Transliteration typically goes grapheme to grapheme. Most transliteration systems are one-to-one, so a reader who knows the system can reconstruct the original spelling.
t ɹ æ n s l ɪ t ə ɹ ɹ eɪ ʃ ə n WORD_BOUNDARY t ɪ p ɪ k l i WORD_BOUNDARY ɡ oʊ z WORD_BOUNDARY ɡ ɹ æ f iː m WORD_BOUNDARY t ə WORD_BOUNDARY ɡ ɹ æ f iː m WORD_BOUNDARY m oʊ s t WORD_BOUNDARY t ɹ æ n s l ɪ t ə ɹ ɹ eɪ ʃ ə n WORD_BOUNDARY s ɪ s t ə m z WORD_BOUNDARY ɑ ɹ WORD_BOUNDARY w ʌ n t ə w ʌ n WORD_BOUNDARY s oʊ WORD_BOUNDARY ʌ WORD_BOUNDARY ɹ iː d ə ɹ WORD_BOUNDARY h uː WORD_BOUNDARY n oʊ z WORD_BOUNDARY ð ə WORD_BOUNDARY s ɪ s t ə m WORD_BOUNDARY k æ n WORD_BOUNDARY ɹ iː k ə n s t ɹ ʌ k t WORD_BOUNDARY ð ɪ WORD_BOUNDARY ə ɹ ɹ ɪ d̠ʒ ɪ n ə l WORD_BOUNDARY s p ɛ l ɪ ŋ WORD_BOUNDARY