How to study for AUD retake - Page 4

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    Topic
  • #1523281
    Scared-cpa
    Participant

    I sat for AUD on 03/08 and found out I failed last week. Tomorrow I begin restudying. Should I go back through all the material as if I’ve never done it before or just do Ninja MCQ until I am trending like I need to be?

    Since I’m wanting to give myself as much time as I need, I thought it would be best to start over from scratch. This is also what Jeff says to do. My only worry with this is that since studying wasn’t enough to get a pass the first time, why would it get me a pass the second time through? I’m just afraid Wiley CPAexcel isn’t fit for me, but I bought it and can’t afford another course.

    However, I do have Ninja MCQ and will be utilizing it to the fullest. With my FAR retake, I literally only did Ninja MCQ so that is why I wonder if it’s what I should do for my retake with AUD, I’m just terrified of failing at this point.

    So should I (1) Start over from scratch then finish the review with Ninja MCQ, (2) Only do Ninja MCQ until I am trending 85 and feel ready, or (3) Start over in studying AND simultaneously work through Ninja MCQ?

    Since FAR, the only section I have passed so far doesn’t expire until 07/31/17, I’m wanting to take my time with the other three sections and give myself the bet chance possible of passing. So I am devoting all of Q2 to studying AUD. Ideally, I want to sit May 10, but I can extend that date until the end of May if I feel like I need to.

    "The more I practice, the luckier I get."

    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, 79
    REG - 75
    BEC - 82

    Wiley CPAexcel + Ninja

    I cannot believe I am done.

Viewing 15 replies - 46 through 60 (of 95 total)
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  • #1524529
    RE2PECT
    Participant

    I took my first exam (FAR) on 2/29/16 and my last one (REG) on 2/27/17. I have zero accounting experience and my wife had a baby 4 weeks before taking FAR. The one thing I had going for me was that I just finished school so some of the material was still fresh. Being that I have no work experience, it took me a little longer to grasp some of the material. I'm sure I overstudied compared to some of the study hours other people have posted, but I learn best by repetition and doing mcq's over and over. One thing I did from the beginning that helped was make a spreadsheet and log my hours, mcq's and sims. It held me accountable and if there were days where I didn't study or wasn't very productive, I knew I had to make it up later on.

    I really didn't have any breakthroughs or “magic moments” while studying. I never felt ready for any exam and would usually go into panic mode the last couple days and feel like I couldn't remember anything. You just have to trust that you did everything you could to prepare. I can live with a failing grade knowing that I gave myself the best chance of passing.

    I think you made a smart move passing FAR first. It's better to have your clock start on arguably the hardest exam and not have it hanging over your head towards the end. You can see from my signature that I failed 4 sections since passing FAR and still had until the end up September before it expired. You have plenty of time to finish the other three. One thing I'll suggest is not to schedule more than one exam on the same NTS. I tried saving money by doing that and ended up having to take REG when I knew I wasn't ready thanks to a couple BEC fails.

    @metamor- I laid out my plan in my first post this morning. The only thing I left out was that I listened to ninja audio on my commute to work.

    "Luck is what happens when preparation meets opportunity."

    Roger & Ninja

    FAR: 75
    AUD: 73, 81
    BEC: 71, 73, 82
    REG: 68, 82

    FAR: 75 Roger & Ninja (notes/flashcards/audio/MCQ)
    AUD: 73, 81
    BEC: 71, retake 8/29
    REG:

    #1524651
    Scared-cpa
    Participant

    metamor, I would highly suggest Ninja MCQ. Each of my fails I have used only Wiley CPAexcel and my pass was with Ninja MCQ only.

    re@pect, I noticed that the only exam I've taken and felt like I did everything I could to prepare was the one I passed. The first FAR, there were several things I wish I had studied more and my knowledge of auditing wasn't great when I sat, but with the time I passed FAR, there was nothing I wish I'd have studied or knew more. So I'm hoping I can reach that spot with auditing, as well. And I learned my lesson with scheduling multiple exams on the same NTS. Been there, done that, and never doing it again! I'm taking one at a time! 🙂

    "The more I practice, the luckier I get."

    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, 79
    REG - 75
    BEC - 82

    Wiley CPAexcel + Ninja

    I cannot believe I am done.

