[Q3] AUD Study Group 2014 - Page 10

Viewing 15 replies - 136 through 150 (of 1,389 total)
  • Author
    Replies
  • #592279
    Gabe
    Participant

    @Fayas…let's say materiality is $10,000…You are looking at all the cash accounts and notice that the petty cash account has decreased $500. Petty cash rarely changes and even though it is well below materiality some managers/partners still want you to “ask the question” of the client. Does that help?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #592280
    Anonymous
    Inactive

    It depends, I'm going all out per my earlier post.

    I'm also going to spend more time actually looking up the sims in the book, along with Jeff's system.

    Seeing so many people use his ten point and pass, made me take advantage of the buy two get one sale.

    #592281
    Anonymous
    Inactive

    Thanks for the advice and for sharing your story, Ancel! Now it's time to hit the books. Good luck studying, everyone!

    #592282
    Gabe
    Participant

    So…I thought this might be fun/helpful. There are certain things that I have a hard time remembering for whatever reason so I made up some silly ways to remember them. If anyone has anything else- throw it out there. It may help someone else remember.

    Adverse vs. Disclaimer

    I always see those old Gap ads on TV and think they are so cheesy…so to remember that an adverse opinion is used for GAAP departures, I think Gap (GAAP) ads (adverse) are the worst.

    Financials Forecasts and Projections

    Forecasts- I always say A, B, C, D, E, F, G (general use!), limited use

    Projections- limited use only

    Yellow Book Standards

    I've done a few yellow book standard audits and they're always a pain…so I think of the phrase “they'll throw the book at you” to remind myself that it is the most strict.

    Hope this helps someone on test day šŸ™‚

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #592283
    Fk
    Participant

    @cindywindy, i would recommend purchasing Lambers Audit video , half of your time will be saved . Its really good.

    Fk
    #592284
    Fk
    Participant

    @gabequinn . Sorry !!! Nope.

    Fk
    #592285
    Gabe
    Participant

    @Fayas what is confusing you?

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #592286
    Fk
    Participant

    @abequinn “The materiality determined when planning the audit does not necessarily establish an amount below which uncorrected misstatements, individually or in the aggregate, will always be evaluated as immaterial “

    Fk
    #592287
    Gabe
    Participant

    @Fayas It's just saying that even though materiality is set at $10,000, that doesn't mean we (the auditors) won't look at variances under $10,000 or book an adjustment for under $10,000. So, even though a variance is below $10,000, it could still be considered material- it just depends on the circumstance.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #592288
    Fk
    Participant

    @gabequinn , Got It …

    Fk
    #592289
    iddyrashy
    Member

    @NYCaccountant, Yes and Yes. Justified emphasis of the matter, unjustified departure depends on pervasiveness issue qualified/adverse

    AUD 89 (07/06/14)
    REG 83 (08/27/2015)
    FAR 78 (04/27/2015)
    BEC 75 (11/13/2015)

    TEXAS 2016

    #592290
    NYCaccountant
    Participant

    How are you guys doing in Ninja? I been doing the questions through this test bank lately because it's harder.

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #592291
    jeff
    Keymaster

    NINJA Faye Passes AUD!

    https://www.another71.com/ninja-cpa-blogger-faye-3/

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
    #592292
    cpain2015
    Participant

    I feel as though in AUD there are only so many questions that can be asked. Has anyone seen questions of the exam that are just a reflection of the M/C questions they have seen in study prep? Or are the questions entirely new?

    AUD - 96
    BEC - 79
    FAR - 75
    REG - 89

    PASSED IN 2015 - ALL WITH NINJACPAREVIEW

    FAR - 73, 75 PASSED
    AUD - 74, 96
    BEC - 79
    REG - 89! Done. I'm a CPA!!

    #592293
    Gabe
    Participant

    @NYC I've been using Ninja since I started re-studying. I have memorized all the WTB and 90% of the Becker ones too. The Ninja ones are harder, in my opinion. OT- do you know if there's a way to pick sims from a specific section in Ninja?

    @CPA It may be because I am an auditor, but I feel like if you know the material all the questions are just variations of MCQs in WTB or Becker or Ninja. I was surprised by any questions on the exam.

    CPA, CFE
    CISA- Experience will be completed by August 2016

Viewing 15 replies - 136 through 150 (of 1,389 total)
  • You must be logged in to reply to this topic.