[jeff]

Welcome to the Q4 2016 CPA Exam Study Group for AUD.

If this is your first post in the study group – please post your target exam date (just the time frame to preserve your anonymity), and your past history with this exam (optional, of course).

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

[HoosierCPA]

Dumb question — is there a requirement for who prepares the confirmation letters that go out to customers…does it have to be the auditor or the client? I know the client sends out the letter and the letter is returned to the auditor however I'm unsure on who prepares them.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[pharaoh]

Yes. the question is very confusing, the first time I read it I couldn't tell what is the best answer and then I had to go with elimination.
Are we going to document? A Yes, B Yes, C not really sure what it means it sounds like a mix of the other answers, D Absolutely Yes. That's how I got to the answer 🙂

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[pharaoh]

The auditor can ask the client to prepare the confirmations(So no requirements) but the auditor should have full control for the mailing not the client

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[HoosierCPA]

@pharaoh wow yeah you are correct..duh! I knew that the auditor sends out the confirmation. 10 consecutive weeks of studying for audit will turn your brain to mush :/. Hopefully I pass this time. Here's to the 1 week countdown till my retake!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[HoosierCPA]

Last week and am trying to figure out how to devote my time. I have taken Monday Tuesday off from work so I'm probably looking at ~17 hours of study time remaining if I'm being conservative.

This is my first go around with Ninja. I have roughly 100 missed questions left that I need to answer correctly. I have ZERO sims answered and there are a good amount. Would you guys suggest trying to knock out all the sims or continue to just pound out as many MCQ's as possible (focusing on my weak areas)?

My thought was run the detailed progress report–find out the areas I'm terrible in. Do MCQ's on those areas all while incorporating a few sims here and there. I wasn't too concerned with knocking out all the sims since Audit sims are essentially a fancy MCQ questions.

Any help/suggestions would be great!

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[marqzho]

dtatham10

Go and try some Sims now. You are right ! They are just fancy MCQ. Knock down some of them and make yourself feel good about it 🙂

Good luck.

REG 90
FAR 95
AUD 98
BEC 84

[KJ]

dtatham10..When is your exam? I am in the same boat as you. My exam is 10/19. I have been behind on my study plan but I am taking the exam, planning to finish Part 6 by tomorrow and then Sat/Sun/Mon/Tue review – focus weak area and probably some SIMS. I took Mon/Tue off from work. I have not done any SIMS either. Path to fail AUD in my opinion on the 19th :-(. Let me know what is your plan?

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[HoosierCPA]

@kanwal I'm in a slightly different situation as this is my 2nd go at AUD. I failed the first time–and wasn't that close (64). I felt as though my biggest issue was focusing on SSARS entirely too much. That was my weakness and I spent weeks trying to nail it down. Unfortunately the exam wasn't 100% on SSARS lol so what I gained in focusing on that chapter I lost A LOT of points by neglecting other areas.

My approach this time is to try and spread out my studying among all sections as evenly as possible. I know SIMS are MCQ's with more options then A, B, C, or D since I have already sat for the exam once. Because of this I figured to keep knocking out MCQs — as many as I can possibly handle!.

I'm going to take @marzqzho's advice and work in some SIMS and go back to my becker material and work on the AL since its the aesthetics are identical to the exam. I most likely will take a practice exam this weekend too in order to get my timing down. I just hope all of that equates to a pick up of 11 points—I know its a long shot. I don't know many people that gain that many points from 1 exam to the next.

My ninja material is a little deceiving. After the first go around I was averaging 80% and trending in the upper 70's. Since I've re done so many of my weak questions my average has dropped to 78% and for some reason my trending spiked to 92% (which seems odd to me).

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[marqzho]

I gained 36 from 1 exam to the next. So you will be just fine 🙂

REG 90
FAR 95
AUD 98
BEC 84

[pharaoh]

@marqzho – for the first glance I thought you gained 36 lbs from 1 exam, i was like yaaaaaaaay I am not alone LOL

@dtatham10 – I would have a mix of SIMS and MCQs. I personally tend to get bored of SIMS quickly but I don't mind doing MCQs for hours, so what I did in FAR was 3-5 SIMS then 20-30 MCQs. Didn't feel that SIMS practice helped in FAR but it was good to practice anyway

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[NeedAMiracle3]

Hello,

On to my third try of audit. I was just wondering if anyone can help explain what increases inherent risk, control risk, detection risk. I find myself struggling with this topic a lot, especially on my exams. I am studying with becker and can't get a strong grasp on the topic.

I am consistently getting 90s on Becker's progress tests, but remain unconfident on the SIMs and I am worried I will get this as one of my simulations.

Thanks for the help!

[pharaoh]

@NeedAMiracle3 – if you are working on an oil rig, there is a lot of safety requirements (internal control) to avoid injuries (misstatements). However, a natural disaster (inherent risk) might happen and still cause injuries. Inherent is the risk that a mistake can happen even if you have good controls in place. The most popular example is collusion or management override (the natural disaster) 🙂 that it is hard to control or detect

Clear as mud?

FAR 8/2016
AUD 1/2017
REG TBD
BEC TBD

[KJ]

@dtatham10 I am sure you will nail it. I will not say what someone ( who was also taking these exams) told me once which still bothers me and I was like seriously?? This was when I was taking FAR again in August and they said oh you are taking it 2nd time so it will not be bad for you since already know most of it but I am taking it first time so its different. But that is not the case with these exams. You can take it first time and pass it or take 3-4 times and still not pass it.

Besides efforts, time, consistency with studying; luck definitely has to be there in order to pass these exams. I am one of those I think who is average in studies but procrastinate a lot so I don't blame anyone or make excuses for my failures but myself.

I am not as prepared for this exam as I know I should have been but I am going to give it a try besides I already re-scheduled it once.

Good luck with your exam and let's do this!!!!

FAR - August 2016
AUD - September 2016
REG - October 2016
BEC - November 2016

Remember: "Everything should be made as simple as possible, but not simpler." - Albert Einstein

[NeedAMiracle3]

@pharaoh Thank you! That definitely helps me understand it better!

[HoosierCPA]

@kanwal78 I agree with everything you said. Some people are naturally great test takers while others are not so good — unfortunately I am on the not so good side. All I can do is stay motivated study study study and set myself up well for the exam.

I wouldn't say I procrastinate a ton–I am extremely good at studying daily. My problem is I always talk myself into cutting study sessions short. For example, this evening I almost told myself oh I'll do 30 questions then I'll wake up at 5am and study some more. I'm not even tired but I convince myself that's the best route to go. It wasn't until I found out I had to leave the house early that I realized oh shoot, looks like I will have to study till the 11 (9-11 is my week day study schedule that I follow about 60% of the time).

Anyway, I'm 4.5 weeks into this and I'm at 70 hours of study time for my Ninja which comes to a little over 2 hours a day…not great considering I want about 20 hours a week in :/. I'm going to end up sitting for the exam with about 15-20 hours study time that I cut short. Like you said, I have nobody to blame but myself.

FAR - 78
REG - 72,74,71...please just go away REG nobody likes you!
BEC - 82
AUD - Aug 16

[Author]

Replies