[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

[pharaoh]

@jr1751 – My AUD is on 12/10. In my experience with FAR, I finished the IPQ and i thought I am in a good shape and just decided to buy Ninja 2 weeks before the exam and glad I did. Ninja seems harder and showed me where my real weak points were. I think the IPQ is still good to practice but I don't think it is enough preparation for the exam. Also, I like the breakdown and the analysis of Ninja

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

[user2701]

How to go about studying AUD reports chapter ?

Plz guide.

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[jr1751]

@Pharaoh – I am actually taking FAR next. I'm on Chapter 6 of the Roger book. Thanks for the heads up on the Ninja MC. I may end up getting it for this one.

@user2701 – I memorized the standard non-issuer report. I did this by breaking up the sections (i.e. Intro, mgmt responsibilities, auditor responsibilities, opinion) into note cards with the corresponding key attributes of each section. For example, within the management responsibilities paragraph, there is language regarding management being responsible for the preparation and fair presentation of the financial statements and design, implementation, and maintenance.

Learning the reports, really deals with reading them over and over and visualizing them in your head. Keep at it. You will get it.

BEC - PASSED

REG - Praying I Passed

AUD - TBD

FAR - TBD

[CPYay]

Like Pharaoh, I use Roger for the videos/text and Ninja for the MCQs. Did this for FAR and am doing it now for my AUD exam on 11/30. Definitely recommend the combination.

[md1102]

I just came home from my first stab at audit! Feel like it could have gone either way, since I didn't see the testlets drastically changing in difficulty, and the things tested were different and seemed more like niche topics based on Becker percentages and breakdowns. But it didn't seem too bad either. Fingers crossed everything goes well!

[pharaoh]

Ugh!!! Thank you so much Comcast!! Internet been out for 2 hours and doing mcq on the phone sucks F@(&$#*#%%##*++¥

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

[jr1751]

@CPYay – Thanks. I am debating getting the Ninja MC. However, right now I am just focused on getting through the material for FAR. Hopefully, I will be done by the end of the year.

@Pharaoh and @CPYay – How did you study for FAR? I usually watch the vidoes, read the book, do the hw for each chapter then do all the MC questions. After, I go over all the questions I missed and then focus on reviewing the book for the last week before the exam. Do you guys have any other suggestions or recommendations that helped you with studying for FAR?

Thanks so much.

BEC - PASSED

REG - Praying I Passed

AUD - TBD

FAR - TBD

[Forem004]

@jr1751, definitely multiple choice repeatedly! I failed far and REG with books one time. Then passed my doing that and minimal time on simulations. I have also been working at a public accounting firm for nearly five years, so that helped tremendously with the simulations. I go back and forth with only doing new questions Vs questions I missed last time I saw them, playing with the percentages. If I get a problem wrong for the second time I take notes, even if I've missed it and already made notes. I just do it again so I can read the problem areas numerous times. I usually end up having two legal pads.

[jr1751]

@Forem004 – Thank you for sharing your thoughts. Yeah, everyone says MC questions are the golden ticket, which I completely understand.

I struggle with some of the comments on here regarding how different MC platforms (e.g. Roger and Ninja) have different answers for the same question. I know a few people on here have posted examples of this. I think this is why I initially struggled to get two MC platforms.

BEC - PASSED

REG - Praying I Passed

AUD - TBD

FAR - TBD

[pharaoh]

@jr1751 – I used to watch the videos and highlight in the book during the video. I did read a lot in FAR, I only made notes of the new/foreign/weak areas (Dollar Lifo, Def Tax, Pension, definitely Governmental) after every chapter, I would do the IPQ. After I am done with all the IPQ, I get Ninja, hammer MCQs all the way to the exam and I make note from the wrong MCQs. On any weak area, I go back to the video, book, youtube, forum, online anywhere until I get it.

When I make notes, I don't copy it as it is from the book, I write it in the way that will make it easy for me to remember later and I will use colors and put side comments for myself like “You got this wrong 2 times” 🙂

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

[CPYay]

@jr

For FAR, I did the following:

Watched the Roger videos and took notes while watching them. I didn't do any MCQs yet.
Once finished (felt like forever), I read the chapters I struggled to understand when watching the videos.
Then I did MCQs and took notes on wrong answers. I was scoring in the 60%-70% range.
I then bought the Ninja Notes for FAR (this is optional, but helped me). I copied the Ninja notes (typing in google docs) in completion.
Then… I went back to MCQs and was now scoring in the 70-85% range. Continued taking notes on wrong answers. I read these notes (and my Ninja notes) daily.
Two weeks before the exam, I did 120 MCQs a day. I reread sections of the book that I wanted to solidify. MCQs were in the 75%-85% range.
The night before the exam I did 40 questions on the topics I struggled the most with. Then I relaxed.

I'm doing this same process for AUD (minus the Ninja notes this time) because I was surprised by my score. No need to mix it up if it worked haha.

[user2701]

Can someone explain me with the below question as to how & why ? Please explain the question as well. I dint get what the question is

March, CPA, is engaged by Monday Corp., a client, to audit the financial statements of Wall Corp., a company that is not March’s client. Monday expects to present Wall’s audited financial statements with March’s auditor’s report to 1st Federal Bank to obtain financing in Monday’s attempt to purchase Wall. In these circumstances, March’s auditor's report would usually be addressed to

1. 1st Federal Bank
2. Monday Corp., client that engaged March
3. Both Monday Corp. and 1st Federal Bank
4. Wall Corp, entity audited by March

Ans given is Option- 2

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[CPYay]

@user2701

Basically, Monday Corp (client) wants the CPA firm to audit Wall Corp (nonclient). They want an audit so that they can submit audited financial statements (for both Monday and Wall) to 1st Federal Bank. It's likely that 1st Federal Bank wants these statements as a requirement for the loan documentation.

Nevertheless, the question wants to know who the audit report should be addressed to. Since Monday is the client and is the one who engaged the CPA firm, the report should be addressed to Monday.

Remember, the auditor's report is always addressed to management or the Board of Directors for the company who engaged the firm.

[Forem004]

I've always considered the research questions fairly easy but there seem to be numerous answers for the same question for this section.

[Anonymous]

Alright guys,

This is where im at,

I thought I was well prepared heading into the exam the first time I took audit.

During the test, I thought I was doing terrible on the mcq’s but decent on the sims but my score report gave me an overall ‘stronger’ on mcqs (3 stronger, 2 comparable, 1 weaker)and ‘weaker’ on sims. Score was a 69.
My stats using Ninja for my first attempt at audit was averaging 84 trending 94. (total questions were around 6000)

This time, I read the entire ninja book and reviewed/took notes. I went over areas in becker that I thought I didn’t understand. I have to admit that I had a couple ‘a-ha’ moments this time around going through the material. Im averaging 92 now, and Im trending around 97 with around 3500 mcqs completed. I practice sims now and I feel im doing somewhat better.

My exam is in 5 days. I added wiley mcq test bank for some diversity but I noticed a ton of similar questions.

What do you guys think I should be doing these last few days?

I plan to review my notes/read portions of the ninja book, practice sims and hit mcqs. Im going to review journal entries and some specific areas where I think Im weak at.

I might read the ninja notes a couple times as well.

I feel that Im more prepared now and that Im reading for the exam, but the last time I thought I was prepared, I got a 69. lol

[Author]

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