Monthly archive: May, 2012

The CPA Exam (AUD): I Passed!

May 31, 2012, by No comments yet

 

Written by Guest Blogger Anne R.

I found out late last night that I passed Audit! Not only did I pass, but I scored a 94! I was so relieved and excited. I felt like I had passed, but with these exams you never know. In a nutshell, I think I did two main things well: first, I learned everything the first time; and second, I reviewed well.

By learning everything the first time, I mean that I took the time to really understand each piece of information the first time through. In the past, for difficult topics, I’ve thought “Oh, I’ll save this for later” or “I can study this more when I’m reviewing.” Well, “later” never seems to come! While studying for Audit, I spent extra time on difficult topics the first time through. When review time came, it was exactly that – reviewing, not learning it for the first time.

I reviewed differently for this test than I have for any other test. I did A LOT of multiple-choice questions, and I think that made a difference. Also, as I was answering the questions, I kept a list of topics and questions that I had. After I finished the question session, I looked up and studied all the topics I had written down. Again, usually when answering questions, I will think “I need to review this topic,” but I don’t remember later. Making this list really helped me pinpoint the areas I didn’t know well.

Writing for the Gleim Blog also really helped me stay on track and focused. If I was behind on studying, I would try and catch up so I would have something to write the next week! I didn’t want to report that I was still on the same study unit after several weeks. Having some kind of accountability always helps motivate me!

I plan to take FAR in July, and I think it is the hardest of all the exams. I hope that I can walk into the FAR exam feeling like I felt about AUD – that I had plenty of time to review and I felt like I knew everything. The one tip I would offer is allow plenty of time to review – at least one week, two if you can. It makes such a huge difference.

 

 

 

Study Unit 3 – Internal Audit Ethics & The CIA Exam

May 31, 2012, by No comments yet

 

Written by Guest Blogger Chris.

Hello fellow students and all those who aspire to be certified internal auditors. I hope you are doing well with your studies. The CIA course has really added value to my work. I am now aware of what is required of me in each and every engagement that I carry out, be it preliminary survey, report writing, or communicating and supervision of subordinates. I now speak with confidence and authority.

I have just finished reading Study Unit 3, “Internal Audit Ethics.” I have come to realize that it pays for an organization to have a Code of Conduct or Code of Ethics as this shapes the behavior of members in it. In fact, a Code of Ethics is part of the control environment in an organization.

The internal audit ethics have four main rules of conduct that have to be followed, namely integrity, objectivity, confidentiality, and competency. One should be in a position to explain what each rule of conduct articulates. The four principles help to shape the conduct and behavior of internal audit professionals.

So, master these principles; they are an important component of the CIA examination. Speaking of examinations, I scored 100% on all practice questions that I did on the internal audit ethics topic. I was really pleased and feel like I am moving in the right direction.

I answer twenty questions per practice session. This gives me ample time to review all of them, especially those I answered incorrectly. Answering too many questions per session can frustrate you, especially if your score is less than what you anticipated. When you are frustrated, you tend not to concentrate on the issues at hand. So, I urge you to answer 20 questions per session as recommended by Gleim.

 

 

 

Success in EA Studying!

May 31, 2012, by No comments yet

 

Written by Guest Blogger KP.

I made another big jump on studying this past weekend. I am now through Study Unit 10, so my studying this weekend consisted of 4 study units (“Basis”; “Adjustments to Asset Basis and Capital Gains and Losses”; “Business Property, Related Parties, and Installment Sales”; and “Nonrecognition Property Transactions”).  I literally dedicated my entire weekend to studying and probably spent close to 20 hours on it this past weekend.  The reason for the big push is that I just found out I will be taking on additional activities at school during the summer, so I would love to get this part of the EA exam done before school ramps up again. There was some intense information in these study units, and I would have to say they were probably the most difficult parts of the book so far.  It felt like I was spending a couple hours on maybe only 10 of the study questions, because there were so many little intricacies, especially in Study Unit 9 (“Business Property, Related Parties, and Installment Sales”).  However, I pushed ahead knowing that when I move on to my review using the software and the online questions that the most important parts will become more easily identifiable.  Also, repetition definitely helps when studying for the EA exam; eventually the answers should feel second nature to me (hopefully!).

