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    Accounting When the intern suggests a different way to doing the job than what was done in P/Y

    November 30, 2019

    Accounting When the intern suggests a different way to doing the job than what was done in P/Y

    When the intern suggests a different way to doing the job than what was done in P/Y

    Posted: 30 Nov 2019 09:34 AM PST

    Just took financial accounting lmao

    Posted: 30 Nov 2019 06:06 PM PST

    Look at how they massacred our girl

    Posted: 30 Nov 2019 11:03 AM PST

    I have Access to wise knowledge.

    Posted: 30 Nov 2019 02:52 PM PST

    What staying at a big 4 feels like

    Posted: 30 Nov 2019 02:31 PM PST

    How to stop worrying about work?

    Posted: 30 Nov 2019 07:48 PM PST

    I started at big 4 it audit this fall and have been working for 3 months now. Maybe it's a thing new hires experience, but when I get home I can't stop thinking and worrying about work. I think about the w/ps I need to finish or how I need to pull out the necessary information from clients. I don't know how to leave "work" at work when I get home. Any advice and maybe this is just a temporary thing once I get more used to the work?

    submitted by /u/oreocookies12345
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    Big 4 Tax Groups

    Posted: 30 Nov 2019 08:49 PM PST

    Sorry if somebody asked these 2 questions already, but I couldn't find anything using the search bar. I'm starting in big 4 tax in mid December and somewhat know my way around a 1040 and 1120S since I've been working at a small tax office (5 people total). I keep having this irrational fear that I won't know what to do when given a task or will fail since I'm coming into big 4 so close to tax season and aren't familiar with the processes and expectations. Is this normal? I have my CPA already so I can just focus on learning the work needed which I'm happy about. I know I'm probably overreacting but it would be good to confirm From people who have experienced it.

    My second question is has anybody made or has access to a list of the tax groups and what to expect out of each? Like which tax group Has the worst hours, the best hours, can transition to industry or smaller firms, traveling, etc. basically any info I can get and what to expect.

    submitted by /u/eSSDee6
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    Bar Rescue meets accounting

    Posted: 30 Nov 2019 11:40 AM PST

    How many hours a week would it take before you said no?

    Posted: 30 Nov 2019 03:19 PM PST

    Was discussing this with family over the holiday (non accountants) and hours during busy season came up.

    Historically my firm mandates 60-65 charge hours a week during busy season. I guess personally if I knew ahead of busy season it was going to be 70+ charge hours for more than 1 or 2 weeks, I'd probably start looking elsewhere.

    Interested to see what others think.

    submitted by /u/ThePrestigeVIII
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    Virtual Accounting Q&A

    Posted: 30 Nov 2019 08:17 PM PST

    Hey guys! I've been a virtual CPA since 2013. I have worked both at a virtual firm in the beginning and now own my accounting company. Ask me anything if you are interested in this path! It's been a while since I did a QA.

    submitted by /u/MarinaKov
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    Updated Case Study: Parody of a CPA Case Written about the 2019 CFE Fyre Festival for Accountants

    Posted: 30 Nov 2019 06:36 PM PST

    See Part 2 which has been updated.

    Day 2 Case (CPA Canada Parody)

    Part 1:

    CPA Canada (CPA) is a not-for-profit national organization established to support unification of the Canadian accounting profession. CPA provides education, training and support to CPA Members and Candidates. CPA's vision is to be "the pre-eminent, globally respected business and accounting designation."

    Today is September 21, 2019 and you, CPA, are a management consultant for Reddit Consulting limited. You've just met with the lead partner, GlutenWhisperer, about an urgent matter for a new client, CPA Canada. CPA has engaged your firm after what was described as the "Fyre Festival for Accountants" by the Financial Post and other Canadian news outlets. Based on a cursory review of social media, noting the repeated use of the term "clusterfuck", GlutenWhisperer thinks that are some internal controls and publicity issues that will need to be addressed. GlutenWhisperer provides you with a link to the Reddit social media post "[CAN] CFE Day 2 Megathread" which is provided in Appendix I.

    Since this is an emergency situation, you will be reporting directly to the President and CEO of CPA, Joy Thomas. You've also been informed that you'll be working with other senior team members Tashia Batstone (External Relations and Business Development), Lou Ragagnin (Operations), and Heather Whyte (Marketing and PR).