    #1524667
    Scared-cpa
    Participant

    Does studying put anyone else in a crabby mood all the time or is it just me? 🙂 Seems like I'm happy as a lark when I'm in between studying for exams. I start to study again, and BOOM! Here comes the biotch 24/7

    "The more I practice, the luckier I get."

    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, 79
    REG - 75
    BEC - 82

    Wiley CPAexcel + Ninja

    I cannot believe I am done.

    #1524717
    Meg267
    Participant

    BEC and REG are two completely different beasts compared to AUD. For me, I thought REG was easier, just because it was more rules and regulations, where auditing is so subjective. BEC was the first exam I took, and as you can tell by my 57, I was not ready. I didn't realize how hard these exams actually were going to be.

    I started with BEC because I had heard it was the easiest. I took REG second due to the exam changes. Glad I was able to get it passed before it became 4 hours long. So far, I've started with one exam and didn't move onto the next until I passed the first one. Due to the long Q2 score release, I'll take my AUD retake and then I plan on moving onto FAR. I actually scheduled my AUD exam today, as there was only a few open slots for May left. I sit for it on Friday, May 5th. Can't wait until I can use my PTO time for an actual vacation instead of sitting for exams.

    haha! I'm the same way! I've been so happy-go-lucky while I was taking a break and waiting for my AUD score. It's taken all I can do to force myself to start studying again, and it's making me tired and cranky.

    BEC - 57, 68, 78
    REG - 62, 82
    AUD - 61, 76
    FAR - 79

    Licensed.
    No one ever fails the CPA exam, there are only those who give up.

    #1524718
    Anonymous
    Participant

    I'm the complete opposite. Maybe going to a job you can't wait to leave will have that type of effect on you. While I don't always feel like studying, I use the fact that I'm not where I'm destined to be as a motivating factor. Grated, sometimes I forget the why of this process and have to come here for a stern kick in the pants, but more often than not…I'm like Spongebob on his way to the Krusty Krab LOLOLOL (not quite, but you get the picture).

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed  78
    BEC Passed  79
    FAR Passed  77
    REG Passed 76

    I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

    #1524750
    IwannabeaCPA2017
    Participant

    Sorry for keep asking but i really dont wanna spend anymore money even its only 15. Any becker user taking AUD with the old book (V1.2)? LOL.

    BEC- PASS (Expiring in DEC 2017)

    REG- PASS (Expiring Feb 2018)

    AUD- PASS (Expiring Oct 2018)

    FAR- 65, 60, 59, 77!!! -GOD BLESS

    If I can do it, anyone can do it!

     

    #1524766
    Cruzer
    Participant

    @scared_cpaAUD to me is the hardest of all the exams because not only is there no calculations to get easy points but its very wordy and one word in an answer can throw you off. I increased 10 points on my retake and get a 81 by writing the NINJA notes word for word twice and reading through them 3+ times. My NINJA stats were never amazing, but I knew when I fully grasped the concepts because I could pick apart any questions. I would literally invest in NINJA notes if you don’t have them. Although I haven’t read the AUD CPA Exam Blueprints I am sure it will be more about the SIMS then the MCQ. I am sure you will pass. AUD is one exam where you can jump a lot of points just by grasping the concepts better.

    Just out of curoisty, how did you increase so much on your FAR score. I scored high 60’s on FAR I took on 3/10 and feel the SIMS really killed me as there were two concepts I just completely went blank on.

    “There is no elevator to success. You have to take the stairs.” -Anonymous

    • AUD - PASSED (Q1 2017)
    • BEC - PASSED (Q3 2016)
    • FAR - PASSED (Q2 2017)
    • REG - PASSED (Q4 2015)

     

    #1524769
    Cruzer
    Participant

    AUD to me is the hardest of all the exams because not only is there no calculations to get easy points but its very wordy and one word in an answer can throw you off. I increased 10 points on my retake and get a 81 by writing the NINJA notes word for word twice and reading through them 3+ times. My NINJA stats were never amazing, but I knew when I fully grasped the concepts because I could pick apart any questions. I would literally invest in NINJA notes if you don’t have them. Although I haven’t read the AUD CPA Exam Blueprints I am sure it will be more about the SIMS then the MCQ. I am sure you will pass. AUD is one exam where you can jump a lot of points just by grasping the concepts better.

