Ok, can anybody point me in thr right direction to download the flashcards & audio to my iPhone? The instructions file in the MACOSX folder for the flashcards will not open on my desktop. And it's in PDF format, which iPhones don't support?
Ok, can anybody point me in thr right direction to download the flashcards & audio to my iPhone? The instructions file in the MACOSX folder for the flashcards will not open on my desktop. And it's in PDF format, which iPhones don't support?
@Motivated2Pass iPhone doesn't support PDF? That just put me even further into the never going to buy an iPhone category. I had to use my DROID to pull up my NTS yesterday for my FAR retake - thank goodness DROID does PDF!
Sorry to get off topic - I was just really surprised.
@Motivated2Pass: You can definitely view PDFs on the iPhone. When I downloaded the flashcards onto my MacBook they were in a zipped folder that contained only one PDF, which was just a coupon code. The actual flashcards were in an .xml format, which you need to download software to view. Instructions are in the .doc file that are also in the zipped folder.
I went to Hawaii for Christmas (10 days), and to say I got off track is an understatement. I pushed my test back to the 15th to give myself one more weekend to really cram.
Studying is going well. I'm scoring 75ish on practice exams (Wiley test bank). But I would like that to be at least 85 before I go in.
Right now I'm randomly rewriting chapters of my notes (weak areas) then testing on that info and writing out incorrect answers. Every other day I am taking a full practice exam to assess my weaknesses. Now I think I will do some focus sessions of MCQ on my weak areas only.
I wasn't on this thread for a bit because it felt like soooo much reading to get caught up on the discussion, lol.
How are you doing? Where are you at in studying?
Hello Audit Peeps! I am starting to read my Roger book today. Test Feb 23. Kind of excited NOT to be studying BEC right now haha should be a nice break. Good luck to you all. I know most of you are testing soon. Just wanted to join the Audit party :)
Well - I went through all the HW problems once in Becker A1-A6
Scored from 60% to 75%
Did Sims for A1-A3 - Still have 3 more section to go - SIMS are killing me :(
I'm going to do progression test and just do NON-STOP MC's and SIMS
Have about three weeks to review and focus on week points
I'm having so much problems with Audit Evidence ..... BOOOOOOOO
My practice exams are showing weakness in Reporting and Acct. Review Services. And doing well in the others. I'm nervous because these two sections are tested highly and I scored weaker in them when I sat back in Aug. I'm obviously not comprehending something correctly.
1 week until test day. I'm starting to get VERY anxious.
For those who used Becker for AUD, what chapter needs more attention?
And also, I am thinking what section to take next but it would be good to know what section of the exam will be changed this year. Anyone knows?
Anyone have advice for nailing down the topics involving confirmations vs cutoffs and what they are generally used for/to detect?
I seem to have a lot of trouble regarding questions involving specific audit procedures and detecting anything with cutoffs and confirmations. Questions that involve bank statement verification etc.
And fwiw I've gone over the audit procedure chapters in Roger's books more than a lot.
Hi all, I was hoping I could join or assemble a small audit group. I need some discipline to help me get focused and on track. I have been a career CPA candidate to say the least! For the past 12 years I have been taking the exam on and off; however, during 2012, I hit it hard by taking the audit exam 3 times but flunking each time. I am a full time natural gas accountant, married and mother of two kids (ages 8 and 5). I would love to be apart of a study group that can help me come up with a study plan and work to take the exam around the end of February. As I said, I have previously taken the audit exam so I know the audit material but just don't know how to organize the studying...this is where I am hoping to find help and need a group to help keep me on track.
It would be awesome to find an online group of people to meet weekly to discuss what we have learned this week and what our goals are for the following week. I am a terrible organizer so I am begging for help!!!
I am currently using the 2012 Becker materials as my primary studying source as well as Ninja notes.
Please let me know your thoughts.
I feel like if you have any audit experience, I wouldn't worry too much about Becker chapter 4. I feel like work experience will carry you on that chapter.
