AUD Study Group January/February 2013
December 5, 2012 at 1:19 pm #398861
I haven't heard of any, but that would be appalling.
I finished chapter one but am interested that I keep learning new things when I go back through. I'm wondering if it's possible to ever be totally prepared for this exam. It would be great to have time to re-do all these questions again.
Anyway, I'm moving on and hoping to be done with the video for the Becker chapter two by Friday. Tonight and tomorrow night will be cut short with other plans, but I'm sure I'll fit studying in at least a bit.December 5, 2012 at 2:37 pm #398862
I'm half way through the questions on A1 in Becker — Wow the wording is tricky —December 5, 2012 at 5:31 pm #398863
I'm currently working on studying for AUD. Just to give everyone some detail on my background, I graduated in May 2012 and began the CPA exams in July. To date, I've passed FAR, REG, and BEC all before starting my full-time job at an accounting firm. I started studying for AUD on Nov 18 and I'm scheduled to sit on Jan 7, 2013. My study plan is 2 hours each weekday and 4 – 5 hours on each day of the weekend. Between the Christmas holidays and my scheduled time off I'll have about two full weeks of nothing to do but study. I'm taking Fridays off from studying just to keep some level of sanity. I'm single and have no kids so I'm just trying to pass the exams asap.
I just wanted to share my journey through this process with everyone. Good luck everybody!December 5, 2012 at 5:45 pm #398864
How very cool, you really have it going on! Your plan sounds very well thought out and doable. I'm excited for you to finish this up in January! 🙂December 5, 2012 at 9:46 pm #398865
Hey everyone! I feel officially behind now. I'm getting anxious about the score release and can't stop reading all of the topics on this site, lol. I need to refocus. I've completed 3 chapters and will spend today and tomorrow doing all MCQ and Sims for them. Then start chapter 4 (Evidence) on Friday. I'm going to TRY to stay off of A71 until Friday morning, when I anticipate CA will have posted the scores.
Good Luck to everyone waiting!
Oh, I have a couple of graphics that I use to help with understanding what opinion to issue in different situations and control deficiencies. I need to see how I can draw it, and save it online and link you all to it. I find it soooo helpful.
Edited to Add link for Control Deficiency image: http://postimage.org/image/c5qv078qv/
PS for my own memory a refer to Material Weakness as the Baddest B*tch 🙂December 5, 2012 at 10:02 pm #398866
Hello Everyone, Just took my FAR exam couple of days ago and I am taking audit this coming window too. Just started my studies today. Want to wish all of you Good Luck! and study hard!December 5, 2012 at 10:19 pm #398867December 5, 2012 at 10:21 pm #398868
@23k, reading from your previous posts, i am too doing Becker Self-Study. I am taking notes when the instructors specifically tell me to write something down and also whatever I could catch from their explanations if anything. However when doing the actual questions, I take my time and write more expansive notes from question explanations on the side margins of the topic or paragraph covering the question. If I have a better understanding of the question (in my own words) I also add that as well. This helps me to understand and retain the concept and also is a good review when redoing the questions. The notes for the questions will already be there to solidify the concepts covered.December 5, 2012 at 10:45 pm #398869
The Becker Auditing seems very good. I am reviewing the different auditing opinions and the conditions for each one. The MCQ are very thorough. Now, I need to stop checking the NASBA site for scores that are not there.December 6, 2012 at 2:28 pm #398870
Are you taking notes on every MCs questions? – my downfall is that I'm not taking enough notes…..
I will increase note taking tonight & going forward.