    Just out of curiosity, how did you increase so much on your FAR score. I scored high 60’s on FAR I took on 3/10 and feel the SIMS really killed me as there were two concepts I just completely went blank on.

    “There is no elevator to success. You have to take the stairs.” -Anonymous

    • AUD - PASSED (Q1 2017)
    • BEC - PASSED (Q3 2016)
    • FAR - PASSED (Q2 2017)
    • REG - PASSED (Q4 2015)

     

    #1524810
    Scared-cpa
    Participant

    Meg, I'm hoping that maybe after AUD that being able to solve for answers instead of guessing for the best option will be a relief. Can I ask what state you're testing in? My prometric center usually has all the days open up to a few days before that exam. I just always prefer the 8am slot. I want to make sure I can schedule when I need to, around May 10th but I'm allowing myself to have until the end of May if I feel like I need it but I won't figure that out until the beginning of May. I'm probably going to schedule my exam around the beginning of May but I'm afraid that'll be too late!

    K GREEN, I hope we can all walk into the Prometric center singing “I'm ready!” like SpongeBob! 🙂

    IwannabeaCPA, I use CPA EXCEL so I'm not sure. I'd say your best option is to call customer service and ask!

    "The more I practice, the luckier I get."

    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, 79
    REG - 75
    BEC - 82

    Wiley CPAexcel + Ninja

    I cannot believe I am done.

    #1524813
    Anonymous
    Participant

    ^^^Hahahaha! Ikr! I hope so too.

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed  78
    BEC Passed  79
    FAR Passed  77
    REG Passed 76

    I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

    #1524814
    Anonymous
    Participant

    So, I completely did away with the videos and started reading the book today. Not to mention, I'm afraid to stop writing my Ninja notes. So, I wrote 12 more pages today. I realized that reading the book and taking notes is already helping me to bridge the gap in my opinion. Though, only time will tell.

    As for a tentative testing schedule, I think I'll retake AUD between May 8th-10th and make sure to give myself 2 solid weeks for review. I'll give myself a few days off and immediately get back to studying FAR. If all goes according to plan, I'll sit for FAR between July 8th-12th and have a full 2 weeks to review for it as well. Considering scores will not be released for AUD until Aug 16th-18th and FAR on Sept 22nd…I'm hoping to sit for REG on Sept 9th which will also have a Sept 22nd score release.

    Hopefully, I can pass all of them. Worst case scenario, I'll fail all 3 and will have 3-quarters for retakes of all 3. Again, that's the worst case scenario. I do not want it to come down to the wire where I'm faced with losing BEC in June 2017. Honestly, these months seem to fly by.

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed  78
    BEC Passed  79
    FAR Passed  77
    REG Passed 76

    I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

    #1524969
    metamor
    Participant

    @scared_cpa Thanks so much for the input. And yes!!! Horrible mood comes to me as well once I start studying.

    @RE2PECT- Thanks for pointing me out to the info!

    AUD - NINJA in Training
    BEC - NINJA in Training
    FAR - NINJA in Training
    REG - NINJA in Training
    AUD- 74, Retake Q2

    FAR-

    BEC-

    REG-

    #1524984
    Scared-cpa
    Participant

    You're welcome! And I'm glad I'm not the only one that gets like that. I'm fine, and a lot of the times, happy and energetic about doing school work. But then I think of auditing, and I want to punch myself.

    "The more I practice, the luckier I get."

    FAR - 67, 82 (Expires 07/31/18)
    AUD - 68, 79
    REG - 75
    BEC - 82

    Wiley CPAexcel + Ninja

    I cannot believe I am done.

    #1525009
    Anonymous
    Participant

    So, I completely did away with the videos and started reading the book yesterday. Not to mention, I'm afraid to stop writing my Ninja notes. So, I wrote 12 more pages as well. I realized that reading the book and taking notes is already helping me to bridge the gap in my opinion. Though, only time will tell.

