[mperez102204]

Hello All,

This post is of no reason and I really don’t even need any response; I just want to get it out!

So, I just got home from my AUD exam; first try. Honestly, I can not even say how I feel. I don’t think the sections got any harder. Well, based on the length of the questions getting longer. I do know the first section had realistic questions. Like I may have only needed to read them my normal two times. PSHH the second was like WTF??? I actually remember looking at a questions and was like what the hell are they looking for, is there more to this question?? Eh, annoyed. Third, honestly don’t remember, but mixed? After spending 2 hours each morning and 4 hours each evening after work and a good 4-6 hours on the weekend for 7 weeks you would think I could read the blessed, but no.

EHHH, so annoyed right now. I don’t think I passed and I am a little annoyed with myself. I am not at all blaming the test/questions/center. I am only blaming myself. Phew, who is drinking with me tonight?!?! My husband honestly can not wait. I think he needs a drink after these last couple weeks too.. I stress him out 🙂

Thanks all for allowing me to vent. I feel a bit better now. Well, and I have a beer in my hand.. so false feelings??!?!? Probably.

[Forem004]

@mperez, My poor husband has been a housewife all year between tax season and exams. I was hoping to pass audit so I could take back over but failed audit with a 71. I failed Far with a 71 the first time too, so that's my 67 that you hate! I immediately write down the questions that really confused me when I leave the test. The partners of my firm have had 25+ and 40+ years experience and were confused on a couple that I mentioned. 🙁

[mperez102204]

Ehh, it makes you mad right?!? lol

[Ne’O]

Nath, EZ, and Trele6:

Not to hijack a thread, but any advice for REG?
It is important that I pass in Q1 2017, and this is my first try at it.

Others cite FAR as the backbreaker exam, but for me it was AUD. I took the exam 2.5 times.
To pass, the key for me was doing MCQ until it was reflex. I find the auditor logic counter-intuitive and had to develop reflexive auditor logic.

Ne'O

Newbie CPA Candidate

[Wannafree]

@Ne'O Thanks for giving a new perspective ,can you please elaborate how to develop “reflexive auditor logic” ? I guess you are referring to doing 2000-3000 MCQ probably ? How you developed that ,please enlighten me too.
Regulation , I would say focus on 4 chapters of tax ,conceptually.I did lot of practice questions on “Basis” and was very clear on Partnership basis and Corporate basis.contribution time basis and distribution time basis,who is recognizing gain and when.This basis concept is the backbone of Corporate tax and Partnership tax.
AMT and NOL is must ( I have practiced 10 questions on each topic ).
Individual tax must : Don't worry about phasing out and there are lot of good mnemonics are there on this forum you can search ( easy score ).I have summarized the individual tax Mnemonics( from this forum only ) and it was very useful.
Federal procedure :One reading is enough,basically you should know if you don't agree with IRS how far you can drag IRS can.2-3 questions ( easy point ).
Business laws : One reading and some HW from Beckers is enough.It will give you idea about the twist they make.
In short ,focus on tax ,BASIS and Deductions .Capitalized to stress.

[EZ_Sims_4_me_Pls]

@Neo

make sure that you study law and ethics… if you gloss over them, you will fail.

[Trele6]

@neobliviscar, To me it helped to have a desire to actually want to know the REG stuff. I tried to take each chapter and see how I could apply it to my own taxes or if I started my own business how would I get taxed on these items. Taking that personal approach to it really helped me embrace the material. It didn't feel like I was studying for a test, it felt more like I was bettering myself so it made the material easy to move through.

Also, I dodged a bullet on my test, the three topics I dreaded didn't present themselves on my test at all and the AL for the SIMs helped me nail at least 2 of them dead on by looking up the tax code to see what was allowed versus not.

For REG, Know who qualifies for exemptions, be able to differentiate the standard deduction from itemization (you really need to know the details on the pieces that can be itemized and how they are, like business expense at 50%). Tax depreciation versus GAAP, BASIS BASIS BASIS, if you’re not comfortable finding the basis or the corps and partnerships you need to be. Like kind exchanges ie when there is boot / no boot etc. Mom and Pop Loss of $25,000. When to recognize a gain on selling a house (tricky when you rent and have depreciation and then move back in to qualify for the $250,000 deduction). Estate Taxes, gifts, stocks. Get a good feeling on the 3yr, 5yr, 29yr and 40yr types of items for depreciation calculations. Then memorize all of chapter 5-8.

Mom and Pop loss deduction and the personal Exemption are the only two dollar amounts I memorized for the test, most are provided it seems when they are talking about the phase outs or limits.

First go at the CPA! Only using Becker
Reg / Nov 2015 - 87
Far / Apr 2016 - 79
Bec / May 2016 - 80
Aud / Aug 2016

[Author]

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