Can anyone who have passed AUD with Becker advise on study strategy ? Are Becker questions pretty much the same as on the exam ? If I just try to bring the practice score up to 90 will I pass ? Thanks
FAR - 82
AUD - 2/1/13
Could please somebody clarify regarding the written communication between an auditor and a client? There was one situation when such written communication is not required. Does anybody remember when? Is it during agreed upon procedure engagement? Thank you!!
Becker suggests to foucs on
A3: Engagement Acceptance, Planning, and Risk Assessment
A4: Audit Evidence
@ruslauritta - I think written communication is always required. (Maybe verbal agreement is ok for consulting only?)
Rep Letters are not required for Compilations.
Engagement Letters are required for Audit, Review and Compilation.
I'll go through notes when I get home to confirm, if someone else hasn't answered you by then :)
Cutoff procedures are usually going to be done when dealing with test of details involving transactions, whereas completion procedures would be used when dealing with tests of details involving balances, transactions and disclosures.
Becker outlines five types of assertions (Confirmations, Cutoff, Valuation/Allocation/Accuracy, Existence/Occurrence, Rights/Obligations, and Classification/Understanding). Each assertion is useful for specific tests of details depending on what you are testing (transactions, balances, disclosures). Understanding these assertions and when they can be used should help you narrow down your choices when going through specific procedures options, such as vouching (Existence), tracing (Completeness) or footing/crossfooting (Accuracy).
Try your best to identify each specific procedure with an assertion, and hopefully this will make these questions easier to answer! Best of luck!
Confirmed - Standards for Consulting Services allow the understanding of engagement between accountant and client to be oral or written.
Alright class of 2013 AUD ninjas... I'm checking out until exam day (Tues). Time to get my final cram in this weekend. I'll check back in after the test. And of course on the 5th when my state should get scores.
Good luck to you all!
MCLKT, thank you sooo much for your answer! what about written communication for financial personal planning ( or is it considered consulting services)? I just would like to add that the representation letter is required for compilation AT 301, Willey p 477. Please correct me if It is incorrect.
@ruslauritta - AT 301 is referring to Forecasts and Projections, so I think because that compilation is based on management estimates and predictions, it's a little different. A compilation does not generally fall under AT standards. It is covered by AR.
AR 80- C. (pg 395) lists documentation in a compilation engagement. It includes Signed Engagement letter. There is no mention of a Rep letter.
Also, the course material I use has a summary chart comparing Audit, Review, and Compilations and notes that a Rep letter is required for the first two but not the last.
I think this is correct. Surely, in all of the material covered, this will be a minimal fact nugget :)
Oh and yeah, Personal Financial Planning falls under Consulting Services. The engagement understanding can be written or oral.
@23 How's is going?
I just took my final practice exam, just an exam from Wiley test bank and scored a 90!!!!!
I'm feeling good about the test on Tues, but now I'm nervous because I feel too confident.
Today I am going through Ninja Flash Cards, writing down key fact nuggets that have slipped my mind and reviewing incorrect or flagged questions from previous test bank sessions. There are only 8 SIMS in Wiley test bank that I have not attempted, so I will finish those up too.
I'll probably go to CPA review for free.com to take a few pop quizzes and do random 30 MCQ sessions today and tomorrow as well, just to keep me in the mode.
I just took a final review exam on Becker and didnt so well.
Testlet 1 - 65
Testlet 2 - 65
Testlet 3 - 65
It was really hard
I still have two weeks untill my exam so - I will try to focus on my weak points.
I had a question about how many CPAs is on the PCAOB - which was 2 and I picked 5 WOW
I didn't know how many CPAs are in PCAOB. Just that there are 5 members. Now I'm glad you told me! I hope I get a question on it.
I've heard the Becker exams are extremely difficult. So 65's two weeks out is nothing to worry about. :)
THank you plaster3. I think I'm getting it ironed out finally.
I am planning to take AUD in Feb and this will be my third attempt.
First time was through Becker and i got 64. I then used RogerCPA with Wiley and I got 70. I liked RogersCPA over becker as he made it more fun to learn the material and it stuck in my head better. I didn't get alot of time to practice questions all the questions before the exam.
