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    Accounting Frrrrraud!

    January 08, 2020

    Accounting Frrrrraud!

    Frrrrraud!

    Posted: 08 Jan 2020 11:04 AM PST

    My mother to play this for me on the cello. I’ll post the performance when I have it. Tis the season!

    Posted: 08 Jan 2020 06:12 PM PST

    Stop complaining

    Posted: 08 Jan 2020 03:50 AM PST

    Intern trying to make partner

    Posted: 08 Jan 2020 11:55 AM PST

    Hi, I'm 3 days into my training for my winter audit internship. Looking to make partner by the end of my 12 weeks, any tips?

    submitted by /u/LRob0416
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    My experience switching from Big 4 to Industry as a senior

    Posted: 08 Jan 2020 11:47 AM PST

    So. This post might seem like I'm joking. I'm not.

    I worked in Big 4 audit and advisory and my experience is pretty much aligned with most people. Long hours, bad bosses, sub-par raises, the whole package. But my experience paid off!!

    First of all, the hiring process was crazy. I legit clicked on LinkedIn open for recruitment and recruiters flocked to my inbox. I got 10 a day at least. All good job opportunities. Plus it was really nice not having to fill any applications; recruiters usually do it for you except for the resume. I applied to around 50 jobs, got 15 or so interviews, and landed 4 offers. Offers were in the low 90K to 100K+. This was a pretty lower/medium cost of living area.

    I ended up rejecting some really good jobs to choose a better one for my work life balance.

    And boy, did that fucking pay off

    I am now an industry senior internal auditor. I work in manufacturing. This is by far the easiest job I've ever had in my life. Internal audit is a good choice for people like me. You will likely cap out at 200-250k at the director level. Good enough for me. That's a lotta dough.

    But here's where it gets a bit unbelievable.

    • I am one of the "techiest" people here for even knowing pivot tables beyond a basic one.
    • I am able to work from home. Any time. Any day. Any reason. I did it 6 times already in 2 months and that's with me being too nervous to do it too often.
    • Everyone slacks off. Seriously I don't even feel bad using my phone.
    • The expectation is no longer "please the client and deliver 120%." It's just "do what you're asked."
    • In the past week, I have spent 36 of my 40 work hours not working at all. We are supposedly in a "crunch time."
    • it is normal for people to spend 5 full days writing a simple 2-3 page draft report where half of it is already pre-templated.
    • I am allowed to smoke weed at work. Yes you heard me. Medical patients are allowed to consume (per my company at least) as long as I meet my deadlines and it doesn't impact my behavior during work. I work in a legal state. Don't expect this to happen. Just know that it CAN.
    • I have been getting praised and I feel I have done no more than 10-15 total hours of real work in the past 2 months.
    • on the other hand, my drawing has improved big time
    • I do all that and still make just shy of 100K.

    So yeah. That's my life in industry. Basically, my work has completely disappeared from my priorities. I'm still building my career with experience in internal audit. I get exposure to high level employees and people in my position have left to get great jobs. This is not a dead end career either. I get to build my career, maybe slightly slower than it could've been but still in a very normal way, and spend the next few years growing myself and my hobbies. I couldn't be happier.

    TLDR: JOIN INDUSTRY AND LIVE LIFE.

    submitted by /u/TheAsscendedOne
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    [CANADA][CFE] My third and final attempt to the CFE in 2019 and how I PASSED it!! I fucking did it! and special thanks to u/Radiuju who encouraged me from the beginning!!

    Posted: 08 Jan 2020 06:48 PM PST

    TL;DR- I literally did not give a rat's ass this time and focused on my self instead of being obssessed with CPA and PASSED!!

    THIS POST IS NOT HELPFUL FOR THOSE WHO ARE LOOKING FOR A METHOD TO LEARN. DONOT DO WHAT I DID.

    Hello everyone!

    I have been getting a lot of messages and so I thought of creating a post lol

    So if you go into my post history, you would see my CFE journey since 2017.

    After failing for the second time, I lost hope and I was depressed. I decided to quit Accounting and do something else. I lost my social life, my became distant with my ex and then just shut myself to the whole world. There were days where I used to shut myself in my office washroom and start crying. It was that bad.

    My manager played a main role in me giving the CFE in 2019. She told me that my work is much better than other people who have their designations and forced me to give it one last time as it would boost my career. I finally agreed and then once again started slogging my ass of from Jan 2019 to Sept 2019.

    This time it was different. I really did not care about passing the exam any more. I was doing it because my manager was forcing me to study EVERY SINGLE DAY. I lost everything in my personal life because of CFE and had absolutely 0 interest.

