[Madhav]

This is my third try for AUD and have one month left for my next take. What should i focus importantly for Audit from those who Veterans who passed it? Thank You.

[Superdude3000]

If you really understand the ‘big picture' of audit then just make sure you understand the major differences between audits and attestation engagements

[M123]

You passed FAR – that's as hard as it gets.

For audit

– What were your two scores?
– Highlights from the score reports?
– What prep material(s) using?
– What do you like/dislike about the prep materials?
– How many hours did you put in and what was the main focus?
– What are problem areas and how did you benchmark them?

For both FAR and AUD – I found it useful to go get some actual published financials from various resources. I suggest favorite publicly traded company, favorite gov organization, favorite non-prof. Read the auditor reports. Then maybe working backward would be good. I always tried to understand the control and risk of material misstatement of each section studied. I have the advantage of formerly having worked for a company that did many interesting maneuvers so much of it came straight to life.

I passed by “the skin of my teeth” so with a grain of salt.

[Mike J]

In no particular order:
(1) know what is on the reports–compilations, reviews, agreed upon procedures, significant deficiencies and material weaknesses, the various audit reports.

(2) know COLD the definitions of differences between $ubtantive procedures and internal control activities. Often, you can narrow down the choices of multiple guess questions by evaluating the answer choices. eg This helps with most sampling questions.

(3) Closely related to (2), keep in mind what engagement you are being asked about. Reviews do not involve outside contact–you wouldn't normally contact outside counsel of the client like you would for an audit. Likewise, you don't test or weigh evidence in a review engagement.

(4) Go over the various cycles–revenue, A/R, Purchases, Inventory, and Payroll. I would pull out your textbook from your audit class. Sketch out each cycle and the control functions. Then go over SIMs on them. NINJA has some excellent ones.

(5) For all four sections, not just AUD, comb over the AICPA recently released questions. If you're a NINJA, Jeff includes with MCQ two sets, moderate and difficult for the last two years. Save this last step for when you are within one week of the exam. Don't panic if you do more poorly than you expected on the recently released MCQ. It'll act as a tune-up and at the very least expose you to newER questions.

…

Also don't panic. Whenever I felt tense, I just counted to 10, took a deep breath after each number, and reminded myself that I will be fine because I prepared.

Insert Stewart Smalley joke here.

…

These steps should carry you through.

[Valar Dohaeris]

The only thing a CPA can do that no other accountant can do is sign an Audit and Review opinion. With that said, they really drill you on “how to be a CPA” on the AUD section. Make sure you…

Know the difference between types of engagements and opinion reports
Know the difference between engagement procedures
Know the CPA responsibility and liability

Know the risk assessment, know how to audit various transactions cycles, know the government nuances.

If you're using Becker, brush up on the mnemonic devices, pass keys, and just take a ton of questions.

AUD is the trickiest of all CPA exams, because this is the only section where one answer is “better” than the others. Multiple answers can seem right which is a tragedy.

BEC - 85
AUD - 81
REG - 84
FAR - 7/24/16

[Author]

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