FAR on AUD

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  • #2832471 Reply
    karla
    Participant

    I am taking AUD on Tuesday and after taking the AICPA Sample Test I saw that some of the SIMS could be more FAR based than AUD. Did some forum search which basically confirmed this. I was wondering if anyone has any tips or helpful videos on how to prepare for these types of questions on the exam?
    Please no answers about how its basic accounting or that the tests are not all related (thanks). I have not taken FAR yet, and I am one of the people who more sides with the “how is this a question on AUD when it is more FAR based” and where it completely surprises me and I feel like I know nothing.
    Appreciate your answers in advance. Thank you!

    Failing is not the end; keep trying. I will keep trying.
    #2836185 Reply
    FutureBoomer CPAFutureBoomer CPA
    Participant

    AUD section has changed from mostly theory-based with no calculator requirement (AICPA did not provide us calculator for AUD and BLaw in the old days). Since AICPA started the computerized exam in 2004, especially the most recent ones, expect to get SIMs with calculations (i.e. ratio/FS analysis and sampling); you're right, FAR is on AUD. Think about it, we do financial statements, operational (i.e. internal control) and other audit engagements like tax, construction, IT, investigative, compliance, review and attestation as well.

    So, if you know your ratios and sampling formulas, especially during MCQs (usually, AICPA provides a “cheat/formula sheet” during SIMs), you're good to go. I believe, I wrote a study guide here not too long ago: https://www.another71.com/cpa-exam-forum/topic/aud-exam-experience-official-thread/

    Good luck.

    Passed: AUD (75%'08/77%'17); REG (76%'09); BLaw(77%'99); Highest: FAR (63%'11/'15); BEC (63%'11);

    US CPA Exam Candidate - Grandfathered Status - State of WA

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