http://www.another71.com/cpa-exam-forum/forum/auditing-attestation Powered by Another71.com en-US Thu, 09 Feb 2012 10:36:43 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/aud-cpa-exam-review-2011#post-66740 Tue, 30 Nov 2010 10:59:54 +0000 Jeff - another71.com 66740@http://www.another71.com/cpa-exam-forum/ <p>NINJA Study Notes, Flashcards: <a href="http://www.another71.com/products-page/ninja-cpa-review-study-guides/" rel="nofollow">http://www.another71.com/products-page/ninja-cpa-review-study-guides/</a></p> <p>Wiley Software: <a href="http://www.another71.com/products-page/wiley-software/" rel="nofollow">http://www.another71.com/products-page/wiley-software/</a> </p> http://www.another71.com/cpa-exam-forum/topic/wileys-new-2012-version#post-143529 Fri, 27 Jan 2012 20:00:30 +0000 Givemesleep 143529@http://www.another71.com/cpa-exam-forum/ <p>After a small struggle logging in, I have tried it, nice improvement more user friendly. Anyone else try it? </p> http://www.another71.com/cpa-exam-forum/topic/review-material-1#post-146329 Wed, 08 Feb 2012 10:17:18 +0000 D21 146329@http://www.another71.com/cpa-exam-forum/ <p>Im looking to getting new review material. I was using becker but it expires in May of 2012. Since my firm will not pay upfront I am looking into Roger or Yaeger ( herd good things about both). The first &amp; only exam I took using Becker I did not pass. I do not blame becker because I really thought I learned the material. I think I didnt pass due to the fact that the day of the exam I had alot going on and my mind was in another place. I subcontiously rushed through the exam so that I wasnt late for another appointment I had after. Can anyone tell me there experience on either or going from becker to another. Im still going to keep the becker Books. (also what happens with the becker software when it expires? if its on ur computer does it just deny access after the expired date). </p> http://www.another71.com/cpa-exam-forum/topic/review-material#post-146328 Wed, 08 Feb 2012 10:17:03 +0000 D21 146328@http://www.another71.com/cpa-exam-forum/ <p>Im looking to getting new review material. I was using becker but it expires in May of 2012. Since my firm will not pay upfront I am looking into Roger or Yaeger ( herd good things about both). The first &amp; only exam I took using Becker I did not pass. I do not blame becker because I really thought I learned the material. I think I didnt pass due to the fact that the day of the exam I had alot going on and my mind was in another place. I subcontiously rushed through the exam so that I wasnt late for another appointment I had after. Can anyone tell me there experience on either or going from becker to another. Im still going to keep the becker Books. (also what happens with the becker software when it expires? if its on ur computer does it just deny access after the expired date). </p> http://www.another71.com/cpa-exam-forum/topic/my-practice-test-scores-going-through-the-roof#post-146223 Tue, 07 Feb 2012 17:20:53 +0000 goodluck2everyone 146223@http://www.another71.com/cpa-exam-forum/ <p>well I'm studying for audit for the second time and I'm finding myself scoring in the 80s (and 90s sometimes) on sample testlets. I take it again in a week and need a last boost of motivation from people who struggled with audit and passed it later :) </p> http://www.another71.com/cpa-exam-forum/topic/audit-score-1#post-145201 Sat, 04 Feb 2012 14:23:44 +0000 D21 145201@http://www.another71.com/cpa-exam-forum/ <p>Just looked at my audit score with great anticipation only to see a phat 57 slap me in the face. I was shocked, embarrassed for myself and just down right depressed. I had studied for 2 months and put in over 100 hours worth or study time. I used Becker to study and truly thought I had a strong grasp on the material. I was scoring between 65-90s on all of the multiple choice hw and quiz's. Im honestly just confused at this point. I thought the test had gone fairly well. MC was straight forward and the SIMS were tough but i thought i did ok on them. I would love to here some advice on how to go at this again. Failing just makes me want to pass more. PLEASE HELP.. </p> http://www.another71.com/cpa-exam-forum/topic/experienced-forum-members-only#post-145605 Sun, 05 Feb 2012 17:55:34 +0000 Givemesleep 145605@http://www.another71.com/cpa-exam-forum/ <p>My wife just asked me why I have a pair of red undies in my sock drawer, I said it's good luck, now she thinks I'm special.. what now? </p> http://www.another71.com/cpa-exam-forum/topic/aud-failed-0112#post-145602 Sun, 05 Feb 2012 17:43:21 +0000 Roadmaster 145602@http://www.another71.com/cpa-exam-forum/ <p>Hello everyone!