    As for a tentative testing schedule, I think I'll retake AUD between May 8th-10th and make sure to give myself 2 solid weeks for review. I'll give myself a few days off and immediately get back to studying FAR. If all goes according to plan, I'll sit for FAR between July 8th-12th and have a full 2 weeks to review for it as well. Considering scores will not be released for AUD until Aug 16th-18th and FAR on Sept 22nd…I'm hoping to sit for REG on Sept 9th which will also have a Sept 22nd score release.

    Hopefully, I can pass all of them. Worst case scenario, I'll fail all 3 and will have 3-quarters for retakes of all 3. Again, that's the worst case scenario. I do not want it to come down to the wire where I'm faced with losing BEC in June 2017. Honestly, these months seem to fly by.

    Do NOT quit! There's more in you and if you quit you'll never see it. Show you that you can do it.

    AUD Passed  78
    BEC Passed  79
    FAR Passed  77
    REG Passed 76

    I'm tired of operating in fear and mediocrity. It's time to try. It's time to do. It's time to go.

    #1525098
    mtaylo24
    Participant

    It's been a long time since studying for the one, but there is a possibility that I will be back next window. For auditing it's important to know the difference between the different types of engagements, . Knowing the reports and all of the issuer/non-issuer stuff were also helpful. I can't even explain what put me over on this one because I seriously though I failed. Keep going!

    Also, this may be a little dated, since I passed almost 18 months ago, but be aware of anything number related (years, dollar amts, etc.) I hope this helps!

