[Q2] AUD Study Group 2014 - Page 8

  • Creator
    Topic
  • #183479
    jeff
    Keymaster

    I’ve had a few requests for April/May Study Groups…March will be here before you know it.

    In order to take an early April exam, you should begin studying…now. šŸ™‚

    AUD - 79
    BEC - 80
    FAR - 76
    REG - 92
    Jeff Elliott, CPA (KS)
    NINJA CPA | NINJA CMA | NINJA CPE | Another71
Viewing 15 replies - 106 through 120 (of 893 total)
  • Author
    Replies
  • #568109
    Quinacridone
    Member

    I'm not feeling overly productive – just finished A2 (Other Reports) and only got a 73% on my homework. I'm going to press forward into A3 (Engagement Acceptance, Planning, and Risk Assessment) anyway and just try to go back and review A2 more.

    Its all those darn little rules and what to report and what is required when that are getting me. I'm sure as I do more MCQs, I'll get it firmer (A1 confused me some, but I kept hitting those questions and got stronger).

    Having some issues with my son today though that are really depleting my energy to study. Need to persevere regardless.

    Ayafzel, I haven't ever changed a date either so I am not sure what the rules are. I normally don't schedule until I complete all of the chapters and am starting my final review sessions. Perhaps you should start a post out in the community. I”m sure someone knows.

    REG - Nov 4, 2013: 88
    FAR - Feb 27, 2014: 86
    AUD - April 5, 2014: 91
    BEC - May 6, 2014: 83

    Florida CPA 24 July 2014
    (Done in seven months - thank you Jesus!!)

    #568110
    Anonymous
    Inactive

    I have such a bad experience with changing my exam date for Reg (totally my fault) that I am afraid to do it again.

    I ll make a separate post like Quinacridone suggested.

    #568111
    smsingla
    Member

    I am having a difficult time learning about segregation of duties in internal control (module 3 of Wiley). I understand that there should be different personnel when considering authorization, custody and recording. But when doing MCQs, I am unable to apply this information to answer any MCQ correctly. Anyone who can help me with these type of MCQs. Thanks for any help in advance šŸ™‚

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    #568112
    yourmomsaCPA
    Participant

    I just finished my AUD review course and ugh!!!!!!! Not feeling prepared AT ALL. I did all MCQs and sims in the wiley book. Audit can kiss it.

    I bought the CRAM (Yaegar), ninja audio/flash cards, and I've got the WTB to tackle so I'm hoping by the end of those 3 tasks, Ill be good to go…

    My poor calculator is lonely!

    FAR - 87 2/18/14
    AUD - 84 4/2/14
    REG - 87 7/23/14
    BEC - 78 8/26/14

    I'm finally an *official* CPA - TX

    #568113
    Anonymous
    Inactive

    I don't get it.

    The more I study, the more I lose my comprehension.

    Ch1 was easy because I didn't have too much knowledge.

    MCQ was easy.

    a) never heard of it

    b) never seen it before

    c) not sure what that means

    d) I know! I saw it on p30!

    As the chapter progress, I have more knowledge, and all the answers seem like the right one.

    Never experienced that before. Very strange.

    #568114
    Quinacridone
    Member

    Ayafzel,

    lol, I just got to flowcharts in the Beckers book. I'm sure that you are way past your question now, however, yes, the auditor does these. I have to do flowcharts and put them in my audit work papers all the time of the internal control system or data processing systems. All those symbols on page A3-60 of the Beckers book we do in Visio (a special program – I think it might be microsoft but not sure). Normally before I can write my audit procedures, my team chief reviews the flowcharts I have put in my work papers. Those flowcharts are then a significant contributing factor of what we use to build the audit steps we will apply during the audit.

    Jeanette

    btw: I think I'm going to move my test forward. I was thinking I would take it on May 5th. I have to go to a conference the last two weeks of April, so I thought I would study at night and take the test when I returned. Now, I'm thinking I might take it the week before I leave (so sometime around April 18). Can anyone tell me how quickly the last three chapters of the Beckers book study material go? I am going to finish up A3 today so my testing hopes are really contingent on being able to get through these remaining chapters by the end of March.

