AUD Study Group Q1 2017

CPA Exam Forum AUD AUD Review AUD Study Group Q1 2017

This topic contains 569 replies, has 84 voices, and was last updated by  briella021 1 month, 2 weeks ago.

Viewing 30 posts - 361 through 390 (of 570 total)
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  • #1450013

    sulaiman
    Participant

    I'm sure you'll do great and be done with the exams for ever! Hopefully I'll join you too next thursday! Good luck in your exam:)


    AUD 74 - 2/2

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1450037

    wowwow93
    Participant

    A CPA concludes that the unaudited financial statements on which the CPA is disclaiming an opinion are not in conformity with generally accepted accounting principles (GAAP) because management has failed to capitalize leases. The CPA suggests appropriate revisions to the financial statements, but management refuses to accept the CPA's suggestions. Under these circumstances, the CPA ordinarily would:
    a.
    Restrict the distribution of the CPA's report to management and the entity's board of directors.
    b.
    Describe the nature of the departure from GAAP in the CPA's report and state the effects on the financial statements, if practicable.
    c.
    Express limited assurance that no other material modifications should be made to the financial statements.
    d.
    Issue a qualified opinion or adverse opinion depending on the materiality of the departure from GAAP.

    The answer is B. I chose D because the question talks about departure from GAAP. Can someone explain to me why the answer is B?

    #1450049

    sulaiman
    Participant

    @wowwow93
    Because the CPA is not issuing opinion as it stated in the question “which the CPA is disclaiming an opinion” meaning the attest service that the CPA performing is not auditing(most likely a review) so the CPA cannot issue a qualified opinion nor adverse and the best answer is B


    AUD 74 - 2/2

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1450286

    that0neguy
    Participant

    Just took the exam yesterday — was scheduled for Jan 3 and I wasn't ready at all, rescheduled to 1/14 which would give me a Feb 7 release date, but then they cancelled due to potential snow, so had to reschedule for 1/29.

    I didn't think it was too bad. The multiple choice was extremely easy in the first testlet, and then was harder the last 2 testlets. The sims were very manageable. I felt horrible coming out of FAR and passed with a 91 — hope that doesn't mean what everyone says it means.

    I am having my second kid in March, so I've scheduled BEC right before, hopefully she doesn't come early! But now I'm a bit irritated that I have to wait 10 weeks for results for REG which I'll take in Q2.


    AUD - 96
    BEC - 92
    FAR - 91
    REG - May 2017
    #1450643
    mperez102204
    mperez102204
    Participant

    I am sure you will do just fine. Good luck 😀


    I honestly hate the number 67..... officially the worst number ever. Ugh, but 73 feels so much worse.

     

    AUD -  67 ; 73

    BEC - 3/10/17

    FAR - 63, 67, Retake TBD

    REG -  eventually 🙂

    #1450902

    mooseonloose
    Participant

    I remember taking audit last year. My first testlet was extremely easy. Second testlet was extremely hard, and the third one was extremely easy. 4 out of the 7 sims were cake. I knew about 50% of two other sims and I completely skipped 1. I felt confident until I received my score: 64.


    BEC: April
    AUD: April
    REG: July
    FAR: Sept
    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    #1450986
    kenneth kang
    kenneth kang
    Participant

    shit. that ^ worries me….


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1451357
    kenneth kang
    kenneth kang
    Participant

    Just got done taking AUD.

    1st testlet: easy
    2nd testlet: hard
    3rd testlet: hard
    4th testlet: hard (sims are always difficult for me)

    other thoughts: I was actually able to think through and answer the SIMs for AUD. I know I didn't get everything correct. However, my experience doing AUD sims are night and day when compared to FAR. For FAR I literally guessed on ALL of the SIMs. I still managed to pass….just barely.

    Here's to hoping I passed AUD.


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1451369

    tg7174
    Participant

    Took AUD yesterday. Testlets felt Medium, Hard, Hard. The SIMs were tough, but manageable if you were calm and prepared well. I feel like I passed, but I know not to trust that feeling. Compared to the others, I feel most confident about this one…but we'll see.


    AUD 83
    BEC 78
    FAR 78
    REG 74, 79
    #1451421
    scared_cpa
    scared_cpa
    Participant

    Hey, everyone.

    I've been studying AUD since Friday. Yes, Friday the 27th. I know I am not far into it but I am a little concerned and hoping you all could steer me in the right direction. I have no auditing experience what so ever, so I'm learning all of this from scratch. I'm currently using Wiley CPAexcel and working on internal control concepts. So far I have been averaging 75 or 80% on the MCQs but on internal control I have been 58%. I am sick (cold or allergies or something) and I know I haven't been able to focus and concentrate on the questions, but my exam is March 8th so I have to keep moving. How awful is this for the first time through? I plan on reviewing the last week, writing notes and using Wiley Test Bank.

