[ice_dylan]

Hi guys, I took BEC exam in December without studying because I wanted to get an extra chance to take the exam before April, 2017. Unfortunately, I passed (80s).
That December surprise made me overconfident, then I scheduled all 3 remaining parts in one test window. I took FAR 2 weeks ago with only studying ch8 & ch9. When I walked out of exam room, I knew I’m doomed. I left 4 simulations totally blank since I only left 25 mins for simulations. My 2nd testlet was a BEAST, and it took me long time to finish. About 80% of questions on it were computation questions.
1. I’m still waiting for the exam score. Is there still a chance for me to pass that exam with 4 blank simulations?
2. Also, my AUD exam is on next Monday (80 hours from now).I haven’t studied anything for AUD yet due to my severe procrastination. Which chapter should I focus on now?

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[ice_dylan]

Fortunately, I failed AUD with 74. On my breakdown, I got 5 comparable, 1 stronger in MCQs and weaker in SIMs.
I think next time I should leave at least 1 hr for SIMs, because AUD SIMs seem more valuable than FAR SIMs.

I will take REG next week.

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[Goingallin]

Dylan: Just a little note. AUD may be a little bit more difficult for those who's English is a second language. The wording is a bit odd. You can easily have 2 hours left for SIM had you had enough time to study for AUD. I had 2.5 hours for SIM and pretty much used all of it. Good luck with REG. REG is more of a number exam so I think you'll do well.

AUD - 87
BEC - 77
FAR - 75
REG - 82

donotgiveup!!

[ice_dylan]

Thx Goingallin!

Hope the new AUD won't be too tricky in terms of wording.

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[Antony Garcia]

Hi Dylan I have audit in a few days and I was very depressed but after reading your post, you sorta gave me hope. I was wondering how you studied for audit?? Did you do any practice questions or read any books for audits?? Big congrats on your BEC and FAR!

[ice_dylan]

+Antony

I read outlines, and did about 300 MCQs (50 for each chapter). Here is my suggestion:

Create 4 BIG charts:

1. “Audit Risk = Risk of Material Misstatement + Detection Risk”(list details about each risks, such as procedures and reactions to risk)

2. Timing and numbers: such as cooling time for auditing partner, number of PCAOB board (2 CPAs, 3 non-CPAs), timing of obtaining management representation letter, timing of apply analytical procedures(and purposes)

3. Distinguish compilation, examination, agreed-upon procedures and audit, includes upgrading & downgrading services, reporting differences.

4. independent impairment (providing tax service to Board of directors of audit client is OK, “indirect immaterial” financial interest is OK)

Whatever you learn from reading or practicing, put them under the related chart.
Finally, good luck with your exam!

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[Wannafree]

@Ice_dylan ,Can you share FAR strategy tips just the way you categorized into 4 areas for AUD ?

WannaB

[Tncincy]

The topic is interesting. I am also interested in the Far and Reg tips…..

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[user2701]

In AUD, how to go ahead with the chapter- Prof Responsibilities & Ethics.

I use ROGER.

Do we need to memorize each AS undr PCAOB, SOX- 101, 102.. etc…all sections , & Consulting service standards ?

How to go about having a grip on all this ?

Plz guide

BEC- 43(Feb'16), Retake-June 10, (Wiley text book/WQB/NINJA MCQ)
REG- TBD
FAR- TBD
AUD- TBD

[ice_dylan]

@tncincy, @Nath,

I learned most of FAR materials from college class, and only read Governmental ACCT & Not-for-profit ACCT. FAR is different with AUD, at least 50% of materials relates general entries. So, knowing the general entries would help you revoke information accurately and quickly.

1. You can try to use some “terms” to help you memorize general entries, such as:
Bond Issuance: PCDD – Police Car on Dunkin Donuts
PC – Premium on Credit side
DD – Discount on Debit side

Then, amortize Premium or Discount on opposite side with time passes.

2. Distinguish cost & equity method for aqusition, LIFO & FIFO, treasure stock (cost method vs par method), etc. During your review, try to write IFRS or GAAP under each of comparison, such as LIFO-GAAPonly, FIFO-IFRS. You can go over these part right before your exam date because people's memorization decays quickly for these HARD MEMORIZATION. Also, try to find out the key differences between them. For example:
Treasure Stock
Cost method – Debit retained earning when resell below cost
PAR method – Debit retained earning when purchase above issue price
3. Consolidation FS: effects of Retained Earning, Equity, Asset, Dividend, etc.
4. …

There are too many different topics in FAR. It would take a lot of time to list all of them. To sum, I think the best way to study is to find out the differences of similarities for each topics. Keeping those differences in mind, and make them “stand-by” for use.

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[Wannafree]

Thanks Ice_Dylan , you are genius and humble too.

WannaB

[C / X]

Ha, this is my favorite thread ever. Too bad there can be a hall of fame cuz this thread cracked me up..I need to bookmark this or something!

AUD - 82
BEC - 85
FAR - NINJA in Training
REG - 80

Now or Never!

[Anonymous]

A – Accounting

Then they will say haters

[txtoca]

Did anybody else notice how he said he doesn't like to memorize, but then just went about offering memorization tools for discount & premium. If you truly understood them, you wouldn't need memorization tools. You debit discount/loss because they are “expenses” which reduces your equity (that has a normal credit balance). You credit premium/gain because they increase your equity (which has a normal credit balance). It's as simple as that.
Not being a hater though! I know myself and know how much I have to study and know that I'm not a genius – just a hard worker!

BEC – 85
REG – 74, 86
FAR – 91
AUD – 89

[ice_dylan]

@txtoca

Yes, I don't like to memorize. That was why I spent long time on MCQs and left many SIMs blank on FAR. Thus, I'm here to provided my suggestions, not what I exactly did.

BEC - Passed

FAR - Passed

AUD - Passed

REG - Passed

[distracted]

You seem to have a solid understanding of fundamentals where I significantly lack and forget stuff which is just memorized but not understood. Wish I had the privilege of studying with you who could compartmentalize things for me. You make it sound so easy.
Good luck with your reg exam. You definitely amazed a lot of people and gained some admirers and some haters in the process :).

AUD - NINJA in Training
BEC - 75
FAR - 80
REG - 82

Try, Try, Try and leave the rest to God

[Author]

Replies