I also appreciate everyone’s input.December 6, 2012 at 10:34 pm #398871
As I read the annual report for my mutual fund and the auditor's standard report, I could not help but feel proud. I have been out of school for a long time and I work in governmental accounting, so studying for the CPA is really college all over again. So, since the auditor's report is for a issuer, the report made reference to the Public Company Accounting Oversight Board(PCAOB). This board was not around when I was in college, so I was like – I know what that is! Then the report made a reference that the previous financials were audited by a different auditor. So, I was like AUDITING! Okay.December 6, 2012 at 11:53 pm #398872
@23k, i take notes when the question answer gives additional info to what is in the book or i can formulate my understanding of the concept better to the book explanation. I will also add notes to the questions explained by others on the forum. For example some of the questions that I found to be challenging I found explained by other CPA takers on this site. You'll get most of your understanding from constant practice of redoing questions and going back to the material to re-read and review. The notes will help you along the way.December 7, 2012 at 1:30 pm #398873
I'm not going to finish the video for chapter two tonight like I planned. I'm off schedule, for sure. Hopefully the scores will be posted later today and I can get over this stomach bug. I'd like to get some non-distracted study time in tomorrow.December 7, 2012 at 6:57 pm #398874
Are the Financial Ratios available for look-up on the Authoritative Lit for AUD? I have been trying to look for it with keywords ratios, analytical procedures, etc — Are they even on there? I'm trying to avoid memorizing all of them and i'm hoping that I do not need to anyway if they are on the AL tab? PLEASE HELP!!!December 7, 2012 at 8:20 pm #398875
I have NO CLUE … lol – let me know when you find out 🙂
Almost done with all the MCs for F1 and scoring in the 70s –
Don't think that is too good.
Should I go ahead and start F2 tomorrow or do the MCs for F1 again?December 7, 2012 at 8:29 pm #398876
Well, see ya everyone. Headed back over to the FAR study group. Might as well take it again ASAP.December 7, 2012 at 8:49 pm #398877
AnnaMay84: Don't waste any more time searching the AL for financial ratios; you won't find them. The AL is purely for the rules and regulations promulgated by the various authoritative bodies. Anyway, the ratios that showed up on my exam were all the most obvious ones. I think if you memorize perhaps 10 common ones you'd be fine. Be careful, though, to watch the fine details of what goes *into* those ratios–that was the trickiest part. Good luck.December 7, 2012 at 10:28 pm #398878
@23 move on to F2 and continue through the others. You will see the increase in MCQ's for each chapter when you do your final review and it all starts to sink in. The most important thing going through the material is not to score very high on your first round of MCQs, rather to get a foundation for the concepts.December 7, 2012 at 10:29 pm #398879
@k917 – so sorry about the 74. Good Luck on your retake. I'll try to keep an eye out for your score in February. You can do it! Depending on the score I get tomorrow morning I will most likely be retaking FAR in Feb.December 7, 2012 at 10:38 pm #398880
MCLKT – thanks I will finish up F1 today and start videos tomorrow for F2December 7, 2012 at 11:15 pm #398881
3 down AUD retake to go. Will get the NTS next week and schedule the first sitting.
I don't know about you, but I am pumped to knock this one out.
I had a bad week when I last danced with this monster. My best friend lost his entire house, it could have been worse.
I finished AUD in 2 hours total time and felt better about it than any of B, R, or F. I was stunned when I received my 71.
But now I realize what this test is about. Trickery. My new strategy is to re-read every question at least once before convincing myself I answered correctly.
For study, Wiley and the Messier text again. Nothing different, but definitely test time is more care to look out for the word variants that can flip meaning ever so subtly.
Good luck everyone.
Lets kick some ass here.December 7, 2012 at 11:23 pm #398882
@bryan – WELCOME! Sorry about the 71. My Winter Ambition is to pass AUD.
I hope your friends and family are recovering from Sandy.
Since you just took the exam, and info is fresh, would you be willing to help me out a bit?
Could you summarize the relationships or differences between Audits & Attestation agreements? I always get them confused, usually when relating to the standards and what makes an attestation an attestation? Are reviews attestations? I think Compilations are attestations, but they don't require independence. TIA for any help.December 8, 2012 at 1:50 am #398883
@MCLKT. Thanks for your well wishes. My pain ended with having to gas up the generator for a full week and getting a hold of the prometric losers to reschedule that could have been better spent studying. But I do have friends who still can't occupy their own houses, so I still feel blessed.
