I still used Becker. The information in the book is good. I just dont think they spend enough time on it. It's like they are speeding through trying to give you mnemonics and don't actually teach you the process. So i sat there and really tried to grasp all the transaction cycles. Understand the actual cycle first, then their controls, then the test of controls procedures. I believe in A4, there's a table for each cycle. Those helped me. Knowing when to vouch, trace, or observe etc.
Here's a little guide i came up with from the material. It helped me correlate certain assertions to certain audit procedures.
(Based of FIVE CARROT CARS from Becker)
Foot/crossfoot: verify mathematical accuracy---valuation
Inquiry: request info from internal/external parties (especially litigation or pledged/obsolete inventory)
Vouching: looking for existence( what’s recorded actually exists)
Examination/Inspection: usually existence assertion
Confirmation: from 3rd parties (Bank=valulation, Account Receivable=existence)
Analytical procedures: look for relationships (Planning &Final Review Stage)
Reperformance: test out the control yourself
Reconciliation: Existence and valuation (ex:book vs bank record)
Observation: look at process (usually completeness) ex: inventory
Tracing: looking for completeness(everything that exists was recorded)
Cut off reviews: look at year end transactions (classification, cutoff, and/or valuation)
Auditing related accounts simultaneously: liabilities&interest expense, PPE&repairs expense, Investments÷nd or interest income
Representation Letter: you need it except for compilations
Subsequent event review: valuation of assets&liabilities and adequate disclosures
Sometimes just connecting the words in your mind (like completeness and trace) help. especially when you are narrowing down the options. Hope it helps
POSTED 3 MONTHS AGO # REPORT(Nolacpa2be)
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I am not sure if this is a good idea...but it works on me. here is my formula of my study plan:
70 * 90% = 63
30 * 50% = 15
Total score : 78
The 70 presents most basic AUD concepts that are easy to understand and memorize, such as engagements, opinions, and rules.
The 30 presents hard topics such as control, business cycles. Those topics were killing me. It seems no matter how many times I read and understood the textbook, I would never got the majority of practice questions right. Those questions are tricky and it seems my common sense works better than applying knowledge I learned from the textbook.
The magic number on my plan is the 90% I tried to get on those basic AUD knowledge. I made sure I understand those concepts inside out, and I leave no room for errors/mistakes. That way would leave me some room for mistakes on the hard ones such as SIM. I figured if I got the basic right I could pass the test even take a 50/50 guess on the rest.
I am a new guy here, but I believe many people did not pass the test NOT because they made mistakes on the hard questions but got tricked on the easy ones.
I did not even bother to study FAR entries. I think I accept that scope limitation. :-) I could be screwed if I had those in my test though...but I figure the time to study those entries won't be efficient compared to the time I spent to better understand the AUD concepts....sometimes for guys like me who probably won't score a 90s in these exams, luck has something to with it...
(Cpa-Convertible)
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used Becker and this is how I did it: I viewed lectures A1, A2, and A3. Then I went back and read through A1, bit by bit. I took it slowly and carefully, studying as if I was taking an exam on that section the next day. I make lots of notecards, it helps to write it out and organize (even if I don't go back and read them all!). It would take me a few days to study a whole lecture. At the end of each subchapter, I would do the homework problems. Then moved on to A2, and A3. The problems I got wrong, I did not re-do them right away, but rather after a day or 2.
Then I viewed lectured A4 & A5, went back and studied then did homework, as before. A4 was a challenge for me, so that was the first chapter I went back and did again for my review. I only reviewed for about a week or a week and a half. For my review I printed out the "chapter outline" and added detailed notes to each. As I went through I used Becker's "simulated exams" (quizzes) and simulations on just a chapter or 2 at a time. Then my last 2 days I took the 2 practice Final exams.
Oh and I used the Becker note cards as well, but mostly at the end during my review.
I spent a total of 4 weeks studying. One of the weeks I went to the beach for 4 days!
Just got my score today- made a 97! :D So this worked for me! Hope this helps.
(nolacpa)
Hope this is helpful.....best of luck in the next testing window.
....And, oh yeah----Cheers!!!