</p> <p>I am new in this CPA exam process. I have taken audit on 01/09/12 and failed terribly. After I came out of the exam, I felt pretty confident about the exam, however, the exam score surprised me!<br /> Can anyone please help me with a study plan which will help me pass this exam? </p> http://www.another71.com/cpa-exam-forum/topic/quick-help-in-aud#post-143968 Tue, 31 Jan 2012 02:30:28 +0000 Sowmiya 143968@http://www.another71.com/cpa-exam-forum/ <p>Hi Friends,</p> <p>My AUD exam is on Feb 9th. What is the best way to work on operating cycles in Internal control module and Other specific audit evidence topics in module 4? Also i haven't took FAR.. I am just afraid about the journal entries in simulations.. Please give me some suggestions... </p> http://www.another71.com/cpa-exam-forum/topic/gleim-cpa-audit-2#post-144710 Fri, 03 Feb 2012 12:49:38 +0000 CPA Genie 144710@http://www.another71.com/cpa-exam-forum/ <p>Hi everyone,</p> <p>I tried to purchase Gleim review software, but I am not sure the software include simulation. Has anyone else used the software from Gleim? How is your experience like? Do I have to purchase seperate software for simulation? Thank you. </p> http://www.another71.com/cpa-exam-forum/topic/those-waiting-on-grades-shall-we-tempt-fate#post-144515 Thu, 02 Feb 2012 13:34:04 +0000 CPApending 144515@http://www.another71.com/cpa-exam-forum/ <p>Those who aren't supersticious among us and who are waiting on grades Monday (presuming they are released according to schedule)... let's hear it.</p> <p>What part are you waiting on?<br /> What score do you think you will get?</p> <p>It's all in fun.</p> <p>CPAPending </p> http://www.another71.com/cpa-exam-forum/topic/help-with-an-aud-concept-please#post-145208 Sat, 04 Feb 2012 14:33:03 +0000 apbandj 145208@http://www.another71.com/cpa-exam-forum/ <p>It doesn't make sense to me why an increase in the risk of assessing control risk too low would decrease sample size. Since assessing control risk too low could cause the audit to be ineffective, it looks like you would want to increase sample size to sort of offset the risk. Would someone explain this to me? Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/not-sure-how-to-feel#post-145135 Sat, 04 Feb 2012 12:28:41 +0000 cea24887 145135@http://www.another71.com/cpa-exam-forum/ <p>Well I just checked my results for AUD, and I am absolutely shocked.</p> <p>86.</p> <p>I only had time to read 2 out of the 5 Becker sections. I did all of the multiple choice questions once, and did pretty bad on them, but they were all fresh in my mind on test day. Also, this was the first section I used Jeff's Ninja notes; I read through them two or three times.</p> <p>On test day, I thought the multiple choice questions were pretty easy, which is of course reason to worry... wondering why they aren't getting any harder. The sims though.... WOW were they rough. I was sure on maybe 2 of them. Finished the exam with 2 hours left (yes... 2 hours) and walked out with a sense of peace unlike anything I've felt before after one of these exams. I knew that there was a chance I passed, but at the same time I felt like I didn't deserve it because of how little effort I put into this particular exam. I still kinda feel like I didn't deserve to pass, but.....</p> <p>I DON'T CARE! ONE MORE TO GO!!! </p> http://www.another71.com/cpa-exam-forum/topic/auditing-review-suggestions#post-145050 Sat, 04 Feb 2012 08:27:55 +0000 cpachic 145050@http://www.another71.com/cpa-exam-forum/ <p>I sit for the audit exam on the 28th and I currently use Beceker Review Course. I want to be able to work a lot of MCQ and simulations and was wondering what other resources i can use.....i have heard of the Wiley Test bank? Please what suggestions to you have? And any other tips on passing AUD would be helpful too. </p> <p>Thanks </p> http://www.another71.com/cpa-exam-forum/topic/test-of-controls-issuer-vs-non-issuer-clarification-1#post-144472 Thu, 02 Feb 2012 08:56:37 +0000 sdaccount 144472@http://www.another71.com/cpa-exam-forum/ <p>For a non issuer, after getting an understanding of the clients internal control, its assessed as weak. Because its weak, I'm going to skip the test of internal control and focus on substantive testing.</p> <p>If the same company was an issuer with weak internal controls I am going to focus on substantive tests. I am still going to perform test of controls to form an opinion of the company's internal control.