[Scared-cpa]

I’m taking auditing Wednesday and used CPAexcel to go through all the material. I have been doing a final review for a couple days with Wiley test bank and have an average of 70%. I’ve maintained that 70% for the 400 questions I’ve done so far. It doesn’t seem like I’m improving so I’m trying to take notes to better understand it. I’m afraid I’m doing a repeat of my first FAR exam. With that test, I used WTB and was struggling to maintain in the 60s. I didn’t really understand the material like I should, rather I was just trying to memorize the concepts as I went through the questions. The second time through with FAR I used only Ninja MCQ and did much better, averaging 70 trending 86. However, I feel like buying Ninja would be useless four days out and plan on getting through the other 700 or so multiple choice left in the test bank. I need help better understanding the material. My biggest problem area is the types of tests (i.e. test of controls, test of details, analytical tests, substantive tests, and sampling). I am not good at deciding which of these should be utilized for the type of situation the question gives me. Is there a flowchart somewhere of the different steps within an audit including all these details?

I really want to pass AUD my first time around because I’m trying to finish these exams by August if at all possible because that’s when I transition from being a full-time student to a full-time worker. Please, any help or advice you can give me would be wonderful.

[Chelsea26]

Even with four days out, I'd get the NINJA MCQ's and work 200 or so questions a day. I jumped a massive 22 points because like yourself, I was using CPAexcel myself for the first attempt. NINJA MCQ's (specially for AUD) are most relatable to the actual exam questions – just my two cents.
Good luck!

BEC - July 2016 → 78
AUD - Sep 2016
REG - Nov 2016
FAR - Feb 2017

[Scared-cpa]

May I ask what your average percentage was on WTB? I would have purchased Ninja when I began my final review a couple days ago but I couldn't justify paying $50 for something I would use less than a week, plus I am strapped for cash being a graduate student. But at this point I'm beginning to get scared and wonder if I should get it or risk it. I'm just afraid the few questions I will be able to complete in the next four days will make enough of a difference to my score

[Chelsea26]

My average hovered around 70-75%

BEC - July 2016 → 78
AUD - Sep 2016
REG - Nov 2016
FAR - Feb 2017

[RockLobster]

Substantive testing and assertions were the hardest part of AUD for me. I probably spent 3x the amount of time on that section of my review materials. Once I understood it, my confidence improved massively. I would definitely power through some M.C. questions. Idk much about Ninja questions, I've only used Becker so far. But everyone on this forum who uses Ninja MCQs seem to think they're great. Power through them, understand what the various tests stand for. Maybe make a few mnemonics to help you remember the assertions and the different types of audit tests there are.

That's what helped me anyway. Working a few months in audit was helpful, and taking the course in college helped a little bit, but it wasn't until I took the exam until I truly understood transaction cycles and testing. I think it's one of the most important sections and once it clicks for you (and it will), you'll be in a great spot for the exam.

[Scared-cpa]

CPA from Dubai, that makes me nervous! Since WTB says you're in good shape if you are above 60, whatever the 60 is supposed to mean, that number is obviously wrong!

RockLobster…transaction cycles? I remember reading about those but I couldn't tell you what it is now. Gosh…I'm freaking myself out. I agree, the second time though FAR, it finally clicked. And I feel like it is in the process of doing the same for AUD but I don't know if WTB or four days will be enough to make it click well enough for a pass. I do love Ninja and will be utilizing their mcqs for REG and BEC, and AUD if I don't pass this time. I have never worked and my auditing class got canceled because the professor was caught embezzling funds. No joke lol. So the only time I've learned about auditing was through this.

[RockLobster]

That is amazing lol, did you get credit for the class still? Yeah AUD is very obscure, you will probably feel the same away about REG when the time comes for you to take that. Transaction cycles is a broad way of saying all the processes that make up types of business transaction. I think Sales and Purchases are the two biggest. Basically, you should understand what happens when a company makes a sale. Who processes the invoices, who receives cash, etc. Why are certain individuals designated to receive cash or have custody of assets? The answer is segregation of duties 99% of the time… but that's kind of what I meant. Know how to test that there is proper internal controls (authorization, prenumbered documents) and how to test assertions (completeness, accuracy). Hopefully that clears up what I meant a little bit.

[jc510]

OP, I'm sure you'll do fine. I was averaging 70-80 on WTB as well and scored a 72 on AUD. I think part of it was me memorizing the answers instead of the concepts.

I would recommend what rocklobster said and try to focus on assertions and transaction cycles and the different type of reports. I'm sure you'll do fine on the test. Remember to not stress and just do the best you can. Hopefully we'll both past AUD this coming week! Rematch in 7 days!

