@DeniseFutureCPA… I used Yaeger CPA Review (2012 edition, as I took the exam before the changeover to the clarity standards). I think it helped as well that I took AUD last and felt very comfortable with FAR topics, as you see a lot of crossover between the two subjects. Otherwise my experience in auditing is extremely limited, so I was pleasantly surprised with the relative ease of preparation.
I think my preparation time was 2.5 weeks and approximately 50-60 hours of total study time. I first watched the Yaeger videos; I highly recommend Gary Bulmash from Yaeger, as he does a great job concentrating on what you really need to know for the exam. However, Gary does speak rather slowly, so you can cut off 4-5 hours of time by watching the videos in 1.3 or 1.4x speed. Subsequently I went through the Wiley book and the Yaeger handout notes and quickly typed my own notes; I type rather quickly, so this wasn't a major time stealer, and it gave me the advantage of having everything (A) centralized and (B) in my own words. I started typing notes for REG for the business law sections (didn't do this for my first two sections) and then all of the AUD modules, and really felt that it was a huge benefit. The remaining 25-30 hours were spent almost exclusively reviewing my notes and doing MCQ from the Wiley Test Bank. I did a few simulations as well, but I've always felt that knowing the material well is better than practicing simulations and then hoping that the same (or similar) simulations show up on the actual exam.
I can't stress enough the importance of completing a sufficient amount of MCQ for AUD. I don't think that the questions are designed to “trick” you, as others state, but rather you just need to understand what they're asking. For example, you might have a question asking something about a typical review procedure… and then you're given four good answers. The key is to understand that three of those answers have to do with audit procedures, while only one is done for reviews (i.e. you would pick out the answer dealing with an analytical procedure). Additionally, I took some time to make sure that I memorized the 10 standards, the standard audit report, and then any significant deviations from that report (i.e. going-concern or GAAP departure or whatever else).
Again, I was surprised how well and how quickly it all came together for me; I was ecstatic with my score as I felt this would be the subject matter that would give me the most difficulty. I think the fact that I typed my own notes was huge and I did quite a few MCQ, to the point that I was flying through actual MC questions on the exam in 20-30 seconds.
Let me know if you have any other questions. Good luck!
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