[Anonymous]

Ok…just to add another perspective on the CBT for Audit. Don’t Panic.If you have taken any of the CBT’s in 2010 (for any of the other sections), it is not much different. Instead of Two Tabs of several simulations,there are seven short, self-contained simulations. That aside, I studied the Becker Course and Becker Final Review, and I felt that Becker covered the material very well. Having passed the three other sections recently, I found preparing for Audit challenging since I don’t have the traditional public accounting/audit background. My approach was to get the concepts right and memorize what was needed to get the concepts and nothing more. Not sure if my approach was correct, but there was nothing instisically difficult in terms of recall…but some difficulty in the conceptual sense. The First set of MCQ’s was relatively easy, the Second was more difficult, and the Third set of MCQ’s was very tricky conceptually. I would say I took an intelligent guess on many of the questions on the Third set of MCQ’s. Usually two possible answers were so out there, that they could clearly be eliminated. That left me with a better than a 50:50 chance if I was able to sort out the remaining two logically. I finished All the MCQ’s in 1.5 hrs and All the Simulations in 1.0 hr. with plenty of time to review all and take a 7 min. break for water and a snack. My speed in the MCQ’s was pretty much similar to the experience I had when I was practicing at home with Becker. …same for the Sims. I also had time to use the Research Tab to help answer some parts of the simulations that tripped-me up. In comparison, the Becker MCQ’s and Simulations were much, much harder than anything I saw in the exam. For those of you who are wondering, my highest score in the Becker Final Exams was 73%. I did ALL the Becker Problems, Exams, and Simulations. I bought the Wiley book, but didn’t have time to even open it. Overall, I put in about 20 hrs a week for one month studying (Yes, I work full time and have a 3 yr old child). In the Sims, anything related to FAR is minimal and not more in difficulty than basic accounting….don’t get me wrong, it is still easy to get it wrong, but not that difficult. So, just review basic entries and you should be ok. Overall, the Audit exam was challenging, but not impossible. I just pray I pass! 🙂

[wishfulthinking]

So, all in all you are saying Becker prepared you well for this? I am studying and will take it on Jan 27th. I have only practiced A1 sim so far. Do you recommend practicing all the sims? I usually don't study them and spend more time trying to nail down the concepts and MCQ. But this time around I am not sure!

REG 85 | FAR 85 | AUD 88 | BEC 76!!! DONE!!!!

[Anonymous]

I believe that Becker Covers everything on the exam. Becker well prepared me to sit for the exam. Now, whether I adquately prepared mysel remains to be seen (i.e. until I get the results). Memorizing only gets you about 20%. The trick, I found, is getting the concepts down to be able to quickly analyze and draw a conclusion. …and YES, do ALL the Becker Sims. Also, some questions on the actual Exam are very, very similar to what is in Becker. If you can score well in the Becker exams, you shouldn't have a problem. Obviously, I only managed to score about 73% on the Becker, Simulated Exams. The questions and simulations on the actual Exam were Way easier than anything in Becker (not saying they are easy,just easier than Bekcker!!) The last MCQ kicked my posterior, but I felt that I was able to do the questions without any lingering doubts. . So, I just hope and pray I passed ;-). FYI, my correlations to Becker and my Actual Exam results for previous exams are as follows:

FAR 8/16/2010 Becker 69% Actual Exam: 82

BEC 10/26/2010 Becker 81% Actual Exam: 82 (yep, imagine the odds of scoring the same on two consecutive exams!)

REG 11/29/2010 Becker 78% Actual Exam: 79

Audit 1/18/2011 Becker 73% Actual Exam: ???? pray to God!!!

[Anonymous]

CPA_2B – thank you for your post. It sounds like you feel pretty confident coming out of it. If the mcqs were getting more difficult I hope that means that you passed! I'm studying with Becker and AUD is also my last part. I'm having the most difficult time getting motivated but your post helped. Thanks again for your post. It put some things into perspective. I hope its your last one!

PS- imagine the odds of scoring the same on three exams…. 😉

[Anonymous]

@CPA_2B, Thank you for posting your experience. I took Auditing in November and did not pass so I'm currently studying again to retake in February. I'm also using Becker to prepare. I did very well on all the homework and supplemental problems (85%+) so I was very surprised to find I did not pass. As I continue to review now, I focusing more on why the other answers are incorrect and reading all the explanations. I think I just got use to the problems and focused too much on memorizing versus being able to apply the concepts. As you mentioned “Memorizing only gets you about 20%” and I agree 100%. Good luck to you.

@Bryn333 I'm scheduled to retake Auditing on 2/19. I was just curious what methods you are using to review and study again?

[Anonymous]

Thanks…but to clarify, I got 100% correct on the Becker Homework questions and 100% on the Becker Homework Exams. ie.. within the PassMaster module, there is a set of exams separate from the homework.. On top of that, Becker has a module with the Simulations and The Simulated Exams. So, what I meant in the Simulated Becker Exams is where I got the 73%. Getting 100% on the homework is not going to be sufficient preparation. Now, maybe I am speaking prematurely, since I don't know how I did. Though, I can fairly say that the Becker, timed, Exam Simulations had many, many, many questions very similar to what was in the actual Exam….and typically more difficult than those on the actual exam. I recommend doing ALL the Becker Simulations….There is a reason I was able to cruise through the exam so quickly: Everything on there, I had already seen before in one form or another in Becker.

