[jeff]

This is for people taking their exams in the July/August 2010 testing window.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[NY.CPA.Someday]

I was just wondering if Section 101 of the Sarbanes Oxley act (Independence requirements) is covered in this section of the CPA exam. I was always under the assumption that this was tested on the Regulation portion of the exam. I noticed that in A1 of the Becker review materials there are several questions that pertain to specific Independence requirements from section 101 (questions on covered members, direct financial interests, etc.) in the supplementary questions. Any insight would be greatly appreciated.

FAR - 8/4 - 93
AUD - 8/26/10 - 97
REG - 10/3/10 - 93
BEC - 11/21/10 - 82

[Anonymous]

There is an update to 2009 A1 on the Becker website that covers Auditor's Independence. They recommend reviewing this material.

[NY.CPA.Someday]

I'm using the 2010 materials but had noticed information pertaining to Section 101 in the second appendix. It also included a note that stated it was derived from the Regulation text. I'd rather be more rather than less prepared but I was just curious if this was strictly for informative purposes. Thank you for the insight CPAWannaBe. You appear to be a very informative and helpful person on this board and I really hope you aced your FAR exam. All I can say about my FAR exam is that there were many questions that weren't covered in the Becker material.

FAR - 8/4 - 93
AUD - 8/26/10 - 97
REG - 10/3/10 - 93
BEC - 11/21/10 - 82

[Anonymous]

*smile*

I have been reading this forum a long time and learned a great deal from here. We all have one thing in common and it's nice to have a place to share our feelings and experiences.

On all three attempts at FAR I had a few things not covered by Becker. Hopefully they were pretest, or we guessed correctly!

[Anonymous]

Becker misses *a lot* of things, or, even worse, buries important stuff in an Appendix, which, IMO, is sort of an afterthought to be reviewed only if you have the time (and who does???). I'm studying now for BEC and finding a lot of really good information in the Appendices…why not just make them part of the regular text?

I will say, though, specifically regarding independence and 101–independence is a BFD. The only public accounting experience I have is Big 4 and my firm had individuals on staff whose sole job was to track independence. Furthermore, every client serving professional has to update his/her independence at least annually (more frequently if manager or above). My point is that, considering how important it is to the profession (and the fines the PCAOB will slap on your a$$ if it's violated), independence is certainly not something to gloss over and Becker doesn't give it the consideration it deserves.

[msm3579]

AU1222

I think you get hung up on details, I am not going for start A's on the exam, I am just looking at getting a 75 on the exam. So far I left the exam felt like there was no way I passed. I have been using Becker as my choice of study material, I have passed the first two exams that I took, and waiting on Audit. Honestly there is no way that a review course hit every topic…

FAR: Passed 4/12 | BEC: Passed 5/31 | AUD: Passed 7/19 | REG: Passed 8/30

[Anonymous]

A detail-oriented accountant? I perish the thought;). Trust me, while working 50+ hours/week with a 5-year old and a 2-year old at home, I don't have to time to get caught up in minutae, either.

I understand what you're saying, but I am talking about more than just minutae not covered by Becker. Both of my written tabs covered a subject that Becker flat-out ignored.

[Anonymous]

1 – the exam is sort of curved. I've taken multiple exams (far n bec) where I left the testing site feeling like I got hit by a bus and dragged on for a few blocks. I was ready to quite. I received an 86 and an 89. On far I left. Multiple sim tabs blank (in both sims ..so at least a few of my pathetic attempts or lack there of counted). The end result was I passed with a SAT or GMAT in which ur going to get a lot wrong but will still pass or get a decent score.

2- Aud is an easier subject for most ppl to do well on, as opposed to financial or reg. In turn, the curve I mentioned ealiar is not a steep. But I'm sure its still there.

3- this forum should not be used as a benchmark. Most ppl posting are gogetters or at least those ppl that don't care as much are not here sharing how much effort they don't put in.

4- the person that has two kids at home and got a 97 on an exam needs to get his priorities straight. 97 ..stop wasting ur life. I will say this is comiing from an unhappy big 4 slave.

