AUD Study Group 2019

This topic contains 151 replies, has 79 voices, and was last updated by  ahugemistake 4 hours, 19 minutes ago.

Viewing 30 posts - 121 through 150 (of 152 total)
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  • #2437272

    boo boo
    Participant

    Good Morning Candidates,

    This is my first time in this group! I took audit May 20th and just hoping for the best. The first set of multiple choice questions were easy, but the second testlet was more difficult, however I felt as if I got through them because nothing was unfamiliar to me. Now the simulations weren't bad but I feel that section of the exam could go any way; my last simulation I had to just choose answers because I was running out time and it was a DRS question (really hoping that was a pre-test question). At this point I'm just hoping I passed!

    Audit (gleim only)- score pending
    FAR (gleim only)
    BEC (gleim only)
    FAR (gleim only

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Aspiring Cpa
    #2437326

    CH89
    Participant

    @Boo Boo – Good luck! I took AUD yesterday, and had a similar experience. First testlet seems easy, maybe too easy? The second testlet definitely felt more difficult. Some of the SIMs appeared to be “easy” while others were a bit difficult, I lucked out and didn't have any DRS or many exhibits to go through. The wait begins!

    #2437329

    boo boo
    Participant

    @CH89 Good Luck! You should be receiving your score June 11th, also. What material you used to study?

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Aspiring Cpa
    #2437470

    CH89
    Participant

    @Boo Boo I know, but it still requires patience haha. I used Wiley and supplemented it with Ninja. How about you?

    #2437497

    boo boo
    Participant

    @CH89 I used Gleim only.

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Aspiring Cpa
    #2441838

    A_Rish
    Participant

    Can someone please help explain the answer to this questions in my AUD review course? I've gone through this SIM twice and honestly cannot figure out what I'm missing. The part in questions is essentially this.

    Per simulation, client's Days sales in AR increase from year 1 to year 2. From 39 to 40. Here are the explanations I'm given to choose from:

    A. Credit terms were restricted on several large accounts during the current year.
    B. A smaller percentage of sales occurred during the last month of the year, as compared to the prior year
    C. A larger percentage of sales occurred during the last month of the year, as compared to the prior year
    D. Sales decreased as compared to the prior year

    According to my course, the answer is C. What's the logic there? Since DS in AR = 365/(Net Cr. Sales/Avg. AR), wouldn't either sales have to decrease as compared to AR or AR increase as to sales? How does pushing the sales back towards the end of year affect this? Totally stumped. I;m sure the answer is quite simple though lol. Any help would be appreciated.

    AUD - 96
    BEC - NINJA in Training
    FAR - 95
    REG - 93
    One more beast to slay!  Through God, I can accomplish anything.
    #2443338

    boo boo
    Participant

    Hi,

    In order for days sales to increase there hath to be an increase in accounts receivable turnover (meaning there was an increase in sales) because the days change would probably never change unless it’s a bankers year or a leap year.

    AUD - 76
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    Aspiring Cpa
    #2448297

    Kevin
    Participant

    Basically, it is just simply saying that the A/R balance is higher at year end because the larger portion of sales was recorded in December. Therefore it will also most likely have a larger account balance in A/R. As a result this will affect the days sales in A/R number.

    REG - 99 (12/05/2018)

    AUD - 85 (02/05/2019)

    BEC - 92 (05/30/2019)

    FAR -

     

    #2472996

    Parker
    Participant

    Just an observation, but why is this group so much quieter than the other three sections? Just wondering what the thoughts are. Good luck everyone!

    AUD - NINJA in Training
    BEC - 91
    FAR - NINJA in Training
    REG - 87
    Keep the faith
    #2473185

    ineedthiscpa45
    Participant

    @Parker probably because everyone in this group is unsure on how they scored lol especially me personally. Too audit for the 3rd time and I’m still clueless on if I actually did better. We’ll see Wednesday though!

