AUD Study Group 2019

CPA Exam Review CPA Exam Forum AUD AUD Review AUD Study Group 2019

This topic contains 104 replies, has 59 voices, and was last updated by  Sal 5 days, 2 hours ago.

Viewing 15 posts - 91 through 105 (of 105 total)
  • Author
    Posts
  • #2274765

    Amber
    Participant

    I have only taken it once and got a 55. Worst part was I felt really prepared. Currently reviewing to take it again in a couple weeks.

    #2276637

    Bruck711
    Participant

    I would suggest to look at the Blueprints again and try to recall the questions that you got on the exam. How close was the exam content to the blueprints? Try to remember what question did you get for each item on the blueprint and then go and read that section in the book to kind of figure out what went wrong. Do not get discouraged!

    AUD - May 14, 2019
    #2281383

    Sal
    Participant

    I have hard time understanding the questions at times. Can you give any tips? I have constantly studied the concepts but get caught up with the confusion by the wording.

    Why do the risks of material misstatement need to be identified and assessed at the financial statement level in addition to the relevant assertion level for classes of transactions, account balances, and disclosures?

    [Correct Answer ] Risks at the financial statement level require an overall response by the auditor.
    [Incorrect Answer] The audit opinion is based on the financial statement as a whole.

    The nature of risks at the financial statement level requires an overall response by the auditor. All of the other answer alternatives are true, but they are not responsive to the question.

    Can anyone explain this further.

    - SAL
    #2282100

    Nathan
    Participant

    3/25/2019. Audit day one

    AUD - NINJA in Training
    BEC - 83
    FAR - 73
    REG - NINJA in Training
    !
    #2286582

    Ng
    Participant

    Hi
    this is my fifth time taking audit and I need help in the study method I read the chapter and then do mcq but I dont understand the questions and every answer seems right what should I do is there a better study method or what help me

    #2287086

    Adam
    Participant

    Hi I am retaking Audit and was just wondering if anyone had any tips on how to study for a retake? I felt like I knew the information going into my exam in early January and my review so far has me feeling confident that I know the material. However, considering I failed there must be something I am missing.

    AUD - 73
    BEC - 80
    FAR - 89
    REG - 83
    WileyCPA
    #2292132

    Sal
    Participant

    An auditor desired to test credit approval on 10,000 sales invoices processed during the year. The auditor designed a statistical sample that would provide 1% risk of assessing control risk too low (99% confidence) that not more than 7% of the sales invoices lacked approval. The auditor estimated from previous experience that about 2.5% of the sales invoices lacked approval. A sample of 200 invoices was examined and 7 of them were lacking approval. The auditor then determined the achieved upper precision limit to be 8%. In the evaluation of this sample, the auditor decided to increase the level of the preliminary assessment of control risk because the:

    answer : Tolerable rate (7%) was less than the achieved upper precision limit (8%).
    [The auditor would increase the preliminary assessment of control risk because the achieved upper precision limit of 8% (sample error rate plus an allowance for sampling risk) exceeded the tolerable error rate of 7% (determined by professional judgment). Therefore, the results of the test did not allow the auditor to conclude with 99% confidence that the error rate in the population did not exceed 7%.]

    *** I see get the error rate was increased from 7 – > 8% is it proportional to increase from 2.5% to 3.5% (7/200) or just by mere judgement to go up to 8% from 7% increase by 1% ?

    - SAL
    #2310378

    Lisha
    Participant

    Hi all,

    Is there a Scope Paragraph anymore? I checked my Ninja Book and Becker book and both showed updated audit report contents. Would anyone help me with below question? I am confused now..
    ——————————————————————————————————————————
    Question # 625 | Blueprint Area: 4 A i : Forming an Audit Opinion, Including Modification of an Auditor’s Opinion

    When a qualified opinion on the financial statements of a private company results from a limitation on the scope of the audit, the situation should be described in an explanatory paragraph

    A. Preceding the opinion paragraph and referred to only in the scope paragraph of the audit report
    B. Following the opinion paragraph and referred to in both the scope and opinion paragraphs of the audit report
    C. Following the opinion paragraph and referred to only in the scope paragraph of the audit report
    D. Preceding the opinion paragraph and referred to in both the scope and opinion paragraphs of the audit report
    You answered A. The correct answer is D.
    The correct answer is option (D)

    When a qualified opinion results from a limitation on the scope of the audit or an insufficiency of audit evidence, the situation should be described in an explanatory paragraph preceding the opinion paragraph and referred to in both the scope paragraph (it is not appropriate for the scope of the audit to be explained in a note to the financial statements, since the description of the audit scope is the responsibility of the auditor and not that of the client) and opinion paragraph of the audit report.