 

My goal now is to push through the last three study units this week, and then hopefully begin the next phase of my studying at the end of the week.  I plan to do a quick read-through of the book again, since I did my initial review of the first few study units nearly 6-7 weeks ago.  I will go study unit by study unit. I will re-read the material and answer the software questions for all 13 study units.  This process worked well for me on my first EA exam, so I will utilize it again here.  Then, hopefully, I can take the exam in a few weeks!

 

 

 

Welcome New EA Exam Blogger Chris!

May 30, 2012, by No comments yet

 

My name is Chris V. and I live in beautiful Boise, Idaho. I am the proud father of four great kids ranging in ages from 21 to 7. I have a great and supportive wife named Amanda.

My working career has included some pretty interesting experiences. I joined the Navy right out of high school and attended Naval Nuclear Power School. After about two years of intense math and science, I was stationed aboard the USS Michigan. When I got out of the military eight years later, I went to work for the power company in Idaho. After several years, I decided that I wanted to go back to school and get a degree.

In 2004, I began attending Northwest Nazarene University. I was working at the Idaho State Tax Commission and thought a business administration degree would help me in my tax administration career. About a week before graduation, I was told by the department head of the Audit department that if I ever wanted to work for her, I needed an accounting degree! So, I decided not to graduate that spring and to pursue my BS in accounting. I was able to convince NNU that they should allow me to enter the MBA program even though, at that point, I did not have a bachelor’s degree. Since I had met the requirements to graduate with a business administration degree, they agreed to let me begin my MBA.

In 2008, I was able to earn both a BS in Accounting and a Master’s in Business Administration. I graduated cum laude in Accounting and with honors in my MBA program. I got both degrees on the same day, a first for a NNU student!

Currently, I am preparing tax returns and doing business accounting for a small firm in Boise. After much contemplation, I have decided to pursue my Enrolled Agent Status. I had at first considered taking the CPA exam, then briefly considered taking the Registered Tax Return Preparer exam. I believe the EA is the best alternative because it will allow me to specialize in taxes and to help more clients than would be possible with only the RTRP designation. I enjoy working with clients and helping them make well-informed decisions regarding their taxes.

I look forward to sharing my study experiences with you over the next few months as I prepare to take the EA exam.

 

Do It For Yourself: Passing the CMA Exam

May 29, 2012, by No comments yet

 

Written by Guest Blogger Melissa L.

 

The CMA designation is a worthwhile pursuit with many benefits, and you are more likely to stay on task when you are doing it for YOU. Maybe this blog, a friend, a manager, or a colleague has encouraged you to pursue the CMA designation. Or maybe you found your own personal reasons and motivation.

 

For me, it was my manager who encouraged me to take the CMA exam for a position I wanted, but I had to find my own personal motivation to put aside leisurely activities and stay focused. For me, it came down to two things. The first was a desire to learn more about accounting and the skills required to prepare for the CMA exam. The second was the sense of personal achievement that comes from passing the CMA exam. While this can sometimes be the most underrated benefit of passing the exam, it was a huge motivator for me.

 

Perhaps your accounting professor told you of the benefits to your career and that is what got you thinking about the exam initially, but it was your immediate desire to be more valuable in the job market that actually motivated you to take the CMA exam. Maybe you are a seasoned professional and, while your colleagues may have encouraged you to pursue the certification, your motivation to pass the exam stems from having your eyes on that big promotion at work. It is great to have influences on your goals, but your own personal motivating factors are what will help you stay focused throughout your exam preparations.

 

When stress from your personal or professional life gets in the way, it can be easy to slip into habits that are not productive. That’s when you have to remind yourself why you started preparing for the exam in the first place. I definitely had to do this when studying for Part 1. Now that I have moved on to Part 2, I find that I have to remind myself at least once a week of my reasons for taking this exam.

