AUD Study Group January/February 2013

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

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  • #399011

    missymoo
    Member

    Hi all, I was hoping I could join or assemble a small audit group. I need some discipline to help me get focused and on track. I have been a career CPA candidate to say the least! For the past 12 years I have been taking the exam on and off; however, during 2012, I hit it hard by taking the audit exam 3 times but flunking each time. I am a full time natural gas accountant, married and mother of two kids (ages 8 and 5). I would love to be apart of a study group that can help me come up with a study plan and work to take the exam around the end of February. As I said, I have previously taken the audit exam so I know the audit material but just don’t know how to organize the studying…this is where I am hoping to find help and need a group to help keep me on track.

    It would be awesome to find an online group of people to meet weekly to discuss what we have learned this week and what our goals are for the following week. I am a terrible organizer so I am begging for help!!!

    I am currently using the 2012 Becker materials as my primary studying source as well as Ninja notes.

    Please let me know your thoughts.

    #399012

    teffeke
    Member

    I feel like if you have any audit experience, I wouldn’t worry too much about Becker chapter 4. I feel like work experience will carry you on that chapter.

    #399013

    MissCPA
    Member

    Can anyone who have passed AUD with Becker advise on study strategy ? Are Becker questions pretty much the same as on the exam ? If I just try to bring the practice score up to 90 will I pass ? Thanks

    FAR – 82

    AUD – 2/1/13

    REG

    BEC

    #399014

    ColoradoCPA
    Member

    Could please somebody clarify regarding the written communication between an auditor and a client? There was one situation when such written communication is not required. Does anybody remember when? Is it during agreed upon procedure engagement? Thank you!!

    #399015

    23K
    Participant

    Becker suggests to foucs on

    A3: Engagement Acceptance, Planning, and Risk Assessment

    A4: Audit Evidence

    #399016

    MCLKT
    Participant

    @ruslauritta – I think written communication is always required. (Maybe verbal agreement is ok for consulting only?)

    Rep Letters are not required for Compilations.

    Engagement Letters are required for Audit, Review and Compilation.

    I’ll go through notes when I get home to confirm, if someone else hasn’t answered you by then 🙂

    #399017

    plaster3
    Member

    @jsmi77y:

    Cutoff procedures are usually going to be done when dealing with test of details involving transactions, whereas completion procedures would be used when dealing with tests of details involving balances, transactions and disclosures.

    Becker outlines five types of assertions (Confirmations, Cutoff, Valuation/Allocation/Accuracy, Existence/Occurrence, Rights/Obligations, and Classification/Understanding). Each assertion is useful for specific tests of details depending on what you are testing (transactions, balances, disclosures). Understanding these assertions and when they can be used should help you narrow down your choices when going through specific procedures options, such as vouching (Existence), tracing (Completeness) or footing/crossfooting (Accuracy).

    Try your best to identify each specific procedure with an assertion, and hopefully this will make these questions easier to answer! Best of luck!

    #399018

    MCLKT
    Participant

    Confirmed – Standards for Consulting Services allow the understanding of engagement between accountant and client to be oral or written.

    #399019

    MCLKT
    Participant

    Alright class of 2013 AUD ninjas… I’m checking out until exam day (Tues). Time to get my final cram in this weekend. I’ll check back in after the test. And of course on the 5th when my state should get scores.

    Good luck to you all!

    #399020

    ColoradoCPA
    Member

    MCLKT, thank you sooo much for your answer! what about written communication for financial personal planning ( or is it considered consulting services)? I just would like to add that the representation letter is required for compilation AT 301, Willey p 477. Please correct me if It is incorrect.

    #399021

    MCLKT
    Participant

    @ruslauritta – AT 301 is referring to Forecasts and Projections, so I think because that compilation is based on management estimates and predictions, it’s a little different. A compilation does not generally fall under AT standards. It is covered by AR.

    AR 80- C. (pg 395) lists documentation in a compilation engagement. It includes Signed Engagement letter. There is no mention of a Rep letter.

    Also, the course material I use has a summary chart comparing Audit, Review, and Compilations and notes that a Rep letter is required for the first two but not the last.

