AUD Study Group April May 2017 - Page 21

Viewing 15 replies - 301 through 315 (of 486 total)
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  • #1551834
    Anonymous
    Inactive

    @mardybum13 @jdahl8 My Becker book on page A4-54 states the following:
    “Qualitative considerations sometimes may cause an otherwise immaterial misstatement to be deemed material. Misstatements are more likely to be considered material if they: -Are currently immaterial, but will have a material effect in the future.”

    #1551847
    mardybum13
    Participant

    Yeah I read that part as well, which is what made me ask this. Likely doesn't automatically mean material, does it? Or is this something they would never ask without giving more information?

    #1551886
    jgibs
    Participant

    I am scheduled to take Auditing on May 22nd. How do you approach your final review?

    #1551912
    distracted
    Participant

    @Teal please share your exam experience.

    #1551964
    mardybum13
    Participant

    I'm doing it next week. Just reading the textbook and doing about 60% of the MCQs for now, then simulations. Would've preferred to do the exam by Thursday as I'll forget stuff but there were no dates available. Gives me more time to nail this but I think its important to practice a bit of every chapter in the 2-3 days leading up to the exam.

    #1551969
    mardybum13
    Participant

    My becker book says on A5 page 11 that “In a financial statement audit, the communication of significant deficiencies and material weaknesses should include restricted use language, but in an audit of internal control, no restriction on the use of the report is required.”

    I thought audits of internal control are supposed to say they're restricted as well ?

    #1551975
    sulaiman
    Participant

    I just took my re take and I don't feel that good but I did all I can to pass it this time. What's really effected me is that I got sick last night and today I wasn't feeling well either but postpone it wasn't an option and hopefully it's a pass.

    To make you confident before your exam, I think I had easier sims compare to Q1 but harder MCQs, which weren't really hard but wordy questions and long answers as well but this was hard for me because English is my second language and being sick makes it difficult to concentrate.

    I feel also relieved that at least for 2 months I'm not going to study or review a thing. Good luck to you'all and see you in August!

    #1551981
    mardybum13
    Participant

    According to my becker book

    Financial statement audits (non issuers): You can say that no material weaknesses were identified (typically for client to submit to governmental authorities) but you can't say no significant deficiencies were identified.

    Integrated audits (non issuers): You can't say that no deficiencies or material weaknesses were identified.

    Integrated audits (issuers): You can't say that no deficiencies were identified but can you say no material weaknesses were identified?

    #1552060
    jesswink92
    Participant

    Got an 83 on the Becker mock exam… Chances of me doing that well on the actual exam? I test tomorrow morning!

    #1552066
    Anthony
    Participant

    @jesswink92 Best of luck. Let us know how the exam went.

    #1552282
    studysled
    Participant

    Just got back from my exam.

    -Felt like I killed it on the first MCQ testlet. Testlet 2 seemed way too easy, which was pretty scary. Most questions were 1 sentence, or not much longer. It actually made it harder to focus, bc I was so worried that I didn't do well on the first Testlet. Overall though, it felt like I nailed the MCQ and that they were mostly simple and straightforward. So I'm actually very worried, ha. I was really hoping for long and difficult questions on Testlet 2 as confirmation I did well on Testlet 1, and I didn't get that.

    – Sims overall I thought were really tough. Some were reasonable. Some volume-wise (# of choices to consider, # of questions to answer) were very demanding, and also tricky. Used every minute, didn't hit submit on the final Testlet until 5 secs left on the timer. This actually freaked me out, bc the timer hit zero as it was still uploading, but the Prometric staff assured me that even if I didn't hit submit, my answers would have gone through as time ended.

    -I did about 40 Ninja Sims in the 3 days leading up to the exam, as well as the AICPA Practice Sims. I highly recommend you do those to get a taste. I felt confident going in, but damn, if you get a bad batch, it can make things difficult. Be ready for anything. In retrospect, I wish I'd done every single Ninja Sim, as well as gotten Ninja MCQ way earlier in my process (didn't get them until a week before the exam).

    – Some Sims…how should I say this….really should have been in a different test. Even if they were on that different test, they would've been tricky.

    – It's going to be a long 3 months waiting for this damn score. I feel like I could've gotten anywhere between a 50 and a 90. Good luck to everyone. Just do your best on every question, every day. On to Reg for me.

    #1552293
    Anthony
    Participant

    @studysled Sounds like FAR topics. Seems like everyone complains about FAR topics on AUD.

    How were DRS/sims with supporting documents? That is what worries me about the most.

    #1552324
    studysled
    Participant

    I'm not sure how in detail i can get with the DRS Sims….but they ranged from reasonable to very difficult in my opinion. Maybe it was bc of the timing, at the end of the fours hours, and my brain was a little fried.

    #1552407
    kelam81602
    Participant

    How many DRS questions are on the new exam? I've heard anywhere from just 1 to 3?

    #1552423
    Anthony
    Participant

    That sounds about right. 1-3, but it's completely random so who really knows other than when you take the exam.

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