May 31, 2019 at 8:03 am #2437272
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!May 31, 2019 at 8:15 am #2437326CH89Participant
@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!May 31, 2019 at 8:18 am #2437329
@CH89 Good Luck! You should be receiving your score June 11th, also. What material you used to study?May 31, 2019 at 9:23 am #2437470CH89ParticipantMay 31, 2019 at 9:34 am #2437497June 1, 2019 at 4:59 pm #2441838A_RishParticipant
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.June 2, 2019 at 7:19 am #2443338
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.June 3, 2019 at 8:19 pm #2448297KevinParticipant
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.June 12, 2019 at 4:14 pm #2472996ParkerParticipant
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!June 12, 2019 at 4:48 pm #2473185
@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!June 12, 2019 at 5:01 pm #2473230ElichParticipant
Audit keeps knocking me down, I try to get up but knocks me down again 🙁 🙁 🙁 Moved to FAR.June 13, 2019 at 7:38 am #2474271PDiddy2000Participant
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.June 13, 2019 at 11:26 am #2474784
@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)June 13, 2019 at 2:51 pm #2475363ParkerParticipant
I know we all are anxious for scores, but how early does the eye trick usually work before a scheduled release date?June 13, 2019 at 6:33 pm #2475930MomoParticipant
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?June 13, 2019 at 10:41 pm #2476329
@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 AuditingJune 14, 2019 at 7:44 am #2476653PDiddy2000Participant
@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!!!June 15, 2019 at 4:05 pm #2479395June 16, 2019 at 5:09 am #2480322MomoParticipant
@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!June 16, 2019 at 8:23 am #2480505
Thank you very much. We will get there! Let’s keep plugging!!June 17, 2019 at 6:02 am #2482137gdubb29Participant
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.June 17, 2019 at 6:28 am #2482176
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?
David,June 17, 2019 at 6:29 am #2482179CPA HunterParticipant
Yes, you can still use the Authoritative Literature for the SIMS.June 18, 2019 at 6:42 pm #2487246HaydnFanParticipant
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!June 18, 2019 at 8:56 pm #2487822
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?June 19, 2019 at 8:01 am #2489139DavidParticipant
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.June 19, 2019 at 8:16 am #2489283
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?
David,June 19, 2019 at 11:47 am #2490282DavidParticipant
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?June 19, 2019 at 12:34 pm #2490465
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.June 19, 2019 at 8:20 pm #2492823SIDIEULEVEUTParticipant
Hi everyone, first time here. Just got my REG score and getting ready to start studying AUD. Officially starting on Monday 🙂
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