[Scared-cpa]

They put me in an advanced accounting course instead lol. It was my last semester in undergrad so I was sweating I'd have to delay my degree until they could find another professor but all worked out well. And okay, I know what you mean now. Most of the time I understand what people are talking about on here, I just don't use the broad, fancier terms used to identify them lol. What would you say are the areas most test in AUD? Least tested? Do you have any other suggestions for me to try to pull this off?

Thanks for all your help 🙂

[Scared-cpa]

jc510, I found the same was true for me my first time through WTB for FAR. If I'm not mistaken, I was averaging around a 67 or 68% before I sat for the exam. I just redid missed questions and deleted archived sessions that had really bad scores (40s, 50s, 60s) to make myself feel better before the exam lol. I'm not doing that this time as I have a better sense of what to expect. I'm just feeling defeated right now. I feel like if I can pass FAR, I can pass the other sections, I just wish I had an extra week or two to review but unfortunately that's not an option.

[Substantive Testing]

@scared_cpa

I would much rather buy multiple supplements and make sure I pass than to take the test with what I have and risk a fail (wasting time, and money). If I were you, I wouldnt mind buying the Ninja MCQ because 50 bucks to benchmark yourself and see where you stand before the test is definitely a good deal. And if it happens that you were not able to pass it this time around, you could still use the ninja mcq to prepare for April and May since it is not going to expire until June.

[jc510]

OP, remember we always feel stressed leading up to the exam and we always feel defeated after. A small helpful tip that I got from this forum is to read each question twice, and to leave yourself a lot of time for the SIMS. the AL could be your best friend. good luck!

[Anonymous]

Damsel in distress 🙂

Audit was a pain in the butt. I don't even know how I passed it. Just pattern recognition mostly and lucky enough to get decent testlets.

[RockLobster]

Wow I always thought an audit class was mandatory for everyone but that's awesome that they you were still able to graduate when planned. Jc510 hit the nail on the head. Transaction cycles, assertions, and types of audit reports are huge, probably the most important topics (in my opinion). I was also confident about a bunch of situations that impair independence, as well as knowing the differences between a review, an examination, an audit, and a compilation. Last of all, I wanted to neglect sampling but I put a fair amount of time into that too. And it came in handy.

Anyone who tells you “Oh I didn't have this topic on my exam, don't worry about studying it,” do not take their word as scripture. Cover as much in the book as you can, so much of the test comes down to memorization so just do what you can. Idk if your review materials has a practice test, but if they do I would def reccomend taking it and then assessing your results after. For context, I got a 72 and a 68 on my Becker practice tests, and wound up with an 89 on the actual exam.

I hope I haven't flustered you with all my rambling lol… Based off of your attitude it seems to me that you're genuinely putting in the time and working hard and honestly, I think you'll be surprised by how much you know when you take the actual exam. It's easy to get pissed off when you miss 8 MC questions in a row, (or 10 if you're me) but you know more than you think you do.

Tl; dr, you got this. The fact that you passed FAR already proves my point.

[Scared-cpa]

Substantive…I definitely understand what you're saying and I agree with you. The penny pincher in my says what if I pass this time with only WTB and don't have to buy Ninja at all? I feel so close to the exam that I can't see the forest for the trees it seems. Idk.

jc, I've learned reading twice is key for AUD since I will make silly mistakes like missing the word ‘most' or ‘least' likely and then realize what I did wrong when reading the explanation.

brickell…I don't mind being a damsel in distress as long as someone saves me from failing haha.

Lobster…Thank you and no, your rambling doesn't bother me! I'm quite a talker myself so I love when people give long responses lol. I definitely agree that you can't skip reviewing anything! But I'm taking your and jc's advice and I'm gonna spend a few hours tomorrow taking notes on those topics just to better clarify my understanding. I did that before FAR and made a cheat sheet that I read over before I went into Prometric including things that I often forgot. It paid off so I'm hoping the same will happen this time. And yes, I'm putting in the work and trying to always answer like I would on the exam. Since I passed FAR I know what it takes to get a passing score, so I'm trying to do that again. I just get frustrated and worried that history is repeating itself with my first FAR take so I'm trying to do everything in my power to pass.

I found a couple good threads with explanations to types of testing and sampling that I'm gonna read through and take notes on. I'm hoping that will help give me a better view of the entire accounting process. Essentially a flowchart.

Everyone reading this, think I should purchase Ninja to use for only 4 days? Yea or nay?

[Scared-cpa]

Well I bit the bullet and bought Ninja. There's a certain comfort of using Ninja since I know it works…I just don't know if I will be able to reap the benefits in four days but I'm gonna give it hell.

[Author]

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