a topic they really cover in Becker.

Kinda salty.

[pharaoh]

@CPYay – I am taking AUD in couple of days and will start BEC no matter what the AUD result is. It looks smaller than AUD but I don't want to underestimate it. I am thinking end of January if I can so I can take REG by Mar 10. So I will catch you in the BEC study group next week 😀

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

[CPYay]

Good luck! BEC is definitely shorter (only 16 hours of video in Roger) and repeats some of FAR and AUD, but I'm not taking it lightly either.

I'll see you there!

[GiniC]

I had an MCQ imply that spending $300,000 of government funding would trigger GAGAS audit standards. Is there a threshold for GAGAS? I can't find anything about it in Becker or online.

[DISLCPA]

see if this helps
https://www.osec.doc.gov/oam/archive/docs/Ch13%20Audits.pdf

BEC(8/12/16)
AUD
FAR
REG

[Ny1105]

In the audit risk questions with the 3 columns (increase/decrease), if one question asked if the auditor increased substantive tests, dr decrease. But does cr increase to than?

[DISLCPA]

@ny1105. what I do with those, don't know if it is right or not, but set it up in the equation and just throw some numbers in there and see how it affects it going up or down.

BEC(8/12/16)
AUD
FAR
REG

[mycpastudy]

I've been an auditor for a year now and looking through the AUD section questions, many feel fairly intuitive at this point. How much time do you think could be shed off total hours having already had experience in audit? Anyone else out there have a similar experience?

[Ny1105]

@DISLCPA

The way I understand audit risk is basically, if the questions reflects RMM, DR has an inverse reaction. However, if the question reflects DR, CR has an inverse reaction in most situations (given AR is constant, if not, AR would react the same as DR)

[GiniC]

The big thing to remember in the audit risk formula is that RMM (meaning both Inherent and Control Risks) CANNOT BE CHANGED BY THE AUDIT – the auditor assesses these risks. If DR goes up or down that DOES NOT CHANGE CONTROL RISK.

If you do tests of controls and find out that a control you thought was effective turns out not to be, then your assessment of CR would go up, forcing your acceptable Detection Risk to go down (meaning more work/tests of details).

Hope that helps…

[Author]

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