Without going into a full rip on the differences about all the flavors of client engagements, I don't recall this being a big hurdle to the exam. That said, I wasn't sure myself after reading Wiley, but the Messier 2010 text has a great read on this in their last chapter 21 from the 2010 edition. The first figure they present is a relationship diagram of what is a subset of the other. that helps me tremendously as a visual aid. Assurance is the highest level. Attest is a subset. Audit is a subset of that. S T U is alpha and easy to remember. aSsurance. aTest, aUdit. they are progressively more restrictive as you go down the food chain.
Maybe ask yourself the question. Would this rise to this level?….and then that might get you closer to a reasonable answer ??)
Good luck. Let's WHIP THIS THING.December 8, 2012 at 2:29 am #398884
@bryan – that is very helpful! I understood that audit was a sub to attest but didn't “get” the whole picture. So, with this logic the nonattest engagements would be a part of assurance? Thank you for the STU… I sure have been “stewing” on this. Oh, wow, I'm delirious and making bad mnemonic jokes now.
I am using Wiley by the way. I've never heard of Messier.December 8, 2012 at 5:05 am #398885
hi. new to the forum..not sure what this “study group” everyone is talking about..can i have in? i could really use the help..after several attempts at BEC…i've decided to move on to the next topic of AUD..so anything helps..im not sure Becker is really doing it for me..lots of holes still need to be filled as far as their infoDecember 8, 2012 at 1:38 pm #398886
I am now fully in auditing since I got my 86 on Regulation! I am so happy. I am doing Becker Self-Study and also supplementing with Wiley, Ninja notes, and I am thinking about Ninja audio. I am taking the CPA exam the last week in February. I need a lot of time to study because I have been out of school a long time I really want and need to knock auditing out on the first try so that I don't lose my BEC and FAR. For me, using Becker, Wiley and Ninja was what I needed to pass my other parts of the exam, so I am using the same plan for auditing. Here goes!December 8, 2012 at 2:56 pm #398887
@tulong Welcome! The study group is just a dedicated thread to discuss AUD topics and encourage one another. I received a 74 on BEC in Jan and moved on as well. I have decided to circle back to it as my last exam. When are you planning to sit for AUD?
@beechcrest – I'm sooooooo happy for you!!!!!!!!!! Congratulations!!! I'm a jealous that my study buddy will be a CPA when I get my first passing score, lol.
I received my FAR score today Another74. Ugh. I'm a year into this journey.
Perseverance, Dedication, Onward and Upward. I will be a CPA in 2013.December 8, 2012 at 3:51 pm #398888
Hello everyone. After experiencing my first score release this week (72), I am happy that I found this group. I was feeling sorry for myself until I saw others with past audit scores of 73 and 74. Ouch ouch ouch.
I made the mistake of refreshing the score page multiple (ok dozens) of times yesterday….pretty soon I was doing it on auto-pilot. I happened to refresh in the middle of a conversation with a coworker. I was confused when I saw the 72(ARGH)…my eyes weren't used to seeing anything in the blank space below the words AUD. Why my brain caught up with my eyes…I hastily spoke a curse word (not my normal MO), then had to explain to coworker why I was cussing. Double ARGH!
Regardless, I am happy to find this group. I am the contact for our financial statement audit at work that is starting next week….so it is busy right now to say the least. I am also the lucky mother of five children. I hope to retest in January while the info is still fresh, but February might be more like it. Good luck tour so everyone and I look forward to reading about your study progression!December 8, 2012 at 3:54 pm #398889
@MCLKT. Assurance is the universe according to Messier “Auditing & Assurance Services”. That was my graduate text. You can get a copy at your local library that isn't too dated or a used one for cheap off amazon. Its my sanity check on some of the stuff in Wiley.December 8, 2012 at 5:06 pm #398890
I'm taking a break. I have a fever among the other stomach flu symptoms. Besides that, I still have no grade on my BEC test. I'm beside myself with the wait and am walking away from this for a bit. Maybe a nap will help…so disgusted.
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