[Ralphie Dos Nachos]

Hey guys,

I’m one week out from the exam and I’m pretty confident with the MCQ. But I must say, I’m looking at the AICPA sample exam SIMs for audit and they’re very FAR like and yeaaa it’s got me concerned. The sample exams helped me big time for FAR when I took it and so I’m taking these very seriously for audit as well.

Anyone have any advice for audit sims?

[nat]

Definitely understand and know how to do the Hex Bolt/Warehouse question on the AICPA practice exam. It was regarding the auditor count vs ware house count. If you google it someone explained greatly how to get to the answers.

[Mike J]

There is some overlap with each exam.

For instance, it's normal to have to know journal entries here, which is thought of as a mainly FAR application. eg what is the corrective journal entry to correct an overstatement of inventory? Debit COGS and Credit Inventory.

You also have to know ratios for both AUD and BEC.

You may be responsible for the percentage of completion calculation for REG even though it is often taught for FAR prep. It is required for tax purposes versus the installment method.

That said, I'm sure you know the theory. If you take a step back and figure out each time what you are being asked to do you will be fine. Forgive me but maybe you need to just relax and count to 10 before tackling the SIMs. There is a lot on the line and a lot to process. Exams can be stressful. It was for me.

[PNS2CLT]

@Nat – Too much information, I highly suggest editing your posting.

[PNS2CLT]

You have to be comfortable with fundamental accounting concepts to succeed not only on AUD, BEC and REG, but also the profession. Of course, FAR tests the fundamental concepts. The difference between exams is the scope of what's being tested. For example… on FAR, you may have a SIM with a multitude of information to calculate the allowance for bad debt & bad debt expense, and a task that requires you to do a complex calculation for inventory turnover in days. But on AUD, they may be testing your understanding of analytical procedures, so they may give you the inventory turnover number, or have you perform a simple calculation (with the formula included), since they want to test your understanding of what it means vs. how to calculate. And on REG, you may have to perform a simple calculation to come up with an M-1 for bad debt expense. Again, testing a different concept but needing to understand the fundamental.

[Author]

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