    I think this is correct. Surely, in all of the material covered, this will be a minimal fact nugget 🙂

    #399022

    MCLKT
    Participant

    Oh and yeah, Personal Financial Planning falls under Consulting Services. The engagement understanding can be written or oral.

    🙂

    #399023

    MCLKT
    Participant

    @23 How’s is going?

    I just took my final practice exam, just an exam from Wiley test bank and scored a 90!!!!!

    I’m feeling good about the test on Tues, but now I’m nervous because I feel too confident.

    Today I am going through Ninja Flash Cards, writing down key fact nuggets that have slipped my mind and reviewing incorrect or flagged questions from previous test bank sessions. There are only 8 SIMS in Wiley test bank that I have not attempted, so I will finish those up too.

    I’ll probably go to CPA review for free.com to take a few pop quizzes and do random 30 MCQ sessions today and tomorrow as well, just to keep me in the mode.

    #399024

    23K
    Participant

    MLCKT –

    I just took a final review exam on Becker and didnt so well.

    Testlet 1 – 65

    Testlet 2 – 65

    Testlet 3 – 65

    Sims- 50’s

    It was really hard

    I still have two weeks untill my exam so – I will try to focus on my weak points.

    I had a question about how many CPAs is on the PCAOB – which was 2 and I picked 5 WOW

    #399025

    MCLKT
    Participant

    I didn’t know how many CPAs are in PCAOB. Just that there are 5 members. Now I’m glad you told me! I hope I get a question on it.

    I’ve heard the Becker exams are extremely difficult. So 65’s two weeks out is nothing to worry about. 🙂

    #399026

    Jsmi77y
    Member

    THank you plaster3. I think I’m getting it ironed out finally.

    #399027

    Kenada
    Member

    Hiya All,

    I am planning to take AUD in Feb and this will be my third attempt.

    First time was through Becker and i got 64. I then used RogerCPA with Wiley and I got 70. I liked RogersCPA over becker as he made it more fun to learn the material and it stuck in my head better. I didn’t get alot of time to practice questions all the questions before the exam.

    This time I spending more time doing the Wiley book and wiley test bank. I am also using the CPA for free website and also I am going to do the AICPA release questions for the the past few years.

    Anyone can suggest any other materials I can use or would this be enough? Some people have mention using Gleim Test bank as a supplement with Wiley. Is it worth investing in Gleim too?

    #399028

    Ceendy28
    Member

    -insiyah24 and all fellow soon to be CPA’s:

    Here is my two cents about studying for the tests. To give you some background info, I graduated in 2004 with a 2.95 GPA and kept putting this darn exam off till 2012. I worked in a small firm for 3 years, left to be a controller for 3.5 years (felt seriously under qualified for that job), came back to public accounting (working for my older-CPA-sister) and hence my serious attempts at the CPA exam.

    Most of these study guides are about the same. They all get their material from previously released CPA questions so to use so many different guides, I think, can be confusing and overwhelming. I only used Becker and passed FAR, BEC & REG on my first try with scores of 84-88. In my opinion, BEC multiple questions were the hardest ones, written comunication was not bad at all (becker’s topics were much much harder). Also, I really didn’t get the feeling that the exam was trying to be tricky. They only test on the basic concepts and on the surface of the subject.

    Which brings me to my study tip handed down from old classmates and sister…They all told me to go through the Becker material 3 TIMES. As mundane and AWFUL as this sounds, it really helped glue the material in my brain. First, I watched the video’s and did the highlighting, note taking, etc for each section, then went back and read each section and did the homework & simulations (made many mistakes) and continued on to the next chapter till I reached the end; then I rinsed and repeated (except watching the vidoe’s…frankly, if I hear Tim Gearty say “again” once more, I will shoot myself!)

    The 3rd time, I only read/glanced at the highlighted material and worked the homework questions I had gotten wrong before and then did the Final exam test. I got many of those wrong too but used the answer explanations to grasp and understand the concepts.

    I hope this helps. There is no easy way to study for this exam and as you know this is not an exam you can just “wing.”

    I hope this will be helpful….Good luck to all of you!

