[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

[Anonymous]

Do you have any kind of commute or mindless time to listen to audio? I used both the Roger and Ninja audio. If you listen to the same thing over and over and over again, eventually you'll actually hear it and it finally clicks:)

[JT]

I have been listening to the ninja audio during my commute and even at work. Ninja audio hasn't helped me too much.

So if I wanted to get roger, just for audit (since its my last sections) it looks like the package is going for $595. is that correct/what you're talking about? Or did you have the “elite” or “premier” package? I cant tell if there is audio that comes with this package.

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

[HoosierCPA]

I've listened to some Roger audio that I pulled off youtube. He's definitely a goof but he keeps you engaged. My only complaint about him is at times I feel like he talks WAY to fast–it gets hard to process if he's going over topics you aren't great at.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[mckan514w]

YES I am a Roger's user, and he is most definitely a goof! But he does keep this stuff entertaining. I don't however like his test bank too much, however he is a great teacher. However I do kind of wish I had gone with another program because I think he is expensive for the benefit I have derived from him (i.e. simply the lectures and even then I didn't watch roughly 95% of them for AUD or REG because of time shortage- huh and those seem to be the only two I have passes… hmmmmmmmm Now I am really regretting the choice! ha!)

I will say the one thing I did that really helped me get a better grasp on picking out the right answer from the myriad of almost right ones was to keep an open Word Document or legal pad by me when doing MCQ's – I would read the question and then write or type out “The Question is asking me XYZ and wants to know PDQ” essentially restating the question then I would attempt to answer no matter how rambling and look to see if my answer was any one of the multiple choices. This made a lot of info stick as well as help me focus on what they really were looking for in the question…

also like I said earlier I really utilized the AU-C more than I have for any other section. It reads less convoluted than you would think I found that a lot of MCQ's come straight out of some of the examples they give in the literature. So if a topic is really not clicking with you I would suggest turning there first.

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[Candace]

@mckan514w- did you sign up to get 6mts free access with the AICPA?
I am trying to find the web version of the AL because in my Gleim.. if I try to look something up that is not related to the question it say wrong path or not available (something in that nature).

REG- 69- Felt discouraged.. took a break.
AUD- 69, 74- The worst feeling ever. Far more painful than a break up.

[Anonymous]

Don't do elite or premier. The $595 one is the one I would recommend.

You can add the audio on separately, if that's something you want.

Or there's a cram course for $225, but I'm not sure if this gives you access to the test bank. I do feel like his SIMs were more realistic as to what's on the actual exam compared to Ninja – and I think they only way to get these is through buying one of the packages. With that said, the cram might be the best option since you’re pretty close and I think hammering out the concepts would be more beneficial than practicing SIMs

You can get a discount if you've used another course.

There is actually a way to slow the videos down, so if he's fast talking is too much you have an option to control it.

[mckan514w]

No CPA_Ready- I just either would take the reference given in the answer to a MCQ- (ex: AU-C300) and pop it into google or went directly on the AICPA website and searched from in there- once you press enter then you can narrow down your results on the next page or search for from within (ex. in Search box up to AU-C Auditors Responsibilities)- it gave me good practice for the horrible search engine on the exam 🙂 )

Here's the link:
https://www.aicpa.org/research/standards/auditattest/pages/clarifiedsas.aspx

https://www.aicpa.org/_catalogs/masterpage/Search.aspx?S=AU-C+Auditor+Responsibilities

and they ask me why I drink...

FAR- 61-next time I'll ask for lube instead of a calculator
REG-75- Never been so happy to see such a low grade
BEC- 8/11
AUD- 9/2

[JT]

Thank you for the feedback guys!…

I like rogers style of teaching but as mckan said, I'm not sure how good he will be for the audio. But still, I don't think it would hurt having his audio in addition to ninja.

Were the sims with roger good? I heard the sims with wiley were really helpful (not sure if any of you guys used wiley or not).

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

[Moeshow]

@mckan514w I'm also a roger user and I'm kind of confused on what you mean by using the AU-C. As in the authoritative literature? You;'d look things up that didn't make sense on the MCQs on that?

