March 20, 2019 at 12:43 pm #2274765
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.March 21, 2019 at 3:20 pm #2276637
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!March 25, 2019 at 12:04 pm #2281383
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.March 25, 2019 at 7:28 pm #2282100
3/25/2019. Audit day oneMarch 28, 2019 at 6:07 am #2286582
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 meMarch 28, 2019 at 2:18 pm #2287086
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.March 31, 2019 at 6:50 pm #2292132
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% ?April 6, 2019 at 3:53 pm #2310378
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!April 9, 2019 at 7:59 pm #2318568
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)April 10, 2019 at 10:08 am #2319768
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.April 10, 2019 at 10:19 am #2319774
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!April 17, 2019 at 7:48 am #2334465
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!April 17, 2019 at 1:51 pm #2335527April 18, 2019 at 4:10 pm #2338392
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.April 18, 2019 at 7:35 pm #2338779April 27, 2019 at 2:02 pm #2358105
Any tips on passing AUD the first time?April 28, 2019 at 3:31 pm #2359320
Literally just got home from re-taking BEC this morning, looking to start AUD tomorrow. Would it be possible to nail this before the end of Q2 using a Ninja plan? I can fit studying in at work, but does that sound reasonable?April 30, 2019 at 7:51 pm #2364825
Hi NINJAs! I sat for a FAR retake today. Score release is expected 5/23. Is it possible to squeeze in AUD by that date? So study for ~23 days using only NINJA ( I have been using Wiley primarily with NINJA as a supplement). Currently have AUD scheduled for 6/10, but concerned I failed the FAR retake and would want to get started on FAR again right after 5/23 if that's the case. The last time I sat for AUD was in 2014 using Becker with a score of 61. Since then, I've worked in public accounting and have six yrs. of internal audit experience, so hopefully *some* material won't be super foreign.
TL:DR Is it reasonable to study for AUD in 23 days using NINJA only? Has anyone done it?!
Thanks much!!!April 30, 2019 at 7:55 pm #2364837
@bmj2s Just saw your post!. In the same boat as you. I think I'm gonna go for it! Maybe first check to see if there are any open test spots at Prometric. If something happens, like you get really sick *knock on wood*, or you realize it's too intense of a study plan, you could always push it to Q3. If you have a plan of attack, do share!May 7, 2019 at 2:18 pm #2385282
@Ng I felt the same going into it the first time. I can't say the second was any easier but my issue seemed to be that I ran through the answers too quickly and didn't fully read them and I would pick the wrong answer. I tried to correct this by reading D and working my way up to switch things up. It really felt like they were trying to trick me the whole test lol because of the wording. This seemed to help. Good luck!May 7, 2019 at 2:33 pm #2385345
@adam I just recently retook audit after getting a 55 on my first attempt. I felt good going into my first try as well. Unfortunately I feel like the second test I took was way easier. Maybe it was how I studied but I guess I can't be sure. So I used Becker but I'm sure this could work for anyone regardless of what you use. I made sure to really read the multiple choice as I was brushing by them too quickly and missed important words in the question. Then I would also read the answers from D to A to keep me from just glancing and picking. I took the first week of restudying and laid out all my significant notes…layout of each type of report depending if issuer or non issuer, important words in each, which paragraphs were altered depending on what the situation was, main formulas I needed to know,etc. I reviewed back over them. Then I retook the review tests and wrote down every answer I got wrong so that I could go back and understand what I was missing. I did that for all the practice tests and then reviewed all of those questions probably every other day. Some days I would just open a review and run through questions on that section. I originally took my test end of February and then took a week off from studying and retook it April 8th. So I gave myself about 3 weeks and passed with an 80. Hope this helps some!May 15, 2019 at 8:38 am #2403354
Just took my AUD exam yesterday. Not feeling too thrilled about probably because I admittedly took a more relaxed approach to studying for this one (only other was BEC). Many MCQs were incredibly “wordy” and the sentences seemed to just run on and on. It's probably good practice to read over the questions and answers again if you're ahead of schedule. If I could go back, I would have done more of the Becker Final Review TBSs.May 15, 2019 at 9:38 am #2403480
@tbizzle. I don't have study plan per se'. I have it scheduled for June 9th, and I've just been going through the mcqs one section topic at a time. I'm not a book reader as my ADD doesn't let me get past the 1st page without re-reading it 10 more times. I see plenty of people saying they smash out 3000 mcqs but there's only like 1084 in AUD so that's just going through each one 3 times.
I'm writing notes whether I lucky guessed or needed the extra info from the explanations. Wasn't much of a studier until college so I sit here and think each little piece of info is testable. lolMay 21, 2019 at 8:41 am #2416353
Taking AUD in about a week… does anyone have any last minute study tips for AUD specifically? Something like “go over tickmarks” or “review independence rules a lot” anything like that?
Thank you and best of luck!May 21, 2019 at 8:22 pm #2417697
Luke, know your SSARS differences…What type of assurance for each, whether they give an opinion, restricted use etc.May 24, 2019 at 8:56 am #2423541
The AUD study group has been quiet lately. I take AUD two weeks from today. I'm hoping to go 2 for 2 on passing exams in Q2. I have to admit that I'm a little behind in the Wiley study material mainly because Wiley seems to cover every detail and I've been anal about taking my time to understand the many nuances. I'm taking the first week of June off work so I'm hoping to catch up at that time. Good Luck to everyone taking AUD the remainder of the Q2 testing window. Let's get those AICPA Q2 passing percentages up! 🙂May 27, 2019 at 11:59 pm #2431545
Hi guys. I will be taking my first CPA exam in July 2019 which will be Audit. I was practicing the sims and I was wondering how do you learn how to use Authoritative literature? Are there any sites for it? I'm so confused on how to use it :/May 28, 2019 at 6:47 am #2431785
@m regarding Authoritative Literature:
I literally JUST learned how to do it, I felt like an idiot. Okay so when they ask you one of those AU-C 250.A24 questions on the Simulations, click the “Auth Lit” button with the book logo on the top bar, next to the calculator I think. A window will come up with all these rules and procedures and guidelines. The answer is in there. Basically you're searching for a rule. If the question says “What should the auditor do when they find a material subsequent event?” What I (personally) would do is click the advanced search, and type “subsequent event” in the top bar, and then read through the guidelines until I see something like “procedures after discovering subsequent event” then I could click that, read it THOROUGHLY, and see if it answers their question. If not, it's gotta be AROUND there, so I search within those rules until I find exactly what I'm looking for. Sometimes I'll think I found it, but then I'll click one more rule, like from .A25 to .A26 and it'll be even better. So my advice is read very carefully and see if it exactly matches your answer. That's how I do it.
Any other comments from other people?
AUD-today!May 28, 2019 at 8:48 pm #2433330
@luke Thank you so much for the tip! Also, did you practice any sims from the AICPA website? I recently made an account on there and I'm a bit confused. I can't seem to find the sims sample exams only or separately. The only thing I see is the sample audit exam. Do I have to take the whole sample audit exam in order to access the sims? or is there a separate section for sims on their site where I can practice from? Thank you!May 31, 2019 at 6:53 am #2437089
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