It is widely believed (and I held it to be true up until today) that only one simulation is graded on the CPA Exam.
This is not true.
Someone passed on to me some information from a contact at the AICPA in New York that both simulations are graded, but only one written communication is graded and the other communication is pre-test and doesn't count.
This doesn't really affect anything that you do on exam day – it just reinforces the fact that budgeting enough time for the 2nd simulation is very important.
Thanks for reading.