[Ng]

this is my fifth time taking audit and I need help in the study method I read the chapter and then do mcq but I dont understand the questions and every answer seems right what should I do is there a better study method or what help me

[Jimmy Dugan]

What did you make on the first 4 and what course are you using?

Are you watching any lectures? I didn't find the lectures very helpful a lot of the time, but many people do. If you aren't gaining an understanding of the material, it may be time to try a different review course. Also, spend some time on the SIMS. They will reinforce the material.

I know the score doesn't indicate it, but audit was a tough one for me also. I studied for it much harder than the other 3. Like you, I just didn't “get it” for the longest time. I basically put every hour outside of work into studying the week before the exam and it all finally fell into place for me.

[Ng]

all my previous exam in audit is from 60 to 65 I used becker and ninja

[Ng]

how do I study it do I memorize everthing or what

[alloverit]

You need to pay special attention to the precise language/words in the question.That sounds obvious, but I mention it because you stated that all the answers look correct.

Understand EXACTLY what the question is asking AND what the relevant terms mean and you can practically ace the MCQ portion.

A bit more than any other section, AUD requires excellent reading skills. Personally, I BOMBED the SIMS and still made a decent score because I learned how to really read the MC questions.

[Ng]

Could you give an example about how to read mcq

Thanx

[Ng]

Can explain further
Thanx

[23]

Agree with Alloverit, you must read the question very carefully. Unfortunately I also bombed the sims but was stronger on the MC.

To give a silly example, you may see a questions in regards to assertions.
a. cutoff
b. valuation
c. existence
d. George Washington was the first president.

Immediately you read the last choice and say d is an absolutely correct statement. 100% true. But you'd be wrong because that is not what they asked.

You also need to determine where you are in the engagement. An answer choice may say that analytical procedures are required at the end of an audit. However, the question may not be asking about the end of the audit.

One thing that helped me was to read the answers on why the correct answer is correct, and why the other 3 are wrong. Especially when I thought two choices were good, I would read and understand why the other was incorrect.

WA candidate

[alloverit]

Consider this question:

The auditor's judgment concerning the overall fairness of presentation of financial position, results of operation, and changes in cash flow is applied with the framework of:

A. The auditor's evaluation of the audited company's internal control
B. Generally accepted accounting principles which include the concept of materiality
C. Generally accepted accounting principles
D. Quality Control

All of these choices represent considerations involving auditor judgment. But there are two key parts of the question. The first is the word FRAMEWORK. Choices “A” and “D” are not frameworks, and are therefore automatically wrong.

However, choices “B” and “C” list the SAME framework (GAAP). However, the question mentions overall fairness across ALL the financial statements. It is vital to understand that overall fairness and materiality go hand-in-hand. Therefore, while choice “C” is actually a correct answer, choice “B” is the BETTER correct answer.

But even if you didn't grasp the connection between overall fairness and materiality, you still increased your chances from 25% to 50% just by understanding a single word: framework

[yomama]

I have a question for everyone. I am taking audit for the second time and didn't feel like paying for aud final review (didn't buy the first time) and got a new book from a friend for $25 since he already had the book. I didn't think about the extra questions/lectures that come with the final review when I got it from him. Does anyone know is there is a way to still access that material without buying the entire final review myself?

[Author]

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