    GlutenWhisperer continues the conversation, directly quoting her prior phone call from Joy Thomas, "This exam was a total clustersituation for lack of a better term. We have really shit the bed on this one. I'm sure you've heard the news, but to summarize, technical issues such as the exam software failing and lack of internet connectivity caused extreme delays in the CFE exam being written. Candidates are outraged after having spent 12 hours in the exam center for what is supposed to be a 4 hour exam. The exam conditions were a total mess as some candidates did not have access to the CPA handbook which is a critical resource for writing the exam. Overall, exam conditions were extremely unfair to candidates. I'm just glad that I didn't have to go through those conditions when I wrote my CA and CMA exams!

    Anyways, to bring you up to speed, we've issued a Special Message on our website (see Appendix II) where we've stated that in response to issues caused by technical problems with the CFE, CPA Canada is retaining a third-party expert to conduct an independent, comprehensive review. I'm hoping that you can give us some advice on how to get out of this mess. I would hate to lose my job over bunch of whining CPA candidates posting to social media…I really need my high paying salary and hope that I can survive here long enough to get on the defined benefit pension plan. I have worked really hard, along with prior executive teams, to ensure that our compensation is NOT DISCLOSED in the financial statements. Even though we are a not-for-profit organization serving our members, where best practices dictate that we make this information publicly available, we've made sure to bury it so well that even a competent CPA cannot find it. The defined benefit plan is also really great. We've managed to run up a Pension Liability (Post-retirement benefit) of $31,992,000 (see CPA Canada Financial Statements in Appendix III) which is one of the reasons why we have to continually increase membership dues and candidate fees, but don't tell the members!"

    After providing further background information about how CPA didn't test the new exam software Surpass and relied solely on the service provider to do the testing, GlutenWhisperer asks you to prepare a memo that identifies any internal control weaknesses in CPA's examination process and provide recommendations. GlutenWhisperer also requests that you put together a public relations plan to restore the tarnished, fouled and besmirched reputation of CPA. You are also asked to comment on any financial reporting issues identified. Specifically, GlutenWhisperer asks that you look into revenue recognition of the candidate examination fee given that some candidate elected to defer the exam and other candidates claim that CPA was negligent and did not deliver a professional examination. Lastly, please consider any other potential issues with the firm's governance, leadership and compensation of executives.

    You return to your desk to get started on the memo, but instead find yourself wondering why you decided to become a CPA. Actually, you didn't want to become a CPA – you enrolled in the CA program which was a respectable designation and were forced to become a CPA without proper consultation because you were only a CA candidate during the process. You further recall how membership dues have gone up every year, even though members were promised economies of scale and efficiencies from merging three separate organizations (CA, CGA, CMA) into one. You knew things weren't that great when you heard stories from candidates of being sent to the wrong test center, or how CPA is constantly doing money grabs by charging hundreds dollars to be put on a waitlists for a module that aren't even full, or how CPA materials are riddled with errors, but you never realized how dire the situation was until now. After further consideration, you now instantly regret becoming a CPA and despise your chosen profession. You fully appreciate that you're between a rock and hard place with this current consulting engagement. If you provide your findings honestly and openly, which would likely be that CPA Canada was woefully negligent and recommend that they fire the executive team, you will likely receive reputational damage from engaging in conflict with powerful CPAs. Truly, you don't want to mess with Joy Thomas who was referred to as one of Canada's 100 most powerful women by CPA Canada. You decide that the best course of action is to fudge the report for the benefit of CPA and hope that the situation blows over. After all, there is only one Accounting designation in Canada, so it is not like people really have any other choices.

    Part 2 UPDATE:

    It is now November 2019 and you, CPA, have realized that there is no possible way CPA Canada can fairly resolve the situation. Given the inequality in exam writing conditions and lack of internal controls in the exam writing process, you realize the situation is beyond salvagable. CPA Canada has issued a public statement saying that they will release the results in January and are close to resolving the issues at hand. As you are familiar with the CPA Code of Conduct and ethical requirements of the profession, you realize that you cannot be associated with false or misleading information (i.e. CPA Canada's public statement). As a result, you tender your resignation from Reddit Consulting Limited. You also go one step further and relinquish your CPA designation. As a final measure, you gather up your personal belongings, move back into your parents' basement, and update your resume to apply for a Starbucks barista position.

    ​

    Appendix I (Reddit post from Fear-Of-The-Cold)

    Alrighty. Here's how day 2 went down for us Edmonton folk. This is a long one cuz I'm just unbelievable pissed about this so I'm gonna rant.

    Showed up at 8, all optimists that they fixed the day 1 issues (which I won't even go into here cuz honestly trivial at this point), and that we would be starting on time.

    9 am rolls around, nothing happens. Now it's 10. Still nothing. And at this point it's pretty clear that something is fucked cuz the invigilators are just wandering about waiting for something.

