AUD Study Group 2019 - Page 7

Viewing 19 posts - 181 through 199 (of 199 total)
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  • #2595285
    Mercenary
    Participant

    Have my AUD test tomorrow. Scored an 80 on my Gleim mock test last Friday so maybe I am ready. But then I got a 82 on FAR and the real exam I just took felt much harder than the mock test so going into AUD tomorrow I am not sure what to expect. Just going to drill MCQs the rest of today.

    AUD - 85
    BEC - 86
    FAR - 91
    REG - 84
    CMA Part 1 - January 2020

    CMA Part 2 - February 2020

    #2598495
    sashapalekha
    Participant

    Good luck, Mercenary. I’m also using Gleim for audit and will take it on September 1. Please share your experience how it’s compatible with the real exam if you can.

    #2599119
    Mercenary
    Participant

    Thanks.

    This one was better than FAR. Yeah I think the mock test was pretty close with the real one. The MCQs and the SIMs both were about equal difficulty. I was a little uneasy going in as I didnt really do much of a final study review even though I studied pretty intensely while going through the course. I feel alright about it. Had like an hour left. If you know the gleim content well you probably have a good chance on the exam. Now i gotta wait until the 22nd but have to start my next session while I wait.

    Few things. Mnemonics help. I never used them in school buy memorizing a feel definitely came in handy on answering some MCQs. Knowing stuff from FAR helps too as one of my questions felt like it was a FAR exam question. We will see if my feeling is right when I get my score though heh.

    AUD - 85
    BEC - 86
    FAR - 91
    REG - 84
    CMA Part 1 - January 2020

    CMA Part 2 - February 2020

    #2600121
    sashapalekha
    Participant

    Thanks for the feedback, Mercenary. I’m on unit 14 now and those sampling terminology drives me crazy. It was very helpful to know that difficulty are similar. Audit is my last section, so I’m really hoping to pass it this quarter . What section do you planning to take next?

    #2601786
    asdf
    Participant

    i'm confused with this mcq, please help!

    An effective control that protects against the preparation of improper or inaccurate disbursements would be to require that all checks be:
    a) Signed by an officer after necessary supporting evidence has been examined.
    b) Reviewed by the treasurer before mailing.
    c) Sequentially numbered and accounted for by internal auditors.
    d) Perforated or otherwise effectively canceled when they are returned with the bank statement.
    —————————————————————————–
    correct answer is a
    and i chose b which i still think it's correct… 🙁
    Treasurer does review supporting docs for the check before s/he's signing, doesn't s/he?
    the explanation says that
    “This answer is incorrect because the treasurer would provide an authorization function in addition to custodianship over cash. These two functions should be segregated”
    but the text that i'm studying for says that
    “voucher package is review by treasurer and check is signed for mayment. Treasurer directly mails out the checks (Safeguarding)”

    am i missing sthg here???

    FAR - Passed

    REG - Passed

    AUD - Passed

    BEC - Scheduled for December 2019

    #2614335
    ahugemistake
    Participant

    Scheduled AUD for August 25. Doing my final review at the moment.

    @asdf I agree with you about the two functions not being segregated. It's stated several times in the text that the person signing the checks should mail them. However, I think the question does a poor job of explaining the wrong answer. The question is asking how do you confirm that a check wasn't prepared inaccurately or improperly? The only answer that would confirm this is by examining the support. Which is why A is the best answer.

    FAR: 78*, 75
    REG: 76*, 85
    BEC: 79*, 76
    AUD: 79*, 93

    All scores expired, let's try this again.

    #2615595
    April94
    Participant

    Hi guys! Joining this group after passing my first exam (FAR). I schedule audit for Oct 5th. Anyone have any tips on how they passed audit? What was your study plan like?

    I am using Roger and Wiley test bank!

    "It takes as much energy to wish as it does to plan." -Eleanor Roosevelt

    FAR-72, 55, 82

    AUD-92

    REG-TBD

    BEC-TBD

    #2616339
    ahugemistake
    Participant

    I would apply the same study method you used to pass FAR. AUD has less material and maybe faster to get through, but there is a lot of stuff you have to know if you haven't ever done auditing before. The only general advice I can give is you make flash cards as you are studying. I use Quizlet to make flashcards so I can read them on my phone later. Other than that, be sure to really review as many MCQs as possible. Goodluck!

    FAR: 78*, 75
    REG: 76*, 85
    BEC: 79*, 76
    AUD: 79*, 93

    All scores expired, let's try this again.

    #2630859
    asdf
    Participant

    thank you!! @Ahugemistake

    i have another question which seems to be very weird.

    Which of the following is correct when applying a top-down approach to identify controls to test in an integrated audit?
    a) For certain assertions, strong entity-level controls may allow the auditor to omit additional testing beyond those controls.
    b) Starting at the top—controls over specific assertions—the auditor should link to major accounts and reporting items.
    c) The goal is to focus on details of accounting controls, while avoiding consideration of overall entity-level controls.
    d) The goal is to focus on all controls related to assertions, omitting consideration of controls related to the financial statements.
    ——————————————————————————————————–
    the correct answer by Wiley is a
    and i don't agree again hahah 🙂 🙁
    What i learned is
    if they have strong entity-level controls may allow the auditor to REDUCE the testing of lower controls
    i mean, NOT TO OMIT, BUT may REDUCE
    and Wiley is saying CAN OMIT???
    i don't get it….

