Posted: 31 Jul 2009 at 01:25 | IP Logged
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"CPAIN" CPA -PAIN. LOL. Yep, plenty of that!
The first part of planning for success is an honest evaluation of your overall test preparation effort. You need to look straight down the gunbarrel and assess this, before even starting to break down exam content strengths and weaknesses. Did you really give it your all, cancel your entire social life, and spend every possible waking minute on exam prep? (I even bought the Becker flash cards set and open-sided business card holders so that I could be studying at work every time I looked up from the task at hand.) Or did you just try to squeeze your studying in during "spare time"?
The dedicated pass the exams. The "spare timers" don't. It's that simple.
Next, compare your preparation effort and resulting score for this exam to your preparation effort and resulting scores on the other exams you have taken (pass or fail). Did you do anything differently this time? Should you have done anything differently?
Third, evaluate the preparation material you used, and how you used it. Simply put, was the fault in the material, or was the fault in you? Did you REALLY work your preparation program the way it was designed to be worked? If you have 2009 materials but tried to get by skimming and taking shortcuts, realize that you've just learned a very expensive lesson, and decide right now to do it over - from the beginning, with the same preparation course you already have - but do it right this time.
It could be the material and presentation, though. You didn't say what program and what version you used the first time, but since you were looking to get Becker 2009 I assume it wasn't that. Trying to get by cheaply with outdated material is a cardinal sin. It gets expensive very quickly, both in terms of time delay and money, when you have to re-register to re-take a failed exam.
Everyone thinks a little differently, so there is no one preparation program that works best for everyone. If you really focused and worked your material until you felt you grasped it, but failed the exam anyway, you need to switch review programs.
Becker is the Gold Standard. If you can afford it, get it. Make sure you get the legitimate program and current materials from Becker. Yes, I know exactly how expensive it is - I had to pay for the whole thing myself. But in the long run it was worth it. (Short run, actually, since I took and passed all 4 parts the first time, in 6 months.)
If you are the rare person who works best self-teaching, consider getting the current Wiley Audit book and totally immerse yourself.
Some people love Bisk and have no trouble passing with it. I personally didn't like the way the Bisk FAR book glossed over what I felt was essential material, so I didn't look any further. I don't really know anything about Gleim.
Now it's time to evaluate your score report. (Finally!) The score report sure gets points for brevity, doesn't it! Let's get some more detail and figure things out a bit:
Auditing and Attestation (AUD)
- Planning the engagement
- Internal controls
- Obtain and document information
- Review engagement and evaluate information
- Prepare communications
Take a look at pages 3 through 6 of this document from the AICPA, so that you can better understand EXACTLY what your weak areas are:
Uniform CPA Examination - Examination Content Specifications
http://www.cpa-exam.org/download/CPA_Exam_CSOs_revised_10_05 .pdf
Before I go any further, I need to remind you to avoid the biggest re-take exam trap faced by everyone: assuming you have a good grasp on the sections you "passed" and focusing 85% of your studying on the sections you "failed." That's a sure ticket to a second failure, only this time you will pass the previously failed sections and fail the previously passed sections.
No, you have to study EVERYTHING from the beginning, just as if you've never seen any of it before, and afterwards take another complete trip through your weak sections.
Obtain & Document Information and Review the Engagement were both weak for you, and both include Analytical Procedures. How good is your grasp of that? Obtain & Document Information is your weakest area, but it's the technical nuts-and-bolts of Auditing. Are you still foggy regarding the differences between procedures performed in the various types of engagements?
Communications was also weak. Did you memorize the basic Unqualified Opionion and get intimately familiar with the other reports, so that you could recognize the differences and apply them? Were your communications essays well thought out and organized? Did you know that you can use the research tabs to look up the questions on the communications essays? (AUD is the only exam where you have time available to research your essays).
I realize this is very long. I apologize for that. I hope it helps and I wish you success.
__________________ FAR - 85 - Nov 08
AUD - 98 - Feb 09
BEC - 88 - Apr 09
REG - 90 - May 09
Do it once, do it right, get it over with
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