    At approx 10:15,10:30, I don't remember it was so long ago, we are asked to return to our seats. They confirm that there are approx 20 ppl (of 400 for reference) who will be writing outside of secureclient on word and excel as they have been unable to access secureclient.

    Then they pass out the exam booklets and then ask the rest of us to start the exam in secureclient and test if we are able to access the reference material (so clearly at this point they knew this was a potential issue). Raise your hand if you can't get the reference material, approx 100 ppl put up their hands myself included.

    "Okay give us a minute, we will write down your seat numbers but it should be up and running in a bit". Come back a few minutes later - and tell us we will be starting the exam in 1 minute, ready, set, - and that's when the first uproar happened cuz those 100 ppl still did not have access to reference material (fucking unacceptable). So thank god we were able to grab their attention and stop them. They say okay okay well look into. Come back about 30 minutes later.

    "Okay who can't access the reference material now?"

    And legit I would estimate 80-90% of the candidate raised a hand and then everyone CLAPPED it was amazing you guys rock for that.

    And that was when shit really fell apart. They explained that since there were so many Ontario writers and they had started before us that the server was overloaded and therefore we could not get on. So it was decided that we would all break for lunch essentially and then come back at noon, by which time Ontario would be finishing and we should be able to get on the server.

    Now this next part is not at all the fault of CPA but I just want to mention so you can get a picture of how completely FUCKED this day was. The Edmonton expo centre has a cafeteria. However the restaurants there are generally only open when there are big events, or are open limited hours. So there are TWO restaurants open. A burger joint that had just opened and had nothing on the grill, and a cafe with some premade sandwiches.

    Oh and one working vending machine. For 400 students plus the staff. I had stale pretzels for lunch.

    We finally all file back in at noon. Nothing is happening up front so everyone is just wandering about. Then we all realize hey - if Ontario is done, they are back online. And that's when people started coming on here and looking for exam tips. Because the people running the exam apparently forgot about a little thing called the internet.

    Someone finally told the proctor - hey buddy maybe we should shut down the cell phone usage. And that's when we were all instructed to put away our phones, sit at our desks and not talk to anyone.

    Also just as a reminder the exam booklets have been sitting on our desks since 10:30.

    So it's about 12:30 and we are sitting in silence assuming that we will be starting any minute. But as it becomes clearer and clearer that that isn't happening, people start getting up, going to the washroom, getting a coffee, etc. And at this point like the proctor is doing his best, literally trying to chase people down and yelling at them to come back, but no one is giving AF anymore.

    Finally around 1-1:30 we are told that they are resetting the servers at the expo center so we can all have internet but that we are no longer able to write in secureclient so we should all shutter down and just open up regular old word and excel.

    And this where things started getting really wild because at this point, some ppl had internet, some people had nothing. The proctor is telling us we have no choice, we need to start, CPA will take it into account that we didn't have the reference material but they have no clue who does or doesn't at this point. Some people are logging into the expo centre guess wifi, there are people's hot spot networks popping up all over the place, no one knows what's allowed and what's not.

    Proctor comes back over the microphone (which I should also mention was almost impossible to hear unless you were directly in front of him) to tell us that we are starting at 2 no matter what happens, and that if we want to leave and delay til May we can do so. But at this point it is 1:50 so we have about 10 minutes to decide wtf we wanted to do, no one knows if there will be internet or not, and then all of a sudden they announce that they will be shutting off the internet completely to try to make it even for everyone, then all of a sudden it's 2 and we all have to start. At this point there are still people at the front trying to argue that they can't write without the reference material that now how to either walk out or scramble back and start writing.

    I personally tried to dive right it but geezus there was no concentration. I had to read every sentence twice before it sunk in at all.

    Then at 3 they say they've got someone from CPA there. I mean they've got a downtown office but well done for taking 6 hours to actually get down there.

    He mumbles something unintelligible that the proctor eventually repeats, that tomorrow's exam will be moved back and they will tell us when later. Also they will be bringing food for everyone into the exam. And that we will get 15 extra minutes so cheers for that.

    And that was essentially it. Spent the next 4 hours trying to cobble together something intelligible. Completely fucked the FR sections. I've always been really good with the handbook so I didn't study FR as much, knew I could rely on the handbook to find anything I didn't know. Or at least I thought I could... scarfed down a muffin at some point. Also I'm usually pretty calm, haven't stressed to much over this exam, cuz that's just me I don't stress easily about this stuff. And honestly I was near tears at multiple points in this exam cuz I was so incredibly frustrated at the inexcusable ridiculous of the situation.

    Then at the end we load our totally secure responses onto usbs and I fled that exam center. All told I was there nearly 12 hours. And then I get home to an email instructing me to email my response to CPAWSB and that under no circumstances was I to keep a copy of my response and that I was to arrive at 10:30 for the exam tomorrow. Not even a fucking word of apology.