    By Numbers:
    2 CPA 3Non-CPA
    PCAOB is comprised of 5-FT members; 2 CPAs 3-Non-CPAs; CPA can only act as Chair of the Board if he has not practiced CPA for the past 5 yrs.
    3-5 “outside” directors
    An audit committee consists of members of the BODs, usually 3-5 “outside” directors, who are neither employees nor part of mgt. and who do not have a material financial interest in the company.
    5 audit clients (issuers) & less than 10 audit partners
    Small accounting firms may be exempted from the partner rotation requirement
    10 hours of service
    Independence is impaired if the audit engagement team includes the lead partner, the concurring partner, & other individuals who provided more than 10 hours of service during the annual audit period.
    10% & 10 days
    Any officer, director, or owner of more than 10% of any equity security must file a report indicating how many shares they own within 10 days after becoming an officer, director, or more than 10% owner.
    30 days
    Financial interest is received through an unsolicited gift or inheritance and is disposed of as soon as practicable, no later than 30 days after the person has knowledge of and the right to dispose of the financial interest
    35 days
    Form 10-Q is due 35 days after each of the first 3 fiscal quarters
    45 days
    The PCAOB defines the documentation completion date as 45 days following the report release date for issuers.
    60 days
    Auditing standards require the final audit documentation file to be assembled within 60 days following the report release date for nonissuers.
    60 days
    Form 10-K must be filed within 60 days after the end of the fiscal year
    60 days
    While it is recommended that the written communication of control deficiencies be made by the report release date, a window extending 60 days beyond date is acceptable.
    60 days
    The auditor must communicate control deficiencies to mgt. in writing within 60 days of the report release date.
    90 days or less
    WebTrust assurance services performed by CPA to conduct examinations every 90 days or less to ensure that the site continues to adhere to stated business practices & disclosures, provide safe, secure transactions, and protect private information.
    1 year
    Minimum requirement for the auditor to meet with the audit committee without management present at least once each year
    1 Year , not to exceed or Not to exceed 1 Year
    If there is substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, not to exceed 1 yr. beyond the date of the FS being audited. (US.GAAS)
    1 year or At least, but not limited to 12 months from the BS date
    Auditor's consideration of the entity's ability to continue as a going concern. (ISAs)
    1 year + or Over 1 year – Overdue in fees
    Independence is impaired with respect to a client who is more than 1 year overdue in the payment of professional fees.
    1 year or Annual
    Only PCAOB-registered firms can audit SEC issuers and must update its application for registration annually.
    1 year or At least annually
    All firm personnel subject to independence requirements should confirm their independence in writing (paper or electronic form).
    1 year or Annually
    Test of Controls/Prior evidence regarding operating effectiveness is acceptable. –> Controls related to significant risks should be tested annually
    1-Year cooling off period
    Audit firms may not audit public companies whose CEO, CFO, etc. is also a previous employee of the accounting firm who worked on the audit during the preceding year.
    2 years
    (ISAs) Issuers and all assurance team members, who have been periodically rotated off the engagement after a period of no more than 7 years, should be subject to a time-out period of normally 2 years.
    2-year time out period
    (Issuers) All other audit partners are subject to a 2-year time out period before returning to the engagement.
    3 years of Every 3 years
    Each audit organization performing audits in accordance with GAGAS must have an external peer review at least once every 3 years.
    3 years or Every 3 years
    Evidence obtained in prior audits: If controls have not changed, OE must be tested at least every third year. The CPA, however may also choose, based on the circumstances, to retest OE more often than once every third year.
    3 years, or Once every 3rd year
    Test of Controls/Prior evidence regarding operating effectiveness is acceptable. –> New tests must be performed once every third year
    3 years or Every 3 years
    CPA firm that is an AICPA member, must have a peer review in order to maintain membership in the AICPA
    5 years
    Audit documentation must be maintained/retained by CPA firms for nonissuers for at least 5 years. (document retention period for nonissuers)
    5 years or Every 5 years
    (Issuers) Lead partner or coordinating partner & reviewing partner must rotate off the audit.
    5-year time out period (Issuers)
    Lead partner & reviewing partner are subject to a 5-year time out period before returning to the engagement.
    7 years
    Audit documentation must be maintained/retained by the public-registered firms for at least 7 years.(document retention period for issuers)
    7 years
    SOX requires CPA firms to maintain the documentation of their risk assessment & response.
    7 years
    (ISAs) Issuers and all assurance team members should be periodically rotated off the engagement after a period of no more than 7 years.
    100 issuers or lesser
    Registered public accounting firms that provide audit reports for 100 or fewer issuers must be inspected at least once every 3 years
    100 + or Over 100 issuers
    PCAOB must conduct annual inspections of registered public accounting firms that regularly provide audit reports for more than 100 issuers
    $10,000
    Independence is not impaired in a financial institution client issues to the audit team members cash advance or credit card balances not exceeding $10,000.
    $10,000
    The auditor responds either “yes” or “no” to the identification of findings that must be disclosed pursuant to section 510(a) of OMB Cir. A-133 including reportable conditions in IC over major programs, material noncompliance with LR&C, & questioned costs greater than $10,000
    $100,000
    Penalties of no more than $100,000 can be imposed by PCAOB if associated inviduals would be found to have violated (OTHER PROVISIONS) the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports.
    $300,000
    Programs classified as major are those that expend $300,000 or more in federal financial assistance.
    $500,000
    The Single Audit Act (OMB Circular A-133) requires entities that expend total federal assistance equal to or in excess of $500,000 in a fiscal year to have an audit performed in accordance with the Act.
    $750,000
    Civil monetary penalties of no more than $750,000 can be imposed by PCAOB if associated inviduals would be found to have violated the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports, specifically for intentional or knowing conduct, including reckless conduct, that results in violations or repeated instances of negligent conduct.
    $2,000,000
    Penalties of no more than $2,000,000 can be imposed by PCAOB if a registered firm would be found to have violated (OTHER PROVISIONS) the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports.
    $15,000,000
    Civil monetary penalties of no more than $15,000,000 can be imposed by PCAOB if a registered firm would be found to have violated the provisions of SOX, or PCAOB rules, or SEC laws relating to the preparations & issuance of audit reports, specifically for intentional or knowing conduct, including reckless conduct, that results in violations or repeated instances of negligent conduct.
    $75M > $700M
    An accelerated filer [AF] is defined as an issuer with a worldwide market value of outstanding common equity held by non-affiliates of $75M > $700M
    $700M or more
    A large accelerated filer [LAF] is defined as an issuer with a worldwide market value of outstanding common equity held by non-affiliates of $700M or more.

    CPA (2017)

    REG:  75

    BEC:  76

    FAR:  77

    AUD: 78

     

    CMA (2019)

    P1: 380

    P2: 360

    AUD - 1st - 60 (12/12), 61 (2/13), 61 (8/13), 78! (11/15)
    REG - 55 (2/16) 69 (5/16) Retake(8/16)
    BEC - 71(5/16) Retake (9/16)
    FAR - (8/16)

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