[12OatK]

I’m taking BEC in 5 days and I still have no idea how people actually pass this test. I am completely incapable of understanding any of these conceptual MCQ questions. Cost accounting and any of the stuff with numbers I’m fine with. But COSO? IT systems? Complete trash. I’ve read the text at least 5 times from two different programs and still no closer to understanding it than I was. Looking for any advice on how to approach these topics and grind out some MCQ’s. It is truly unfathomable to me how anyone can understand this completely uninteresting and unintuitive conceptual garbage.
To be honest, pretty much all three of my CPA exam studying experiences have been as bad as this one. If I fail next week I’m seriously gonna think about just letting myself off the hook and saying goodbye to this entire process.

[Lindsey_p87]

Your first problem is your attitude, honestly. It sounds stupid and cliche, but if you continue to tell yourself that you're incapable of understanding the material, it's just going to hinder your progress. Do you have an accounting degree? If so, you ARE capable of understanding this stuff. The best thing you can do for COSO and IT is MCQ. Reading the book over and over is clearly not working for you (nor did it work for me). I used the Ninja test bank and set out to do every COSO and IT question in the system until I got each one right at least once.

FAR - PASSED 11/14
AUD - TBD
BEC - TBD
REG - First take 2/16

[Puppykoala]

Hi @12OatK, sorry for your experience. COSO/IT is a memorization game. COSO especially there is nothing to understand. Those are man-made rules so just remember them. Not sure what materials you are using, Becker does a good job summarizing COSO and I literally just read it out loud and memorize it. Think about the job security and big money to make down the road when you get your CPA.

[thunderlips]

I agree the way you are approaching this test in a negative manner is not helping the cause. Take a day off to gather yourself and I recommend focusing on mcq the bulk of the way till test time. Dont forget to cover some sims and writting forms to become comfortable. Good luck!

[Michael]

Think of COSO like this, you have a goal or strategy as a business (lets say keeping the financial statements in accordance with gaap) which you clearly state. You really want it achieved so your tolerance/appetite for failure is low. You have identified all risks that you can imagine will threaten your goals achievement (for example errors and fraud somewhere in the accounting process) and assessed each of them distinctly as being severe/ likely threats vs less severe or unlikely ones. You combine the fact that your tolerance for failure is low along with all severe/ material risks of failure and you say to yourself these are unacceptable risks. So what you do is lower those risks to an acceptable level so when you reassess those risks there are little to none in the way of your goal/ strategy. How is this lowering of risk achieved??? CONTROLS. They are risk mitigating decisions. Each risk should be lined up with a menu of available controls along with their costs so we can make a decision on which to implement. Depending on your appetite and the assesed risk level will be your guide to tell you which to choose (you may choose several). After this process of choosing control activities is done whats next? A continous/ periodic monitoring to make sure that the controls are working 1) as designed and 2) that they are actually lowering risks. Auditors (internal and external) will do procedures on these controls such as observation of employees to make sure they are operating. Also, monitor changes in risks and levels. Risks are always changing so existing controls may no longer be needed, new ones may be needed, etc. Communication lines from anyone in the org at any point in this situation need be proper and have documented procedures for.

The 5 coso components I have just explained fully to you in regular people terms.
Control Environment
Risk Assessment
Control Activities
Information and Communication
Monitoring

[lara]

The first time I took BEC my computer froze, I failed that one. I retook it on 11/30 and same thing happened. Now I am thinking I failed again, but I am hoping for good news tomorrow. I know how you feel though regarding COSO and IT, I had a question about bandwidth and I don't even remember the instructor (WILEY) mentioning it lol. I knew what it was, but then the question was asked in a way that my brain could not think straight. It was about security of the network. On my second attempt, I studied COSO and IT to the point that I have memorized them according to WILEY. I got to the testing center and the only thing I remember was guessing on what is the right terminology for something something with “access.” Anyway, hang in there, don't quit coz I myself will keep trying.

[Author]

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