    All in all this is completely unbelievable from the organization that is meant to be a professional body that is meant to monitor US for professionalism. As others have said, they have known for months now how many people would be writing this exam, I find it completely insane that they would not have tested the server capabilities at that threshold. This, combined with the complete lack of good internet access at our location was an unacceptable combination. I have never been so frustrated and upset with any organization.

    In my personal opinion, anyone who fails day 2 for this session should get an automatic free rewrite at a session of their choosing (I think this is a realistic expectation, they will never just pass everyone). It's just to ambiguous at this point, plus the complete lack of exam integrity is appalling.

    HOWEVER I do want to give a shout-out to all of the invigilators who were working the exam in YEG today. You guys had a rough go dealing with 400 stressed out students with no food, but the ones around me at least were nothing short of awesome. So many kind words and support. Also I've never seen anyone try that hard to give me muffins and cookies and granola bars and fruit. And at the end of the day they ended up working a 12 hours shift on their feet doing their best to keep up going. So props to them!!

    And fuck CPA.

    TL;DR, the Edmonton CPA candidates got fucked over royally by CPA today and CPA doesn't give a shit.

    Appendix II (CFE 2019 Exam: CPA Canada Special Message)

    September 20, 2019

    Technical problems resulted in a challenging experience for many CFE writers this year. We apologize and in response CPA Canada is hiring an independent third-party as part of a comprehensive review.

    September 20, 2019

    Technical problems resulted in a challenging experience for many CFE writers this year. We apologize and in response CPA Canada is hiring an independent third-party as part of a comprehensive review.

    During the administration of this year's three-day Common Final Exam (CFE) there were technical issues resulting in a challenging exam writing experience for many students. We extend our sincere apologies to everyone who was affected as we know how much work goes into preparing and writing this important examination and how stressful it has been for our students.

    In response to issues caused by technical problems with the CFE, CPA Canada is retaining a third-party expert to conduct an independent, comprehensive review. The mandate includes evaluating the integrity and reliability of the September 2019 examination process.

    To inform our review, we are actively gathering information from students, proctors, and others to understand what happened and how it impacted the exam-writing experience. We are committed to maintaining the integrity of the profession and the Common Final Examination.

    At the same time, we are also immediately reviewing the technical issues that arose across the country and are working with our service providers to do everything possible to avoid a future reoccurrence.

    We recognize what a difficult time this has been for students and we want to reassure exam-writers we have the people and processes in place to resolve the situation as quickly and effectively as possible. Further updates will be posted here once they become available.

    For questions and comments, please contact our customer service team.

    Telephone: 416.977.0748

    Toll free: 1.800.268.3793

    Email: [customerservice@cpacanada.ca](mailto:customerservice@cpacanada.ca)

    Appendix III (CPA Canada Audited Financial Statements)

    https://www.cpacanada.ca/-/media/Site/Operational/EX-Executive/Docs/2018-19-Audited-Financial-Statements-Hilborn-English-August-2019

    Appendix IV (CPA Canada Mission and Values)

    MISSION

    CPA Canada enhances the influence, relevance and value of the Canadian CPA profession by:

    · acting in the public interest

    · supporting our members

    · contributing to economic and social development

    VALUES

    We create trust by living by our values:

    · act with integrity

    · foster excellence

    · be accountable

    · work collaboratively

    · respect others

    submitted by /u/CPACanadaCorruption
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    CPA work experience valid if I got fired?

    Posted: 30 Nov 2019 07:57 AM PST

    Hello everyone,

    ​

    To give you all some background I was working as an auditor for a big four accounting firm in Florida. I was fired from the firm after working for just over one year. My termination was a result of under-performance.

    ​

    I have passed all four parts of the CPA exam and am currently waiting on a partner from the firm to sign off on my CPA work experience form. The CPA work experience form is handled in a specific way at the firm. Associates/Senior associates essentially submit an IT ticket with the form and an excel document listing the number of hours worked. It is reviewed internally, then sent to a partner for his/her signature.

    ​

    It has been over one month since I submitted the form and I am worried my termination from the firm will give a partner a reason not to sign. Does anyone have any insight into how this could turn out? To reiterate, I was not fired for misconduct. I was not getting positive reviews during my performance reviews and was ultimately let go (I was put on a PIP).

    ​

    Any information would really help, thank you!

    submitted by /u/johnmarston238
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    Why do we need 150 credit hours to sit for the CPA exam?