    The scope paragraph's opening sentence is modified as follows:

    Except as discussed in the following paragraph, we conducted…

    The opinion paragraph is modified as follows:

    In our opinion, except for…

    Option (A), (B) and (C) are incorrect as per above explanation.
    ———————————————————————————————————————–

    Thank you in advance!

    #2318568

    Wineclaw
    Participant

    The scope paragraph is the paragraph under Auditor's Responsibility.

    I've been using Gleim and I haven't seen it described as that, but the SAS mention it as well (AU 508.08)

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 76
    REG - NINJA in Training
    I passed FAR. There is no going back. 75 OR BETTER!
    #2319768

    Sabrina
    Participant

    Hi I just finished BEC a few days ago and now move to AUD. I have taken AUD twice before. I passed it in 2013 but all my three exams results expired after a family accident. Then I retook it in 2016 but failed with a 69. Now I am taking for the third time. I used to be an auditor so the terms are quite familiar to me so I plan to study it for a few weeks.

    AUD - 86
    BEC - 80
    FAR - 82
    REG - 69
    Don't grieve. Anything you lose comes round in another form
    #2319774

    Sabrina
    Participant

    HiEveryone! I just finished BEC a few days ago and now move to AUD. I have taken AUD twice before. I passed it in 2013 but all my three exams results expired after a family crisis. Then I retook it in 2016 but failed with a 69. Now I am taking it for the third time. I used to be an auditor so the terms are quite familiar to me. I plan to study it for a few weeks. Let's rock it!

    AUD - 86
    BEC - 80
    FAR - 82
    REG - 69
    Don't grieve. Anything you lose comes round in another form
    #2334465

    BryGuy
    Participant

    Hey Everyone, I just finished REG last week and decided to move on to AUD. Still waiting on the results from REG, got a 72 the first time in March and just re-took it so I am hoping for those 3 extra points. I have also taken AUD once before and got a 74 back in November, and rescheduled the exam for June 6th so I have about a month and a half to study.

    Any tips, pointers or guidance from those who have taken AUD recently would be most appreciated!

    Happy Studying Everyone!

    #2335527

    PDiddy2000
    Participant

    Hi everyone – I just took REG on April 10 now I'm moving on to AUD. I'm preparing with WILEY and have a 7 week study plan with one week for a review. My test is currently scheduled for June 7. Happy Studying!!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    AUD-test date 6/7/19
    #2338392

    Bruck711
    Participant

    Sal, to respond to your questions, I will give you an example:

    So lets say that Sales Revenue is composed of 4 different revenue accounts: Tickets sales, Party Sales, Food & Beverage and Miscellaneous. You need to assess risk for all those 4 accounts and test them separately because the total could be same as prior year but individualy they could have fluctuated. For example, Ticket revenue went up 50% and Party sales went down 50%. The total of the revenue account might have stayed the same even though the entity closed multiple locations. Wouldnt this be strange? If they closed multiple locations, shouldnt revenue go down? What caused it to stay the same? Did they record tickets sales early for events that will happen next year??
    An auditor would want to look at the causes for the individual fluctuations and for the total overall. Hope this example helps.

    AUD - May 14, 2019
    #2338779

    Sal
    Participant

    @bruck711 gotcha! thank you 🙂

    - SAL
Viewing 15 posts - 91 through 105 (of 105 total)

You must be logged in to reply to this topic.


Would You Hate It If I Gave You $162.12 Of Free CPA Review Material That Will Help You…

1) Study Less

2) Avoid Common CPA Candidate Mistakes

3) Get Higher Scores

4) Spend More Time with Friends and Family

5) Finally Pass and Get On With Your Life?