[Anonymous]

Hey guys

am actually trying to understand the transaction cycles in auditing (auditing 4 if you are using becker). i am finding this part quite hard interms of material and mcqs, well this could be becaue i dont have any audit experience………does anyone feel the same about this material??…..any suggestions on how the crack it??

thanks

[Anonymous]

Yeah, I know what you are talking about – I am only starting my auditing job in December and I took Auditing in August (don't know my score yet). Even though Auditing was overall not very hard for me – transaction cycles was my weakest link. All I can say is practice (MCQ), practice, and then, some more practice. I didn't feel that my exam had very crazy questions on this topic. Also, did you buy Becker final review? Or do you have access to someone's final review book? The way they present material there is different and it helped me to understand some things better.

[Anonymous]

hey MsA

thanks for your reply….

yeh same here, am planning to give the exams in Jan and start work in feb………well i was contemplating buying the final reivew….not decided on that yet……i just wanted to finish reading all the material first…..neways thanks for your input……btw how did you find the exam??….is becker enough or did you use wileys too??

[Anonymous]

I read half of Wiley book during my last Spring semester in college – I think it helped me with Internal Control concepts. But starting from June I was only relying on Becker. And when I, just two days before the exam, opened Wiley book just to look through it – I thought that material is organized so much differently and it would confuse me. So I think it's better to stick with one system once you start with it.

The exam questions were getting harder, so I hope it means I was doing well. Simulations were just… weird. One of advices i read here and I totally agree with it – don't practice many simulations, you'll get something different, anyway.

Again, I'll find out my scores within this and next weeks, and then we will see if Becker was or wasn't enough:-)

[Anonymous]

I thought Audit was easier than all the other sections, and I haven't worked a single day in the auditing field. I think the Becker program for Audit is really good. That being said, those transaction cycles are definitely overwhelming when you look at it. I tried not to focus on all the little pieces and just think about it as a whole. Think about it in terms of internal control, the segregation of duties, etc. If you know those basic concepts, you should be able to figure it out. I passed Audit on my first try with a 92 🙂 You can do it!

[Patrick909]

I've been working through the “transaction cycle” part…….to me, this isn't that bad. This part mostly seems like common sense. I think actual experience, whether you are the auditor, or the audited, would help a great deal in this area. Just think about the flow of documents. I will admit, though, it's amazing how confusing they try to make ridiculously simple concepts like A/R and A/P cycles. I mean, seriously, we are studying how bills get collected and how bills get paid. Chew on that one for a while. Kind of insane if you ask me.

So far, the part of AUD I despise the most is all the report modifications. That stuff is absolutely horrid. And pointless, as one could EASILY look it up in practice.

[MPoni123]

you could easily look up ANY of this information!! guess that's why the exam is all academic and theory based..nothing practical

AUD - 84; REG - 90; BEC - 79; FAR - 75; ALL DONE!!

[Anonymous]

hey all who have taken audit. I take audit the 30th and am using becker. does any1 think using becker alone will be enough to pass audit? thanks for the help!

[Author]

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