    Thoughts? 🙂


    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, Retake Q2 2017
    REG - Q3
    BEC - Q3 or Q4

    Wiley CPAexcel + Ninja MCQ

    #1451472
    kenneth kang
    kenneth kang
    Participant

    @scared_cpa Im like you in that I also used Wiley CPAexcel along with Ninja MCQ. 75-80% sounds pretty good. You said it yourself, you have to keep moving. Get through everything as soon as you can. Take notice of which areas gave you the most difficulty and focus on those areas. Ninja MCQ is great in that you can pinpoint specific question topics and create a testlet that only focuses on that specific topic.


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1451576

    LCros
    Participant

    Kenneth,

    From your experience, do you feel that the audit reports have to be memorized? And, audit evidence is really hard for me because I have no audit experience. How did you go about learning what procedures to do when you are in various cycles?

    Thanks,


    LC
    #1451703
    kenneth kang
    kenneth kang
    Participant

    @lcros I dont think the audit reports have to be memorized verbatim. You just have to know what it contains conceptually. For example, on a standard unmodified audit report it will contain:

    1. objectives and scope
    2. managers responsibilities
    3. auditors responsibilities
    4. opinion paragraph
    5. emphasis of matter (if any)
    6. other matter (if any)

    You can sort of make an educated guess as to what each paragraph contains. That being said, it doesn't hurt to read over all the different types of reports. You may not be able to recall the exact verbage from memory but if you saw the words in front of you, your brain will recognize it. Does that make sense?

    Editing to clarify: What I mean is, on a MCQ about the verbage on an Audit Report, it will list 4 possible answers. If you read enough Audit Reports during your preparation, you should be able to pick out the answer that looks the most familiar.

    I dont have any Audit experience either. So, like you, Audit Evidence was a difficult chapter in the book. All I really did for this was do as many questions as I can. I tried to logically think through the question. Where in the audit trail are the recipts, vouchers, control ledgers, purchase orders, shipping documents, trial balances, etc. Try to map it in your mind. If youre going Top-Down (ie: financial statements to underlying records) then youre testing Existence. If youre going Down-Top (ie: Underlying Records to Financial Statements) then youre testing for Completeness.

    Just practice and do as many questions as you can.


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1451765

    CPAIN2K17
    Participant

    @lcros the only time you would need to know the report verbatim would be on the sims, in which case you can look up the reports in the authoritative literature. For MC questions, you just need to know the general form and content of each paragraph


    AUD - 97

    BEC - 84

    FAR - 5/31/17

    REG - 8/17/17

    #1451804

    LCros
    Participant

    Thank you so much Kenneth and Carly…I really appreciate the help.. I am scheduled to take the test Saturday and I hadn't learned them verbatim yet, and was starting to worry but this calmed me down. Thank you 🙂


    LC
    #1452182

    sulaiman
    Participant

    I think you should be familiarizing yourself with audit reports and not depend on AL, because you'd not waste time on sims looking for the appropriate report and more importantly from my study, I learned so much the objective of audit/attestation/review…etc and the little differences and details from the reports, so it's really worth your time reviewing them.

    I test tomorrow after spending 6 weeks studying day&night! Hopefully it'll the last time I set for a CPA test! Wish me luck!


    AUD 74 - 2/2

    BEC 75 -  8/1

    FAR 70 - 9/10 , retake 79 - 10/18

    REG 81 - 12/7

    #1452249
    scared_cpa
    scared_cpa
    Participant

    Thank you, Kenneth!


    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, Retake Q2 2017
    REG - Q3
    BEC - Q3 or Q4

    Wiley CPAexcel + Ninja MCQ

    #1452252

    Spartans92
    Participant

    Hey guys stupid question.. but for those that have retake AUD before are on their retakes do you actually re-read the book? I keep finding myself zoning out. I just wanna save time and crank out the mcq instead as reading takes me about an hour per section (even the small ones).


    BEC - 76
    REG- 67, 85
    AUD-63, 74, 80!!
    FAR-65, 62 retake July 2017 (LAST ONE)

    3 down 1 more to go. BEC is on the Line 🙁

    #1452258
    mperez102204
    mperez102204
    Participant

    Spartens- I read the sections that I did not score well in. I wouldn't say I read everything again, but I did reference it a lot.


    I honestly hate the number 67..... officially the worst number ever. Ugh, but 73 feels so much worse.

