[jeff]

Welcome to the Q3 2017 CPA Exam Study Group for AUD. 🙂

Introduce yourselves and let your fellow NINJAs know when you plan to take your AUD exam.

The Five Steps (NINJA Framework): https://www.another71.com/pass-the-cpa-exam/

[wannabcpa89]

I am taking AUD as my first test, will taking AUD before FAR work as a disadvantage for me. What all FAR concepts should I brush up to prepare for my AUD exam.Taking the test on 8/9

[kerry.buscaglia]

@wannabcpa89

I took AUD yesterday, and while I agree with everyone that the exam is more calculation intensive than it was before the switch, I don't think it would be worth your time to study FAR when the exam you are taking is Audit. I didn't do any FAR studying prior to the exam and I did not feel cheated in any way.

Study, read and then read again. Master the AUD material and you will do great! Don't get bogged down by FAR concepts.

Good luck to all!!!

[wannabcpa89]

Thanks for the advice!. I was cramming FAR concepts since yesterday. Now will focus on AUD again.

[DiligentCPA]

I am a little confused on the process for the letter of inquiry. Here is my understanding so far:

*If a auditor finds evidence that suggest there may be a lawsuit, they will speak with management about it
*after speaking with management they will corarborate the information received from management with a letter of inquiry
*The auditor will type the letter and give it to management of the client
*management will then send it to the clients outside legal council
*when the legal council receives it, they will reply and send it back to management
*management will then give the letter to the auditor

does this look right? is there anything I'm missing? thanks!

[jeany_1312]

I took Becker Mock exam today. I only got 70 on my first mock exam. 7 days until the exam and I'm a little bit nervous.
There are a lot of guessing in MCQ and Authoritative Literature was not very helpful.
Finger crossed.

[mardybum13]

Struggling to understand Control accounts in the Revenue cycle (Becker)

1) Once Billing sends the invoice to the customer and Accounting, the flowchart says Billing should print sales journal and update A/R master file.

2) Once the sale is completed, the flowchart says Accounting should post to the general ledger. And an independent party should reconcile the updated G/L with the updated A/R master file from 1)

3) When a sale happens, A/R records a receivable in the accounts receivable control account in the general ledger and in the accounts receivable subsidiary ledger. Periodically, an independent person should reconcile these two records.

Can anyone explain this? I have no idea what a G/L or A/R master file is.

[mimi]

I took a mock exam. I could not finish MCQ within 80 mins as I planned, took two hours, and left only two hours for three testlets Sims, but could complete Sims with ten minutes left.
Would a real exam have more materials to go through in Sims so two hours would not be enough? I suspect that the mock exam has less information than a real exam so that I could finish within two hours..

Mod Edit – Closing thread to avoid multiple study groups going at once. September exam takers, please use the new study groups stickied up top.

[Author]

Replies