</p> <p>Is that correct? </p> http://www.another71.com/cpa-exam-forum/topic/you-know-your-a-cpa-candidate-when-jeff-foxworthy-1#post-140976 Fri, 06 Jan 2012 20:43:59 +0000 hawkmante 140976@http://www.another71.com/cpa-exam-forum/ <p>Just seeing if we could get any fun out of this. I'll start with mine..</p> <p>you know you are a CPA candidate when.. you buy $100.00 head phones to better your listening experience with AUD gleim CD's</p> <p>also, </p> <p>you know you are a CPA candidate when... you start your joke at the office with I heard this one off another71.com </p> http://www.another71.com/cpa-exam-forum/topic/risk-of-incorrect-acceptance-explanation-please#post-144139 Tue, 31 Jan 2012 22:25:59 +0000 HearnUC 144139@http://www.another71.com/cpa-exam-forum/ <p>Hi all, I am doing some multiple choice questions for auditing and working on sampling section. Regarding risk of incorrect acceptance, I could NOT find anywhere where it says if the risk of incorrect acceptance increases, you must decrease the sample size. I tried reading where they introduced the topic originally, but couldn't find it there or in the rest of the section.</p> <p>It may be because my brain is fried after watching the lecture then attempting the questions, but if anyone could give guidance as to where the explanation is, or if its obvious by definition, please explain.</p> <p>THANKS! </p> http://www.another71.com/cpa-exam-forum/topic/just-took-audit-1#post-144089 Tue, 31 Jan 2012 17:24:33 +0000 wang000 144089@http://www.another71.com/cpa-exam-forum/ <p>My experience of audit exam was intense and know I failed. </p> <p>It's my last part and the only part that I ran out of time due to the research tab. I'm sure that I didn't nail the last two parts of that question after 1 hour searching. </p> <p>The MC is not bad, but not easy as well. I felt that each tab is about medium-hard level. I spent 40 minutes on each tab, and marked total 7 questions. </p> <p>The first sim was research! It's hard, and no obvious key words. I spent 20 minute on it and gave up.<br /> It really ruined my mood by knowing I lost 6-8 points already. I rushed to the next 6 tabs, 7-8 minutes each. and knowing that I made a lot guess, and two of the tabs were testing the same thing. </p> http://www.another71.com/cpa-exam-forum/topic/multiple-choice-strategy#post-143790 Sun, 29 Jan 2012 23:56:20 +0000 HearnUC 143790@http://www.another71.com/cpa-exam-forum/ <p>Hi all, I found this forum while searching for studying strategies regarding Becker and found everyone's input very helpful so I have come to ask personally for more suggestions.</p> <p>When I work on the multiple choice questions, should I be completely closing the book when do them or use it intermittently if I get stumped on a question. I try to distance myself from the book as much as possible doing the questions, but find myself sometimes looking to either get clarification on my initial answer or just try to find it. On an average of 25 questions, I'd say I look for help on about 5-8 questions. </p> <p>All suggestions and input is welcome and I'd really appreciate it.</p> <p>Good luck to all!! </p> http://www.another71.com/cpa-exam-forum/topic/financial-ratios-for-aud#post-143792 Mon, 30 Jan 2012 00:50:03 +0000 dtomasello 143792@http://www.another71.com/cpa-exam-forum/ <p>How must time should I spend memorizing the 30+ financial ratios listed in Becker?!?</p> <p>I remember a few of them from FAR but I don't want to waste my time trying to remember all this junk if there are only a handful I REALLY actually need to know...</p> <p>Thanks! </p> http://www.another71.com/cpa-exam-forum/topic/of-hours-non-indpnt-auditor-can-work-on-audit#post-143718 Sun, 29 Jan 2012 12:43:35 +0000 Jessica527 143718@http://www.another71.com/cpa-exam-forum/ <p>Hello and thank you all for answering my other questions! </p> <p>I am stumped on one question that my software is asking, yet I can't find it in my material: </p> <p>How many hours can a "Non-Independent" Auditor work on a client's audit in one year? </p> <p>I assumed it was 0 but my choices are - 10, 20, 50, or 100.</p> <p>Any idea? TIA! </p> http://www.another71.com/cpa-exam-forum/topic/honest-abe-question-on-simulation-grading#post-143638 Sat, 28 Jan 2012 16:51:11 +0000 CPApending 143638@http://www.another71.com/cpa-exam-forum/ <p>Does anyone have an idea of how these things are graded? I am fairly certain that I did very well on MCQ's so my grade will hinge on the Sims.</p> <p>I'm trying to figure out how they grade the stupid things. </p> <p>1) Do they take the grades of the six kept Sims and then average those grade to get your overall?</p> <p>2) Do they have a total number of answers (say 50) and you just build points based on the number you get right?