This time I spending more time doing the Wiley book and wiley test bank. I am also using the CPA for free website and also I am going to do the AICPA release questions for the the past few years.
Anyone can suggest any other materials I can use or would this be enough? Some people have mention using Gleim Test bank as a supplement with Wiley. Is it worth investing in Gleim too?
-insiyah24 and all fellow soon to be CPA's:
Here is my two cents about studying for the tests. To give you some background info, I graduated in 2004 with a 2.95 GPA and kept putting this darn exam off till 2012. I worked in a small firm for 3 years, left to be a controller for 3.5 years (felt seriously under qualified for that job), came back to public accounting (working for my older-CPA-sister) and hence my serious attempts at the CPA exam.
Most of these study guides are about the same. They all get their material from previously released CPA questions so to use so many different guides, I think, can be confusing and overwhelming. I only used Becker and passed FAR, BEC & REG on my first try with scores of 84-88. In my opinion, BEC multiple questions were the hardest ones, written comunication was not bad at all (becker's topics were much much harder). Also, I really didn't get the feeling that the exam was trying to be tricky. They only test on the basic concepts and on the surface of the subject.
Which brings me to my study tip handed down from old classmates and sister...They all told me to go through the Becker material 3 TIMES. As mundane and AWFUL as this sounds, it really helped glue the material in my brain. First, I watched the video's and did the highlighting, note taking, etc for each section, then went back and read each section and did the homework & simulations (made many mistakes) and continued on to the next chapter till I reached the end; then I rinsed and repeated (except watching the vidoe's...frankly, if I hear Tim Gearty say "again" once more, I will shoot myself!)
The 3rd time, I only read/glanced at the highlighted material and worked the homework questions I had gotten wrong before and then did the Final exam test. I got many of those wrong too but used the answer explanations to grasp and understand the concepts.
I hope this helps. There is no easy way to study for this exam and as you know this is not an exam you can just "wing."
I hope this will be helpful....Good luck to all of you!
That is essentially the same method I use! I generally tough out the lectures and complete the MC's/Sims. Then I'll reread the material cover to cover and then do a progress report up to whatever section I stopped my reading at for the day. If I happen to finish A3 that day, I'll do 90 MCQ's through A3, etc. Once I've read through a second time, I'll browse through the book one more time and do 2-3 MCQ sessions until exam day.
Somewhere in between I'll tackle the final exams, which frankly, seem MUCH HARDER than the actual exam, moreso the MCQ's. Maybe it's because I've nailed the material by then, and it just seems easier come exam day, who knows. I also try to get comfortable with the AL in all sections, just in case!
I love Gearty, but Audit should at least have ONE session where Olinto comes in to freshen things up. Make this happen in 2014, Becker. Not that I'll care, I'll be done with this painful experience by then!
Good Luck - On your exam today ... destroy it
I'm sure I passed. Maybe not by much, but I really think I nailed it this time.
Out of all of the study methods I have done. Practicing the MCQ and SIMS are the #1, absolute, by far, best prep. IMHO :)
I'll be seeing you lot on Monday. :/
Glad to see you did well on your EXAM :)
SIMs - ARE KILLING ME
good luck everyone! just took it today for the 2ND time.............
hoping i passed!!!!!....
I start Auditing tomorrow. Was supposed to today but had a crazy last 4 days studying REG and not sleeping so I need today off from everything! I'm scheduled to finish all the lectures by January 28 and then have a full week for review.
Hey guys, just took FAR on the 10th and I'm now studying for AUD on February 4th. Finishing up A2 in Becker tonight. I'm finding the questions are definitely much easier to reason through than FAR. That's got me worried because I feel like I'm not taking it as seriously. Gotta keep pushing through it though. Good luck to everyone taking it this window.
As someone who took REG and FAR first, I completely agree that the questions aren't as time consuming from a calculations/principles standpoint.
I think this one worries me more in that it is much more conceptual, requiring you to understand the steps and then apply those steps or procedures to the question stem.
I see the score releases and either see people scoring incredibly high or just below passing. It seems to me the key thing to take away from the material is that if you can understand the concepts (not memorize), you will be one of those that thought they failed and instead scored in the 90's.