[wishfulthinking]

@ CPA_2B: Thank you for your post! That helps alot. I scored about 66% on the Becker final exams on Audit practice in November and scored a 74 on the actual exam! Ugh! So I am a bit nervous but hoping I kick that exam's tail this time around.

For my FAR Becker final exams I scored @ 70% and on the actual exam scored 85.

For my REG Becker final exams I scored @ 67% and on the actual exam scored 85.

So I guess it really boils down to whether you know the concepts on Audit b/c I thought the exam in November wasn't that bad…But apparently I missed some of the tricks/twists on it. I keep telling myself that I just need to slow down this time and READ the question and make sure I understand what it is asking and I think I will do fine.

Thanks again!

REG 85 | FAR 85 | AUD 88 | BEC 76!!! DONE!!!!

[wishfulthinking]

@CPA_2B: I will definitely work all the Simulations or TBS in Becker. I usually don't practice them, but I will this time around!!

I always work the Final Exams 1 & 2 as well as a bunch of Progress Tests or Simulated Exams (I usually do at least 1,000 MCQ to prepare). And I work through the Homework & Supplemental MCQ 2 times!

REG 85 | FAR 85 | AUD 88 | BEC 76!!! DONE!!!!

[LILY_S2011]

Hi, CPA – 2B,

Thank you for your post. I will be taking AUD on Feb. 7, and this will be my first exam ever. I read the new guideline that there will be no written communication in AUD. But the silmulation in Wiley book 2007 has communication tag. Could you clarify whether you had to write anything in the new simulation?

[Anonymous]

@LILY_S2011: Sorry, I can't tell you the content/type of simulations in my exams. What I can tell you is that Becker covers all subject matters presented on the exam. Also, I should add that from what I have read in every description of the new 2011 exams, only the BEC section has a writing simulation. Regretfully, the 2007 material you are using is a bit dated. I strongly suggest that you use 2011 material for for the examination. At the very least, go to the AICPA.org website and download their sample exams. . ….that is, unless you have already mastered IFRS standards for Audit.

If you are short on funds, I would be happy to give you the Wiley 2011 book (I Never used it, it is brand new)….just be completely honest that you really cannot afford it. Even if I have to take the Audit exam again, I know I won't use the Wiley book because Wiley is not in a format that makes it easy for me to study. Some people love it, but I don't like it.

[Anonymous]

That's really nice of you CPA2_B. Thanks for posting your feelings about the AUDIT exam! I take it (again) soon. I really really liked the 2011 Becker format over the 2010.

I went through the 2010 material 3 times for my first Audit exam. But to be honest, it was my 4th exam in 6 months, I was tired, worn out, ready to be done, just thought I had to memorize the MCQ..etc. I didn't give it the credit it deserved. This time, after a small break, I'm doing awesome on MCQ in Becker and taking it MORE seriously. I get it better this time… so I'm not exactly sure if it is because the 2011 Becker format vs. 2010 Becker format is really that different or if I'm just taking it more seirously this time.

Either way.. I'm looking forward to the exam this time!!

[LILY_S2011]

@ CPA-2B: It is very nice of you to offer your book and more insight. I really appreciate it. I have spent most of my time reviewing my textbook. Yesterday was the first day I started on doing simulations and MQCs. I hope 20days would be adequate for me to get through AUD.

Today is another snowday that my 4year old son's school is closed. I will pull my hair off if more snowdays before Feb. 7… 🙁

I am heading to the bookstore today to get a 2011 edition. Thank you again. I hope you pass the AUD.

[Jan2010]

Thx for your post ! was memorizing the mnemonics helpful?

FAR - 82
BEC - 79
REG - 94
AUD - 84

[Anonymous]

@Jan2010: the mneumonics were not helpful to me. Though, the mnemonics were very helpul during studying in order to help in understanding of the concepts. In my opinion, the concepts are the most important. So if mnemonics help use it. In fact, I wrote and memorized a silly song with the mnemonics. Majors ones I memorized were FIVE CARROT CARS, CRIME, TIP PIE ACDO, COVER U, U LIAR CPA, etc. This exam is not about memorizing. You can memorize the entire Becker study materials word for word but it will be of limited help in passing. Also, I am lazy, I work in quants, so I prefer to understand things conceptually and then figure it out. As mentioned before, I just took the exam, and it is a bit awkward for me to dispense advice without even knowing if I passed! So keep in mind that what I write are My Opinions and Thoughts. What worked for me may not work for you….especially if you have come up the traditional Acct. Major, Public Acct. route. I only took enough accounting to be able to sit for the exam. I have never worked in traditional accounting and have no plans to work in accounting. The CPA for me is just a feather in my hat in terms of credentials…and part of just getting into the swing of studying/exam taking after being a few years out of B-School. The CFA is my next step…that is where the kids get separated from the grown-ups. Avg. salaries for MBA+CFA's are about 5X higher than for accountants….and that is not even counting the year-end bonuses 🙂

[Jan2010]

Thx for your response 🙂

Best of Luck !!!

FAR - 82
BEC - 79
REG - 94
AUD - 84

[Anonymous]

I've heard having CFA and CPA really open doors. But how do you get the work experience in order to get the charter? I've worked in accounting-solid 5 years, now I have a full time job in accounting and a part time job at a public acct firm, worked at American General (finance company) for 4 years and have a Bachelors and MBA in Finance.

I don't know how to get the work experience to get the CFA. Do you have ideas? Thanks in advance.

[Author]

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