    FAR - Passed

    REG - Passed

    AUD - Passed

    BEC - Scheduled for December 2019

    #2661123
    perseverance
    Participant

    Can someone explain why a compensating balance arrangement would indicate the existence of a related party transaction? I'm seeing a decent amount of questions in Becker about this but I'm having a hard time linking the two.

    BEC- 84

    FAR- 89

    AUD- 77

    REG- 86

    #2691153
    inviteyou
    Participant

    I am trying to get my head around loss contingencies as they relate to the Emphasis of Matter and Other Matter paragraphs. If the company had a copyright infringement, a loan guarantee, or penalty that would be classified as a required note disclosure because it was considered probable or reasonably possible, does it “automatically” mean that this will be called out in the Audit Report under Other Matter or Emphasis of Matter? In other words, do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph?

    practice, Practice, PRACTICE!
    #2691192
    inviteyou
    Participant

    @April94 I plan to take AUD in October too. Yesterday I finished completing all of the Wiley material. From now until the exam my plan is to do as MANY SIMS as I can. First, I plan is to go over all of the SIMS in Wiley and then I think I will purchase the Wiley test bank and do those too. I feel the SIMS help to solidify the knowledge allowing me to handle the MCQ's at an easier pace. I also plan to practice MCQ's but will put most of my time and effort practicing SIMS on ratios, bank recs, adjusting entries, inventory cut-off.

    practice, Practice, PRACTICE!
    #2691204
    inviteyou
    Participant

    @asdf Maybe you can look at it this way, if the control is to protect against the preparation of the improper or inaccurate disbursement, it would be the person signing it who could protect against rather than the person reviewing it. For example, if I have authority to sign a check then I want to make sure all the supporting document and evidence is present before I put my neck on the line, so to speak, and sign the check.

    practice, Practice, PRACTICE!
    #2778153
    JoshJosh
    Participant

    I'm Josh. What's in a good Ninja introduction? All I know is that I have my exam scheduled December 10th of 2019 Q4. Let's do this.

    AUD - 69
    BEC - 75
    FAR - 71
    REG - 61
    Josh
    "The hardest thing to understand in the world in the income tax." - Albert Einstein
    #2790216
    jeff
    Keymaster

    How was everyone's study weekend?

    #2790333
    Icarito
    Participant

    Could have been better. I'm in a weird place right now. I finished the Becker material on time for the 1st time ever (I've studied for these tests many times over the last 10 years). For FAR I had 3 days to review, BEC I had 4 days to review. I felt myself let off the gas this weekend after finishing all the material.

    Really need to stay focused over the next 12 days and lock down a couple areas, specifically Audit Evidence nuances.

    FAR - 80 (4/1/2019)

    BEC - 82 (9/7/2019)

    AUD - 81 (11/23/2019)

    REG- February 2020

    #2791131
    AndreAAndreA
    Participant

    Awful.. my average score on MCQs 50-65 and my exam in 3 weeks, I need to review everything again and hummer MCQs, because I don't have a good understanding of the material. I don't like Wiley video lectures for audit section…

    FAR 73,78

    AUD

    REG

    BEC

    "Of course it’s hard. It’s supposed to be hard. If it was easy, everyone would do it. Hard is what makes it great."

     

    #2795100
    JoshJosh
    Participant

    I'm not off on weekends; but I'm off today and tomorrow. I'm not usually off today, either; but due to immigration, I don't have much choice but call in to work; I keep looking for a job with a normal workweek, though. I did an employment test today. It was like an easy version of FAR; but I'm pretty sure I wasn't used to looking at questions from their perspective; so I'm pretty sure I missed a couple. We'll see what happens.

    I got a study unit done today in audit planning, and have a lot to catch up on by Saturday. I get my FAR results next week. I'm the majority of my work in Gleim but with Becker's help and in Becker's order. I'm about to get into some risk assessment, information technology and auditing; I'm approaching risk, evidence and sampling; it just seems like a lot to balance by the 10th; at least, my request for time off for the exam was approved; I keep thinking, what if I got this job for which I just applied? I hope I'd still get time off for AUD. My timing..

    AUD - 69
    BEC - 75
    FAR - 71
    REG - 61
    Josh
    "The hardest thing to understand in the world in the income tax." - Albert Einstein
    #2810217
    JoshJosh
    Participant

    This has been a better week. I'm convinced preparing for the CPA has been helpful if nothing else for the law of attraction. I may finally have a full-time accounting career starting within the month. I'm convinced that thinking about accounting all day is helpful for such things. It's still going to be a busy one for now and physically challenging throwing turkeys and potatoes. Happy Thanksgiving/Black Friday! Now, my tryptophan avatar helps me see things from Maui's perspective. I should get back before my fate is similar to that of the thug Pizza-the-Hut.

    AUD - 69
    BEC - 75
    FAR - 71
    REG - 61
    Josh
    "The hardest thing to understand in the world in the income tax." - Albert Einstein
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