BEST OF LUCK! I'm taking mine Jan 29th.
I think plaster3 is EXTREMELY accurate. My two fails I believe I tried to memorize and you can see the results below. It mostly works for FAR and REG but not AUD.
That said, it's hard to grasp when you believe you understand the concepts. I re-test Friday but feel far more prepared this time around and I *think* it's because I understand the reasons why auditors are doing things the way they are as opposed to just memorizing the book. There are still plenty of holes in my knowledge but without getting overconfident I think I mostly have a grasp. Just have that nagging feeling that I'll get bit by a few recurring topics that I haven't fully grasped :-(
Currently freaking out. I'm trying to finish up Becker Chapter 6 tonight. After that I'm going to review all the chapters, especially Chapter 3 and most especially Chapter 4 (nightmare going through it the first time). I definitely feel behind, but I'm going to try my best to absorb as much material as I can. I really hope I can pass this section before busy season starts.
Good luck everyone! We can do this. :)
I just started studying for AUD. I plan to sit in 5 weeks. I have 10 weeks of audit experience interning for a Big 4 firm and have taken a couple of audit classes. Hopefully I have enough time to really get the material down.
Anyone who has taken AUD before, have you had any Qs with ratios ? Its killing me, dont feel like memorizing those...
@MissCPA - For disclosure purposes, candidates won't be able to answer your question directly.
Just keep in mind anything can be tested. I thought because AUD is mostly theory, it would be good to know the equations covered. Both ratios and sampling.
@Jsmi77y and others:
At least for Becker, I appreciate how the material essentially walks the candidate through the entire audit process, with A1 providing the overview, A2 discussing requirements for firms, A3 discussing pre-plannings, A4 getting into the actual audit processes and evidence gathering, A5 focusing on sampling/attestation and A6 wrapping things up. I'm not sure how other study courses go, but that process really helped me.
Envisioning this process during my studies has helped me imagine myself as an auditor, which is especially helpful for those who are are tax associates (like myself) or those who are not in the field yet. So when I'm reviewing a section, I'm taking the time to understand why we are at this point. Example:
I see a section that discusses increased tests of controls. I will ask myself why one would perform tests of controls (i.e. is it to test operating effectiveness, are we looking at the design or operation of the control, etc.). I would ask myself the most important tests one can perform (i.e. observation or inquiry), or what happens to detection risk with control risk as a part of determining the extent of controls is increased or decreased. Blah blah blah ...
Reinforcing all of this while studying will benefit more than just taking progress reports or re-reading for the third or fourth time, in my opinion. It also gives you some time away from MCQ's so that you aren't memorizing them by doing them for the fifth time.
I'm real nervous about this one, but I figure the more I'm reinforcing the information, the better I'll feel come test day. BEST OF LUCK!!!!
@mypetmeatlball & samdiego
How did your REG go? You mentioned you were going to leave some feedback and have not heard from you. Hope it went well for you. Any insight would be highly appreciated. Thanks
Ratios aren't that bad- no harder than the MCQ's in Wiley. I'm about to take Audit for the 3rd time. You really have to know EVERYTHING cause they could ask anything. Some people just do MCQ's but I need to understand the why behind the answer, so I read the text. I am reading it over and over and it starts to sink in.
If you hate a topic or think they'd never ask a MCQ or sim on the topic, that's when they will. Be prepared!
Just finished AUD today. I walked out the examination room when I had 1:40 mins left. I studied for one week straight and spent 8-10 hours everyday using Becker 2013. Most of the questions on the exam are very similar to the ones I saw in the review. I hope I will pass it because I am not looking forward to reviewing the material again. It's a monster!
Whats up guys,
Should i be concern that i don't yet have a grasp on the simulation and AL! for some reason, when doing AL and plugging Keywords, Becker leads me back to the same paged that i previously researched?
Just took AUD today... Anybody else take it within my time frame? What did you guys think?