5- I think the rewards that come with passing this exam are almost not worth it. I'm talking about money, accounts for the most part ..Vast majority .. not rich or even not “that” well off. Construction worker make more than me (a lot more in many cases) and I'm a sr ass at a big 4. I'm also a top rated employee … which got me the slimist of performance based raises and also got me a lott more work.then again it could be worse. Mcdonalds

6- wen u check ur score and see a passing grade…wat a feeling! Good luck everyone

[NY.CPA.Someday]

NJ, I think you have the wrong attitude as far as compensation is concerned. I'm also an employee at a Big 4 accounting firm but let's be honest… Senior is still a peon in the grand scheme of the accounting/auditing hierarchy even though they brunt some of the most responsibility for engagements. As you progress through the ranks to higher levels you will surely be compensated for it. Also, I don't have to tell you that the most advantageous opportunities for accountants don't lie in the public sector. Once your skills are transferred into private industry your compensation will double/tripple and your workload will be severely reduced. With that in mind, I'm sure you will be quite successful if you perceive your situation in that manner and take this opportunity to learn all you can. Obviously if they promoted you to the rank of senior and you're receiving the best performance reviews, you're a qualified and capable individual. I wish you the best of luck. By the way, my regards on Kovalchuk.

FAR - 8/4 - 93
AUD - 8/26/10 - 97
REG - 10/3/10 - 93
BEC - 11/21/10 - 82

[Anonymous]

NJ Devitz, I would appreciate it greatly if you would restrict your advice to the exam and leave my priorities out of it. First of all, I have never brought up my score on FAR, nor have I discussed the amount effort I put in. I have my score in my tagline, just as dozens of other posters here (yourself included) do. Not that it's any of your business, but since you felt the need to dispense advice, I am a 33-year old *mother* of two children. I was trying to lightheartedly mention to the other poster that I do not, in fact, perseverate on details while studying, I don't have the time. Because you seem so concerned, I studied about 120 hours total for FAR–mostly on my lunch breaks, after my kids went to bed and on weekends when they had daddy time. I believe that is right at the recommeded number of hours. I probably overstudied, but given that it was my first section, I had no idea what to expect. I studied approximately 80 hours for AUD–again level with the recommendation and am on tract for about the same for BEC. I suppose my score had a lot to do with the fact that, yes, I am an intelligent, but also experienced person, as well as the fact that the scores are curved. Furthermore (and since you were concerned about my priorities) I have left Big 4 because of the effect the long hours and travel had on my boys. I lost my job in banking (my bank failed) and thought it would be a good career move to enter public accounting…of course, it wasn't, but I am certainly qualified enough to gauge what is best for my family without some indvidual hiding behind the veil of anonimity of a message board to tell me how to live my life.

[jeff]

Come on Devils…97 or 77 the amount of “time” spent studying is probably the same.

People who study while trying to balance a young family/work/etc are superheroes.

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[msm3579]

AU1222,

Your point understood! Good luck!

FAR: Passed 4/12 | BEC: Passed 5/31 | AUD: Passed 7/19 | REG: Passed 8/30

[gabe1475]

NJ Devilz – just to put it in perspective I have worked for 11 years in accounting and made it to a 6 figure salary, so yes you can get very far without those three letters. Here is where the problem comes in, the company I worked for for the past 5 years just went through bankruptcy and I find myself not being able to find a comparable job without the CPA certification. I would not even mind taking a step back, but then all you hear is you are overqualified. In this job market it is crucial for you to compete with the number of people applying for each job. After the market gets better, earnings potential should be alot better as well assuming you take your job seriously. I also have a family and make sure that I have a decent work/life balance. This may not be possible for some who want to start off in public accounting.

FAR - 95
AUD - 82
REG - 94
BEC - 84

[Anonymous]

Ok.. AU1222.. ill give u a well deserved apology. Its easy to throw comments around wen know one knows who u really are. I was trying to spicy the convo up by commenting on u to convey the point that the avg account works harder than they should for wat they are compensated. Stock brokers, construction workers, everyone.. is making more deniro per hour than us. Yes, I agree ten yrs into ur career u can make good money but ten yrs in another prof may make u just as much or more with the added value of ull prob have more of a life. I'm in a pesimistic mood, which I wouldn't recommend anyone following by lead on that. Its prob the fact that I have a gf pressuring me to get married n I have no time to think about it. Or no money to make it happen.

AU1222, raising two kids alone is impressive. I prob could not accomplish wat u have.

[Anonymous]

Hey NJ Devilz, I am 23 years old and I'm the one who pressured my girlfriend to marry me because she is the one that pushes me to continue studying. I passed FAR. I took AUD and felt like I bombed the test. I can't keep my mind off thinking about that test. I have a friend that is a father of 3 kids and he did it. I think that people that do sacrifices deserves to accomplish what they think they can do.

[Author]

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