He who seeketh, findeth

July 4, 2009

AUD – Internal Controls, done

Filed under: AUD,CPA,Goals — Steve (Chessiq) @ 6:42 pm

Happy July 4th! I just finished going over the Wiley multiple choice questions on Internal Controls; 178 of them! I had started some time back, and as of last night, I was at question 50 or somewhere there. I went to a chess tournament last night; I joined in the second round at around 8pm. I think we finished a little after midnight. I came home and I started working on the MCQs and I crashed along the way. The next time I woke up, the computer was on, the lights were on, I was in full gear… so I just changed and turned off the lights and the computer. Woke up this morning, read a couple of financial blogs, and ate breakfast around 11am. I have been “studying” from 11:30am til 6pm – with a few breaks to get a snack, join CPAnet’s Facebook club, register at SCRIBD so that I could download some AUD notes, and read news about soldiers who have been killed, etc.

I got 126 question correct out of the 178, so that’s 70.79%, which, as I used to say for BEC, it was “not bad for a first pass through”! I think my score for the Engagement Planning was about the same if not a point higher, so if BEC experience is anything to go by, I am doing okay. The only slight problem is that I intend to get 95 (95%) on the actual CPA exam. So, my plan is to finish the first pass through in good time so that I can go over the stuff one more time. I think that once I am done with the Wiley CD 14.0 MCQs, I will read the book, read my notes, read the notes I downloaded from the CPAnet forum, and then take a bunch of MCQ tests with the Gleim TestPrep CD which I will buy in the next two weeks, the weekend of the exam. In short, I would like to overprepare, if there is such a thing, and see if I can get a 95 or better on the actual exam.

Why 95? It is just a score that I wrote down a few days before the BEC exam. It was a little late for FAR because I had already taken the exam and I was scared I could even fail, but I had written down 85 for FAR, and I got 84. I had written down 90 for BEC and I got 87. Those two do not count as far as I am concerned because I wrote down my goals after the exam or a little before the exam. So, AUD and REG, here I come! Help me God!

I am going to start working on Evidence tonight. I am not sure if I will do much tomorrow because I have to do some work that is due Monday. We just finished a normal Audit last week, and here comes the Bank Audit! I feel that just going through a recent audit has helped me relate some of the things that I am studying to the things that the Auditors were asking for, as I was pretty involved in the process. I look forward to the day when I will send things to my accountant to pull, research, or reconcile!

Anyway, another 3 months at most, and hopefully, I will be done! You have to tell yourself that you can do it. You cannot lose hope. You cannot allow yourself to be negative. Look who is talking! I have to read my mission statement, eat, exercise, shower, watch fireworks, pray, study, and then sleep. By the way, Evidence has 241 questions! Yes!!!

It is a wonderful life.

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