I took it on Thursday and wow...my simulations were awful! I totally guessed on 2 entire sims. Becker had touched lightly on the subject! It was the first time I had to guess so much during the a CPA exam! I am praying I pass. This will be the hardest 3 weeks of my life!
I hope you had a better experience.
This Saturday is my showdown with AUD... I re-work Audit evidence problems yesterday.. Hopefully it helped.
Took another pratice exam and I did worse on MC's and better on SIMs..
@23 - I was thinking about your upcoming exam and wanted to share something that helped me.
I'm a very visual learner and made a little chart to help me keep some opinions straight.
At the top - if Going Concern: you can give any of the 4 opinions.
- if it's disclosed - Unqualified or Disclaimer
- if it's not disclosed - Qualified or Adverse.
Middle - if there is a scope limitation - Either Disclaimer or Qualified
Gaap Departure - Either Qualified or Adverse.
IF scope limitation:
1 - modify scope para
& - additional explanatory para
2 - modify opinion
IF GAAP departure:
& - Additional explanatory para
1- modify opinion
I definitely feel you! I was so frustrated cause I ran out of time! I hate giving up on the answers... Especially cause I feel like I knew the material very well, and just didn't seem the SIMs reflected anything I studied.
thanks for the info - when do you find out your score ?
It's Day 1 and I just finished the first three lectures. Naturally I'm having a BLAST WOOP WOOP.
(On a positive note, it definitely beats REG so far)
I am using a different strategy for AUD studying. It's called "screw the Becker videos." I instead go through and take down the notes from the ebook (which was essentially all I did while watching the REG videos). I just don't think Tim explains things well. I don't need to spend three hours watching a video only to be told what to highlight.
Going through the book at my own pace is working much better. I've finished looking at A1-A3 in just a few days (I have some audit experience and have taken a few audit classes... so a lot of it is review).
Hopefully ignoring the lectures doesn't hurt me...
@Ceendy28 I took audit on the 17th and I feel the same as you regarding the sims. I went into the simulation with nearly 3 hours left on the clock and left the exam with only 30 mins left. Then again that's only because I had done all that I could. One of the sims was a complete shocker. There was nothing in the becker materials about and I also used the audio from Wiley, nothing there either. I find that none of the sims I got were anything like what I'd practiced. I feel like I got the hardest questions out of the whole lot. Even the research question was hard and I was feeling like I had mastered the research going into the exam. My multiple choice questions also got harder as I went from one section to the next, more application that purely theoretical.
I guess that now I just have to wait and see because I can't even venture to guess one way or the other.
Starting Ch 2 today, woops. I sit in two weeks, but I know I can do this. There is like 1/10 of the info on this exam than on FAR, I cannot believe it! Also, since Auditing was my last class I took before I graduated last May, a lot of the information is super familiar and I already know it. It was the "toughest" class in our school for Accting majors aside from 301!
I've been doing pretty well on Becker's A1, A2 and A3's MCQ's. However, I've been having trouble with A4, especially MCQ's regarding Audit Procedures By Transaction Cycles. Can anyone give me some advice on how to really understand the transaction cycles and audit procedures rather than rote memorization? I can't seem to really grasp the data and Becker just has so many acronyms, but I want to really understand it.
I took a Becker Final Exam and here is my score:
Test 1: 22/30 73%
Test 2: 23/30 76%
Test 3: 19/30 63%
Sims average was 50%
I am really worried about the sims on the exam. Do you think I am ready? I am taking the exam this Saturday.
Test this Saturday. Sounds like there are a few of us. This whole studying during busy season thing isn't working out too well so fingers crossed!!
how did you do on the final exams for the sections you sat for?
My exam is Saturday
Becker Final Exam-
Test 1: 65
Test 2: 70
Test 3: 65
SIMS - Average 45%
My scores for the Becker final exams of the other sections; I believe were actually a lot worse and I still managed to pass. I am not so worried about the multiple choice questions as I am worried about the simulations. Although when I took the Becker final exam the multiple choice only took two hours. I think another two hours on seven simulations should be more than sufficient. I can use the extra time to look through authoritative literature and make sure that I get the simulations correct. Fortunately, I am not in public accounting yet and do not have to worry about busy season. But I am working 40+ hours a week and it is very difficult to find time to study...kudos to those who are studying during busy season. Auditing is my last exam and I just want this process to be over with so I can have my life back. I have been studying for the CPA exam for 13 months!!! I don't want to have to take auditing again because my Becker materials expire in May. Then the audit exam changes in July, and I don't want to have to purchase more materials.
