72 3 times on Audit… got any advice?

Hi hokinizeu,
I can feel your pain got 72 on Far . I will get over it by today and see as its apart of process. I haven't studied audit so i cannot advice on it. But we are close just want to hit my weak areas when i get my breakdown. And hit MC as much as i can . Got luck ! Hi try roger cram. Just a suggestion.

I use both Becker and Ninja MCQ and there are several of the same questions, you shouldn't waste your money on Becker. Personally I HATE Becker in the review phase. When I started going through the books and taking my own notes and doing only Ninja MCQ I started to pass the exams. Taking my own notes without the lecture I think helped me get over that hump. Try putting pencil to paper it'll probably push you over like it did for me. Good Luck!!

identify the entity. its pretty much always non issuers.

rememebr there is NO MEMORIZATION for audit..the only section to memorize is all the independence rules and quality control/professioanl responsibilities.

when you read a question make sure to IMMEDIATELY figure out where you are in the audit process. is this engagement planning? anal procedures and management inquiries? is this the actual audit (CRxIRxDR = AR) actual audit is substantive procedures and test of control and SOMETIMES anal procedures. audit review towards the end however requires anal procedures on the F/S level.

know the IRxCR=RMM ==> RMMxDR = AR conceptually!!

again, i recommend you know the stuff conceptually at all stages of the audit- dont just memorize. WHY does detection risk increase because Control Risk go down? (control risk decreases when controls are good…when controls are good the auditor is able to increase his detection risk (aka hes ok with not being able to test/detect all the stuff bcz hes confident the controls will catch most of the misstatements) therefore with increased detection risk he can DECREASE his substantive procedures.

you can see how that sort of reasoning/CONCEPTUAL understanding is WAYYYY better than just memorizing “CR & DR have an inverse relationship/CR & substantive procedures have DIRECT relationship” that sort of memorization wont get you too far on the test. you gotta walk your way through an audit. i like to pretend im a bigshot auditor trying to audit a fraudster- im gonna catch you- im GONNA figure out the best audit test from the simulation drop down when it gives me 15 options. this makes studying a lil more fun.

for each assertion- know WHY the certain procedures are being chosen. Revenue/Expense cycles are important. everything else flows from that- like the property,plant,equipment/fixed asset cycle is just a beefed up Expense cycle. know completeness/existence (again not memorization but WHY are the auditors doing what they are doing to catch the ‘fraudster'?)

@hokinizeu sorry about Audit! Took me 3 attempts and 3 different review courses (Wiley, Ninja & Roger) to get over the hump. So I suggest a really new look and possibly getting a new review course and start from the beginning. Are you scoring weaker in MCQ or SIMs?

hokinizeu – i think you need a break for two weeks to start fresh. for what it is worth i used ninja book and ninja mcq's. the book sections align perfectly to the mcq sections. i started at the beginning with book 1, read a section, did the mcq's in custom sessions with new questions in 10-20 question sets. everytime a response came up i read everything that was linked in the source and definiftions. i did the questions 5,814 times. i did all the sim, most 2 or 3 times. as i finished a section i did all questions for each section until i got them 100% correct. then i pulled in prior sections and did random questions for review. these sessions got longer as more sections had to be reviewed. i repeated and hit the review phase trending 100%
when i hit review i did a progress test just to see how it went.
i copied my detailed progress report into excel. i had two weeks left and should have reset ninja mcq's but didn't so i had to deal with a lot of repeat questions. i hit every section and kept working to retain 100% trending. i had to hit sections 2, 3, and 4 the most as they were my weakest areas. then i had to keep reviewing other areas to retain them.
i read standards as needed. referred to my printed home pages of the standards as i did mcq's so i would know where to go for sims. i did watch blitz! when it was available but only when i knew i needed to keep studying but was sick of mcq's.
i reviewed the recently released questions. i did make some notes and a chart for audit opinions. recorded myself reading an unmodified opinion and a review report.
i think rest to shake this off through the holidays. you won't forget what you learned but you might be ready to let go of things you don't have a firm grip on so you can take it all in for your next go. go ahead and think about your next test date. get an nts and schedule it so you dont lose credit for your other exam.
i will be here and will help in any way i can.

For my retake I bought Ninja and made sure to answer ever MC right atleast once. You mentioned you did 1000, but there are more. They seem to get more difficult the deeper you go. I did not do any SIMS because the MCs took up all my time. I raised my score from a 72 to an 87.

Also you might want to study FAR again for SMs for AUD. I studied at least an hr to refresh J/Es and I am glad I did that 2 weeks before my AUD exam.