AUD Study Group January/February 2013
December 2, 2012 at 12:59 am #398831
I am using Becker self-study 2012. I am going to check the new 2013 content specification to see if I need to update my notes. I started chapter 1 Becker today. Not bad. I work in accounting systems, so the the data makes sense. I am studying the Unqualified Auditor’s report, the qualified, disclaimer, adverse, GAAP, GAAS. I like it.December 2, 2012 at 1:50 am #398832
I had been having a hard time with AUD for the past month and i just want to share that thanks to Jeff’s ninja notes, i think i am seeing a light at the end of the tunnel! I am reading through it and im so happy that i have it to supplement my Becker material. And no i am not getting paid to say this, i just want people who are struggling with Aud to know that the Ninja notes can probably help them a lot with better understanding the concepts — Becker seems a bit too hard to comprehend for non-native english speakers like myself. Good luck to everyoneDecember 2, 2012 at 12:28 pm #398833
FAR – 80(Jul 12)
BEC – 77 (Nov 10), 81 (Jul 12)
REG – 72 (Jul 12), 78 (Oct 12)
AUD – 71 (Nov 10), 74 (Jul 12), 74 (Oct 12), ?? (Jan 13)
AUD really pained me couple of times. I have scheduled in Jan 13, I am scared now. For the first time I am going to use Wiley QB. Hopefully it does the trick. Wanted to be done in 2012 but it spilled over to 2013. Almost 50 days to go, the wait is really frustrating. My wife curses me for not being able to complete the course. She asks me how one can fail?. Difficult for me to explain. Adds insult to injury. I am getting really impatient. Just waiting for this time to get thro quickly and for the exam day. Hopefully I am done in Jan 13.December 3, 2012 at 1:02 am #398834December 3, 2012 at 1:41 am #398835
Yes, chapter 1 in Becker is about the different types of audit reports, what they say and when its appropriate to use each; professional standards; and events after year end. Becker discusses professional standards in the last chapter.
I was totally motivated after the BEC exam ended but needed a moment to catch-up work on my own forum. (I run a little game related forum and our month-end is a busy, busy time. 😉 ) So, I’m not where I want to be with audit at all. I had hoped to be starting chapter 2, but I’m on the 91 problems and been there for over 24 hours.
I checked the schedule and see I can’t get a weekend test date til February. I REALLY do not want to use a vacation day for this, but I want to move on to REG really bad. I guess either use a vacation day or delay this…ack!
Ok, getting with the program. I swear!December 3, 2012 at 8:05 am #398836
Thanks beechcrest for ur words. Waiting to complete in 2013December 3, 2012 at 2:52 pm #398837
sln – You will finish up in 2013. I’m sorry that your wife is being hard on you about it. But don’t worry, many of us deal with those around us not understanding how difficult this exam really is. Hang in there.
Beechcrest/AnnaNutha – I won’t get to the reports until chapter 5 (probably early next week). I wrapped up Engagement Planning and started Internal Control this weekend. Hey, AnnaNutha, FOCUS!!!! I know you love your other forum, but you can spend all the time you want on it AFTER you’re a CPA 🙂 Tough love here, lol.
I changed my mind and decided to use Yaeger CRAM for this retake. I started the first video this weekend (4.5 hours long!!!!). I only got through half of it.
AnnaMay, I second your Ninja endorsement. I listened to Jeff’s Internal Control on the way to work today. Covered the complete chapter and I think it’s awesome.December 3, 2012 at 3:55 pm #398838
I didn’t do as much as I expected –
the first chapter was all Audit report stuff…
I hope to get to the MC’s by Wenesday.
I also didnt take many notes – which isnt good I think.December 3, 2012 at 4:08 pm #398839
@23 Don’t worry, I almost NEVER get as much done as I planned. To keep my schedule realistic, I add and extra 30-45 min. to any estimated time for a day. I’ve heard of people taking or not taking notes using Becker. It’ll be dependent on how you learn. I retain by writing and rewriting. If you get to the MCQs, you’ll have a good idea of how your current method is working for you. But it really sets in during the final review (last 2 weeks).December 3, 2012 at 4:30 pm #398840
I think I need to take notes- how else can i review?December 3, 2012 at 4:58 pm #398841
Some Becker folks just reread the highlighted portion in their books and use the questions to create notes for review, I think. I’m probably not the best person to ask, sorry.December 3, 2012 at 6:06 pm #398842
@23k I have done Becker and felt it prepared me pretty well. I have an issue reading the text in that I don’t retain material, but do think that reading what was highlighted and noted in the margins is a helpful thing.
