July 31, 2019 at 9:52 pm #2595285MercenaryParticipant
Have my AUD test tomorrow. Scored an 80 on my Gleim mock test last Friday so maybe I am ready. But then I got a 82 on FAR and the real exam I just took felt much harder than the mock test so going into AUD tomorrow I am not sure what to expect. Just going to drill MCQs the rest of today.August 1, 2019 at 7:28 pm #2598495sashapalekhaParticipant
Good luck, Mercenary. I’m also using Gleim for audit and will take it on September 1. Please share your experience how it’s compatible with the real exam if you can.August 2, 2019 at 1:51 am #2599119MercenaryParticipant
This one was better than FAR. Yeah I think the mock test was pretty close with the real one. The MCQs and the SIMs both were about equal difficulty. I was a little uneasy going in as I didnt really do much of a final study review even though I studied pretty intensely while going through the course. I feel alright about it. Had like an hour left. If you know the gleim content well you probably have a good chance on the exam. Now i gotta wait until the 22nd but have to start my next session while I wait.
Few things. Mnemonics help. I never used them in school buy memorizing a feel definitely came in handy on answering some MCQs. Knowing stuff from FAR helps too as one of my questions felt like it was a FAR exam question. We will see if my feeling is right when I get my score though heh.August 2, 2019 at 10:03 am #2600121sashapalekhaParticipant
Thanks for the feedback, Mercenary. I’m on unit 14 now and those sampling terminology drives me crazy. It was very helpful to know that difficulty are similar. Audit is my last section, so I’m really hoping to pass it this quarter . What section do you planning to take next?August 2, 2019 at 11:04 pm #2601786asdfParticipant
i'm confused with this mcq, please help!
An effective control that protects against the preparation of improper or inaccurate disbursements would be to require that all checks be:
a) Signed by an officer after necessary supporting evidence has been examined.
b) Reviewed by the treasurer before mailing.
c) Sequentially numbered and accounted for by internal auditors.
d) Perforated or otherwise effectively canceled when they are returned with the bank statement.
correct answer is a
and i chose b which i still think it's correct… 🙁
Treasurer does review supporting docs for the check before s/he's signing, doesn't s/he?
the explanation says that
“This answer is incorrect because the treasurer would provide an authorization function in addition to custodianship over cash. These two functions should be segregated”
but the text that i'm studying for says that
“voucher package is review by treasurer and check is signed for mayment. Treasurer directly mails out the checks (Safeguarding)”
am i missing sthg here???August 7, 2019 at 1:29 pm #2614335ahugemistakeParticipant
Scheduled AUD for August 25. Doing my final review at the moment.
@asdf I agree with you about the two functions not being segregated. It's stated several times in the text that the person signing the checks should mail them. However, I think the question does a poor job of explaining the wrong answer. The question is asking how do you confirm that a check wasn't prepared inaccurately or improperly? The only answer that would confirm this is by examining the support. Which is why A is the best answer.August 7, 2019 at 11:40 pm #2615595April94ParticipantAugust 8, 2019 at 9:27 am #2616339ahugemistakeParticipant
I would apply the same study method you used to pass FAR. AUD has less material and maybe faster to get through, but there is a lot of stuff you have to know if you haven't ever done auditing before. The only general advice I can give is you make flash cards as you are studying. I use Quizlet to make flashcards so I can read them on my phone later. Other than that, be sure to really review as many MCQs as possible. Goodluck!August 14, 2019 at 2:58 pm #2630859asdfParticipant
thank you!! @Ahugemistake
i have another question which seems to be very weird.
Which of the following is correct when applying a top-down approach to identify controls to test in an integrated audit?
a) For certain assertions, strong entity-level controls may allow the auditor to omit additional testing beyond those controls.
b) Starting at the top—controls over specific assertions—the auditor should link to major accounts and reporting items.
c) The goal is to focus on details of accounting controls, while avoiding consideration of overall entity-level controls.
d) The goal is to focus on all controls related to assertions, omitting consideration of controls related to the financial statements.
the correct answer by Wiley is a
and i don't agree again hahah 🙂 🙁
What i learned is
if they have strong entity-level controls may allow the auditor to REDUCE the testing of lower controls
i mean, NOT TO OMIT, BUT may REDUCE
and Wiley is saying CAN OMIT???
i don't get it….August 27, 2019 at 1:15 pm #2661123perseveranceParticipant
Can someone explain why a compensating balance arrangement would indicate the existence of a related party transaction? I'm seeing a decent amount of questions in Becker about this but I'm having a hard time linking the two.September 8, 2019 at 12:19 pm #2691153
I am trying to get my head around loss contingencies as they relate to the Emphasis of Matter and Other Matter paragraphs. If the company had a copyright infringement, a loan guarantee, or penalty that would be classified as a required note disclosure because it was considered probable or reasonably possible, does it “automatically” mean that this will be called out in the Audit Report under Other Matter or Emphasis of Matter? In other words, do all loss contingencies need to be in the Audit Report under an EOM or OM paragraph?September 8, 2019 at 12:46 pm #2691192
@April94 I plan to take AUD in October too. Yesterday I finished completing all of the Wiley material. From now until the exam my plan is to do as MANY SIMS as I can. First, I plan is to go over all of the SIMS in Wiley and then I think I will purchase the Wiley test bank and do those too. I feel the SIMS help to solidify the knowledge allowing me to handle the MCQ's at an easier pace. I also plan to practice MCQ's but will put most of my time and effort practicing SIMS on ratios, bank recs, adjusting entries, inventory cut-off.September 8, 2019 at 12:54 pm #2691204
@asdf Maybe you can look at it this way, if the control is to protect against the preparation of the improper or inaccurate disbursement, it would be the person signing it who could protect against rather than the person reviewing it. For example, if I have authority to sign a check then I want to make sure all the supporting document and evidence is present before I put my neck on the line, so to speak, and sign the check.November 3, 2019 at 10:00 pm #2778153JoshParticipant
I'm Josh. What's in a good Ninja introduction? All I know is that I have my exam scheduled December 10th of 2019 Q4. Let's do this.November 11, 2019 at 8:56 am #2790216Jeff Elliott, CPAKeymaster
How was everyone's study weekend?
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