    Posted: 30 Nov 2019 12:22 PM PST

    I have my BBA Accounting, can they just let me take the CPA exam already?

    submitted by /u/pedritorandom
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    Ok balance sheet just confused me

    Posted: 30 Nov 2019 10:00 PM PST

    Ok so I had a question earlier and I kinda was having a panic attack during that time so I deleted it, but now I'm more calm and have a more straight forward question

    So do the total assets and total liabilities & Owners equity need to equal right away? Or only when I do that one equation which I can't completely remember (I think it's total liabilites & Owners equity plus drawing and then something else) so can someone answer that? Because then I'll know where to go from where I am now

    submitted by /u/OmniWaffleGod
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    CPA Pre-approved firm list unavailable - Ontario

    Posted: 30 Nov 2019 09:02 PM PST

    Does anyone have a copy of the pre-approved firm list for Ontario? The website says it's unavailable until further notice.

    submitted by /u/sairene27
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    [CAN] PERT Experience Verification Route

    Posted: 30 Nov 2019 01:14 PM PST

    I am having a lot of issues meeting the PERT technical requirements for the CPA and was wondering what advice you have for writing them. I have worked for the government in a finance position for the last 2 years and have continuously received Level 0/ Level 1 for my technical competencies, for instance I require some competencies in Financial Reporting and they asked for specific examples where I have used the handbook/specific framework used/stakeholders on the reports which I do not have.

    Given this, what advice do you have on writing these technical competencies to meet their requirements or someone who is in my position? I don't want to bs it too hard because my supervisor is required to verify it.

    submitted by /u/CPACANPert
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    Financial​ Accounting Question

    Posted: 30 Nov 2019 02:44 PM PST

    Hi,

    I am writing a research paper which talks about predicting business failure.

    I am trying to gather basic accounting data (from financial statements) for my model. One of the variables I need is Market Capitalisation a year before the plc's bankruptcy filing.

    Looking through the balance sheets on the equity and notes section I dont seem to be figuring out how to compute market capitalisation.

    Can anyone help?

    Here is a snapshot of what I am looking at for a company called DAWSON INTERNATIONAL plc

    Equity section of balance sheethttps://imgur.com/9hXJxSV

    Notes to equity https://imgur.com/q9oNKB4

    ​

    Thank you.

    submitted by /u/charbelh272
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    Online schools

    Posted: 30 Nov 2019 08:38 PM PST

    Have any of you taken any online classes for accounting?

    If so, is there any in particular that you recommend?

    submitted by /u/sexrobotegg
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    Intermediate accounting

    Posted: 30 Nov 2019 08:14 PM PST

    Hi, I just signed up for intermediate accounting 1 for the next semester. I want to start studying for this class. Does anyone have note from intermediate that they wouldn't mind sharing? I am scared since I heard that this is a hard class. Also, the professor does not have the best reviews.

    submitted by /u/mendez1993
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    BDO Capital Associate Position?

    Posted: 30 Nov 2019 09:32 AM PST

    Long story short I've been working in big 4 FDD for the past 4 years. I got early promotion to manager and I like the work for the most part. I have an opportunity to transfer to BDO Capital (BDO investment banking basically) but not sure it's worth it. I know they are not a very prestigious investment bank but I feel like it might be worth it for 1-2 years get the experience and then transfer to PE or maybe a better investment bank. Or just stay in FDD. Any thought or opinions on this?

    submitted by /u/Hidethaballoney
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    Calculation for the 150 units for the CPA educational requirements?

    Posted: 30 Nov 2019 07:49 PM PST

    Hi everyone!

    I've been trying to calculate the 150 units myself and I'm confused whether I would be able to include a few units that I took when I first started community college. These are courses I took because when I took the exam, they said I needed a certain introductory math and english class and I took those which are pass/fail classes. Not sure if these would be included in the calculation or not. If anyone knows, please let me know. Thank you so much.

    submitted by /u/svambition
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    Can somebody please explain why each entry goes in its respective place and not another? It seems to be completely random to me, especially Part A not going in the control account, and Part C going in both.

    Posted: 30 Nov 2019 05:25 PM PST

    Hours for Transfer Pricing Big4

    Posted: 30 Nov 2019 05:07 PM PST

    What are the typical hours for a starting tax associate working in transfer pricing at a big 4?

    submitted by /u/fernthegreat
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    Fractured income, what form do I use for taxes?

    Posted: 30 Nov 2019 04:54 PM PST

    I am a (tax-inept) law student who has a part-time job as a collegiate speech & debate coach. I receive a $6000 stipend for that work. I also worked a job up until August of 2019, and have my W-2 from that. What form(s) would I use to claim my income?

    edit: grammar

    submitted by /u/Bummel1996
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