Hi all, I am studying Audit right now using the Becker review program. The first 3 chapters were relatively easy, I did the lectures, took notes, and completed the homework (usually scoring in the 70s range). However, I just finished taking notes for ch 4 and while I felt it was a little harder than the previous 3 chapters, I didn't feel too overwhelmed. I went through the first 40 or so questions and I'm scoring in the 20-30% range.. not sure what is going on. There are a lot of questions regarding assertions of management as well as actual controls/substantive testing. I thought I was feeling pretty confident, but now I am getting extremely nervous. I have never done any type of controls/substantive testing and I feel like I'm guessing on almost every question. Does anyone have any tips/tricks?
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HoosierDaddy
offlineMemberManagement assertions are a key part of the audit section. I'd imagine its not a topic that people automatically understand. Just keep studying and it will click.
If you know management assertions, things really come together in your final week(s) of study. Its an integral topic for audit study.
(B)[BEC]: P
(A)[AUD]: P
(R)[REG]: P
(F)[FAR]: Waiting.........Posted 1 year ago # -
koliver
offlineMemberI'm right there with you on having issues with chapter 4... i'm on the last 31 questions but they have overall been pretty rough. :( I'm hoping that when i do my final review and go over each chapter again that it will all of a sudden sink in. good luck studying! I think I may purchase Jeff's audit notes... i've heard they're awesome.
FAR: 78 BEC: 79 REG: 86 AUD: 74, 83 DONE!!!Posted 1 year ago # -
michelle119
offlineMemberI'm using Becker as well for this awful Audit exam. I picked up Jeff's notes and they are great supplemental material to the Audit. I struggle with Audit since I had a not so great professor and have no experience at all... Also use the questions on cpareviewforfree.com if you guys have time... I was scoring across the board 50s-60s on the homework and now going through Jeff's notes and rereading the book I'm closer to the 70-80s range consistently.... Best of luck!
FAR 7/2 - 88
BEC 7/30 - 87
AUD 8/27 - 80
REG 11/12 - 96Posted 1 year ago # -
joohj1187
offlineMemberHey FSCPA, I felt the same way when I was going into it, but keep drilling! I went to lectures and stuff and kind of ignored the flowcharts and stuff, but if you sit there, read it over and think about it, it all is pretty logical. Like, if you want to test for existence of property, you would take a journal entry from the PPE ledger, then see if that thing actually exists in reality. It's a little more tricky w/ the revenue/expenditure cycles, but don't get overwhelmed and look at the big picture.
Also, my AUD test is in like 8 hours and i cannot go to sleep. i feel like i am subconsciously waiting for that FAR score to magically post itself.
FAR: 8/5/2010 - 89
AUD: 8/24/2010 - 92
REG: 10/11/2010 - 94!!
BEC: 11/30/2010Posted 1 year ago # -
FSCPA
offlineMemberI am not sure why I am having a hard time with this section. When I read about the assertions, they make complete sense, like confirms gives you comfort over rights and obligation as well as valuation. But for some reason when I read the problem, and they give me four choices, I get so confused. I think it may also be the way the questions are phrased. For example cash disbursement means cash going out, or remittance listing means duplicate copy.
I've gone through the flow charts a few times, but it seems like everytime I pick an answer, I feel like I'm just getting lucky or I remembered the answer. If you ask me the explain it I can't..
Does anyone have any other strategies besides just keep drilling and Jeff's notes for audit? Thank you everyone for the fast replies!
Posted 1 year ago # -
italianCPA
offlineMemberI remember I had difficulties too. I usually scored between 80 and 90 in the HW questions and I scored high 60s in that particular section.
I left the supplemental Qs for the last day cram/review and I re-read my notes (I rewrite my own notes during the becker lecture). I scored over 80 in the supplemental Qs.
It's all about understanding the logic behind vouching and tracing. I mean, I want to check if this sales number in the G/L is legitimate, let me see the shipping document for this particular invoice (no shipment = no sale).
I want to check if all sales have been booked in the G/L, run a report that matches each shipping doc with a sales invoice.
