AUD Study Group – Q2 2018 - Page 9

@julia are you recopying notes for everything or just on stuff that's hard to remember?

@julia: that's a lot of hard work but it will surely pay returns. writing it out makes it permanent! i am like super behind, still half way on A3. my five year old was got sick so been dealing with just that. so glad he is better now. between sunday and monday only got 2 hours of studying in. stressing out big time 🙁

@pdiddy: how's your prep coming along? i am using Becker.

@A-L I just took FAR on monday, April 2, and I felt like that last week when I was doing my final review. I took the entire week off work just to make sure I could review all the material and work on my trouble areas. That's after studying since early January. I'm hoping AUD is more clear and to the point for me. Audit and my Ethics course for that matter were two classes that I aced in my MAccy program so most of the information that I've reviewed so far is not new. Keep at it!!

@A-L

If you're taking your best guess and consistently getting 80s and 90s on your progress tests, I'd say you have the concepts down. There would be an issue if you get those scores as your average when you absolutely have no idea, which indicates you purely memorized the questions and answers.

There will be some questions you may recognize and know right away, but there are also questions that you may be making educated guess between two answer choices. It's perfectly normal. Just keep doing the MCQs and focus on learning from these MCQs. Good luck on your exam and keep us updated!

Well I definitely identified an area I struggle with. I'm not sure whether it's actually a weak area or just an example of Gleim's ridiculously difficult questions. It's internal control related to various transaction cycles (sales-receivables-cash receipts, purchases, payroll and other cycles). Gleim just goes extremely in depth on these topics. I've literally done every single MCQ that Gleim offers on these topics and only scored around 74% on them, bringing my overall Gleim MCQ average down to 79% (1068 questions answered). Meanwhile Ninja has just been a breeze. My overall MCQ average in Ninja is 87% (766 questions answered) and I'm trending 97%. My exam is in 2 days. I feel well prepared but the Gleim questions have frustrated me. I'm going to study a few more hours today then probably little to nothing tomorrow. I just want to take the test already at this point. My final review was way too long.

@Tim, I think you are all set to ace this exam like Big4Bean said! That topic is very difficult and the answers are pretty confusing too. It does require extra attention. Nonetheless, you have put in the work so your result will be great as well!

@PDiddy & Fam I recopy ninja notes, not Becker.
I almost canceled BEC cuz I thought I was just guessing. Though I was in 80's. I took it & scored 84. I guess we kno it & it feels foreign so we can't recognize it.
@Jsdaily Thank u for asking! I was wondering same thing bout GAAS vs GAGAS.

@jsdailey

As for the reporting aspect, an opinion or a disclaimer on F/S and supplementary schedule of expenditures of federal awards are required under both GAAS and GAGAS. In addition to that, there must be a report on internal control and compliance with provisions of laws, regulations, contracts, and grant agreements for GAGAS.

In other words, GAGAS require a “written report” on the auditor's understanding of internal control and the assessment of control risk in all audits whereas GAAS requires “written communication (not report)” only when significant deficiencies are found.

I hope that helps.