Your scores are close to mine. Do you feel confident going into the exam on Saturday? How long have you been studying?
Been studying for 7 weeks - I feel okay
This is my first exam - so i'm nervous more than anything
I'm glad to hear you still scored higher on the actually exam
I'm scared of the SIMs too
Let's hope they curve! I also had a lot of time going into the sims. My biggest mistake was studying on the day of the exam. I highly recommend not doing that! My eyes, brain, head all hurt by hour 2.
"DEAR LORD, PLEEASE don't make me have to study for audit again. If you help me pass. I promise to start volunteering (since I won't be studying anymore). I also promise not to kill any ants, spiders, flies. I will take them outside....PLEAAASSE, don't make me retake this exam!!!!! I BEG THEE!!!!!
Studying for the exam before (I take mine between 12-1pm) helps me actually a lot. I wake at like 7am and study for 3 or so hours before hand, but that's just me! I feel it makes me remember things again real quick which will be in my ST memory for the next few hours.
I am taking on the 1st of FEB , so far I score about 85-90 on Ch 1-4 MCQs, starting CH 5. Hope I will have enough time to be done with the 2 remaining Chapters. Anyone knows when will the scores be out for those who tested on the 1st ? Thanks
From my experience with FAR, I can tell that Beckers MCQs are similar to real test MCQs, however the simulations on the exam were very very very much different, so my advise to those who are on the final review stage - dont spend too much time on redoing sims, or dont get upset if you score low on them, instead use that time to go over your weak points.
I can't believe I'm saying this but I'm finding AUD to be even more annoying than REG. The A1 MCQ homework from Becker is absolutely destroying me.
I was told by friends who have attemped CPA exams, that FAR and AUD are the harder ones compared to REG and BEC ( of course assuming you dont have any industry specific experience)
Just took the first Becker Practice Exam:
Testlet #1 - 24/30 - 80%
Testlet #2 - 27/30 - 90%
Testlet #3 - 28/30 - 93%
Risk - 90%
Internal Control - 80%
Tickmarks - 100%
Sampling - 90%
Comp. F/S - 50%
Government - 80%
Research - 100%
I did not expect to do this well. With my exam being 10 days away, I'm thinking I might pay the $35 and reschedule. I don't care about my score as long as it is at least a 75. Given the results above, it seems like I'm in good shape. Does this strike anyone as a bad idea?
@soxfan866 - In my opinion this doesn't seem like a bad idea, but it really depends on your situation. You'll never feel 100% ready. For audit, I started studying on 11/17/2012 and sat for the exam on 1/8/2013. I felt like it was way too much time because I finished going through all of the course material on Dec 21 and basically had almost three weeks of time to review the material. I took about one and a half to two weeks to do a final review for each of the previous three exams. If I could go back I would have sat for the exam on Jan 2.
I don't want to sound like "that" person, but could anyone provide me some advice about ratios? How much time should I spend with them (are they worth making flashcards?)
I'm familiar with most of them from school, but I'm wondering if I should have them down cold for exam day or if a general familiarity is sufficient.
I don't want to sound like I'm trying to get out of doing studying (because I wouldn't actually mind and might prefer if they are heavily tested) but I'm just wondering what the general consensus is.
Thanks for any help!
GOOD LUCK TOMORROW 23k!!!!
I get my score on the 5th :)
hwtCPAexam - thanks for the advice. I checked the Prometric schedule and they only have appointments tomorrow at the test center closest to me. I think I'm going to try to take the exam on Tuesday if anything opens up.
I took the second practice exam with similar results except I bombed the first testlet with 60%, but then managed 96% in the second testlet. Weird, but I guess that's just the way it goes.