</p> <p>3) Are they graded based on difficulty like the MCQ's?</p> <p>4) If you perform poorly on two of the six kept, do those get averaged in to the overall score?1</p> <p>I know I made an 85% or higher on three of them and 100% on the research question. The others, who knows. I'm hoping one of the other three gets thrown out leaving two where I might have done poorly.</p> <p>CPAPending </p> http://www.another71.com/cpa-exam-forum/topic/order-of-parts#post-143367 Thu, 26 Jan 2012 20:16:45 +0000 Givemesleep 143367@http://www.another71.com/cpa-exam-forum/ <p>Just a suggestion. Take BEC before Aud. There is a ton of BEC on AUD especially relating to internal controls. Once you study coso for BEC the internal control part of AUD is just a totally recall. 2/3 can't come fast enough I need to know my BEC score it's effecting my studying. Never want to do this again !! If I can pass BEC, then my motivation will be high since I passed REG, then on to the beast FAR. </p> http://www.another71.com/cpa-exam-forum/topic/score-release-question-1#post-143424 Fri, 27 Jan 2012 08:42:03 +0000 CPApending 143424@http://www.another71.com/cpa-exam-forum/ <p>Hi, I took Aud on 1/18 so my scores should be release on 2/3.</p> <p>My questions is WHEN on 2/3 are the scores generally available....morning, mid-day, evening, night, NEVER? :D</p> <p>Thanks,<br /> CPAPending </p> http://www.another71.com/cpa-exam-forum/topic/my-aud-experience-yesterday#post-142747 Fri, 20 Jan 2012 15:28:42 +0000 AshleyCap 142747@http://www.another71.com/cpa-exam-forum/ <p>So for those of you that don't know we have had crazy amount of snow here the last few days - thankfully it's starting to warm up and melt now, however that wasn't the case yesterday...</p> <p>After two days of snow and me being in a hotel both of those days trying to study... I got up yesterday and got ready to go... my test wasn't until 2:30 so I thought I'd get in some NINJA notes study time before hand. Well the power went out at the hotel right after I was done getting ready (WHEW). Went out to my car to assess the damage that the snow had done (remember it had been sitting there for two days getting pounded on with snow and then freezing into ice at night...) took me an hour to get all the snow and ice off of my car... then had to bring all of my stuff down 4 flights of stairs as the elevators weren't working. Took 20 minutes to get out of the parking lot as there was tons of snow and ice around my car.... Tried to call the prometric site to see if they were even open... went straight to voicemail saying "sorry we're unavailable right now please leave a message and we'll get back to you..." uh? Ok does that mean they're open? closed? Better drive there to make sure...</p> <p>Get to the testing site (FINALLY - it's about 1:30 pm now) - they're open. Ok look over my NINJA notes and walk in around 2:20. </p> <p>1st testlet - Pretty decent only needed to double check a couple of questions as I always seem to second guess myself...</p> <p>2nd testlet - harder but still doable, I do mark about 5 questions to double check before I go to the next screen....</p> <p>3rd testlet - harder ... UM? A couple of questions where I was like WHAT?! But think I did OK</p> <p>have a little over 2:30 hours for SIMS decide to go out and take a break eat a few grapes get a drink of water... thinking ok time to go back in and see what they throw at me!....</p> <p>SIMS - OMG!!! Seriously brutal. I'm sorry but if that is what AUD sims are wow... there were a couple where I felt OK with not 100% but OK. The research question I think I got but not completely sure.... as for the other 4... I didn't not understand them it was more of what are they really asking? And why do I have to completely try to remember FAR stuff right now?! </p> <p>Overall I think I did OK, but to be honest really think this one I may have to retake. Left the testing site wanting to just burst into tears... was an awful day trying to get there and I am definitely glad it is over! Now if only 2/3 would hurry up! </p> <p>My review course for BEC starts Monday so I'm taking a few days to clear my head and get back on track. What's done is done now it's time to change gears and study for BEC and hope for the best for AUD.... </p> http://www.another71.com/cpa-exam-forum/topic/is-it-me-or-is-this-torture#post-143371 Thu, 26 Jan 2012 20:49:04 +0000 Givemesleep 143371@http://www.another71.com/cpa-exam-forum/ <p>Order of my experience.