[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for BEC.

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

[RE2PECT]

Thanks qfolmar! Hopefully third time's a charm 😉

You have plenty of time to prepare. Wish I was going for the last one like you!

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[jeff]

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

[mckan514w]

Good Luck @RE2PECT! This is your time! I wish I was going Monday- i am so SICK and tired of looking at this stuff I feel like I am just spinning my wheels most days I can't concentrate at all on this stuff- but prometrics had nothing open until the 13th… boo– so back to endless MCQ's and note writing for me…

@qfolmar- you totally have this!!! You are sooooo close (and I am so jealous 😉 )- you have plenty of time to nail it all down and hit it out of the park!

@jeff- answer is C 🙂

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

[qfolmar]

Awwwww, thanks @ mckan514w!!! I despise BEC!!! Wishing you luck on your retake as well. We got this!!!

FAR-79
REG-82
AUD-83
BEC- August 31st

[RE2PECT]

Thanks mckan514w! I can't wait to move on to REG and study something new. Besides the 3.5 weeks I studied for my AUD retake I've been studying for this since May! I wanted to retake it asap because my NTS for REG expires on 11/26 and wanted to give myself enough time to prepare. I see you passed REG so any advice would be appreciated 🙂

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[FARISFUN]

Does anyone here have a good source they use for the written communication portion of the exam? Or do you just look over some examples provided to you by your provider (i.e Becker or Ninja or Wiley)

[mckan514w]

@RE2PECT sad thing is I am so sick of studying BEC that I am actually looking forward to going back to FAR…. oh please I need a pass on this not sure I can study for it again… I have been at it since June with a 2 week Audit squeeze in between….

as for Reg- your Rogers right? I would honestly ditch the videos- all he pretty much did was read from the book… I stopped about 3 videos in…get the NINJA MCQ's and hit them until you know them inside and out… the bitch of REG was that so much of the info they test on can be found in the explanations to the MCQ's and not necessarily the MCQ's themselves… but I felt like out of all of them Ninja really prepared me for REG…. (I am also a tax geek so that prob helped a little as well)– and don't neglect the B-law easy points….

@FARISFUN theres no real way to prepare for the WCs… honestly my first go round my topics were so beyond random that no matter how much I would have read over my providers examples I wouldn't have been prepared for them. Just make sure you know how to write a good strong sentence with subject verb agreement and complete paragraphs. If you use the search engine there are several “templates” floating around… but subject matter can honestly be anything and everything- One of mine was from FAR and not a “major FAR topic either”….

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

[FARISFUN]

@mckan514w haha wonderful, can't wait for this experience. When people talk about the IT and COSO sections being difficult, how is that so? Like do they ask questions that aren't referenced in your study provider? Do they ask about really obscure small details from your provider? I am just trying to get a better understanding.

[Accountingbeans]

Does anyone know what percentage of the test is covered by Chapter 6? Couldn't find it anywhere.

Newbie
BEC- August 31

[mckan514w]

@farisfun yes and yes on COSO and IT–

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

[RE2PECT]

@mckan514w- I have Roger and the 10 pt combo. So Roger's REG videos are pretty much like AUD where he reads back the book to you? I skimmed through most of the AUD videos at 1.5 speed, but didn't find them very helpful. I feel Roger's at his best when there's calculations since he does a great job at breaking them down.

The only tax experience I have is an individual tax class I took in spring 2014 so I have a lot to learn. Was hoping the videos would help, but maybe I'd be better off reading both Roger and Ninja's book instead. I'm worried that I'm not giving myself enough time to study, but I have no choice but to take it on 11/26.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[mckan514w]

@RE2PECT I found the videos pretty worthless I can't compare them to the AUD ones because I did AUD in such a crunch that I didn't even watch one of them— but honestly I think you have left yourself plenty of time to study– the material is not hard- it is just really boring and dry so if you are fine with a lot of reading and concentrating on MCQ's you should be good. Like I said I think REG more than any other the MCQ's were key to passing. The tax part isn't that hard / complicated its just a different way of thinking and the best advice I can give you with tax is to go to the IRS website and download the 1040, Schedule A and Schedule K's and go through them as you go through the questions. Read them like you would the text book and you should be fine.

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

[RE2PECT]

Thanks for the info! I'm most interested in getting into tax when I start looking for a job so hopefully the material will click for me a little easier than other subjects. I'll definitely download all the tax forms you mentioned.

FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
AUD: 73, 81
BEC: 71, retake 8/29
REG:

[hhung1485]

Hi All,

May someone help me clarify the below question?

Generally, an organization will not operate beyond the limits of their risk appetite. Risk appetite has generally been exceeded when:

a. The likelihood and impact of negative events exceed residual risks.
b. The likelihood and impact of negative events significantly exceeds residual risks.
c. The likelihood and impact of positive events is significantly below residual risk.
d. The likelihood and impact of positive events is within the residual risk.

FAR - 93
REG - TBD
BEC -
AUD -

[mckan514w]

@hhung1485 – I would go with B here???

residual risk is the amount of risk that can not be eliminated or that remains after the company has taken steps to eliminate risk think of it mathematically
Residual Risk= Inherent Risk-Impact of Implemented Control-

So lets say you operate an amusement park. You carry insurance and feel that a 3% risk of a patron suffering an accident on one of your rides is an acceptable risk to take.

Further you note that there is one ride where currently 20% of all riders under five feet get injured on a particular ride. You feel these accidents can be reduced to 2% (which is below your risk appetite of 3%) if you put up a sign with a height bar and state that anyone shorter than the sign can not ride the ride.. it is up to your employee to enforce this. The 2% is your residual risk… accidents will still occur but at what frequency and is it worth it to keep the ride open.

Now lets say after a year you notice that your accident rate on the ride is 5% instead of 2%– this is above both your residual risk rate and your risk appetite level however you would probably decide that it is still worth it to keeping the ride open…

however what if after a year you notice that 15% of riders are still getting injured? This is significantly above your residual risk level and risk appetite so you would probably make the decision to shut the ride down.

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

[Author]

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