    BEC - 74, 70, 76

    AUD - 67

    REG - N/a

    FAR - N/a

    "Whether you think you can or can't do it, your right"

    #2473230

    Elich
    Participant

    Audit keeps knocking me down, I try to get up but knocks me down again 🙁 🙁 🙁 Moved to FAR.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    I can do all things through him who strengthens me - Philippians 4:13
    #2474271

    PDiddy2000
    Participant

    Anyone else waiting for AUD scores on June 19? I'm a little anxious. I took a break from studying until I find out my score so I have nothing to pre-occupy my time except for work.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 77
    AUD-test date 6/7/19
    REG-did 2000 MCQs,35 TBSs on Wiley, over 72 hours study time
    #2474784

    ineedthiscpa45
    Participant

    @pdiddy2000 yeah I am a bit. This is my 3rd time taking audit and honestly I’m telling myself I didn’t pass so that if I don’t I’m not shocked. With this being my 3rd time taking it I can’t even tell if I actually passed (shrugs)

    BEC - 74, 70, 76

    AUD - 67

    REG - N/a

    FAR - N/a

    "Whether you think you can or can't do it, your right"

    #2475363

    Parker
    Participant

    I know we all are anxious for scores, but how early does the eye trick usually work before a scheduled release date?

    AUD - NINJA in Training
    BEC - 91
    FAR - NINJA in Training
    REG - 87
    Keep the faith
    #2475930

    Momo
    Participant

    Hi all!

    It's my first time in any of these forums. Got score for Q2 testing window and found out I failed AUD…AGAIN!! And I'd started studying for REG. Honestly I felt so disappointed and discouraged that I contemplated quitting this journey altogether, but I'm so glad to have found a community of people who have either gone through this process or are currently going through the process. WE SHALL OVERCOME!

    Based on my performance breakdown, I'm weaker in the Assessing Risks and Performing further procedures sections. Biggest issues for me are testing assertions for inventory and TBS related to confirmations. Does anyone have any tips on how to grasp this subject matter? Also whatever happened to actual in class/on-site review courses?

      AUD - 62
      BEC - 77
      FAR - NINJA in Training
      REG - NINJA in Training
      With God I can and I will!
    #2476329

    ineedthiscpa45
    Participant

    @momo I’m in the exact same boat! Literally almost the same. Just took auditing for the “3rd” time and I’m unsure if I passed so I’m gonna move on to Regulation regardless. I don’t know what it is with that exam but I could never gauge how I actually perform, then I get my score and it confirms all doubts. Hopefully Reg a feel fresh and new and keep me excited about the actual CPA exam. I’m over Auditing

    BEC - 74, 70, 76

    AUD - 67

    REG - N/a

    FAR - N/a

    "Whether you think you can or can't do it, your right"

    #2476653

    PDiddy2000
    Participant

    @Ineedthiscpa45 I took AUD last year and failed with a 70. I was a little shocked because I finished about an hour early and felt ok. I only studied for 5 weeks and didn't take detailed notes for that exam. This year I changed my approach. Studied for 8 weeks, took detailed notes and read the entire Wiley text. I only watched the deep dive videos. Oh and I dedicated every sunday to reviewing previous chapters to keep things fresh. The bad thing is this time I still finished about an hour early although I took about 30 minutes on my last testlet to review some answers in the authoritative literature. Unlike some people on this forum, I never feel good or bad about these exams. Just blah!! If they release the scores a day early, we have four more days until score release. GOOD LUCK!!!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - 77
    AUD-test date 6/7/19
    REG-did 2000 MCQs,35 TBSs on Wiley, over 72 hours study time
    #2479395

    DGR10
    Participant

    Hi All,

    My name is David and I'm studying for AUD. My exam is 07/03/2019. I'm using surgent cap review. Do you guys recommend complementing it with additional material from NINJA?

    Thank you,

    DAVID GOMEZ
    #2480322

    Momo
    Participant

    @IneedthisCPA45 Good luck on getting your scores. I hope you passed it this time so that you can continue studying other sections with peace of mind.