You use the same kind of technique as me. I literally takes notes on a word document, write out the MCQs by hand and reference the page number or areas where I found the answer to that question and put the question in my own words to highlight key words in the question or reasons they're asking a question. . It makes my review easier so I have an idea of how I put the answer together. Plus, I find when I write things they stick better.

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[HoosierCPA]

Jewel, CPA, audited Infinite Co.'s prior-year financial statements. These statements are presented with those of the current year for comparative purposes without Jewel's auditor's report, which expressed a qualified opinion. In drafting the current year's auditor's report, Crain, CPA, the successor auditor, should:

I. not name Jewel as the predecessor auditor.
II. indicate the type of report issued by Jewel.
III. indicate the substantive reasons for Jewel's qualification.

A.I only

B.I and II only

C.II and III only

D.I, II, and III — CORRECT

Ninjas explanation has me a bit more confused:

“When a prior year's financial statements being used for comparative purposes were audited by another auditor, who expressed a qualified opinion and whose report is not being presented, the auditor's responsibility paragraph of the successor's report is changed to include a statement that the prior year's statements were audited by another auditor, the date of the other auditor's report, the opinion issued, and an explanation if the opinion was other than unmodified. The name of the predecessor auditor should not be mentioned if his or her report is not presented.”

The way I read this is they want you to mention the previous auditors work but then not mention the previous auditor??? Seems like it contradicts itself. Anyone care to explain? My thought process in this question was if you believe I was correct then you could not combine I with II or III because II and III mention the predecessor auditor.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[iamonloose]

Becker explained this:

If the financial statements of a prior period have been audited by a predecessor auditor whose report is not presented, the successor auditor should indicate in an Other-Matter paragraph of the report
1) that the financial statements of the prior period were audited by another auditor,
2) the date of the previous report,
3) the type of report issued by the predecessor auditor, and
4) if the report was other than an unmodified report, the substantive reasons therefor. The successor auditor may name the predecessor auditor only if the predecessor auditor's practice was acquired by or merged with that of the successor auditor.

The key word was “without” Jewels auditors report

[HoosierCPA]

Got another one..hope someone can help me out on these!

When assessing internal auditors' objectivity, an independent auditor should:

A.consider the policies that prohibit the internal auditors from auditing areas where they were recently assigned. — CORRECT

B.review the internal auditors' reports to determine that their conclusions are consistent with the work performed.

C. verify that the internal auditors' assessment of control risk is comparable to the independent auditor's assessment.

D.evaluate the quality of the internal auditors' working-paper documentation and their recent audit recommendations

So first off I'll state the obvious..objectivity is remaining impartial on judgements in order to obtain quality information. Now back to the question–why would having the auditor limited as to where they can audit cause the auditor to be less objective…I can be the most objective auditor in the world and only audit the balance sheet for instance…just because I didn't audit the income statement does not make me less objective??? The only answer that looked decent to me was B…if the auditor performs work and maybe doesn't like their findings (maybe it makes the company look bad) they may report something different then their findings actually concluded and as a result they are no longer objective or free from bias.

So frustrating!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[iamonloose]

Can someone please explain this questions. I really don't know what does qualitative or quantitative means conceptually.

Which of the following risks may be assessed in nonquantitative terms?
Control risk
Detection risk
Inherent risk

Both the risk of material misstatement (including control risk and inherent risk) and detection risk may be assessed in quantitative terms such as percentages or in nonquantitative terms that range, for example, from a minimum to a maximum.

[HoosierCPA]

@iamonloose thanks for the info! In a test where any little word can change the whole meaning of the question I feel as if the choices from Ninja should have been “indicate the type of report issued by the predecessor auditor” rather then “indicate the type of report issued by Jewel”. Maybe thats just me overthinking everything as usual though! haha

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[iamonloose]

Its funny I was just went over that questions

Becker explained it as:
“Objectivity is reflected by the organizational level to which an internal auditor reports, as well as by policies prohibiting audits of areas where the internal auditor lacks independence.”

[Author]

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