     

    AUD -  67 ; 73

    BEC - 3/10/17

    FAR - 63, 67, Retake TBD

    REG -  eventually 🙂

    #1452351
    Vee
    Vee
    Participant

    Hey @mperez102204, so I also took my Audit retake last Friday the 27th. I, too, felt like I was going to throw up the entire morning and even the night before.

    I read your post from last Friday and I felt the same way. I felt the MCQ's were much harder than last quarter. I got some really obscure questions about Emphasis-of-Matter paragraphs and 2 or 3 on Service Organizations. I'm only about 50% confident on the SIMS as well.

    Needless to say, I cried all evening on Friday. In the car while I was driving, in the parking lot waiting to pick my son up from Basketball. I was a complete mess, I've never felt so horrible after leaving an exam. Not trying to get anyone down, I'm sure everyone here will do just fine and won't have the issues I've been having. I have awful test anxiety and I was dreading that exam every minute of every day.

    I'm really hoping you did well!!! 🙂


    "This, too, shall pass"

    Audit - 63 (Dec 2016), 71 (Jan 2017)

    BEC - 78 (Oct 2016)

    REG - 61 (March 2017)

    FAR - ???

    AUD - 71
    BEC - 78
    FAR - NINJA in Training
    REG - 61
    #1452522
    kenneth kang
    kenneth kang
    Participant

    @Vee I totally feel you on that. I feel like you just never know though. From what I read about people's experience with these exams on here, Reddit and other forums, you just never know. Some people walk out of the exam feeling like a champ but end up getting a 65. Others, like me, walk out of FAR feeling like total shit but end up barely passing with a 77.


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1453307

    MMAFEM
    Participant

    Hi,
    I'll be taking AUD 2/13, can some one please explain SAS 130 & SAS 131 that are new in Q1 and what has changed due to these , how did you guys prepare for it? thanks.

    #1453374

    curlyhare
    Participant

    @mmafem SAS 130 simply moves AT 501 into GAAS; (removing it from AT, which are attestation standards). AT 501 discusses that internal control opinions must be integrated with financial audits for public (issuer) companies. So there is no new principle, just a change for the point of reference. See below for SAS 131 explanation. Hope this helps.

    http://www.pwc.com/us/en/cfodirect/standard-setters/asb.html


    Burning the midnight oil...

    AUD 71 -11/2016, 84  (praying for a pass)

    BEC 76 - 11/2015. expires 05/31/17 🙁

    FAR 05/27/17

    REG 04/15/17

    #1453403

    MMAFEM
    Participant

    @curlyhare, thanks a lot, its indeed helpful!

    #1453895

    kevinm36
    Participant

    Hey guys I'm taking my final exam in a couple days and I'm having trouble finding an answer to a question.. Can someone tell me when a report is issued on internal control over financial reporting? Is it only by request?


    FAR-77

    BEC-83

    REG-Took 1/15

    AUD-Take 2/06

    #1454160
    kenneth kang
    kenneth kang
    Participant

    Im not 100% sure but here's my thought process: A report/opinion on internal control is NOT required under AICPA standards but IS required under PCAOB auditing standards. Due to SarBoxley, public issuers now REQUIRE a report on internal control over financial reporting. I think the ICFR report can be issued separately from the Finacial Statement Audit Report OR combined.


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1454169
    Amor D
    Amor D
    Participant

    ICOFR is under SSAE, right?
    And of the 4 report types (C-A-R-E: Compilation; Agreed-Upon Procedures; Review; Examination), ICOFR service is provided in AUP and examination reports.

    I’ve already shared this screen on this thread, but let me post this again and see if this helps you.
    Good luck.

    https://imgur.com/a/vOiqa#01PglqV


    "But as for you, be strong and do not give up, for your work will be rewarded."
    (2 Chronicles 15:7)
    #1454292

    Rachel Silver
    Participant

    Hi Everyone!

    How different do you think the audit test in Q1 2017 will be to the Q2 2017?

    #1454436
    kenneth kang
    kenneth kang
    Participant

    @rachel Silver See: https://www.another71.com/2017-cpa-exam-update-far-aud-reg-bec/

    also, more emphasis on SIMS 50% versus 40%


    AUD - Taking this on 1/31/2017

    BEC - TBD

    FAR - 77

    REG - TBD

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 77
    REG - NINJA in Training
    #1461954

    Hi everyone. I sit for AUD this Friday (2/10) and am starting to get nervous. I feel the more questions I work, the worse I have been testing. I started out great, and now I'm averaging in the 70's. Any advice on how to focus during my last few days of studying for this one?

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