GreenMonkey - I haven't taken the exam yet, so I may not be the best person to listen to, but it seems like you could get away with only have a general understanding of the ratios. The 15 or so questions Becker has in that section seem as though they would be considered a "difficult" question if you were to run into them on the exam. I didn't do so hot on those ones, but I did fine on the questions in the other sections related to ratios and the ratios simulations on the final exams.
Honestly, you don't need to MEMORIZE the ratios. For me, it was easy knowing them because AUD was my last part, and I had to familiarize myself with the ratios for BEC and FAR.
In my experience after going through the practice exams in Gleim, CPAExcel, and then taking the actual exam, AUD doesn't really test you too much on ratios in the sense that you need to solve them. Instead, AUD tests you on how you interpret the ratios. So if Days' Sales in Receivables goes up a significant amount year-over-year, what does that mean? What kind of risks are going to be present in the audit?
Thank you both for your insight. I didn't realize that ratios were tested on both FAR and BEC (although I probably could have assumed they would be tested on FAR).
II'll probably spend some time on them if I'll have to for the other exams anyway. I don't think it will take too long and it's good to know that ultimately it wouldn't be a waste of time.
AUD in the morning. Fingers crossed I managed to get enough studying in even though it's busy season and I've been working like crazy. Here's hoping I get lots of questions that my auditing background gets me through!!
I have been doing really good on my MCQ which has never occured with any of my testing... does this mean I finally get audit? Those of you using Wiley, are you also experiencing this? I don;t want to get overconfident.... but could it be I am finally learning how to read the questions right?! I've always thought audit was tricky.
Just got done with Audit -
MCs werent so bad at all.
SIMs were what I expected
I dont know if I pass or not but I feel relief - I just hope all this studying for 7 weeks paid off.
What should I do? wait for AUD score around FEB 25 or start FAR first week of FEB
Ugh, struggling with Auditing. It is so boring to me that I am having the hardest time learning/concentrating on the material. I feel like so many of the answers are similar or could be correct.
I really have big problems dealing with transaction cycles in lecture 4.
I did Becker MC several times on this part, the results were so bad.
Just feel that the materials in the book could not help me select the right answer of these questions at all....
Especially I did not have any real world auditing experience.
Feel so bad.
Checking in with the Auditing crowd!
I'm scheduled for Auditing Feb 19th
Using 2nd hand Becker, & Wiley.
Bought a digital recorder & recorded all of Becker & I listen to it while driving/ working/ cooking/ laundry/ etc... I created notecards while reviewing this.
Now I'm working my way through the printed Wiley 100% of all MCQ & SIMs - and creating notecards as I go.
I'm reworking my way through the Becker material to ensure I created a notecard for all the important info - as far as doing wiley - I make notecards when I miss the question - or when I find the answer of the question provides good insight.
I am heading into working my way through Wiley section 4 MCQ & Sims for the rest of the day - I don't think I'll finish tonight since there are so many.
For my study schedule I try to get 30 min to 1 hr before work - 30 - 45 min at lunch, & 2 hrs at night. I study 6-8 hrs each weekend day/holiday. Some days I get all that in & some I don't of course.
As for when I get bored/sleepy - - I switch methods of studying. I'll switch out of questions and start making or reading notecards. If I am really sleepy I will make recordings of the questions to listen to - - talking through it keeps me awake. If noise is a distraction for you - try earplugs & Gingko biloba (it helps me focus quickly).
I work full time/ have 3 kids & I have been out of school for 17 years - - so this road is a long one. All self teaching. Just wanted to share that part for any others who are coming back to studying after several years out of school.
For FAR I purchased a new intermediate accounting text book & I used Yeager videos & printed material from becker & wiley practice questions Printed & the wiley online test bank. I recommend using a text book & yeager videos (which are more teaching in style than becker) - if you have been out of school for a while & are self studying.
I try to focus on practice tests constantly (online test bank) in the final two weeks and reviewing notecards. I renew my memory of things like ratios in the last couple days - because they are harder to retain.
Is anyone using Yeager videos for auditing?
they were really good at pointing out the TRICKY things to watch out for.