 

Small adjustments to your schedule will feel less like a chore and more like an opportunity to succeed when you have your own personal motivation. Find your motivation for passing the CMA exam and DO IT FOR YOURSELF!

A Hectic Summer Ahead!

May 29, 2012, by No comments yet

 

Written by Guest Blogger Amy W.

As I mentioned in last week’s blog, my study plan is to finish all the non-partnership and non-corporation chapters first, and then dive into partnerships and corporations once I feel I have mastered the other material. That takes me out of the recommended order, but for some reason this feels right to me.

This past week, I got through Chapters 19 and 20, which were “Retirement Plans for Small Businesses” and “Exempt Organizations.” Chapter 19 presented rather a lot of information and it took me a while to feel that I had some control over it. Re-reading the material and watching the audiovisual material a second time helped my brain feel a bit more organized. Chapter 20 was surprisingly – and mercifully – brief.

I had a good amount of study time this past week and that certainly helped me meet my goals. But that’s about to end. My daughter comes home from college (the University of Maryland, go Terps) tonight, and my son will return (from the University of Redlands, go Bulldogs) in about two weeks, so I’ll be dealing with kids for the rest of the summer. They are good kids and will respect my need to study, but I know that the realities of buying groceries, preparing meals, and all the other tasks required to keep a household going are going to carve a serious chunk out of my study time. I’m grateful that I at least have a place in which to study without tripping over other people. Having a private study room is a huge help in the midst of college-age chaos!

Per my EA Exam study plan, this coming week is a review week for me. While review is extremely important to me, it’s not quite as challenging as mastering new material. So the timing couldn’t be better as I adjust to new responsibilities and time challenges. Hope everyone has a great week!

 

Sitting for Audit

May 29, 2012, by No comments yet

 

Written by Guest Blogger Anne R.

I took the audit exam this past Friday, and I feel good about it…I think! It is always so hard to tell how you did. For most tests, I usually know how I did, but every time I’ve taken a CPA exam, I can never tell. This is actually the best I’ve felt about a test so far. I think I feel so good about it because I studied so hard, especially reviewing the last week. The day before the test, I’m usually wishing I had a whole extra week to study, but this time I felt ready. I was so tired of studying because I felt like I knew pretty much everything. My husband asked me to come to a movie the night before the test with him and his brother (only after I told him I felt like I knew it all), but I just couldn’t justify going to a movie the night before my test. I stayed home and got a few more hours of studying in, and I’m so glad I did! It really paid off. I flipped though my book and came across a couple small topics that I didn’t remember well, and I had several questions on my test on those topics I studied the night before! I was so glad I put in those few extra hours. I also had practiced so many questions that some of the questions on the test were very similar to ones I had come across while studying.

 

Now I just have to wait to find out if I passed! I actually looked it up, and if I am counted in the first testing window (which I think I should be), I could find out my score in as little as two and a half weeks. That would be amazing! I think they really are working on the scoring process, it would be so nice to find out my score before studying for the next exam.

 

I’m going to take about a week and a half off, go to the beach with my family, then come back and start studying for FAR. Hopefully FAR will be my last part! (I passed REG in July 2011 and BEC in January 2012.) I think FAR is the hardest part, but I’m hoping that I’ll have more studying motivation knowing that it could be my last part. I’ll update again when I find out if I passed!

 

The Night Before Sitting for the CPA Exam!

May 25, 2012, by No comments yet

 

Written by Guest Blogger Anne R.

I am sitting for the CPA exam tomorrow, and I’m feeling pretty good about it. I was able to review every study unit in the book, which has not always been the case. Usually the day before an exam, I’m desperately wishing that I had an extra week to study (or even hoping something will go wrong at my test center so I’ll have to reschedule). This time, however, I’m actually ready to take the exam, and excited to get it over with. I’ve been doing nothing but sitting at my house and studying all day, every day this week. The past two days, I’ve been really tired of studying and feeling like I really know it pretty well.