More than the reading, though, doing the multiple choice questions and cumulative tests helped me immensely. I did not realize there were practice tests at the end the last time I took the audit exam. I know if I would have taken those and reviewed after (and not taken the pain pills the night before), I would have passed.
If you want more reassurance, the 10 point package on this site is fantastic. Currently, I’m working Becker at night and on the weekends, listening to the Ninja audio in the car to and from work and am working Wiley on my lunch hour. I have the flashcards loaded in my phone, too. So, on a break at work, when I’m standing in line, or in the doctor’s office waiting room, I can keep working.
I’m sure it sounds like a lot, but I have no doubt that I will pass audit this time.
Edit: Now that I am watching the video for the second time in Becker, I am taking manual notes. I have read where some people watch all the videos twice. I just didn’t the first time. I will review those notes, as well as take a deep look at the Ninja notes.December 4, 2012 at 12:33 am #398843
I know that checking the NASBA website for my REG scores now is a waste of time. It would be more productive to think about GAAS, and unqualified and qualified opinions with the hope that I finally passed REG! Anyway…I should think positive and study AUD which is what I am about to do. The scores will get here when they get here.December 4, 2012 at 12:36 am #398844
Trying…still keep clicking to check the score though. I wonder if they’ve ever IP banned anyone that clicked too many times? lolDecember 4, 2012 at 1:34 am #398845
Even though I’m 98% sure I failed FAR (because I ran out of time) I have to admit I’ve checked the CA website for my score. And it comes a day AFTER the others, lol.
Ok study buddies… I’m off. Going to watch an hour of video and do MCQs for Professional Resp., Engagement Planning and Internal Control.
Peace 🙂December 4, 2012 at 4:24 am #398846
In dealing with uncertainty, the auditor can give a qualified opinion or an disclaimer or adverse opinion if the financial statements would be misleading or the uncertainty is material. I assume that the questions will tell us whether or not if the uncertainty is material or not or will we have to use our judgment. Any thoughts?December 4, 2012 at 4:48 am #398847
I’ve been instructed the default is to assume they are material, UNLESS stated otherwise.December 4, 2012 at 5:17 am #398848
Just got through all the videos for A1: Audit Financial Statements: WOW I feel shocked already..
I’m almost thinking what did I get myself into .. lol…December 4, 2012 at 5:17 am #398849December 4, 2012 at 6:24 am #398850
can anyone please give any tips on how to better understand the auditing procedures by transaction cycle???December 4, 2012 at 4:23 pm #398851
AnnaMay – Just to make sure… you are asking for tips on understanding the procedures for each cycle: Sales/AR/Cash Rec., Purchases/AP/Cash Disb., Inventory Production, Payroll, etc.?December 4, 2012 at 4:58 pm #398852
Just bought Ninja Notes – Hopefully this will tie things together…
Happy Studies !!!!December 4, 2012 at 5:25 pm #398853December 4, 2012 at 5:44 pm #398854
NopeDecember 4, 2012 at 6:31 pm #398855
I do believe I am becoming an audit report ninja! I intend to finish up the Becker MCQ’s in chapter 1 tonight. I have finished all the Wiley reporting questions, the Ninja audio, the Ninja flash cards and…oh I almost forgot the Ninja notes. Tonight!December 4, 2012 at 6:41 pm #398856
I’m signed up to take AUD 1/5. Started studying last week, got one day done, then CPAexcel program decided to stop working for me. Finally got it fixed this past Thursday, and haven’t had time to study since. My husband and I closed on our house Thursday, so we spent all weekend moving and settling into the house. Need to get back to it tonight!December 5, 2012 at 12:26 am #398857
I sat for FAR today and now I’m back at my desk getting ready for Audit. I am going to use Gliem and really try to stick with their program. I happened to find a meetup group in my area with some serious CPA students.
Good Luck everyone.
AUD – 01/12/13December 5, 2012 at 12:34 am #398858
Oh that’s lucky! How cool, I love study groups. They help a lot.December 5, 2012 at 12:38 am #398859
@MCLKT Thanks for the response makes sense.December 5, 2012 at 2:45 am #398860
An accounting friend of mine told me that she knew of a company that got an disclaimer of an opinion. The company’s documentation was so lax, that the auditors could not get sufficient evidence. Of course, all of those accountants are looking for jobs. Have any of you have experience of companies getting other than an unqualified opinion? No names. I am curious. Doing what I can to ‘absorb’ the info.
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