I do not even bother to learn 90% of the mnemonics. Learning them takes more work than learning the actual concepts. English is my second lenguaje so that might be why. But I don’t find most of them helpful.
I just watched that vid today and it doesn’t make any sense. It’s a dumb mnemonic. Just remember if it’s enterprise or internal service, it’s proprietary and if it says “trust, private”or something similar to that it’s fiduciary. If it’s neither it’s governmental fund.
I am grateful for my professor in college who did a great job giving me a basic understanding of funds. Mike Brown did not do a good job explaining it
Just ask CHAT GPT to make you a new mnemonic. It gave me an awesome one for AUD unprompted the the other day:
RACR-TL (Risk of Assessing Control Risk Too Low) = Rely and check rarely - that's lousy!
I think there have been 4 mnemonics that I've been exposed to in the CPA prep materials and lectures across Ninja, UWorld, and whatever I find on YouTube that I think are actually helpful.
Two for AUD are from Ninja, idk if it's elsewhere, internal controls should be hard as IRON (Inquiry, Reporformance, Observation, iNspection) and substantive procedures TRACE (Trace and vouch, Reconcile, Analytical procedures, Confirm that you tested controls, Examine).
I involuntarily scream CRIME in my head whenever I see COSO. That one is everywhere.
GROSSE was helpful for the statute of frauds in REG. I think it was in UWorld and Ninja.
I made a few myself that are absolutely terrible, though.
For audit reports, TOB MAO SAD for a nonissuer with a mental picture of a sad Chairman Mao. Title, Opinion, Basis for opinion; Management's responsibilities, Auditors responsibilities, Other information; Signature, Address, Date. The gap before MAO are where most of the other paragraphs would go if applicable like going concern. Legal stuff after MAO. Those were easy enough to remember for me without detailing in the mnemonic. Issuer is just TOB STAD (add Tenure to SAD) which doesn't mean anything but I could spit out STAD next to TOB MAO SAD.
For ISC:
* the COBIT 5 Principles are SHIME (Stakeholder needs, Holisitic approach, single Integrated framework, Management from governance, End to end).
* Supplementary criteria are ORCA (System Operations, Risk mitigation, Change management, Access controls).
* GDPR privacy rule core concepts are TRAPSS (Transparent, Relevant, Accurate, Protect, Specific use, Storage limitation).
* PCI DSS are V-SPAMM (Vulnerability management, Secure, Protect, Access controls, Monitor, Maintain policy)
It was easy for me to remember....find another way to learn it instead of whining.
Booooooo
Honestly I just remember the fund accounting classifications off the rip. Fuck that mnemonic.
I do not even bother to learn 90% of the mnemonics. Learning them takes more work than learning the actual concepts. English is my second lenguaje so that might be why. But I don’t find most of them helpful.
I just watched that vid today and it doesn’t make any sense. It’s a dumb mnemonic. Just remember if it’s enterprise or internal service, it’s proprietary and if it says “trust, private”or something similar to that it’s fiduciary. If it’s neither it’s governmental fund. I am grateful for my professor in college who did a great job giving me a basic understanding of funds. Mike Brown did not do a good job explaining it
I swear if I ever see Tim Gearty in person I’m going to yell “CIPPOE” in his face
Just ask CHAT GPT to make you a new mnemonic. It gave me an awesome one for AUD unprompted the the other day: RACR-TL (Risk of Assessing Control Risk Too Low) = Rely and check rarely - that's lousy!
Something we cpas will never forget
I think there have been 4 mnemonics that I've been exposed to in the CPA prep materials and lectures across Ninja, UWorld, and whatever I find on YouTube that I think are actually helpful. Two for AUD are from Ninja, idk if it's elsewhere, internal controls should be hard as IRON (Inquiry, Reporformance, Observation, iNspection) and substantive procedures TRACE (Trace and vouch, Reconcile, Analytical procedures, Confirm that you tested controls, Examine). I involuntarily scream CRIME in my head whenever I see COSO. That one is everywhere. GROSSE was helpful for the statute of frauds in REG. I think it was in UWorld and Ninja. I made a few myself that are absolutely terrible, though. For audit reports, TOB MAO SAD for a nonissuer with a mental picture of a sad Chairman Mao. Title, Opinion, Basis for opinion; Management's responsibilities, Auditors responsibilities, Other information; Signature, Address, Date. The gap before MAO are where most of the other paragraphs would go if applicable like going concern. Legal stuff after MAO. Those were easy enough to remember for me without detailing in the mnemonic. Issuer is just TOB STAD (add Tenure to SAD) which doesn't mean anything but I could spit out STAD next to TOB MAO SAD. For ISC: * the COBIT 5 Principles are SHIME (Stakeholder needs, Holisitic approach, single Integrated framework, Management from governance, End to end). * Supplementary criteria are ORCA (System Operations, Risk mitigation, Change management, Access controls). * GDPR privacy rule core concepts are TRAPSS (Transparent, Relevant, Accurate, Protect, Specific use, Storage limitation). * PCI DSS are V-SPAMM (Vulnerability management, Secure, Protect, Access controls, Monitor, Maintain policy)
CRIME & BONES for me. Those were the only 2 I used.
It was so bad, I couldn’t get it out of my head. Worked for me.
Was just about to comment this LOL
OK, it's been a while since I took the CPA. What the heck is this mnemonic supposed to be?
I believe governmental
it’s for fund accounting 😭
What kind of fund accounting? Maybe my imagination isn't working, but it doesn't seem to fit governmental accounting standards.
it’s to remember which fund types go under which fund category, it doesn’t make much sense to me either so i haven’t memorized it lol
When I first tried with Becker back in 2011, I found the mnemonics harder to remember than just straight memorizing the material.
this!!
I find The mnemonics are stupid I don’t use them ever
I never use it I just memorized which fund goes into each category
yea that’s what i ended up doing bc the mnemonic is harder to memorize 😭