AUD – Exam Prep - Page 101

Viewing 15 replies - 1,501 through 1,515 (of 1,748 total)
  • Author
    Replies
  • #374422
    hawkmante
    Member

    @Peanut

    I didnt go as far as u did to read the book twice. I have watched the lectures a few times now and decided to buy beckers flash cards. I am focusing on having all of those memorized ( I guess in some way this is equivalent to reading the book). I did buy the Sims from CPA review for free but I found them to be frustrating because it really did not simulate the actual exam well to me. I may take another gander at them. I also have read the NINJA notes a few times. Im just going to keep plugging away and mastering these concepts. Someone posted something about adjusting JE (it may have been you). It said DR = increase in an asset and an expense: CR = increase in a liability and Revenue. That little tid bit really improved my JE capabilities in the sims.

    BEC - 81 11/30/11 Praise God
    FAR - 84 7/11/11
    AUD -70,64,72, IM DONE!! 90 7/5/12
    REG - 84 10/07/11

    #374423
    hawkmante
    Member

    I also use CPA4free mcq. I usually pass those. 75-85.

    BEC - 81 11/30/11 Praise God
    FAR - 84 7/11/11
    AUD -70,64,72, IM DONE!! 90 7/5/12
    REG - 84 10/07/11

    #374424
    Anonymous
    Inactive

    Yes. You get partial credit for simulations. There are 7 sims, with one being a pretest. With the sims being 40% of the exam, each sim will be 6.66% of your score. You can score partial credit for each sim. Be familiar with navigating the AU, AR, and AT sources for the authoritative literature and use the search within function. Use the authoritative literature for all the sims, not just the research question. Leave at least 1 hr 45 minutes for the sims.

    #374425
    Anonymous
    Inactive

    @dualmatrix can you explain more about using the Authoritative Literature for all sims? I have becker but haven't tried using the Authoritative Literature for these. Do you just search key words in the sims to get information about the answer to question?

    Taking AUD 7/3/12 and would love any suggestions!

    FAR – 63 – Retake in August 2012

    AUD – 7/4/12

    BEC – 75

    REG – 82

    #374426
    Anonymous
    Inactive

    I posted this 2 weeks ago. Let me know if you need any clarification:

    think Wiley does not do a very good job with authoritative literature. They do not provide as many sources to practice with than Becker. There are many different sources that the AUD draws from for the authoritative literature. Be familiar with AR (Review Services), AU (U.S. Auditing Standards), and AT (Attest Standards). That's where you'll get most of the information. Wiley only provides AU.

    I like to use the topical index first the pinpoint the section where the information will most likely be, and then type in a keyword using the “search within” function. Once you read the question, try to figure out the general topic first. For example, you should be able to know if problem involves a review/compilation engagement or an audit. You would use the AR source if it's review/compilation, but use the AU source if it's an audit. From there, you have to pinpoint what they are really asking and select the subtopic accordingly. Are they asking about report presentation? Are they asking about a certain rule? Once you select the subtopic, then you would use the “search within” function using a keyword.

    I was able to answer a SIM word for word because of the authoritative literature and it helped me with my other 5 Sims. Make sure you leave about 2 hours for the Sims. Good luck!

    #374427
    Anonymous
    Inactive

    @ Dualmatrix: 2 hours for 7 sims?? that means approx 20 mins for each sims. Also in my last exams there were 2 research sims, is it always same in every exam?

    #374428
    Anonymous
    Inactive

    Not all the time. I had only 1 sim, but had 2 for FAR.

    By the way, I had a hard time practicing authoritative literature using Becker, because Becker only provided AU, and they don't even include all AU subtopics so it was kind of hard searching, but try to be familiar with the subtopics for AR, AT, and AU. For example, if a question asks about how an audit report should look. You would go to AU>500 standard of reporting. If not asking about how a report should look, it would probably be in AU>300 standards of fieldwork then.

    #374429
    stokey45
    Participant

    @ dualmatrix — thanks for this information. You make that so much easier to understand and did not realize how that information narrows down the search. I probably spent too much time searching for my answer that I could have used on another SIM.

    #374430
    Anonymous
    Inactive

    @dualmatrix Thanks for your help! I couldn't wade through all the comments to find one that specified the use of Authoritative Literature so that's a huge help. So cool it helped you answer a question word for word!

    #374431
    momto5
    Member

    @dualmatrix – thanks again for the insight. I always wondered why I was frustrated with Becker AL and wondered whether they were giving me everything. Sometimes when I use the table of contents (is that what you mean by topical index?) I run into a “wrong path” message. Or the literature refers me to some appendix and when I look for it, I get the same “wrong path” or it is just blank. Frustrating!

    FAR - 92 (4/27/12)
    AUD - 96 (7/17/12)
    BEC - 92 (8/30/12)
    REG - 91 (11/12/12)

    #374432
    jalban1324
    Member

    I just wanted to add to your conversation about authoritative literature. Make sure you get your free 6-month subscription to the AICPA online professional library. All you need is your section ID from your NTS. Here you can practice all the professional standards for AUD, TS for REG, and FASB codification. It looks different, but the actual exam links to this. Good luck to all.

    https://www2.nasba.org/NASBAWeb.nsf/ENCD

    A (05/23/12) 92
    R (07/02/12) 77
    F (08/29/12) 69 Retake 2/27/13 80
    B (10/22/12) 79

    #374433
    Anonymous
    Inactive

    Guys,

    Almost 7 days left for my audit exam, I am so nervous, I want to do my best in this exam. When I got my score report for my last audit exam they said my MCQ was comparative and sims were weak. I have tried all sims in wiley test bank and becker but they are not very helpful.

    I have got myself familiar with authoritative literatur . I am really nervous about those sims . Shall I practice more sims from cpa exel website?

    Please help! I hate becker chapter 5 (Audit sampling , government audit) there so much information to learn and I keep forgetting it. 🙁

    How should I tackle this chapter? Shall I make notes for each and every point since the weightage for govt audit and sampling is so less in exam.

    Please help! Help! Hepl!

    #374434
    Lisa_Jane
    Participant

    @jalban1324

    Wow- thanks so much for the research link for AICPA. I didn't even know it was available!

    @Nam

    When I first took Audit I did badly on the MCQ and did OK on the sims and the memo (back in 2009 you had to write a memo). My advice to you practice those sims. I think the MCQ are more difficult- if you are getting those right you should be able to reason out answers on the sims. Best of luck!

    FAR Passed 5/28/14
    AUD Passed 1/22/13
    BEC Passed 7/12/13
    REG Passed 5/9/14
    Virginia CPA license issued July 2014

    #374435
    Anonymous
    Inactive

    Tick marks in AUD – OMG! Do i have to learn them? 🙁

    #374436
    NYC1221
    Member

    Question about supplementary info. I understand that the auditor is required to perform certain procedures with respect to required supplementary info, but what if supplementary info isn't required and the client includes them anyway? What is the auditor's responsibility then? Since it will be included in an auditor-submitted document does that mean we, the auditors, still have to perform procedures on the info or just examine it? Noticing a lot of questions about required supplementary info but want to be prepared for when/if AICPA throws in supp info that isn't required by GAAP…

    Taking AUD July 1 (Sunday) AHHHHHH

Viewing 15 replies - 1,501 through 1,515 (of 1,748 total)
  • The topic ‘AUD – Exam Prep - Page 101’ is closed to new replies.