Very logical, but if applied to more complicated wording and added to the time-pressure we experience during the exam (and exam prep) it could be tricky.FAR - 7/26/10 - 95
AUD - 8/10/10 - 88
BEC - 8/31/10 - 88
REG - 10/15/10 - 95Posted 1 year ago # -
koliver
offlineMemberI think I will move onto chapter 5 tomorrow and will just make sure when I go through the review for each chapter that I will spend an extra-long time on chapter 4. Good luck studying... I have mine a week from Tuesday :(
FAR: 78 BEC: 79 REG: 86 AUD: 74, 83 DONE!!!Posted 1 year ago # -
Camelia_CPA
offlineMemberI am a newbie here, but anyway, I am studying hard. AUD is like speaking japanese (especially that I am Romanian), but if I only read the book _becker, is very confusing. I found it easier if I do the questions from http://www.cpareviewforfree.com and combine the reading and questions over and over again. I also like/ use the $ 60 cd on amazon (has 7,000 Q) and I know it takes time but it makes it easy going over the concepts (in a raw manner_ I mean sometimes brutal but it goes straight to the point). The cd is called
2010 CPA Exam Review Simulation Software; 7,100 Test Bank CPA Questions; AUD, FAR, BEC, REG; Practice Software CDROM Covers Auditing and Attestation; Business Environment and Concepts; Financial Accounting and Reporting; Regulation (Windows Only) - CD-ROM (2010) by Charles Waagen-CPA, Benjamin Middleton-CPA, Christopher Starzhevskiy-CPA, Juliette Renfrew-CPA, et al.
....at can be found here
http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Daps&field-keywords=cpa+simulation+software&ih=16_4_2_0_1_0_0_0_0_1.0_359&fsc=-1&x=17&y=19FAR OCT 11, AUD Jan 11Posted 1 year ago # -
Ness
offlineMemberI just took the exam today at noon, and I felt like I did terrible. I listened to all the lectures and did all the homework and reviewed for a couple of days. I feel like I get the overall gist of auditing, but when it comes to the details and the nitty gritty, I get all confused and do not know what the question is asking. It would be a complete miracle if I passed. Now I need to rearrange my studying and figure out how I am going to restudy for auditing before the end of the year. I am planning on taking FAR November 16, so I think I might just take 2 or 3 weeks off as soon as I get my score and study like crazy and then take it as soon as I possibly can schedule it. Then I could go back to studying FAR. Does that sound like a bad plan?
BEC 7/20/10 88 (90 hours)
AUD 8/27/10 73 (65 hours), retake 11/22/10 81 (75 hours)
FAR 10/28/10 80 (157 hours)
REG 1/7/10 extended to 1/17/10 78 (130 hours) I'M DONE!!!!!!!!!!!!!Posted 1 year ago # -
sarailizabeth
offlineMemberUm, I am right there with you guys on AUD. I understand the theories & principals of Auditing. I read the text & listen to the lectures & it all makes perfect sense, but when I go to take my MQ's....it's like I don't have a clue what they are talking about. Most of the time if I think I got it right, it is going to be wrong. I have never been so frustrated!
Possibly because I had one Auditing class 6 years ago & have no Auditing experience to refer to. I am just studying like crazy & hoping & praying for the best.
REG 84
BEC 75
AUD 8/31
FAR 11/10Posted 1 year ago # -
Camelia_CPA
offlineMemberI am frustrated too...I studied this weekend a lot of hrs - maybe 20 and instead of working at questions from Ch3, by mistake I did Ch4 questions. I was not able to get even 5 out of 20. No wonder. I got so upset :)) But then I realized.....and I did some of ch 4 and ...I kind of knew, got an idea. I am thinking if I study a month, maybe is going to be a huge difference.
FAR OCT 11, AUD Jan 11Posted 1 year ago # -
tensors22288
offlineMemberFSCPA,
Not to sound picky by saying this, but just wanted to correct something you mentioned. You said:
"When I read about the assertions, they make complete sense, like confirms gives you comfort over rights and obligation as well as valuation."
I was extremely confused by assertions at first as well, so I wanted to correct what you mentioned to help avoid the same mistake I did. Confirmations DO NOT confirm the valuation assertion. Although that may seem contradictory, they only provide assurance over existence, and rights and obligations.
For instance, imagine that you are a retailer that purchased inventory from the company being audited. You have a $100,000 AP on your books that you owe to audited company. You receive a positive confirmation saying that you owe $90,000. Now, if you are that company, are you likely to report to the auditors that the audited company made a mistake and that they only have $90,000 recorded as their AR from you? (completeness) Not likely. Therefore, by replying to the confirmation, you are telling the auditor that this payable DOES indeed exist, and that the company has a right to receive that money. In addition, an auditor has no way of knowing if the retailer has the funds available to pay the payable. So it may only be valued at $50,000, because the company may be insolvent (valuation).
So that is a long winded way of saying confirmations are ONLY for rights/obligations and existence. I hope that helps and it took me a while to catch on to that. It is also mentioned on Becker page A4-37,
Dan
FAR: Took 7/1/10 VA: 90
REG: Took 8/2/10 VA: 96
AUD: Took 8/31/10 VA: 96
BEC: 10/10/10Posted 1 year ago #
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