Got any to share?
For myself - I notice that the "least" "not" & "required" words are easy to remember & alert me to a possible trick/easy to miss type scenario.
Anyone want to share their easy to see tricky question words?
Confused with postive confirmation and negative confirmation. I understand that if large number of small balance is use the negative confirmation. How about large balance acct? Should it be use positive conformation? Thanks!!!
Hi All ,
I'm new to the forum ,
I'm stydying FAR and AUD from materials of 2011 , I think that there was no changes in Both of them till end of 2012 , nowadays ,a friend told me that there will be changes to exam in July 2013 ( and my plan to sit for exam next October) , and another friend told me that this is false as per AICPA site , I searched the website and read the Updates for 2013 and updates for 2014 , and I didn't know the fact of the matter , so please anyone have any idea about whether exams in October and November 2013 windows will be affected by changes in 2012 or 2013 announced or not ? if yes please list
Yes there will be huge changes to AUD after May 31. I'm not going to list the changes because they are too comprehensive to even bother. It's safe to say that old AUD materials will be virtually worthless at that point.
I'm taking auditing now - because I didn't want to buy new materials due to the changes. I am using used 2011 items as well - whatever materials you are using - their site should have a page listing downloadable updates & corrections that you can access even if you are not registered (2nd hand items) - to ensure you get current changes.
Taking AUD on 2/28 to fit it in before the test period ends. I just wrapped up the A3 lecture. While I have 4 years of audit experience and the stuff is all familiar, that chapter is just brutal to get through!
Can someone please help me on this:
"Confused with postive confirmation and negative confirmation. I understand that if large number of small balance is use the negative confirmation. How about large balance acct? Should it be use positive conformation?" Thanks!!!
sw100177 - I think this is a matter of professional judgement (like a lot of things in auditing). There isn't a set in stone rule that I've come across in my studying or have heard of through experience. Positive confirmations provide more reliable evidence because you are reducing the chances that someone will sign it without actually making sure it's correct. If I came across this as a multiple choice question involving when to use each of them I would think of positive and negative confirmations like this:
Positive - larger balances, mistakes more likely, weak internal controls
Negative - smaller balances, mistakes less likely, strong internal controls
I Think auditor may send positive confirmations for : small number of large balances (for example 3 Clients represents 1 Million out of 1.5 accounts receivable, and there is 100 client )
large number of small balances ==> use negative confirmation.
and I think that the auditor could use combination of positive and negative confirmations
Hope you find this helpful , and I recommend reading it from Wiley or Becker text books.
Woo, great info from both soxfan866 and Masry1989!! Thank you so much!!
I am almost a week beyond schedule..something about this material makes it really hard to drudge on. The lectures feel longer than humanly possible, reading is like pulling teeth. Good news is that I'm scoring really well on my MC first go-around.
I'll hopefully be done with A2 tonight, getting frustrated with myself for sure.
meatball - A3 is even MORE FUN than A2. While this stuff is much more familiar to me (remembering back to my days as an auditor in a Big 4) compared to REG, its taking a while to get through the material. I'm going through A3 now making my flashcards and doing the MCQs. At least I know that after next week's A5 and A6, there's no more new information and its just reviewing everything. That was the killer with REG and FAR - it never seemed to end!
Some tricky words are what the auditor is Required, Should, or May do. Like a client representation letter is required for a review. And, an engagement understanding can be documented in an engagment letter or any other form of written communication. There is a difference between internal control efficiency vs effectiveness. Thanks for sharing!
My becker materials don't really go into any detail on GAGAS. I'm concerned - considering the amount of the FAR exam that was over governmental accounting -- I just dont see how it could be left off. I'm thinking I'll just go into AL and read it straight from the source to ensure I don't have a gap - - or is it overkill?
Aud in 3 days! Pizza for Friday night just like what i did for FAR. Time to prove if the pizza theory is true again LOL
This weekend will be a real test of my will. I am sure the same for most of you! Super Bowl parties, etc. I have to be in the mindset that if I study and pass, I will have the opportunity/funds to GO to the Super Bowl one day and party in person :P
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