External Auditing

Joe Barraclough
Joe Barraclough Registered Posts: 69 ? ? ?
Hi

I was just wondering if someone could give me some advice on the external auditing exam, there doesnt seem to be any advice on these forums for auditing....guess its not a popular exam then :p

Any help would be greatly appreciated.

Thanks
Joe

Comments

  • Whirlwind
    Whirlwind Registered Posts: 249 ? ? ?
    Hi,

    I found the subject so dry that it made it hard to absorb the information, Magican wrote on a post that its the hardest of level 4. I had this exam couple of weeks ago and pretty certain I have failed (would rather time stand still for these results), but thought I let you know what I struggled with especially. One of the scenarios to comment on consequences/recommendations was a company that hadn't drawn up an disaster recovery plan!! I nearly said out loud 'a what'!! There was also a section about the audit opinion with a choice of three (unmodified, modified with unmodified opinion, modified with modified opinion) which also threw me.

    Wishing you the very best with this unit.
  • Joe Barraclough
    Joe Barraclough Registered Posts: 69 ? ? ?
    Thanks for the reply, yeah i am noticing its not the most interesting topic, i find myself reading it but not being able to remember anything i just read :p
  • uknitty
    uknitty Registered Posts: 591
    I wouldn't say it is harder than any other unit - it just requires a different learning style to the other level 4 units.

    I used Alan Lewin's book to prepare for this exam and found it to be very helpful.

    http://www.amazon.co.uk/Students-Guide-Auditing-Alan-Lewin/dp/0857322036/ref=sr_1_1?ie=UTF8&qid=1334170909&sr=8-1

    I also used the Kaplan pocket notes ( I'm a big fan and couldn't have gotten through my AAT studies without their help !) I'm keeping hold of the Alan Lewin book but if you are interested in the pocket notes I am looking to sell them on. They are in a perfect "as new" condition (£5 posted in UK)

    The only advice that I offer to try and get in to this unit to think about each part of the accounting function (Sales, Purchases, Payroll) and then think about each step from start to finish in that process. At each step in the process ask "what could go wrong" and "how could I prevent this happening". If you can identify what *could* go wrong then you are most of the way to checking if it *has* gone wrong !

    In many ways I found this unit to be very similar to ICAS except it was analysing the Accounting System from an external rather than an internal perspective.

    Good luck with this unit, and as always let us know how you get on :)
    jojoparr
  • King Cornflake
    King Cornflake Registered Posts: 3 New contributor ?
    Hi,

    I took the auditing exam about a month ago now & still waiting on results.

    I found revising for the written questions for this unit to be exceptionally difficult as it requires more of an auditors approach to the questions, rather than simply memorising certain scenario's.

    There are 3 distinct types of possible written questions for this exam (with varying scenario's), & on the day of the exam I did not feel confident in any of the answers I gave on all 3 written questions.

    I find this frustrating as this is my last unit for AAT level 4 & have completed the rest of the subjects with relative ease. I have not failed any of the exams so far & would be gutted to receive a "not yet competent" mark for the last unit ! :(

    Good luck to the rest of you - let me know how you get on
  • Sailorgirl
    Sailorgirl Registered Posts: 40 ? ? ?
    I have just taken this exam, and will be happily surprised if I have passed. Had no lessons, and just 2 weeks to do it in. The teacher said it was easy, but I would beg to differ. Why did I choose to do an extra option is beyond me now, but I guess I'll be chuffed if I pass.
    There is a lot more to it than I was led to believe, and the questions were tough. Multiple choice is not so easy!
  • Whirlwind
    Whirlwind Registered Posts: 249 ? ? ?
    I believed I had failed, but had shockingly passed! I even got an 'exceeded' for one of the written but then one met and didn't meet for the other two written, so really surprised! I also felt the multiple choice questions were a lot harder than other level 4 I have sat, even a little ambiguous.

    At the time I was studying this unit I was cursing my boss who has got me sitting 3 of the 4 optional, especially as I am self studying, but passing this unit has given me a real boost of confidence and the motivation for the final leg of the journey!

    I so believe you have to have a certain type of thought process to survive this unit, but all the very best to anyone sitting this!!
  • King Cornflake
    King Cornflake Registered Posts: 3 New contributor ?
    I ended up passing aswell! :001_smile:

    Must have been by the skin of my teeth though... I was certain I failed that one.

    Gratz to the rest of you!

    *Currently studying F8 - Auditing for ACCA,.... it doesnt get any better folks..
  • Sailorgirl
    Sailorgirl Registered Posts: 40 ? ? ?
    Found out yesterday that I passed Auditing. Chuffed to say the least! Although I had said that I wouldn't re-sit if I failed, I was never going to be happy with 'not yet competent' next to my name.
    Business Tax to go, and then its over...for now.
    Good luck to everyone heading for the final hurdle(s).
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Congratulations Sailorgirl!

    Also congratulations to the rest of those who have passed External Auditing.

    Sailorgirl, how are you finding BTX? When are you sitting the exam?


    JC :)
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Sailorgirl
    Sailorgirl Registered Posts: 40 ? ? ?
    Hi JC

    I am on Chap 15 of BPP. Hoping to finish book today and get started on BPP Question Bank. Finding it okay, because some of it was covered in Personal Tax, and I am interested in pursuing Tax in my career. However, I am not sure I like the way BPP present everything in tiny chunks, leaving the reader to piece it all together.
    Exam is on 4th July. How about you?
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    I used the BPP Question Bank and class room materials and really enjoyed this unit.

    I agree that there is some overlap with PTX and you have to make sure you read the questions carefully.

    I have my exam next week so am sat here working through the practice papers in the BPP Question Bank whilst checking out the forum. I am running out of practice material!

    I have done the sample assessment on the AAT website and the questions on the Osborne site. I feel guilty if I'm not revising and not sure what I am going to do once I have completed this qualification!

    Good luck for 4 July.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
  • Sailorgirl
    Sailorgirl Registered Posts: 40 ? ? ?
    Me too, sitting here working through the book, but have not really achieved much today. I also wonder what I am going to do once this is finished. A friend and I have already started discussing whether to go for ATT, Sage, Excel or Payroll, or a combo.
    This course has gotten me through an otherwise very turbulent year, and will miss the study, but am in need of a break.
    Good luck next week. Sounds like you are already there by the sounds of it, but never can do too much!
  • Jo Clark
    Jo Clark Registered Posts: 2,525
    Thanks :D

    Good luck with the decision making.
    ~ An investment in knowledge always pays the best interest ~
    Benjamin Franklin
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