Comment

Comment by Debanjana Banerjee on July 8, 2012 at 5:41pm

Thanks Diana!!

Comment by Diana Lynch on July 8, 2012 at 5:24pm

@Wadzi: I started testing at the beginning of 2010 and BEC was my first pass in Feb 2010. This is my last testing window before I lose the credit and I have to pass AUD (which I just took) and I have FAR next month. I passed REG in June as well. You have 18 months from the first test you pass to pass all the others as well or that credit drops off.

@Debanjana: I don't want to tell anyone to ignore sections as each test is different but I did want to mention mine was heavier on the ones mentioned below this test and my last one.

Comment by Debanjana Banerjee on July 8, 2012 at 2:47pm

@Diana, how much would you emphasize on transaction cycles?

Comment by Debanjana Banerjee on July 8, 2012 at 2:45pm

All the best Diana..!!

Comment by Wadzi on July 8, 2012 at 1:51pm

Thank you so much Diana im using Becker too i think they do make it a lot easier to memorize. Good luck though. So how long ago did you pass BEC and is that the only one you have passed?

How long does it take to lose a credit? I passed BEC May wrote Reg last week and this is my 3rd exam.

Comment by Diana Lynch on July 8, 2012 at 1:47pm

Sat for AUD yesterday.. hard to tell how it will go. This is my last chance to pass AUD or I lose BEC so I'm hoping for at least a 75. This is my third go around and felt pretty good on the multiple choice. I got through those and spent just over 2 hours on the sims.

My recommendation is to make sure you are solid on independence, substantive testing, and audit and review requirements/standards. The mnemonics from Becker were a big help. 

Comment by Wadzi on July 8, 2012 at 1:40pm

hi Ally thats the same day im writing mine as well and im just finishing up my module 2 and plan on finishing the other 3 this week too. Maybe we can test each other after every module or something to make sure we are keeping up the pace what do you think? 

Comment by Wadzi on July 4, 2012 at 9:15am

Great advise i still need to go through the lectures as well but i will have to make sure i focus hard on the questions. Which brings me to this question. On this one i am failing to understand when you reference consistency. Is it only when the accounting principles change? In the book they said when you change from cash to accrual it is not an accounting principle change but you need to referrence the consistency. Any ideas on how to explain this to me. I have pasted the question and answer but its still not making sense

CPA-02417 For which of the following events would an auditor issue a report that omits any reference to consistency? a. A change in the method of accounting for inventories. b. A change from an accounting principle that is not generally accepted to one that is generally accepted. c. A change in the useful life used to calculate the provision for depreciation expense. d. Management's lack of reasonable justification for a change in accounting principle.

CPA-02417 Choice "c" is correct. A change in accounting estimate (such as a change in the useful life of a depreciable asset) is accounted for prospectively and does not affect the comparability of financial statements between periods. Since the auditor's standard report implies that consistency exists, no modification to the report is necessary. Choices "a", "b", and "d" are incorrect. Assuming their effects are material, changes in accounting principle result in the addition of an explanatory paragraph (following the opinion paragraph) in the auditor's report. Such a consistency modification is required even if the previous accounting principle was not GAAP and even if management lacks reasonable justification for the change. (Note: A lack of reasonable justification for the change may also give rise to a report modification based on a departure from GAAP.

Comment by Wadzi on July 4, 2012 at 7:20am

Thanks Sean for the encouragement i will work on it. I have budgeted 4 hours a day and 8 on weekend days will see what happens. Cant turn back now.

Comment by Wadzi on July 3, 2012 at 1:01pm

Im trying to study and pass this in 20 days is this possible or am i fooling my self?

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