    #399029

    plaster3
    Member

    @ceendy28

    That is essentially the same method I use! I generally tough out the lectures and complete the MC’s/Sims. Then I’ll reread the material cover to cover and then do a progress report up to whatever section I stopped my reading at for the day. If I happen to finish A3 that day, I’ll do 90 MCQ’s through A3, etc. Once I’ve read through a second time, I’ll browse through the book one more time and do 2-3 MCQ sessions until exam day.

    Somewhere in between I’ll tackle the final exams, which frankly, seem MUCH HARDER than the actual exam, moreso the MCQ’s. Maybe it’s because I’ve nailed the material by then, and it just seems easier come exam day, who knows. I also try to get comfortable with the AL in all sections, just in case!

    I love Gearty, but Audit should at least have ONE session where Olinto comes in to freshen things up. Make this happen in 2014, Becker. Not that I’ll care, I’ll be done with this painful experience by then!

    #399030

    23K
    Participant

    —- MLCKT

    Good Luck – On your exam today … destroy it

    #399031

    MCLKT
    Participant

    It’s over!!!

    I’m sure I passed. Maybe not by much, but I really think I nailed it this time.

    Out of all of the study methods I have done. Practicing the MCQ and SIMS are the #1, absolute, by far, best prep. IMHO 🙂

    #399032

    I’ll be seeing you lot on Monday. :/

    #399033

    23K
    Participant

    MCLKT

    Glad to see you did well on your EXAM 🙂

    SIMs – ARE KILLING ME

    #399034

    homerun07
    Member

    good luck everyone! just took it today for the 2ND time………….

    hoping i passed!!!!!….

    #399035

    samdiegoCPA
    Member

    I start Auditing tomorrow. Was supposed to today but had a crazy last 4 days studying REG and not sleeping so I need today off from everything! I’m scheduled to finish all the lectures by January 28 and then have a full week for review.

    #399036

    soxfan866
    Member

    Hey guys, just took FAR on the 10th and I’m now studying for AUD on February 4th. Finishing up A2 in Becker tonight. I’m finding the questions are definitely much easier to reason through than FAR. That’s got me worried because I feel like I’m not taking it as seriously. Gotta keep pushing through it though. Good luck to everyone taking it this window.

    #399037

    plaster3
    Member

    @soxfan866

    As someone who took REG and FAR first, I completely agree that the questions aren’t as time consuming from a calculations/principles standpoint.

    I think this one worries me more in that it is much more conceptual, requiring you to understand the steps and then apply those steps or procedures to the question stem.

    I see the score releases and either see people scoring incredibly high or just below passing. It seems to me the key thing to take away from the material is that if you can understand the concepts (not memorize), you will be one of those that thought they failed and instead scored in the 90’s.

    BEST OF LUCK! I’m taking mine Jan 29th.

    #399038

    Jsmi77y
    Member

    I think plaster3 is EXTREMELY accurate. My two fails I believe I tried to memorize and you can see the results below. It mostly works for FAR and REG but not AUD.

    That said, it’s hard to grasp when you believe you understand the concepts. I re-test Friday but feel far more prepared this time around and I *think* it’s because I understand the reasons why auditors are doing things the way they are as opposed to just memorizing the book. There are still plenty of holes in my knowledge but without getting overconfident I think I mostly have a grasp. Just have that nagging feeling that I’ll get bit by a few recurring topics that I haven’t fully grasped 🙁

    #399039

    jakeeee
    Member

    Hi everyone,

    Currently freaking out. I’m trying to finish up Becker Chapter 6 tonight. After that I’m going to review all the chapters, especially Chapter 3 and most especially Chapter 4 (nightmare going through it the first time). I definitely feel behind, but I’m going to try my best to absorb as much material as I can. I really hope I can pass this section before busy season starts.

    Good luck everyone! We can do this. 🙂

    #399040

    BuckytheCPA
    Member

    I just started studying for AUD. I plan to sit in 5 weeks. I have 10 weeks of audit experience interning for a Big 4 firm and have taken a couple of audit classes. Hopefully I have enough time to really get the material down.

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