AUD Study Group January/February 2013

CPA Exam Forum AUD AUD Review AUD Study Group January/February 2013

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Viewing 30 posts - 151 through 180 (of 483 total)
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  • #398951

    2013cpatn
    Member

    Hey I’m new here; studying for AUD to take it 2/11/13. I’m on A2 now. Got a busy month at work in Jan and I’m moving otherwise I’d take it in Jan.

    #398952

    Carol.Fish
    Member

    Regarding flash cards. For me they serve to undermine my confidence in the material, more so for Audit than they did for FAR.

    I’m in the process of copying the Ninja notes. I write a section, then do the MC’s for that section. After I’m done with that, I’ll start taking 90 question, 7 sim tests from the Wiley test bank until test day.

    #398953

    homerun07
    Member

    so i’m restudying audit and

    i’m strong on the MC and weak on sims– however i found that the sims in becker are pretty straightforward and not that difficult.. not sure how i can improve on sims.

    advice anyone?

    #398954

    beechcrest
    Member

    To pick yourself up after failure means to stay focus on your goal. Your goal is to pass the CPA Exam. If you do not pass a section, then you keep at it until you pass. I had to take Regulation three times and passed it last with an 86. I found this forum which helped because I supplemented my materials with Ninja notes and audio along with the Wiley Test Bank and book. Auditing is my last section. I have to admit that I am tired, but I am now getting into the ‘zone’. I have about 9 weeks until my exam in February. The material is overwhelming, but I think that i am getting the hang of this test. Look for small words in the questions that are tricky, work TONS of multiple choice questions, and use different materials if needed.

    #398955

    RGlazier12
    Member

    I’ve found the Sims pretty easy as well. Also I had a question, on the test, will the Simulation be equal to:

    -ONE PART of Becker’s “Simulation”

    OR

    -AN ENTIRE Becker “Simulation”

    I figure its more the later, since they say to block out an hour for the simulation, but I was wondering if I can expect like seven small questions (about 6-8 questions make up a Becker simulation) or if I can expect one question designed similar to a part of the Becker simulation?

    Hope you guys understand what I mean.

    #398956

    RGlazier12
    Member

    I’ve found the Sims pretty easy as well. Also I had a question, on the test, will the Simulation be equal to:

    -ONE PART of Becker’s “Simulation”

    OR

    -AN ENTIRE Becker “Simulation”

    I figure its more the later, since they say to block out an hour for the simulation, but I was wondering if I can expect like seven small questions (about 6-8 questions make up a Becker simulation) or if I can expect one question designed similar to a part of the Becker simulation?

    Hope you guys understand what I mean.

    #398957

    RGlazier12
    Member

    Ugh, I swear, I am not double posting! This forum hates my computer lol.

    #398958

    AnnaMay84
    Member

    Guys,

    I was working on the Becker sims for AUD #4, Specifically titled “Analytical Procedures” on the tab.. Can anyone please share any tips on understanding these? I am so lost as to how to grasp the concepts. Help!

    #398959

    beechcrest
    Member

    @annamay84 I am wondering how much time did you allocate to study for Auditing? Is this your first attempt? I am on Becker Aud 2 for 2012. My exam is scheuled for the last week in February 2013.

    #398960

    😀

    #398961

    AnnaMay84
    Member

    @beechcrest: I originally allocated approx 5 weeks (Nov 1-Dec 6), but studying for AUD has been a struggle from the start and had to re-schedule it to Jan 2. This will be my first attempt at this.. I’m so ready to get this out of the way because it’s such a pain studying for it ugghh

    #398962

    beechcrest
    Member

    Are Piecemeal Opinions the same as reporting on Specified elements? Basically, I am reading over Auditing 2 in Becker and trying to make sure that I understand the difference.

    #398963

    Goods
    Member

    Hi all,

    I’m using Becker for my review. My test is scheduled for 1/11 and right now I’m in the process of reviewing all of the chapters by doing chain MC’s and re-doing the Simulations. Question: how many of you supplement Becker with the Wiley test bank? I tend to score pretty well on the Progress Tests but am unsure if this is more a result of my memorization of the questions. I guess I’m just wondering if it’s worth spending the $100 for the test bank or if Becker is sufficient. Thank you!

    #398964

    beechcrest
    Member

    @goods I am using the Wiley Test bank along with Ninja and other materials along with my Becker materials because so far that has worked for the parts that I passed. The Wiley test bank has some questions that are in Becker and some questions that are not in Becker. However, I have noticed that Wiley has more variety of questions which really help me understand. I am not taking any chances now since I am almost done. I also know that some people can pass just with Becker, so it is hard to give advice on this question.

