NYCAccountant Please Share Your Audit Strategy

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  • #190881
    NoraU
    Member

    NYCAccountant, if you still check this forum (I think you do) please share your Audit exam procedure. Your advise was great for me for REG and FAR. I think other people could use it too!

    Thanks in advance.

    BEC 05/12/14 77
    REG 08/25/14 82
    FAR 11/25/14 80
    AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

Viewing 15 replies - 1 through 15 (of 19 total)
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  • #635259
    Ajaz0810
    Participant

    I think I saw he/she got above a 90 on all parts and a 99 on audit. Would you be able to enlighten us on what you did on FAR and RED that nycaccountant shared with you? Thx

    FAR 62, 66, 78
    AUD 66, 55, 74, 72
    BEC 79
    REG

    #635260
    NoraU
    Member

    Ajaz0810 I found the actual posts – I am not good with my own words (ESL) although I've been20+ years in the USA. Somehow these worked for me along with Ninja stuff – Audio and MCQ.

    FAR is probably the hardest exam to prepare for, but in my experience, the actual exam was easy. This was my first test, so I thought I had failed because it was so easy. For FAR, I would definitely focus in on bonds, leases, deferred taxes and cash to accrual, or accrual to cash. Journal entries are very important in FAR and they help greatly when trying to figure some of the Bond, or deferred tax problems. Every time you work a MCQ, make sure you do the journal entry on a piece of paper, or notebook as this will help you better understand the concept, and more importantly help you remember the entry. Governmental and Non-profit questions on the exam are not that difficult compared to the test banks I used, they were actually very easy, but If I were you, I would probably read those chapters over a couple of times, since most people sitting for the exam don't have experience in that field. Also, make sure you know IFRS and the differences from GAAP.

    REGI went through the business law section, writing notes on the minutia and understanding why and how. The important thing with REG is understanding the tax portion because the business law questions on the exam are very easy.

    Those are easy points right there. I focused a lot on corporate taxation, partnerships and understanding basis for each. Understanding basis is extremely important.

    In my opinion, focus heavily on the tax portion. Also, the SIMS on the exam for REG are not that bad, it's just you need to understand the material, so don't be freaked out.

    How much tax experience do you have? if you have experience, this would certainly help you. I had none, so I had to learn it all, but if you have experience, you can get away with studying less than me.

    BEC 05/12/14 77
    REG 08/25/14 82
    FAR 11/25/14 80
    AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

    #635261
    Ajaz0810
    Participant

    Thank you for that hopefully that'll help for when I take reg. I hope he/she comments I am always interested in how people who get perfect scores go about it

    FAR 62, 66, 78
    AUD 66, 55, 74, 72
    BEC 79
    REG

    #635262
    NYCaccountant
    Participant

    @NoraU For Audit, you need to understand the flow of an audit (that's very important). Understanding everything from assessing risk, to designing and performing substantive procedures. For Audit, you have to understand big picture financials and how P&l flows to balance sheet and balance sheet flows to cash flow. This helps you better understand which procedures to choose and how to audit balances. Just make sure understand the flow of an audit and know the differences between the different opinions and reports. This is also important. & Ajaz0810 I (he) did not get 90 on all parts, got an 80 on two sections lol. Good luck!

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #635263
    Anonymous
    Inactive

    Hey NYC, what's up? Long time no post!

    Where's is your post for REG?

    How come you are not mentoring me with REG? LOL

    #635264
    NoraU
    Member

    Thank you, NYCAccountant!

    BEC 05/12/14 77
    REG 08/25/14 82
    FAR 11/25/14 80
    AUD 02/25/15 72, 05/15/15 98! DONE!!!!!!!!!!!!!!!!!!!!!!

    #635265
    Anonymous
    Inactive

    Just want to jump in here and say thanks to NYCaccountant. I was reading your AUD study thread through the summer and it helped a lot. I was trying to get the exams done quick and seeing thorough responses to the trickier issues saved me a lot of time trying to figure it out myself.

    I don;t know if the old study group threads are archived, but if they are, that AUD one is really good

    #635266
    NYCaccountant
    Participant

    No worries, Darcer. I do not remember you from that study group, but the timing makes sense I guess. I got my final score around the beginning of August. Congrats on being done with the exam.

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #635267
    Anonymous
    Inactive

    You shouldnt remember me, I was just free riding. That's why thanks were due.

    #635268

    Yes, thanks NYC! You cleared up a lot of topics for me in REG and FAR.

    Florida:
    AUD: 73, 81! Thank you Lord!
    BEC: 73, 77! Thank you Lord! and WTB
    REG: 71, 82! Thank you Lord! and A71
    FAR: 72, 78! Thank you God and my Mommy in Heaven!

    CPA Excel, Ninja Notes & Audio, Wiley Test Bank, CPAreviewforfree

    #635269
    NYCaccountant
    Participant

    Anytime, T. You know we cool like that lol. I'm so happy for you!!

    Amor, Long time no see. I see you're almost at the finish line. Sending nothing but the best of luck your way.

    Darcer – LOL! either way, you passed. So congrats!!

    AUD - 99
    BEC - 84
    FAR - 93
    REG - 87
    NYC born and raised.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #635270
    Mamabear
    Member

    NYC was the only reason I understood 1231, 1250, and 1245. You rock NYC! We miss you on the forum! You explained so many things when I was going through both FAR and REG. Thank you!

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    #635271
    Anonymous
    Inactive

    Glad to know you all guys!

    I think I was the first one who predicted that NYC would score 99 in AUD.

    I also predicted that Mamabear (aside from being a great Mom) would be a great Mod for A71.

    I can foretell things just reading through the lines of each post in this forum.

    #635272
    Mamabear
    Member

    You and Kricket, working those super powers. 🙂

    CPA Exam - Finally DONE (November 2014)
    BEC (08/10/13) 80
    AUD (08/24/13) 65 (11/13/13) 85
    FAR (04/12/14) 81
    REG (07/19/14) 69 (11/29/14) 87!!

    #635273
    Anonymous
    Inactive

    I super need those powers to pass REG before my AUD expires in February!

Viewing 15 replies - 1 through 15 (of 19 total)
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