[Anonymous]

These internal controls for accounts payable and accounts receivable chapters are driving me insane. I thought the IT chapters for BEC were tough but these are way worse. Anyone have any advice. I am taking the exam in about 2 months and I am so nervous. I had way more time for BEC and felt like I got it more but I am almost sure I am going to fail this. These flow charts are just killing me how do they expect us to remember what each department does? Any advice at all for Auditing would be of help. I just feel so overwhelmed I am only working part time and I don’t have the time to go through all this info, it’s way more than BEC it feels like.

Also I only have Gleim that’s all I use.

[UCMCPA]

I didn't even memorize the flow charts, I was just familiar with them. Luckily it didn't impact my score…….. in two months time you should be able to really hammer down everything in that gleim book.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[UCMCPA]

I didn't even memorize the flow charts, I was just familiar with them. Luckily it didn't impact my score…….. in two months time you should be able to really hammer down everything in that gleim book.

FAR - 84
AUD - 94
REG - 86
BEC - 86

[Amay]

I wouldn't worry too much about those flow charts. With audit, it's more about understanding the concepts than memorizing. Just practice those MCQs as early as possible.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[Amay]

I wouldn't worry too much about those flow charts. With audit, it's more about understanding the concepts than memorizing. Just practice those MCQs as early as possible.

BEC: 73, 81
AUD: 85
FAR: 71, 77
REG: 74, 75...finally DONE! 😀

*This is my 2nd attempt at the CPA exam. For all of you who have failed this exam many times, given up on it, or taken a break like me, remember that it is still possible to finish what you started...failure is the opportunity to begin again more intelligently 🙂

[10keyLeah]

I agree with the above comments. You should understand the concepts behind the flowcharts. For example, should someone in accounts payable be authorizing things or have custody? If you know the concepts then you should be able to handle those type questions or any flowcharts.

With 2 months left you should have some time go over it again and hit up MCQ's. It may make more sense then.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[10keyLeah]

I agree with the above comments. You should understand the concepts behind the flowcharts. For example, should someone in accounts payable be authorizing things or have custody? If you know the concepts then you should be able to handle those type questions or any flowcharts.

With 2 months left you should have some time go over it again and hit up MCQ's. It may make more sense then.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[Iron_Victory]

Don't think about it in terms of exactly the department. Think about the function that each department might do to achieve specific internal control goals.

Recording

Authorization

Custody

Reconciliation

AUD - (74),78
BEC - 85
FAR - 86
REG - 84

[Iron_Victory]

Don't think about it in terms of exactly the department. Think about the function that each department might do to achieve specific internal control goals.

Recording

Authorization

Custody

Reconciliation

AUD - (74),78
BEC - 85
FAR - 86
REG - 84

[Anonymous]

I also agree with everyone else. You need to know the concepts behind the flowcharts. Gleim does a very good job of pushing these flowcharts and going way above what you need to know in the flowcharts. I also use Gleim as my main program and supplement with Wiley. I kinda skipped the actual flowcharts in Gleim, but I knew the processes and who did what in the departments. I completely skipped the SIM in Gleim on putting a flowchart together in I believe SU 6, but I answered the MCQs about flowcharts when they came up. Just make sure you know the processes and who does what.

[Anonymous]

I also agree with everyone else. You need to know the concepts behind the flowcharts. Gleim does a very good job of pushing these flowcharts and going way above what you need to know in the flowcharts. I also use Gleim as my main program and supplement with Wiley. I kinda skipped the actual flowcharts in Gleim, but I knew the processes and who did what in the departments. I completely skipped the SIM in Gleim on putting a flowchart together in I believe SU 6, but I answered the MCQs about flowcharts when they came up. Just make sure you know the processes and who does what.

[W_HAMILTON]

Yeah, don't worry too much about the flowcharts. The main thing is understanding the general roles and what roles should be segregated (i.e., ARC = Authorization, Recordkeeping, Custody, even though I learned it as ABC = Authorization, Bookkeeping, Custody). Just remember that in an ideal situation, no one should be doing more than one of those roles or else it could be a fraud risk factor (opportunity).

REG - 93 (7/30/13)
BEC - 90 (8/19/13)
AUD - 98 (8/31/13)
FAR - 84 (10/19/13)

[W_HAMILTON]

Yeah, don't worry too much about the flowcharts. The main thing is understanding the general roles and what roles should be segregated (i.e., ARC = Authorization, Recordkeeping, Custody, even though I learned it as ABC = Authorization, Bookkeeping, Custody). Just remember that in an ideal situation, no one should be doing more than one of those roles or else it could be a fraud risk factor (opportunity).

REG - 93 (7/30/13)
BEC - 90 (8/19/13)
AUD - 98 (8/31/13)
FAR - 84 (10/19/13)

[Author]

Replies