[santaclaws]

REALLY REALLY need help/advise on AUD SIMs after 2nd fail

I failed the AUD test a second time today.

The first time I used Becker + final review + Wiley TB = got 74
The second time I used final review + Ninja MCQ = got 69
I trended 78% and I studied 60+ more hours to prepare the 2nd exam.

I found Ninja MCQs similar with exam but some MCQs have wrong answers.
I found Ninja sims bad. They are short and A QUARTER as complicated as the actual exam.
I found Wiley was par with the exam difficulty
Becker is just a splat.

I failed mainly because I did badly on the SIMs (40%)

I AM NOT disclosing ANYTHING regarding the acutal exam, I AM asking those of you whom passed to share how I can tackle the

follow GENERAL areas OR WHERE to find effective study guides: (I am sure this will benefit many, and God bless you for sharing.)

WHERE CAN I FIND MORE QUESTIONS ON THESE SIMS???

1. Inventory / bank reconciliations
2. FS Ratio trends year to year cause explantions on IS and BS.
3. Audit Risk effects on Client’s actions, Auditor’s actions
4. Independence – direct / indirect relationship

[Goingallin]

Santa: I used Becker to pass AUD. Did you repeat Becker's homework questions? The reason why I ask is sometimes when we're juggling with too many different study material, we're wasting our time. Instead of full utilizing what we have, we jump thinking we will get a broader understanding that way. I have no Audit experience no did I read the book but managed to score pretty well by doing homework questions, SIMS, and lectures.

[Missy]

Learn how to navigate the authoritative literature and use it for EVERY single SIM.

I don't care if the question is “What letter comes after A in the alphabet” and you absolutely know it, just look it up.

If you know how to use the AL and what information is available it practically makes the SIMS an open book test.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[santaclaws]

@goingallin,

I did not repeat those after chapter HW questions(the answer was easily obvious, but obviously Im wrong) nor did I repeat the 1,400 MCQs more than once.

I just kept doing new NINJA MCQs and SIMs and try to understand them if I was wrong.

maybe I should repeat the questions?

@mla,

AL would be awesome for a report format SIM but I DO NOT think the AL provides valid decision on an Audit Risk question and etc such as:
the firm decided to invest in oil options with cash, what risk is affected and why?
for this obvious question its IR increased because options is inherently risky. auditor would increase assessment of IR and he would do more substantative testing and less control testing.

also for Ratio analysis, lets say Inventory turnover went down from Y1 to Y2, assuming my calculation is correct, where would the AL say that a lower inventory turnover would mean?
the choices to the lower inventory turnover questions aren't exactly crystal clear to me neither.

how da heck would I be about to find that in the AL? PLEASE educate me.

[Wannafree]

@Santa I saw your signature and noticed you did very well in FAR so I can assume you did good in FAR SIM.Do you feel one's knowledge of FAR is no good for AUD SIM .No offence please I am sincerely asking this question as I have also failed in AUD and preparing for SIM.

[Anonymous]

Can please someone answer OP's questions on where you can find more practice on following sims?

1. Inventory / bank reconciliations
2. FS Ratio trends year to year cause explantions on IS and BS.
3. Audit Risk effects on Client’s actions, Auditor’s actions
4. Independence – direct / indirect relationship

Where in Authoritative Literature can I find them??

[Goingallin]

Santa: Yes I strongly recommend you do Beckers multiple choice until you think you got all there is to get from it. And then if you feel, you need more, than you can supplement. The reason why I didn't response to your question in regards to the SIM is bc I highly believe that once you master the homework questions than you can better answer the SIMs. You already passed FAR so you definitely have the upperhand. I believe you got carry away with trying to supplement too much. As someone mentioned on here before, Becker is the gold standards. They would not be able to charge 3k if people had to pay extra to buy other learning material. Some don't have it cuz its expensive but if you do, by all means USE IT! Good luck =)

[Anonymous]

Mla11692- can you please help me with using AL for specific topics like

1. Inventory / bank reconciliations
2. FS Ratio trends year to year cause explantions on IS and BS.
3. Audit Risk effects on Client’s actions, Auditor’s actions
4. Independence – direct / indirect relationship

I can't seem to utilize AL on these topics- I scored overall stronger in MCQ and scored weaker in sims- I do have clear understanding of the common material in Audit!! HELP

[curlyhare]

@ActionCPA

See the AICPA guide to independence https://www.aicpa.org/interestareas/professionalethics/resources/tools/downloadabledocuments/plain%20english%20guide.pdf

I find chapter 6 (page 29) particularly helpful. The guide really covers every independence situation that could be covered on the exam.

Also, AU 332 goes through the impact of derivatives on audit risk (and IR/CR/DR) in different situations as well as audit procedures or prove assertions concerning derivations. .

[Author]

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