[pray475]

So, I have already passed audit once before but lost credit…I got a 74 on it in July and its now my last exam, I need to be finished. I cannot for the life of my hammer down the testing of transaction cycles. I am in my sixth year of auditing, but I’ve only ever audited funds so the shipping cycles etc etc are completely different because they don’t exist in my industry. I try and apply a transaction fact pattern they give me and compare it to what I do on a daily basis but that doesn’t work either because purchase orders/voucher packages etc etc…there isn’t a similar thing to compare it to in my industry. I just cannot get the hang of it no matter how hard I try. I finally thought I was having AHA moments during the lecture last night, read the 30 some odd pages in becker today and again felt like I was doing great…go to apply it to the questions and literally get every single one wrong. There is something that I am missing, but I just don’t know what and I need help

REG- 1) Aug 10' 73, 2) Aug 11' 67, 3) Nov 11' 76 (expired), 4) Aug 14' 83 PASSED!
AUD- 5) Nov 10' 83 (expired) , 6) Nov 13' 63, 7) July 14' 74, 8) Oct 14' 98 PASSED!
BEC-9) Oct 10' 79 (expired), 10) Nov 14' 75 PASSED!
FAR-11) Feb 12' 61, 12) May 12' 62, 13) Aug 12' 65, 14) Aug 13' 75 PASSED!

IM DONE!!!

[TxMBA]

Hi Pray, I was in a very similar boat. I lost credit for Audit and had to pass it or I would lose credit for BEC.

I'm in government accounting, so i too had no experience in this area. My strategy was to basically draw out my own diagrams of the process, like flowcharts. It helped tremendously. I drew these out at least a couple of times and it helped. Then, for each area of each cycle I wrote out the assertions and how I would test them. It took a little more time but it was well worth the investment. On everything else I wrote my own notes using my own diagrams so it was easier to remember. HTH, Good luck, you got this!

AUD: 82* Expired; 90
BEC: 77
REG: 72,87
FAR: 72, 68, 87

[TxMBA]

Also, I forgot to mention. As you do questions and you do them wrong – see where they fit in to your diagram/flowchart and make a little note. After some time it all comes together. I used Becker as well.

AUD: 82* Expired; 90
BEC: 77
REG: 72,87
FAR: 72, 68, 87

[Author]

Replies