[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

[HoosierCPA]

@iamonloose wow you're all over it haha! Thank you again!

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

[iamonloose]

haha no problem.

[HoosierCPA]

I went back and forth whether I wanted to bug everyone with another question but hell why not:

A CPA provides an entity with controllership or other management services that include the submission of financial statements. The CPA is required to follow the provisions of Statements on Standards for Accounting and Review Services when:

I. the CPA is not a stockholder, partner, director, officer, or employee of the entity.
II. the CPA is a stockholder, director, officer, or employee of the entity.

A.Both I and II

B.I only — CORRECT

C.II only

D.Neither I nor II

When I first read this it had me lost from the get go. “Submission of financial statements” does not sound like a SSARS engagement to me (neither a compilation or review). So if someone would care to help me out AGAIN that would be great (@iamonloose) haha

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

[Anonymous]

@dtatham I'm a bit confused about this question too. The reason I picked B was that if the CPA is a stockholder, director or employee of the entity then he/she won't be independent so it would be a violation of SSARS. But then performing managerial services for a client itself is an independence issue.
Also by submission of financial statements it maybe means preparing the Financials?

[iamonloose]

haha I don't think I can help much with this one, this one is not on becker. But I picked B as my answer because SSARS is only for non issuers. Stockholder means it is a public entity and SSARS does not apply to issuers.

[HoosierCPA]

@iamonloose @annie yeah thats really the only connection I can make to SSARS is the independence reasoning.

“CPA provides the entity with controllership or other management services that include submission of financial statements” I cannot grasp in any way how that's a SSARS engagement. Ohhhh well maybe someone later on will stumble across this and give us a better explanation.

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

[HoosierCPA]

@annie I just realized I missed your last sentence. Yeah that's possible. I had considered that maybe the submission is another way of saying compilation — compilations do not require independence so maybe that's what we are missing???

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

[Anonymous]

@dtatham10 Oohh Yess! So there wouldn't be an independence issue if the CPA is Offering managerial services and also performing the compilation for the same client. In that case it's not really violating SSARS at all.
I sort of think that might be the right explanation.

[Jonathan]

@dtatham10 the way I understood that questions is the CPA works for the company so SSARS does not apply to him

[HoosierCPA]

@Jonathan I agree. If you work for the company you aren't going to draft up an audit report, engagement letter, rep letter, etc.

Can we confirm that the submission of the financial statements is the same thing as a compilation? That's the only area I'm not 100% sure in.

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

[tman102938]

@dtatham10 I agree with @Jonathan, that's the way I saw it too

BEC:69,79 PASS
FAR:77 PASS
REG: 7/30
AUD:68,64

"If you want something, go get it. Period."

[Jonathan]

@dtatham

I found this on SSARS21 which defines submission

Submission is defined as “prepares and presents.” Section 80 of SSARS No. 21 eliminates the need for the accountant to determine who prepared the financial statements by eliminating the submission requirement and making the compilation literature apply when the accountant is engaged to perform a compilation service.

But I think you might not be seeing the forest thru the trees. The point of the question, I think, is that a CPA who is working for a private company would not be governed by SSARS.

[HoosierCPA]

@jonathan me over analyzing a question???? NEVER!! haha. That is my worst enemy. I'm one of the few people when it comes to AUD that scores better when I answer quickly. It eliminates the overthinking — this is the perfect example!

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

[Moeshow]

This may be off topic but I don't know where else to ask this. Would any of you happen to know why my topics are not posted in the forum? I start a new thread but nothing is posted :/

BEC 2/26/2016 81
FAR 05/2016

Purely Roger CPA Review, for now!

[barfmode]

Hello All,

OK – I have some bad news and a dilemma to share.

I passed BEC in January on the first try (78), and REG on the 2nd try after barely failing the first time (73, 83). I am taking Rogers.

I took AUD earlier this month, on 9/3 and I got a very, very low score – a 51 (!). A few things happened – first, I got food poisoning on the weekend of 8/13, and could not study the entire weekend, which is when I have the most time to study thanks to my job in public accounting. Second, I had a family emergency 10 days later, and I could not really that much weekend either. Even still, I crammed the next two weeks and felt prepared.

I was getting about 90% on the multiple choice questions. However, I did not have time to study the SIMS, I maybe did 1-2 (not counting the research questions). Also, when taking the test, I felt like Rogers' questions did not prepare me for a bunch of the multiple choice questions.

My question is this: should I switch review courses? I'm thinking about adding Becker for AUD and FAR, the parts I have left. I found when taking REG that some of the test questions were not covered by Rogers' materials. Or should I just spend more time to study for AUD using Rogers? Are there any other supplemental review materials that you folks would recommend? I realize that cramming for tests can get derailed if someone's studies gets interrupted.

Any advice would be appreciated – I'm a fairly good student, and I get the material, so I'm not sure why I did so bad.

[Author]

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