Failed Audit in April because of Sims (rated “Stronger” in every topic, “Stronger” on MCQ, and “Weaker” on Sims) so I'm retaking the exam on Monday… I'm incredibly confident with my performance on 3 of my sims, found the lit no problem, and then 1 sim was on extensive detail of a topic that Becker didn't go into that level of detail about (neither did Google, Wiley, my undergrad Audit textbook, etc… because I totally tried looking it up when I got home… couldn't have prepared any differently), 1 sim I guessed about half of because the wording was vague and I couldn't totally understand what it was asking, and the other sim I am pretty sure I made a stupid tactical error on.
Some hypothetical questions I need to resolve so I can pass this time around since I'm doing 95-100% on MCQ practice and my only real concern is not screwing up sims again:
TACTICAL ERROR:
If a Sim gives you a situation with recorded amounts and asks you to determine if information is materially over or under stated, and if it is, to determine what amount you would need to adjust the account by….
*******Would you use a negative number if the account is MATERIALLY OVERSTATED since you would need to decrease the account, or would you just put a positive number? (If the question does not specify either way)
VAGUE WORDING:
This is an example sim question out of Becker (A6, Sim 4): Using the template below, identify whether the selected item/event is a violation of the AICPA Code of Professional Conduct by selecting “Violation” or “No Violation” from the drop down menu in the “Violation” column. If the item/event is a violation of the Code of Professional Conduct, use the drop-down menu in the “Rules Violated” column to further identify the rule violated.
*******I interpreted the phrasing question to mean leave the box blank in the second column if the situation was “No Violation”…. But the answer key had the rule in it whether it was violated or not. What would you do on the actual exam? Give the rule either way, or not?
NEED OTHER CLARIFICATION THIS TIME AROUND:
Since Audit is covering Clarified SASs but also “Old” SASs, how would you hypothetically answer authoritative literature questions that involve material addressed in both “AU” and “AU-C” of the lit?
Thoughts?????
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