[preki]

I am a week out from Audit and my trending score is 65%. I have no idea what to do, this will be my 4th time taking AUD. I score better on the MCQ’s than the SIM’s. What should I do? Audit Procedures and Operating Cycle is a section that I really struggle with. Will hammering MCQ’s help? Is there any hope for me?
I am at my wit’s end

[monikernc]

You can do this! You are so close. Audit requires that you recognize the process. You must know where you are in the process in order to answer the question correctly. You have to read each question carefully. Do more sims including the AICPA Practice exam. Pay close attention to how they ask the question and how they want it answered. Review the actual standards. Read one or two to see how they are structured. Go through the list to know in what order they are listed – it follows the process. Everything in AUD is based on the standards. The sims depend on your ability to find these quickly.
For private issuers use AICPA clarified standards https://www.aicpa.org/research/standards/auditattest/clarifiedsas.html
For public use PCAOB. https://pcaobus.org/Standards/Auditing/Pages/default.aspx

And yes, lots of mcq’s between now and test time. Hit your weak areas while keeping the strong ones strong.

Positive self-talk matters. You can do this and you will do this.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[preki]

Thank You, I have approx 6 days before the exam. What should I particularly focus on? I'm doing 100-150 MCQ's a day and taking down notes. I hope I can make a difference with my effort this week.

[Sam Otto, CPA]

You got this! First off I would say hit it and hit it hard (No sleep till Brooklyn!). Except the night before the exam I would advise you to relax and a few hours before bed to mentally prepare for the next day so you are ready to go.

As for specifically what to review that depends upon the areas you are weaker on and need more time to study. For me personally, I spent lots of time in the follow up pouring over SSARS and basically memorizing the formats of audit, review and compilation reports.

There could lots of other things that you feel uncomfortable with such as segregation of duties, the financial statement assertions, or the specific components of the audit procedures and how they relate to the relevant financial statement assertions.

With audit procedures you need to tie them back to the assertions and remember why it is you do what you do. For example, I used to work auditing rental real estate and one of the assertions we had to test was rent received on the income statement. So we used analytical procedures to examine rent received, by comparing units in the building to average rent and then comparing to supporting schedules of vacant units, this was to ensure it tied with the rent received on the financial statements.

[K H]

Definitely check out the AICPA questions. Recently took audit on the 24th and so glad I checked out those Sims.

[monikernc]

preki, do the aicpa practice exam sims and mcq's. review a standard or two. and realize that where you are in the process determines the answer to the question. keep hitting mcq's. don't worry. keep telling yourself you can do this. BREATHE! and believe!

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[preki]

Thank You so much everyone!

[Author]

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