    REG - Nov 4, 2013: 88
    FAR - Feb 27, 2014: 86
    AUD - April 5, 2014: 91
    BEC - May 6, 2014: 83

    Florida CPA 24 July 2014
    (Done in seven months - thank you Jesus!!)

    #568115
    Anonymous
    Inactive

    Quinacridone: Thanks šŸ™‚

    As for your question abt A4-A6. I started A4 yesterday and hopefully will wrap up all 3 chapters by March 25-26. I took my exam date for April 14th. Looks like you and I both will be doing this right around the same time.

    #568116
    Anonymous
    Inactive

    Doing Transaction cycles in A4. There are 109 mcqs for this one section alone! I guess Ill be devoting the rest of the day today to transaction cycles

    #568117
    Quinacridone
    Member

    I hate those longer MCQ sections! Anything over 50 and I have to fight to stay fully engaged.

    REG - Nov 4, 2013: 88
    FAR - Feb 27, 2014: 86
    AUD - April 5, 2014: 91
    BEC - May 6, 2014: 83

    Florida CPA 24 July 2014
    (Done in seven months - thank you Jesus!!)

    #568118
    keishalove
    Member

    @ Quinacridone..are you using Becker alone to pass the AUD exam. I am about to study for REG, did you also use Becker to pass. I am using Becker. I took my AUD in Feb however I did not pass.

    #568119
    Quinacridone
    Member

    Keishalove, Yes, just Beckers. Beckers was very good to me for REG and FAR. I think it works well with my learning style. In addition, I work as an internal auditor so am already very familiar with the concepts – just have to learn all of the PCAOB requirements (since I work for the government, all my work falls under GAGAS/yellow book).

    REG - Nov 4, 2013: 88
    FAR - Feb 27, 2014: 86
    AUD - April 5, 2014: 91
    BEC - May 6, 2014: 83

    Florida CPA 24 July 2014
    (Done in seven months - thank you Jesus!!)

    #568120
    smsingla
    Member

    @ayafzal78, how did u do with transaction cycles? I am having a really hard time with this topic. Any tips, suggestions on how to deal with this?

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

    #568121
    Anonymous
    Inactive

    Guys, last days have been brutal.. many things and complications in the personal side..

    Exam date April 24, sometimes I think if I should move the date but I can't šŸ™‚ since my NTS expires in that date..

    Soooo I must puch these days…. I need to keep my motivation and focus really high!

    #568122
    Anonymous
    Inactive

    smsingla, I am still not done with Transactions. I am still struggling but I started writing notes on all of that section. That really helped me understand whats going on.

    Are you using Becker?

    basically there are 2 main things that the auditor is doing here:

    For each cycle:

    1. Looking to see if internal controls are effective and

    2. transactions, balances and presentation & disclosures recorded properly (GAAP)

    I came up with a mnemonic using Becker's help of course..lol..

    Transactions, Account balances and Presentation and disclosures: TAP

    T: COVE U

    A: CVER

    P: CVR U

    C=completeness, O=CutOff, V=Valuation, Allocation and Accuracy, E= Existence and occurrence, R= Rights and obligations and U= Understandibility and Classification

    These are the assertions you are following up on in each cycle.

    And for each transaction cycle you hv to evaluate the audit risk: overstatement/understatement.

    For e.g: Revenue will be overstated, so we vouch for existence and start from F/S and go to the bottom, which would be the source documents.

    That is how I am breaking it down. Hope it helps. I wish there were an easier way!

    Quinacridone? Any suggestions?

    #568123
    smsingla
    Member

    Thanks ayafzal78. That helps a lot. I am going to do some MCQs now to see if I can apply this info to get any of them correct

    REG 81
    BEC 74,65,78
    FAR 79
    AUD 85 DONE!!!

Viewing 15 replies - 106 through 120 (of 893 total)
  • You must be logged in to reply to this topic.