[imsotiffanyy]

Hello all who took the time to read this,

Long story short, I have REALLY terrible time management.

I have one week to prepare for Audit and I just finished chapter 3 of Roger Review that covers Internal audits.

What should I concentrate on to make sure I have the highest chance of passing?

I have pretty good memory and am definitely more of a book reader than a MCQ practice question person.

I also work full time which constrains the time I have to study.

Thanks for reading!

[NeedsA75]

Off topic, but I am really shocked by how many people I'm seeing pass this entire exam in one or two testing windows and working full time. Mad respect….I've been studying AUD since December and am still scared shitless of my March 9 exam..

I don't know what advice to give other than read through the rest of the chapters between now and next week…I'm in the same boat as you (pass and I'm done)

[jereumie]

I think I am one of the people NeedsA75 is referring to.

I used Roger and studied it for 12 days and passed with 80. I watched all the lectures and took a solid notes. I spent no time in doing MCQs. Just know the materials and concepts, and you will do fine. I just did about 90 MCQs in total on the last day before the exam, just to see how I can manage time.

Pay a close attention to opinions, auditor's report, internal control, management assertions and substantive testing. You know those mnemonics ICORRIAA, UPERCV, and all those cool stuff.

Also, know the relationship between RM, DM and CM. I had a SIM on this.

[RockLobster]

Everything jereumie said. I would add that it's very important to know the difference in the structure of the auditor's report (I think that's what it's called) when issuing a qualified, unqualified, adverse, and disclaimer opinion. Don't neglect sampling and know several different ways in which independence can be compromised during an audit.

[NeedsA75]

What does RM DM and CM stand for?

[imsotiffanyy]

I think that has to do with Auditor Risk. However instead of using a R he or she used an M

AR = RMM (HR x CR) x DR

HR = inherent risk (risk that deals with the nature of the item such as cash – easy to steal)
CR = control risk (how internal controls are set up and if they're being used properly)

DR = detection risk (the only risk that auditors have control over)

[NeedsA75]

That was my initial thought too but then realized I had no idea what they were talking about lol

[Author]

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