[Nancy]

Is the Audit Procedures by Transaction Cycles (Becker’s A4) really heavily tested like Becker states? Becker is really stressing that this section is VERY heavily tested, but in the Ninja notes and another supplement I have purchased they barely touch on this topic. Am I missing something? Should I be focusing a ton on this chapter or stick with the Ninja notes and other topics? This section seems a lot more complicated than some of the others and I don’t want to waste any more precious study time if I don’t have to. For a different section Becker overemphasized this super difficult topic and I spent the majority of the time studying these difficult concepts and find out none of them were on the real exam.

For I can do everything through Christ, who gives me strength.
Philippians 4:13

[reallytired]

I just finished reading this section and wonder the same thing! A friend who took it almost a month ago said that audit evidence is heavily tested, but I don't know if that means the transaction cycles are or just evidence overall? I had a rough time with reading it as it confused me. I am about to start mcq to see if I can learn more by doing.

B 10/29/16
A 10/1/16
R 9/2/16
F 7/26/16

[Chelsea26]

Transaction Cycles was the only section I was really worried about prior to the exam. I could not for the life of me get a handle on them. I hope you get lucky like me because I did not get a single question on them in the exam last month 🙂

BEC - July 2016 → 78
AUD - Sep 2016
REG - Nov 2016
FAR - Feb 2017

[iamonloose]

I skipped chapter 4 and chapter 6. There were a lot of audit evidence questions but no cycles, and many questions from chapter 6. Retaking it on oct 2. I am reviewing the cycles and nothing is clicking.

[hasy]

Hmm, I'm studying for it as well, and audit evidence in itself is broad. I think you should understand the gist of it, like A/P manager wouldn't approve a P.O., like the roles of each person in the cycles, separating the cycles, whatnot. I'm going off Roger here, because he has an entire chapter called audit evidence (mostly assertions) and it's huge as well.

Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved - Helen Keller

-

BEC 80 (10/23/15)
FAR 72 (4/2/15); 83 (7/11/16)
REG 52 (4/28/15)
AUD (9/9/16)

Roger + NINJA MCQ + WTB

[Anonymous]

I think understanding the whole Authorization, Recording, Custody and Comparison thing is really useful for going through the cycles. The exam most likely will not test you on each individual step of the transaction cycle since no client will be alike and have the exact same policies and procedures in real life.

But the exam wants you to have a good enough understanding of the cycles to be able to identify weaknesses. The roles are important because you need to make sure that ONE person doesn't have any conflicting responsibilities, such as making the deposit run and reconciling the bank statements. I've only seen really the transactions tested in SIMS. And without divulging too much, it helped being able to understand a typical cycle's course of events. But all in all, it really wasn't too incredibly hard and knowing the ARC-C thing helped.

[Author]

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