The AICPA AUD exam is one of the four CPA exam sections. It tests candidates' knowledge and skills related to audit, attest, and assurance services, as well as the AICPA Code of Professional Conduct and other professional standards. This exam is designed to assess candidates' ability to apply auditing and attestation concepts and standards to real-world scenarios.
Exam Objectives:
- Understand the auditing standards, the concept of materiality, and the concept of risk and its relationship to audit evidence.
- Understand internal controls, and the tools and techniques for obtaining and documenting audit evidence.
- Understand audit reports, and the requirements for financial statement and internal control audits.
- Understand attestation engagements, and the procedures and reporting requirements for reviewing financial statements and performing other agreed-upon procedures.
- Understand ethics and professional responsibilities, including the AICPA Code of Professional Conduct and the Sarbanes-Oxley Act.
The AUD exam is designed for accounting professionals who plan to specialize in auditing, attestation, or assurance services. Candidates must meet certain eligibility requirements to take the exam, including having completed a degree from an accredited college or university and completed the required coursework in accounting and business. Candidates must also meet the educational requirements for CPA licensure in their state or jurisdiction. The exam consists of multiple-choice questions and task-based simulations.
Related Books:
- Wiley CPAexcel Exam Review 2021 Study Guide: Auditing and Attestation by Wiley
- Becker CPA Exam Review Auditing & Attestation by Becker Professional Education
- Roger CPA Review: Auditing & Attestation by Roger Philipp, CPA
- Gleim CPA Review: Auditing & Attestation by Gleim
- Kaplan CPA Review: Auditing & Attestation by Kaplan
Exam Details:
The AUD exam is a computer-based exam that can be taken at Prometric test centers. The cost of the exam varies by jurisdiction, but it is typically around $200-$300. Candidates have four hours to complete the exam, which consists of 72 multiple-choice questions and eight task-based simulations. The passing score for the AUD exam is 75 on a scale of 0-99. Candidates can receive their scores online within 48 hours of taking the exam.
To pass the AUD exam, candidates should have a solid understanding of auditing and attestation concepts and standards, including internal controls, audit evidence, and audit reporting. Candidates should also be familiar with the AICPA Code of Professional Conduct and other professional standards. Studying with review materials and practice exams can help candidates prepare for the exam and increase their chances of passing on their first attempt.
Candidates should also be aware of the exam format and structure, including the types of questions they will encounter on the exam. The multiple-choice questions may require candidates to select one or more correct answers from a list of options. The task-based simulations may require candidates to perform tasks related to auditing and attestation, such as analyzing financial statements or identifying audit risks.
It is also important for candidates to manage their time effectively during the exam, as they only have four hours to complete all of the questions and simulations. Candidates should aim to answer all of the multiple-choice questions first and then allocate enough time for the simulations. They should also pace themselves throughout the exam to ensure that they have enough time to review their answers before submitting the exam.
In summary, the AICPA AUD exam is a challenging but rewarding exam that can lead to exciting career opportunities in auditing, attestation, and assurance services. Candidates can increase their chances of passing the exam by preparing thoroughly, studying with review materials, and practicing with sample exams. With the right mindset and approach, candidates can successfully pass the AUD exam and take the next step in their professional development.