On the TI (and the AI) the reefing line is wound around the spool so that pulling on it turns the mast in a clockwise direction, looking down.
To put it another way, the furling line feeds though the cleat on the starboard side of the aka brace, then it heads toward the centerline and the bow, wrapping around the spool toward the port bow quarter, then the port stern quarter, then the stern, then the starboard stern quarter, etc.
You can check whether it is rigged properly, because pulling on the main sheet should wind the furling line further onto the spool, and pulling on the furling line should pull in sail, or, if it all in, try to wind it tighter.
When I rig the boat, I put the mast in place, put the furling line through the cleat, and pull out all the line (turning the mast), Then I tie the furling line to the main sheet (I keep a small bowline loop in each end of the main sheet, and tie a sheet bend into this loop with the furling line). Then, I rotate the mast two turns in a counter clockwise direction lookng down (it starts with the hole where the furling line is secured pointed toward the cleat, since it has just been pulled all the way out, I turn it until this comes back to this position for the second time) then I turn it a little more, cleat the furling line, and hook up the main sheet to the grommet in the clew of the sail.
If you turn it too far for your rigging, you will not be able to get the sail all the way out, because the knot will hit the cleat first. If you turn it not far enough, you will not be able completely furl the sail, and after you pull the line all the way out, some sail will still be deployed. ChangeMan's method is good for insuring that you will be able to completely reef the sail when you want, but mine also seems to work.
Be careful with advice from those down under, though, because they may find it works best turned the opposite direction, coreolis forces being what they are.