AUD Study Group – Q1 2018 - Page 6

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    Topic
  • December 11, 2017 at 10:59 am #1676695
    jeff
    Keymaster

    Welcome to the Q1 2018 CPA Exam Study Group for AUD. 🙂

    Introduce yourselves and let your fellow NINJAs know when you plan to take your exam.

    The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

Viewing 15 replies - 76 through 90 (of 317 total)
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  • December 29, 2017 at 11:53 am #1687837
    jackabigail
    Participant

    Hi guys. I am retaking Audit on Jan 12th. It is my 3rd time to retake it. It is also my last one. I got screwed up by the DRS sims last time. I feel sims are way harder now than the questions in Becker and Gleim. There are no effective ways also to prepare for sims like MCQ. So finger crossed.

    Thanks!

    December 29, 2017 at 9:20 pm #1688020
    slowreader
    Participant

    Hi,

    Can someone explain how an increase in Current Ratio from Year 1 to year 2 of 1.4 to 1.5 is due to an increase in Inventory?

    Gleim Simulation Bank answer says it's due to increase in inventory in Year 2. According to me, if inventory went up, then so did Accounts Payable. If ratio is more than 1, an equal increase in numerator and denominator causes ratio to decrease according to notes. Am I missing something here? I mean if Inventory is just stacked up from last year due to obsolescence, they sure as hell didn't state it.

    Thanks in advance!

    December 30, 2017 at 2:48 pm #1688140
    JMG
    Participant

    Does anybody have a list of all the mnemonics for AUD? Or a good source for them?

    December 30, 2017 at 3:10 pm #1688144
    tncpa2018
    Participant

    @JMG Here you go:

    https://www.another71.com/cpa-exam-forum/topic/open-if-youre-studying-for-audit/

    December 30, 2017 at 7:59 pm #1688203
    JMG
    Participant

    @tncpa2018 Awesome, thanks!

    December 30, 2017 at 11:45 pm #1688260
    Teal
    Participant

    I just got a test date! 2 weeks!! I hope that is enough time!! 🙂

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    December 31, 2017 at 11:25 am #1688306
    Teal
    Participant

    @slowreader I meant to respond to your question yesterday, but I think you are right that Gleim is incorrect. An increase in inventory would cause current assets (inventory) to go up and current liabilities (accounts payable) to go up by the same amount.

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    January 1, 2018 at 4:05 am #1688422
    slowreader
    Participant

    @Teal Now I wonder what else they have wrong? These can be very costly points on exam :/

    January 1, 2018 at 9:49 am #1688447
    lam2848
    Participant

    Is anyone else using Becker to study for audit? Is it just me or does Becker not do a great job at explaining things? After using Becker for FAR, I feel like Gearty is rushing through the audit topics. Its making it very hard for me to remember things.

    January 1, 2018 at 10:12 am #1688456
    Jen-J
    Participant

    I'm using Becker (testing tomorrow). I never took audit as an undergrad (my old school offers it now though). Basically this was all new to me (other than having worked in industry and having been audited, and having taken FAR first). I found the book was the most helpful. Final Review was okay. I've done some questions on cpareviewforfree as well. Right now I'm reviewing flashcards. I tried to memorize mnenonics and charts but there are just so many of them and I've never been good at straight up memorization. (A4 M10 – there's some in the Skills portion that aren't in the book – SPAM PODIUM and MARS – in case you don't watch Skills.)

    Mike Brown does some of the later lectures, and he actually explains stuff. (Warning, it's easy to tune him out. If you make an effort to really listen to him, you'd be surprised how well he explains things in a way that makes them stick.)

    January 1, 2018 at 6:52 pm #1688567
    SONA
    Participant

    Great! I am still waiting for my ATT 😕

    January 1, 2018 at 6:56 pm #1688576
    SONA
    Participant

    All the best! Crush it!

    January 1, 2018 at 8:30 pm #1688590
    Teal
    Participant

    I don't remember who asked about international audit questions, but I just read in Wiley that the SAS's are almost identical to IFAC's (which are the international standards), so I think that is why you won't see too many international questions.

    FAR (66,68) Aug 26
    REG (66) July 25
    AUD (66) December 1st
    BEC - October 3rd

    January 1, 2018 at 8:53 pm #1688599
    Anonymous
    Inactive

    Ive been studying for AUD using just Ninja. I’m really not memorizing any of the mnemonics I just kinda find the odd one out in most cases. I’ve done the first 2 sections so far and I’m trending 90 in those, my average is 81. Shld I continue this way or should I go back and memorize as I’ll need them later?

    January 2, 2018 at 10:02 am #1688678
    Jen-J
    Participant

    Just got done. My best guess is that I will pass but not do a great job, based on my Becker Mock Exam scores (75 and 75). I had some holes in my knowledge. Also, not a morning person. I will not be taking a morning exam again. I need all cylinders on the multiple choice questions 🙂

    Timing (done in 2 hours):
    28 min on MC #1
    28 min on MC #2
    23 min on Module 3
    about 40 min on Modules 4 and 5 together

    Remember that you can use the authoritative literature on MC. I always forget this, so I'm reminding you.

    Conventional wisdom is to take FAR before AUD. I concur with that advice.

    Good luck everyone!

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