</p> <p>Listen to a 45 min video</p> <p>Listen to another 45 min video</p> <p>Read textbook, really read text book</p> <p>Do homework problems</p> <p>Take simulation score a 20%</p> <p>Take simulation score another 20%</p> <p>F'me </p> http://www.another71.com/cpa-exam-forum/topic/cpa-class-of-2012on-deck#post-137752 Wed, 14 Dec 2011 08:53:53 +0000 nextstopCPA 137752@http://www.another71.com/cpa-exam-forum/ <p>I wanted to start a thread for all those that plan to graduate from the CPA Exam in 2012. What sections are you taking, when, and what is your plan? </p> <p>I will go first. I failed AUD in Nov. 2011. Funny thing is that I told myself that if I fail it would be because of this and this and sure enough, my score report proved me right. </p> <p>I am taking AUD and BEC in the first quarter. I have noticed that I do best when I am in study mode so I plan to study for both sections simultaneously. Whenever I take a break in between tests, it takes a while for me to gear back up or I just lack motivation. I am using Gleim for both and starting from scratch. I perform better through self-study by reading, taking notes, and doing multiple choice questions. Lectures are good but not my cup of tea. </p> <p>Here's to passing in 2012. Now off the forums and back to studying! </p> http://www.another71.com/cpa-exam-forum/topic/someone-help-me-get-grounded#post-142777 Fri, 20 Jan 2012 19:46:10 +0000 Givemesleep 142777@http://www.another71.com/cpa-exam-forum/ <p>I am finding the Wiley AUD Q's too easy, I am not an auditor, more tax than the rest. What parts of this become hard, I am only thru AUD 1, probably will realize how srewed I am soon, but dont feel the slight bit challenged yet. Getting 90's and feel strange doing this well. Is it Wiley? Vouch this, talk to the audit committee, downsize to a review blah blah blah. Seems like common sense. I hate auditors, just so you know, prima-donnas. </p> <p>Why did the auditor cross the road? Because it was there last year .. . . . . SALY, DILLY Tippicanoe. </p> http://www.another71.com/cpa-exam-forum/topic/need-help-understanding-some-audit-concepts#post-143050 Mon, 23 Jan 2012 21:52:47 +0000 seva 143050@http://www.another71.com/cpa-exam-forum/ <p>Hey Everyone! </p> <p>I've been a regular lurker of this website since last April and finally got around to creating an account. I am preparing for the Audit exam the third time now and have finally decided to put my heart into this a 100%. I absolutely hated audit, but I think I am finally starting to grasp it. I have a few questions and I would really appreciate your help in answering them. This is such a supportive community. Thank you in advance! </p> <p>1. So apparently, independence of an Auditor is considered to be impaired if the auditor is a "distributor" of the client's products. [Audit- Wiley 2011- Pg 58- Interpretation 101-12 (1)]. My question is would a recommendation of a client's product to a third party, and that third party subsequently purchases it (1) from the auditor (2) directly from the client also impair independence? </p> <p>2. Apparently Non-Audit services (Review, Compilation, Examination) of a private entity is governed by the SSARS. My question is what standards govern the non-audit services of a public entity? I understand that the audit services of a public entity are governed by SAS, PCAOB standards, but I did not come across Review, Compilation standards for public entity anywhere... </p> <p>3. The Code of Professional Conduct applies to all AICPA members, whether they are in public practice or private. But I was wondering if there are any "rules" for Non-AICPA members? I know its possible to practice without being a member, but just wondering how they are regulated... </p> <p>4. Also, according to Wiley Pg 55, first bullet point (c), a covered member cannot provide more than 10 hours of non-attest services. This implies that providing 10 hours of non-attest services are okay right? Does that mean it would be okay to provide consulting services or actuarial services of 9.5 hours? My main concern here is wouldn't the work that you provided, even just for 9.5, be under threat of self-review? Is that concern minor/ not practical in the real world? </p> <p>Some of these may be silly questions, but I was stumped and kept wondering about it. Thank you! </p> http://www.another71.com/cpa-exam-forum/topic/good-luck-mylifeiscpaand-all-others-testing-this-week#post-143161 Tue, 24 Jan 2012 23:05:29 +0000 yankeeaccountant 143161@http://www.another71.com/cpa-exam-forum/ <p>@MylifeisCpa,</p> <p>Ok, tomorrow is the big day.....I know that you are ready to kick some Audit @ss tomorrow!!! Best of luck to ya...and keep us posted. </p> <p>~~~~~~</p> <p>Good luck to all testing this week!!!!!! Don't forget to wear RED ;) </p>