One Month Away from AUD + Focusing on Weak Areas
The time really seems to be flying by. I am now into my fourth week of studying for AUD, one month away from exam date.
The topics I have covered seem much more detailed than previous sections. I spent eight days on Engagement Acceptance, Planning and Risk Assessment.
I scored the worst on the multiple choice questions (first attempt) in comparison to prior sections.
The difficulties I need to focus on include: managements financial assertions and components of internal control. My weakest area is the application of substantive procedures performed by the auditor in obtaining evidence regarding specific managements assertions.
My study tactics for this section have been modified. While answering the multiple choice questions I took extra time hammering out notes for each question that I had a hard time understanding.
The next section I started studying in these past couple of weeks is Audit evidence. This section went into detail about the seven transaction cycles. For this section I took extra time to rewrite the NINJA Notes three times on paper and one typed copy.
Tons of information here in regards to internal control and audit procedures. Along with which the assertion to each procedure is applied.
Overall I still feel this is another weak area for me, and definitely a topic I will come back to on final review. Tomorrow I will get into ratios and complete the remaining multiple choice questions for the section.
I encourage everyone out there studying to keep up the hard work, it will pay off!