[Q3] AUD Study Group 2014 - Page 51

Viewing 15 replies - 751 through 765 (of 1,389 total)
  • Author
    Replies
  • #592899
    Jsmith87
    Member

    Vmedin2-

    The accountant is compiling financial statements. So the accountant is just helping management prepare their balance sheet, income statement, cash flows statement. Since a third party will not be involved, the accountant doesn't have to issue a report saying “we have compiled the financial statements for xyz company….”

    #592900
    Jspann225
    Member

    First post in this group. I took FAR 1 week ago and moved on to AUD. I made it through A3 before I decided to put my book down. When doing the MCQ I realized that knowing the flow of an audit may be extremely important, and I think Becker jumps around sometime. I am spending all of today trying outline how an audit should look and when certain procedures should take place. Did anyone else do this or find it helpful?

    FAR - 93 - 7/1/14
    AUD - 94 - 7/25/14
    REG - 92 - 8/30/14
    BEC - 89 - 10/6/14

    #592901
    iddyrashy
    Member

    @Jspann225 CPAexcel did a good job on that, I have both Becker and CPAexcel, and he start from planning audit, then fieldwork and finally report. Then other types of reports then attestation engagement and finally professional responsibility. I am using Becker now for REG and I like the flow. But for audit, the flow is out of whack.

    AUD 89 (07/06/14)
    REG 83 (08/27/2015)
    FAR 78 (04/27/2015)
    BEC 75 (11/13/2015)

    TEXAS 2016

    #592902
    mjp44
    Member

    Speaking of audit flow..the flow i have in my notes is as follows…Its very big picture but feel free to correct

    1. Planning/Obtain understanding of the entity/environment

    2. Risk assessment

    a. Evaluate internal control and Assess the risk of the internal control to determine how much reliance can be placed upon them

    b. Perform Test of controls on transaction cycles

    3. Substantive procedures

    a. Depending on the level of determined control risk; perform substantive procedures on individual accounts to gather evidence to confirm the assertions of management. Done via test of details but also can use analytical procedures

    4. Review

    5. Obtain management representation letter

    6. Issue reports

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #592903
    NYCaccountant
    Participant

    @mjp44 That looks solid. Counting down the days til next Saturday. I will dig up my FAR book up and go over some things just to prepare. @Gabe Good luck on your exam!

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #592904
    vmedin2
    Member

    @Jspan thanks

    #592905
    tgwadez11
    Participant

    Random question. After how many retakes of a certain section would it be time to give up on that section and move onto a different one and try your luck there? lol

    I have a rematch against AUD coming up in August (First section I'm trying, second overall test)

    AUD (PASSED) - 56, 91
    BEC (PASSED) - 80
    REG (PASSED) - 68, 74, 77
    FAR (PASSED) - 78

    #592906
    Anonymous
    Inactive

    tgwadez11

    My theory is to keep taking it until you pass, you eventually should obtain the knowledge. There's not a whole lot of people that qualify to set, and go through that arduous process that aren't capable of passing. In my humble opinion.

    #592907
    mjp44
    Member

    Good luck NYC! im sure you will slay this one too.

    @tgwadez11 I think its best to keep taking each section until you pass it. I know it sucks to have to go through material again but i think your spinning your wheels if your bouncing from section to section and not passing.

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #592908
    mjp44
    Member

    Good luck NYC! im sure you will slay this one too.

    @tgwadez11 I think its best to keep taking each section until you pass it. I know it sucks to have to go through material again but i think your spinning your wheels if your bouncing from section to section and not passing.

    FAR- PASSED (11/13)
    REG- PASSED (2/14)
    BEC- PASSED (5/14)
    AUD- PASSED (8/14)

    If it's important to you, you will find a way. If it isn't, you will find an excuse.

    #592909
    Gabe
    Participant

    I agree with Ancel

    With that said, I took FAR 3 times…didn't pass (scored in high 60s, low 70s) and started to get burnt out, so I moved onto AUD. We'll see how it goes. I think at this point I just need a confidence booster.

    CPA, CFE
    CISA- Experience will be completed by August 2016

    #592910
    Anonymous
    Inactive

    I wouldn't necessarily agree that you should keep retaking a section until you pass it, before moving onto another section. Sometimes you need a break so that you can look at the material with fresh eyes.

    After failing Audit the first time, I took a break and studied & passed BEC. It was such a good, motivating feeling after passing BEC. Then, I tried Audit again and failed. I threw a hail Mary and took FAR in the same testing window and passed it. I decided that Audit was my only real struggle and that I would save it for last. So I took Reg next and passed.

    Audit was the hardest section for me and FAR was the easiest. I know it's usually opposite, but FAR makes sense and Audit hails from a nonsensical world. So I changed up my study routine and actually made posters of the things that I really had a hard time remembering and hung them in my living room. After my third try, I passed.

    My point is that sometimes you just need a break and the feeling of passing another section helps you see the light at the end of the tunnel, instead of keeping you in a depressing hole. It's so discouraging to fail a section.

    #592911
    NYCaccountant
    Participant

    @ Gabe that's why I chose to take FAR first. I heard it was very difficult.

    FAR - 93
    REG - 87
    BEC - 84!!!!
    AUD - 99!!!!!! CPA exam complete.

    #592912
    Pumpkins
    Member

    Hi Cooper, thanks so much for the advice! That does make me feel a bit better. Going to start hitting it hard tonight.

    Good luck everyone!

    AUD- 93
    BEC- 81
    FAR- 1/26/2015
    REG- TBD

    CIA Exams Passed in March, 2014

    #592913
    Anonymous
    Inactive

    One more day until I take my test Friday. I feel like I know the material, but I don't…if that makes any sense. Off to do some more progress tests. Anything I should look over the day before my test? I'm definitely gonna look at some ratios and try to figure out a better way to understand transaction cycle testing.

Viewing 15 replies - 751 through 765 (of 1,389 total)
  • The topic ‘[Q3] AUD Study Group 2014 - Page 51’ is closed to new replies.