AUD Study Group Q4 2014 - Page 6

Viewing 15 replies - 76 through 90 (of 1,961 total)
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  • #621160
    playonwards
    Member

    Hey all…

    I took Audit on August 29th and it was a strange animal. I would predict that I'll be studying for this one again. Was just going to throw in my 2 cents about the exam.

    For one, I used Becker and did EVERYTHING and did it all pretty well. Studied two chapters per week then had 10 days to review. There wasn't a section of the book that I couldn't get at least a 70%, generally closer to 80-90%, on regarding practice tests. I also hand-wrote notes from the book on basically anything they highlighted or had you underscore/write. I used this same strategy for FAR when I took it in July and I got a 92 on that exam.

    Taking this exam was a frustrating experience. There was A LOT of material on the MC portion of the exam that I felt Becker did not emphasize or cover at all. Additionally, maybe 50% of my MC questions were from the same chapter in Becker, and not necessarily the one you'd think. Obviously can't say which, but overall I was blown away by the MC section in terms of how “off” Becker was regarding what to study.

    The Sims were either so easy I could've done them after taking my Audit class in college or unnecessarily complicated due to the vague instructions. I obviously don't have my score yet but I'm certain my performance on the MC will drag my score dangerously close to a 75, if not below. There's another thread here where others emphasize the surprising difficulty of the exams first testlet of MC questions, so I don't believe it was just my exam.

    My point of this post is, don't take this exam lightly. I had heard it was the easiest, maybe on the level of BEC. I didn't let that effect my studying though and I still got hammered by the MC. Good luck!

    FAR- 92 (7/25/2014)
    AUD- 93 (8/30/2014)
    REG- 93 (10/10/2014)
    BEC- 91 (11/10/2014)

    Using Becker self-study only. Working full-time.

    #621994
    kappa1032
    Participant

    @playonwards – thanks for your input! I'll make sure not to take this one lightly. What do you think worked best in your eyes to retain all the info? Taking notes or doing lots of MCQ?

    FAR - 81
    REG - 74, 87
    AUD - 88
    BEC - 88

    Finally.

    “The only guarantee for failure is to stop trying”
    ― John C. Maxwell

    #621162
    kappa1032
    Participant

    @playonwards – thanks for your input! I'll make sure not to take this one lightly. What do you think worked best in your eyes to retain all the info? Taking notes or doing lots of MCQ?

    FAR - 81
    REG - 74, 87
    AUD - 88
    BEC - 88

    Finally.

    “The only guarantee for failure is to stop trying”
    ― John C. Maxwell

    #621164
    Anonymous
    Inactive

    What is the difference if any between emphasis of matter and other matter reports?

    #621995
    Anonymous
    Inactive

    What is the difference if any between emphasis of matter and other matter reports?

    #621166
    CSmith242
    Participant

    @CPAHOPEFULL11

    When conducting the audit of a private company, there is no requirement to express an opinion on the internal controls. But when auditing a public (PCAOB) company you are required to express an opinion on the internal controls. Now when is comes to Attestation Engagements it depends on the engagement. For a review of financial statements you provide negative assurance with a statement saying that you are unaware of any material modifications needed to have the financial statements be in conformity with the applicable financial reporting framework, therefore you are not required to express an opinion. When it comes to an examination there are many variations of an examination and what the engagement calls for. For instance, the engagement may be to examine the internal controls over financial reporting of a company, if that is the case then you must express an opinion as to whether the controls are operating effectively.. here are a fee links that could be really helpful.

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00501.pdf

    https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-00090.pdf

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00101.pdf

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00201.pdf

    #621996
    CSmith242
    Participant

    @CPAHOPEFULL11

    When conducting the audit of a private company, there is no requirement to express an opinion on the internal controls. But when auditing a public (PCAOB) company you are required to express an opinion on the internal controls. Now when is comes to Attestation Engagements it depends on the engagement. For a review of financial statements you provide negative assurance with a statement saying that you are unaware of any material modifications needed to have the financial statements be in conformity with the applicable financial reporting framework, therefore you are not required to express an opinion. When it comes to an examination there are many variations of an examination and what the engagement calls for. For instance, the engagement may be to examine the internal controls over financial reporting of a company, if that is the case then you must express an opinion as to whether the controls are operating effectively.. here are a fee links that could be really helpful.

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00501.pdf

    https://www.aicpa.org/Research/Standards/CompilationReview/DownloadableDocuments/AR-00090.pdf

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00101.pdf

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AT-00201.pdf

    #621168
    CSmith242
    Participant

    This talks about emphasis of matter and other matters paragraph

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-C-00706.pdf

    #621997
    CSmith242
    Participant

    This talks about emphasis of matter and other matters paragraph

    https://www.aicpa.org/Research/Standards/AuditAttest/DownloadableDocuments/AU-C-00706.pdf

    #621998
    Anonymous
    Inactive

    Thanks I'll check the link out in a little bit.

    So even in examination attestations you provide an opinion on ICFR? I thought that was only for public companies?

    #621170
    Anonymous
    Inactive

    Thanks I'll check the link out in a little bit.

    So even in examination attestations you provide an opinion on ICFR? I thought that was only for public companies?

    #621172
    Anonymous
    Inactive

    Question!

    Days Sales in Accounts Receivable = Average net receivables / net credit sales

    Net credit sale is for the Current year only? I read somewhere its says “Daily net credit sales” .. can anyone please explain

    ThQ

    #621999
    Anonymous
    Inactive

    Question!

    Days Sales in Accounts Receivable = Average net receivables / net credit sales

    Net credit sale is for the Current year only? I read somewhere its says “Daily net credit sales” .. can anyone please explain

    ThQ

    #621174
    Anonymous
    Inactive

    Yeah, net credit sales is for only the current year while the receivables are averaged out.

    #622000
    Anonymous
    Inactive

    Yeah, net credit sales is for only the current year while the receivables are averaged out.

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