    #398965

    Goods
    Member

    @beechcrest

    Thanks for your opinion. I’m using Ninja Audio and will look at supplementing with Wiley. I’d like to one-shot Audit. Thanks.

    #398966

    Mr.NiceWatch
    Member

    Anyone else find Audit to be extremely boring? I mean FAR wan’t too bad and REG was ok, but it is so difficult to pay attention during Audit lectures. Not sure if its because I’ve working 60 – 70 hours and burnt out after REG and FAR, or Audit is just really boring. How do you guys manage to pay attention and stay on task? I find myself googling stuff during the audit lecture videos.

    #398967

    RGlazier12
    Member

    Holy hell, Becker Ch.4 simulations are an absolute nightmare.

    #398968

    RGlazier12
    Member

    Can someone explain to me this question:

    The Company failed to record an accrual for materials in transit on account of late vendor invoices for the period end. What is the impact on Inventory Turnover and Return on Equity?

    It says in the answer that Inventory is understated, which I understand since it should include the materials in transit assuming they were shipped FOB shipping point, which the problem assumes (yet not explicitly, which is incredibly annoying). However it also says that COGS is overstated? I dont understand that part, because technically they haven’t even recorded the inventory with the original entry:

    Inventory… xxx

    Cash/AP…xxx

    How would COGS be overstated if this inventory hasn’t even been added to existing inventory, I mean I understand if it had been added, and then if inventory is understated, then by default COGS would be overstated as its assumed thats where the amount inventory understated would go to. Ugh, maybe I’m thinking too much, and confusing myself. I guess the simple thing to remember is that if inventory is being adjusted higher, COGS has to adjust lower. Whatever.

    #398969

    foreseeableCPA
    Participant

    @rglazier12

    I was quite confused as well. This was in Ch 4 SIMS right? I too dont understand why COGS is immediately expensed.

    #398970

    RGlazier12
    Member

    My father explained it as follows:

    The question says in the physical inventory you counted it in, which means you adjusted the perpetual inventory via the books. Therefore, for example of the question about consignment, since you added it in the physical, you’re inventory is overstated, and needs to be adjusted downwards, since you’re not selling anything, just making an adjustment, the entry would be:

    Inventory Adjustment (Acts as an expense account, so essentialy COGS) … xxx

    Inventory… xxx

    Therefore, increasing an expense to justify the write down on the inventory (I know this made zero sense to me too, but he said think when inventory adjusted down creates an expense, inventory adjusted up creates a profit).

    #398971

    AnnaMay84
    Member

    From cpareviewfree.com sims relating to reviews of nonissuers, it is a required procedure to:

    3 – Trace the financial statement amounts to the trial balance

    Is this true? I thought you only would inquire and do analytical procedures?

    #398972

    foreseeableCPA
    Participant

    @annamay84

    I think you are right. Only inquiries and analytical procedures are used in reviews. Directional testing is used for audits. Also isnt it weird that it says trace the f/s amounts to the trial balance? Wouldn’t that be vouching?

    #398973

    AnnaMay84
    Member

    Yes! @ forseeable… I think i should stick with becker!

    #398974

    foreseeableCPA
    Participant

    lol! becker ftw!

    #398975

    Lost.n.lost
    Member

    I’m just hoping they don’t have A4 sims on the exam…I would leave it blank if they did…

    #398976

    beechcrest
    Member

    Here’s to 2013 and hopefully passing Auditing. I will you well @annamay84.

    #398977

    AnnaMay84
    Member

    Thank you @beechcrest! Happy new year!

    #398978

    Lost.n.lost
    Member

    Does anyone know if we’re suppose to round or leave the answer as is? I’m referring to the 6th sim in A5

    #398979

    AnnaMay84
    Member

    My exam is tomorrow and am still not comfortable with the material.. 🙁 Should I be worrying about understanding the “tick marks” that auditors use? I really don’t get this damn part of Auditing, and the PPS sampling, is this a big part of the Aud exam??

    #398980

    foreseeableCPA
    Participant

    @lost

    Are you using 2013 material? 2012 the sixth sim is a research question for me.

    @anna

    I think you’ll be okay. However, I really would not be surprised if they put a variable testing (mpu, ratio, difference, or pps) in a SIM. An auditor can use different types of tickmarks so thank God we dont have to memorize those in the book. Is there a particular question you have regarding the tickmarks? My exam in on thursday and Im going to review the whole book today and tomorrow. Need to pass this exam before I start working in a week. Have you tried to do the 2012 released questions?

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