[WhyMe23]

Anybody have advice for learning the Audit Procedures by Transaction Cycle? By far the toughest material in Becker for me. I have memorized the COVER-U assertions and which ones apply to Balances, Transactions and Disclosures but I cannot get the other material down for specific tests for each cycle.

B - 85 (5/31/11)
A - 93 (7/1/11)
R - 87 (7/29/11)
F - 77 (8/31/11)

[hav2pass]

I am doing the same unit in Gleim. I suggest read over one transaction cycle, do the MCQ, see how many you got right on your own. Using the review material see why got others wrong. Then go back and “memorize” tests for each assertion. I do a couple of assertion and then try to recall it with the book closed. I think if you really get one transaction cycle, you can just add on to it for others. Many of the assertions tests are same. I think this is an important topic, so investing some time might be wise.

BEC 86 (expires Sept'11)
FAR 85
REG 87
AUD 8/27 - waiting

[SusanStudies]

WhyMe23 – Here is my suggestion. It may not be the best or work for everyone, but it helps me some. As you know there is a lot of procedures that can be performed. Flat out memorization of all of them is tough though some cross over cycles. Once you know the transaction cycle, think of how the proper way to record a transaction. What approvals are necessary? What documents are required? How much do you record it for…how is that determined? How do you determine it is recorded in the right fiscal period? Then think, if someone, independent of my work was to look at this, what would they need to verify (audit) this transaction? Not only that, what is the BEST information to verify it. Remember external information is stronger than that provided by the client. I think reviewing the procedures many times will help as will working numerous mcq. I'm not using Becker, but Wiley provides flow charts for each cycle which I beleive aids in developing a thorough understanding. Good luck to you. I'm reviewing this same material again this week because it IS tricky. I'm starting to stress a bit for my upcoming exam.

AUD: 07/11/11 - Passed
BEC: 08/27/11 - Passed
FAR: 01/17/12 - Passed
REG: 04/30/12; Re-take 7/16/12 - Passed

FINISHED!!!!!!!!

[WhyMe23]

Thanks for the advice. I've decided just to do as many mcq as I can instead of trying to read and memorize everything. I figure if I see enough examples I will be able to recognize the best option. Becker has 121 questions for that bank alone and another 120 for supplemental and I have worked ALL of them (although I only scored around 65%-70%) it has really helped me understand it a lot better.

Still think it is my weak point and I plan to review it one more time, but lets hope i know enough to get that 75. I test in a few days and feel stressed too this has been the toughest section in AUD by far.

B - 85 (5/31/11)
A - 93 (7/1/11)
R - 87 (7/29/11)
F - 77 (8/31/11)

[syyuchen]

I've read on the forum you have to know basic JE. I haven't taken FAR yet. Is there anywhere on-line I can quickly learn the basic journal entries? Becker barely goes over them?

Also, if anyone has tips on how to figure out Becker A4, that would be great. Transaction Cycles are killing me

[Author]

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