While the AUD CPA Exam section contains similarities to the FAR CPA Exam section in its content, structure, and format, successfully passing AUD requires a tailored approach. As Auditing and Attestation specifically covers the audit process, this CPA Exam section will test candidates’ knowledge of certain auditing concepts and their ability to apply that knowledge to unique auditing problems. Equip yourself with this knowledge and these abilities by putting the following AUD CPA Exam tips into practice.
AUD CPA Exam Tips for Studying
- Use real-life experience to understand the audit process.
The core audit process is a significant part of the of AUD CPA Exam section, so you should know it as well as you can. Even though the auditing process is pretty straightforward, having an accurate image in your mind of how auditors complete the audit process can greatly enhance your comprehension. To generate this image, spend a day in the life of an auditor. Ask an auditor to show you how they interact with the process. Then, compare the scenarios in the exam questions to your knowledge of what auditors do in real life.
- Get a firm grasp on the audit report.
The AUD section expects candidates to be thoroughly acquainted with the audit report, which includes several kinds of opinions deviating in their content and layouts. Intense familiarity with the audit report is essential because the AUD section may require you to reproduce the audit report. You may need to modify or replace part of an opinion in a Document Review Simulation, while in a CPA Exam multiple-choice question, you may need to select which kind of opinion is expressed. Based on the manner in which the exam treats the audit report, the most efficient way to train for AUD is to memorize the main audit report, which is the unmodified opinion, as well as the differences between the other opinions and the distinct sections of which they consist. Gleim CPA Review has an entire Study Unit dedicated to discussing the audit report and how it changes according to the opinion. Preview the exceptional coverage of our audit report Study Unit by signing up for a free CPA demo of the first Gleim CPA Review Study Unit today.
- Take practice quizzes on the topics of internal control.
The principles of internal control are relevant to your accounting career and the CPA Exam, so plan to cultivate a close relationship with internal control as you study for AUD. Completing numerous practice quizzes related to internal control can effectively acclimate you to this area of AUD while simultaneously boosting your proficiency with CPA multiple-choice questions.
- Prepare to utilize what you memorize.
The areas of accounting AUD covers involve a variety of steps, standards, and procedures, so memorizing this information can be helpful. However, you cannot put the minimum amount of effort into memorizing. Instead, you should memorize with the intention of comprehending the big picture and resolving auditing issues. AUD tests at the analysis and evaluation levels of knowledge, so you’ve got to maximize what you’ve memorized in order to pass this CPA Exam section.
- Check for absolute negatives to choose the best answer.
In order to thoroughly challenge candidates, the CPA Exam often offers multiple answer choices that seem correct. Therefore, you must carefully scrutinize the answer choices in order to determine the best possible answer rather than simply a correct one. To find the best possible answer, try eliminating the answers containing flaws like absolute negatives. The words “all,” “never,” “always,” and “none” can indicate an incorrect answer choice because such extreme consistency is usually not realistic.
AUD CPA Exam Tips for Scheduling
Previous pass rates suggest that AUD is one of the most difficult CPA Exam sections. However, many people do not consider it as hard as FAR, especially if you master the memorization and commit sufficient time and practice to your AUD preparations. If you have not taken an auditing class recently or if you do not work in the auditing practice of a public accounting firm, you may want to leave AUD until later in your CPA Exam schedule. Recalling the commonalities between FAR and AUD, taking FAR before taking AUD may help you ready yourself for AUD faster and more easily. However, you may prefer to start off the CPA Exam process with AUD if you just studied auditing in college or have already been working as an auditor.
AUD CPA Exam Tips for Review
No matter when you take AUD, you’ll want a CPA Review System that simply explains and scrupulously reinforces the basics of the audit process, such as the audit report and internal control. Powered by our SmartAdaptTM technology that adapts to your study needs, Gleim CPA Review gives you ample interaction with every AUD topic by providing you with expertly-authored materials and the largest test bank of MCQs, TBSs, and DRSs on the market. Learn more about the Gleim CPA Review approach to adapting you to AUD today.