 

When I get tired of reviewing material, I do practice questions. I’ve been making pretty good scores on all the practice questions; the lowest I’ve made is an 80, which is good. I like doing practice questions from all 20 study units because occasionally a small topic will come up that I don’t remember much about, and I’m able to make a note to go back and review it. As I answered questions, I took notes of topics I wanted to review further. Everyone says the best way to study for the CPA exam is to just do a million questions. I’ve even met people who don’t read or study the material, they just do questions. I usually prefer to read and study the material, especially when reviewing, but I have to say this is the most practice questions I’ve ever done while reviewing, and I do think it is more effective.

 
My exam tomorrow is at 8 A.M., which is earlier than I usually take it. I’m not a morning person, but I will be glad to be finished by 12:30! I’ve been finishing all the practice questions pretty fast, so I’m hoping time won’t be much of an issue on the exam. Wish me luck tomorrow!

 

CIA Exam: On Study Unit 2!

May 25, 2012, by No comments yet

 

Written by Guest Blogger Chris.

Hello fellow students. Hopefully everything is well with you and are enjoying your studies. As I have said before, you have to enjoy whatever you are doing in order to be successful. Let us persevere and encourage each other.

I have finished reading Study Unit 2 entitled “Procedures and Working Papers.” It took me three hours to complete this topic. I scored some good marks on both multiple-choice and true/false questions. My average mark was 95%. I hope to score 100% by the time I take the CIA Exam.

I am now well equipped with information-gathering procedures like interviewing, and observing and examining records. I have learned how to carry out various audit procedures. I can now tackle questions concerning audit procedures with much ease.

I also learned about the basic contents and purposes of working papers. These are very important documents to an internal auditor as they support the engagement observations, recommendations, and conclusions. As such, they need to be handled with great care. Working papers are the basis on which the work of an internal auditor is evaluated, so an internal auditor must exercise due professional care when preparing them. Security should be maintained over working papers in order to deter unauthorized access, changes, or removal of information.

I would like to thank the Gleim team for providing me with the Test Preparation Software. It has really become handy in my studies. It means I can practice answering examination-type questions even when I am offline. I would also like to thank my personal counselor, Bobbie, for providing me with the proper guidance. I hope to learn from her great expertise and pass the CIA Part 2 Exam on the first attempt.

With Gleim, you will always smile after the examination, but do not forget to play your part.

 

 

My CPA Review System Materials Are Here!

May 24, 2012, by No comments yet

 

Written by Guest Blogger Christine L.

I just recently got my Gleim materials, and I was pretty excited. The online access came first, and that gave me plenty to experiment with, but I was especially happy when the books showed up on my porch. I really need to be able to study in awkward places, like a car parked in the middle of the woods, and the books and audios have already gotten a lot of use.

Mostly though, I’m sitting in front of my computer for hours. I know I have hundreds of these hours ahead of me and it will take a lot of discipline, but for now I’m having a lot of fun working through the lessons of Auditing and Attestation.

My first impression was surprise at how easy and interesting the material is. I had learned a lot—but by no means all—of the material in my audit classes. I thought I had forgotten most of it, but much of it came back quickly. Multiple-choice questions are not my favorite thing in the world, but they do have only four possible answers. Even when you don’t know the right answer, drawing on what you do remember and using educated guessing techniques will greatly increase your chances of being right.

My biggest problem is with things that appear to look right but which might be off by a single word—”efficiency” versus “effectiveness” for example. I really have to train myself to slow down and think about each word and not let my brain make any assumptions the way you would when listening to a person who happens to misspeak. Slowing down is pretty hard when there’s a time limit. The tendency is to try and finish early just in case you need extra time for the next section or if you feel you have to take a break. This is not exactly what I would have expected, which is another reason why I’m preparing not only for the material, but also for the constraints of the test. Fortunately, the Gleim CPA Review system has tons of information, including a time management system.