[TheblackCPAseeker]

I have always wanted to post in this thread, and now that I'm done I don't even know what to say. Its been a tough journey a lot of sacrifice and weight gain. I have defeated the monster, now I can get back to the things I enjoy and lose some of this weight.

If you are still studying don't let up, its well worth it.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

Passed AUD with an 81. I'm officially done guys. I still can't believe it.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

Hello guys I passed AUD with an 81. Finally done, I can go celebrate now.

For those still preparing do not stop, its doable.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

I took AUD on 11/13, I felt good after the exam better than all sections have taken. However I have also failed AUD twice so I don't want to be over confident. If PASS the CPA exam nightmare is over, if I FAIL I LOSE my FAR credit and I still have to take AUD.

I'M HOPING FOR GOOD NEWS JUST LIKE EVERYONE ELSE ON THIS THREAD, I HOPE WE ALL PASS.

6 MORE DAYS

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

Guys just took my exam this morning, I feel it went well (more positive than the last two attempts). I couldn't have wished for better SIMs. I hoping for good news on the 22nd. Good luck and you will hear from me on the 22nd, Happy studying.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@JT you are right the answer is A. I just read the question again and I feel dumb I read twentieth(20) as twelfth (12). I didn't understand why the sample size was 1/20 but now I get it lol.

Thanks for answering the question. This concludes my studies I have my exam tomorrow morning, I will report back tomorrow about my exam experience. Good luck and thanks for all the help.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

I need help this is question:

An auditor established a $60,000 tolerable misstatement for an asset with an account balance of $1,000,000. The auditor selected a sample of every twentieth item from the population that represented the asset account balance and discovered overstatements of $3,700 and understatements of $200. Under these circumstances, the auditor most likely would conclude that?

A.There is an unacceptably high risk that the actual misstatements in the population exceed the tolerable misstatement because the total projected misstatement is more than the tolerable misstatement

B.There is an unacceptably high risk that the tolerable misstatement exceeds the sum of actual overstatements and understatements.

C.The asset account is fairly stated because the total projected misstatement is less than the tolerable misstatement

D.The asset account is fairly stated because the tolerable misstatement exceeds the net of projected actual overstatements and understatements.

I know the answer but please explain, thanks

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@JT thanks I want to get this over with. I'm ending this year on a high

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@Sticky Nicky glad to hear you feel you passed I hope I will be able to say the same this Sunday.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

I take Audit this Sunday and score release will be a week later, nervous but I have a positive feeling going into this exam.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@Ginic and @Sticky Nicky

The correct answer is actually option 4 Either I or II, or both.

Below is the explanation from Roger after I picked ii only

Incorrect. Audit risk (AR) is a combination of the risk of material misstatement (RMM), which is a combination of inherent risk (IR) and control risk (CR), and detection risk (DR). An increase in IR will increase RMM and, in turn, increase AR. To keep AR at an acceptable level, either RMM must be prevented from increasing by reducing CR to offset the increase in IR, or by reducing DR to offset the increase in RMM. DR is reduced by enhancing the nature, timing, or extent of substantive testing. The only way that CR can be reduced, however, is if the auditor determines that controls that were not being relied upon can be, which requires the performance of tests of controls

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

Due to a change in the economic environment, the auditor has determined that a client’s inherent risk (IR) has increased in comparison to the prior year. In order to maintain an acceptably low level of audit risk, the auditor may:

I.Reduce control risk by performing more tests of controls and placing more reliance on client internal controls
II.Reduce detection risk by enhancing the nature, timing, or extent of substantive testing

Your answer was incorrect:



I only

II only



Neither I nor II

Either I or II, or both

PS: I thought an auditor cannot reduce CONTROL RISK??

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@GiniC I like how you explain all you answers conceptually, just curious how are you preparing for the SIMS?

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@Sticky Nicky when is your exam?

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[TheblackCPAseeker]

@JT

You are right, it narrows it down but it doesn't exactly pinpoint it to it being a consignment situation. You still have to perform other procedures (Inquiry) to determine whether the inventory is on consignment or not.

Its really a thin line. I get why this is confusing.

AUD - 81
BEC - 78
FAR - 80
REG - 77

Finally Done, started studying January 2015

FAR - 80 (05/2015)

AUD - 68 (08/2015, Retake (07/03/16)

REG - 77 (11/2015)

BEC - Sometime in 2016

We are destined for this.

[Author]

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