    I've been trying to figure out how to change my study strategy by noting the types of questions I answer incorrectly in my Wiley review course. So far, they're EVID related questions (back to assertions and evidence). I plan to continue taking MCQs for all 4 parts of AUDIT, but focus on TBS for Assessing risk and performing further procedures because those leave me crosseyed a lot on the actual exam day.

    Good luck @DGR10 and to everyone!! AUD won't master us, we will master it!

    AUD - 62
    BEC - 77
    FAR - NINJA in Training
    REG - NINJA in Training
    With God I can and I will!
    #2480505

    DGR10
    Participant

    Thank you very much. We will get there! Let’s keep plugging!!

    DAVID GOMEZ
    #2482137

    gdubb29
    Participant

    Hello All!

    Question for anyone that's taken the AUD recently. Are you still allowed to use the Authoritative Literature for the SIMS. I passed the exam a while ago, but not sure if that technique is still useful.

    #2482176

    DGR10
    Participant

    I believe so. I can confirm for you later. I need to ask my friend that took it recently.

    Congratulations on passing it!! How many simulations did you do before taking the exam?

    Thank you,
    David,

    DAVID GOMEZ
    #2482179

    CPA Hunter
    Participant

    Yes, you can still use the Authoritative Literature for the SIMS.

    AUD - 78
    BEC - 75
    FAR - 78
    REG - 79
    Just give me a 75 and let me become a CPA
    #2487246

    AngloAmerican
    Participant

    Just found out that I failed Audit with a 71, going to re-take it as soon as the window re-opens in July. Those of you in the same boat as me, don't give up!

    #2487822

    DGR10
    Participant

    I’m sorry man. Keep at it!! Good luck next time. It’s wise to go right back at it. How many hours did you put in?

    I’m about to take it in 14 days. What simulations did they throw at you?

    DAVID GOMEZ
    #2489139

    David
    Participant

    Got through all the AUD material a couple days ago and have been doing mcq's ever since. My exam is on July 2 and since I don't start my job til the end of July I have a lot of time to devote to studying. What would you guys recommend me to do? I'm using Becker and I'm able to get through 200+ MCQs a day (while re-reading any questions that are slightly confusing and understanding why each answer is right and wrong). What else other than MCQs should I be doing? Did you guys get value from re-reading the tougher sections (transaction cycles and such) or is going back through the book not as effective as MCQs? I'm willing to spend around 5-6 hours a day preparing and I have no problem with overstudying or overpreparing since this is literally the only thing on my plate right now.

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 87
    REG - NINJA in Training
    AUD - July 2

    FAR - May 23 (87)

    BEC --

    REG --

    #2489283

    DGR10
    Participant

    David,

    This is my first time taking it as well. Mine is July 3rd. Good luck to you.

    I’ve heard from practicing auditors that have passed the test that the amount of hours you spend studying and practicing directly impacts your chance at passing but we all learn differently.

    Let me know how you do?

    Best,
    David,

    DAVID GOMEZ
    #2490282

    David
    Participant

    Quick question. When you do an integrated audit, is your opinion on internal control an opinion over YOUR assessment of the operating effectiveness of internal control or is it an opinion over management's assessment of internal control?

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 87
    REG - NINJA in Training
    AUD - July 2

    FAR - May 23 (87)

    BEC --

    REG --

    #2490465

    DGR10
    Participant

    David,
    Check out PCAOB’s Standard No 5. Management is responsible for internal control over financial reporting. If they say their controls are effective then, we as the auditors have “to obtain sufficient evidence to support the opinion” The auditor’s objective is to express an opinion on the effectiveness of THE COMPANY’s internal control.

    DAVID GOMEZ
    #2492823
    SIDIEULEVEUT
    SIDIEULEVEUT
    Participant

    Hi everyone, first time here. Just got my REG score and getting ready to start studying AUD. Officially starting on Monday 🙂

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - 85
    REG - 91
    Future CPA over here. HOW BAD DO YOU WANT IT??????
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