[MCLKT]

Hi all of my Auditing class of 2013 Ninjas!

Is there a study group topic for Jan/Feb 2013 yet?

If not, can we start one?

I have scheduled my exam for 1/11. This is my second try (73 in Aug. 2012). Tonight I am going to take a mini practice exam to see what I remember and get and idea of my weak spots. And tomorrow I begin re-watching Yaeger vidoes. The entire timeline is to work book questions as I go through each module. Wrapping up the last video by Dec 14. And will do nothing but review, review, review until 1/10. Oh, and take my holiday vacation at the end of December, yikes!

What review material are you using? When is your exam? What topics have you covered? Any tips yet?

A:[73]97 F:[74]85 R:86 B:[74]82
*NINJA 10 Pt. COMBO & Yaeger*

[wendywhite]

what in particular is killing you on transaction cycles?

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[wendywhite]

update –

I took a test individually on each mod of Wiley test bank… 30 MCQ & 3 sim per… all were 78 -94. Thought I was doing pretty well… I barely got into 80 when i did online test bank for FAR.

Then i took the practice exam for audit online from aicpa… and bam…. shattered my confidence again.

I got tripped up on a fraud question – because I was thinking fraud was only including misleading in the accounts — not stealing… so I selected the wrong answer… thought I had caught a trick. Actually fraud includes both – intentional misstatements & stealing (misappropriations) – aka defalcation. (another word I did not know).

I'm finding the sims helpful but not sure if I where I want to spend my final good 6-8 hours studying? More tests or review notes or read material?

Freaking out time.

FAR 11/2012: 80
AUD 2/19/2013: 90
REG 5/14/2013: 76
BEC 11/2013: 85
Ethics: 100
Waiting on the packet....

[whatamidoing]

Don't get freaked out. Spend the rest of your time on weak areas and MCQ. You won't know everything and don't expect to (if you expect you know everything, it's easy to freak out when you see a question you don't know and shatter your confidence).

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[jeff]

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[snooo]

How important are the financial ratios? Are they frequently tested in real exams? Anyone has a clue? Thanks

[whatamidoing]

Can anyone help me out with variables sampling? Specifically, using the MPU, etc methods for point estimation. I don't really understand when/why you use those methods and how to use that to determine if you should accept your audit test or do additional testing.

@snoo – Yes, you do need to know those, from what I've read on here. Becker has multiple SIMs in A-4 that have ratio questions that I think are good practice questions.

F - 85 (11/2012)
R - 87 (1/2013)
A - 92 (2/2013)
B - 90 (4/2013)

DONE!

[Anonymous]

snoo its not fair how little they cover the ratios in becker and they only give you 15 mc's to work with. i would say do those 15 mc's KNOW why the answer is what it is. and do ALL the sims pertaining to ratios.

it WILL show up in the exam. may be in sims or in mc's. i took aud 3x and waiting for my score.

[jamesb]

@wendywhite…well there are more than few questions that I dont understand, otherwise I would post it. But overall I am getting 40% in Trans Cycle for HW problems.

Either it is too hard or I am not finding good ways to memorize, all these Internal Control to prevent ETC ETC..or What should Auditor to to detect ETC ETC..

What are Accounting Records vs Source Documents? I thought Sales invoices are source docs., but based on questions, these are consider part of Accounting records?

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[WACCadoodle]

@jamesb according to Wiley

Accounting Records include:

Records of initial entries – journal entries, GL & sub ledgers, and adjustments (trial balance)

AND suporting records – Invoices, contracts, checks & records of ETF transactions, worksheets for cost allocations, computations, reconciliations, and disclosures

It calls stuff like meeting minutes, confirmations & control manuals “Other info” that can be used for evidence

FAR 79
REG 81
BEC 75
AUD 76

[SeattleAccountant]

One week till exam. Chapter A-6 complete review tomorrow. I need to hang on and stop worrying about what if and what if not I passed FAR and fully devote myself to AUD. AUD deserves my full attention! – I need to repeat this daily, ughhhhh 🙁

Becker Class of Jan - Aug 2013: FARB DONE!!!!
CPA license pending 🙂

[jamesb]

@WACCadoodle..thats not what Becker say about “invoices”. If anyone else is using Becker, Goto page A4-3, and see that “invoices” are listed under Accounting Records.

But thats just one of the issues I am having.. how about knowing what to do regarding Internal controls in Sales, A/R, cash receipts, and substantive procedures in other cycles. info in A4 is heard to memorize, compare to A1-A3.!

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[WACCadoodle]

@jamesb. Yes invoices are part of Accounting Records. I see my post is rather poorly written above.

Accounting Records include both the initial records AND the supporting records (invoices)

FAR 79
REG 81
BEC 75
AUD 76

[jamesb]

@WACCadoodle..ok thanks for clearing that out. are you only using Wiley?

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[WACCadoodle]

I'm using Wiley w/ Yaeger lectures. I have the Wiley test bank but I've never used it for any tests. I hope to have time to use it for this test, mainly to see AL for the sims (I didn't know AL could be used for anything but research and it REALLY sounds like it is something I need to be able to use–I guess test bank has AL???).

I've heard Becker is really good for AUD. I may see about getting it if I don't pass.

FAR 79
REG 81
BEC 75
AUD 76

[jamesb]

@WACCadoodle…I like Becker. I really don't get how AL is useful to all SIMS, except of research question.

Good luck on your audit. I am waiting for FAR this week, and will take AUD next window

AUD: TBA-
FAR Done
BEC Done

Becker
NINJA for AUD

[Author]

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