    The summer was pretty awesome so did road trips almost every weekend.. went on mini vacations... attended concerts... met some amazing people and used to study after work on weekdays.

    I only panicked when I got to know that the new software was having issues and people sat in the exam halls for a very long time for Day 1. But luckily I had no issues on both my days.

    As always, I felt Day 2 was really hard and I felt that the answers I wrote for day 2 were horrible. But anyway I wrote to the best of my ability. This time I even found Day 3 difficult because one of the cases had a very hard PM question. I got out know that well... its over... I failed for the third time.. maybe I am too dumb and Accounting is not for me...

    After I gave my exams, I took a weeks solo vacation and went to Cuba for an all inclusive and drank all my sorrows lol

    Come yesterday... I had a feeling that I would have failed and it was because of Day 2 and as I got to work at 10, I saw my manager smiling at me and telling me " You did it!"

    That was all I needed to hear.

    Things I did differently this time:

    1. Stopped giving a fuck- In my previous 2 attempts, I was really OBSESSED with CFE..My days went like this: After work I used to come home and follow reddit posts about CFE, I used to talk to all previous writers, paid a bomb for densmore and pass courses, joined whatapp groups and practiced cases along with others(who passed while I failed.). THIS TIME- I went to concerts, long drives, did sky diving and bungee jumping , and told no one i was giving the exam (except my manager) . I basically lived my life.
    2. Study Schedule- I used to get home by 6.30 on weekdays and studied in the library/community centers from 7-10 and did everything in point 1 above on the weekends. I practiced only day 3 cases and created outlines for Day 2 cases till Aug 17th. From August 18th, I practiced Day 2 Cases on the weekends and did Day 3 cases on the weekdays after work. Overall I managed to practice atleast 5 Day 2 cases and about 25 Day 3 cases till the CFE
    3. Resources Used- Densmore and Pass your cpa from previous attempts and purchased the Capstone 2 stuff from CPA. I also paid a dude at work to mark my Day 2 and Day 3 cases

    Thats it folks. I know I am horrible in writing and props to you for reading all that I wrote but yeah I am glad its all over and I can move on with my life. Now I will spend my time helping other repeat writers to nail this exam.

    Thanks r/Accounting for always motivating me! You all were truly remarkable! :)

    I will be deleting my account in a few days as my journey here is over! Adios Amigos!

    ​

    PS. u/radiuju has deleted his account but this awesome guy always motivated me from the beginning and I would really like to thank you! :)

    submitted by /u/capstone1
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    Interview almost FAIL...

    Posted: 08 Jan 2020 06:59 PM PST

    Throw away because I'm embarrassed as hell... I get out of my car and since I can not drive in heels I needed to change out of my driving shoes. I bend over and that's when I hear and felt it, my skirt zipper breaks! I look and it's destroyed! I just wanted to cry and go home at that point.

    I still had 15 minutes and I try running into the bathroom to fix it as best I can to no avail. Again, just felt like giving up and going home. I somehow gave myself a pep talk and positioned it where my jacket would cover it and walked up confidently as if half my ass wasn't hanging out.

    This was my second interview and the partner wanted to walk me around the office and explain God knows what as I followed behind holding my skirt up with one arm.

    I get to sit down the rest of the time luckily and the rest went fairly well, he finished by saying my confidence and personality fits the company culture and would love to have me on board. WIN!

    Now I'm just considering a career in poker instead of public accounting because I apparently have the game face. lmao...

    submitted by /u/CPAdogma
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    Now what’s EOD really

    Posted: 08 Jan 2020 09:30 PM PST

    Don’t waste money buying chip clips

    Posted: 08 Jan 2020 10:34 AM PST

    Aren’t they adorable when they try?

    Posted: 08 Jan 2020 06:40 AM PST

    Busy season, woot!

    Posted: 07 Jan 2020 10:54 PM PST

    Accounting practice regarding stock ledger changes

    Posted: 08 Jan 2020 08:09 PM PST

    First thing to note is that I'm not really an account. Just a software guy. So, sorry if my terminology seems a bit off.

    I recently implemented a mid-range ERP system for a company and one of the changes we made is to turn their inventory accounting from periodic to perpetual.
    And boy, did that open up a whole can of worms...

    Their operation is not exactly, I would say, software friendly. For example, they would occasionally let the inventory quantities go negative temporarily and later refill that inventory through purchase or stock transfer.

    There is some problem with this. Here is an example.
    Say "Warehouse A" has 5 qty of "Item 1" with valuation of $10 each, total value at $50.
    Transfer 10 of these to "Warehouse B" and the balance in "Warehouse A" became -5 with value $-50.
    Backdate the purchase of 5 qty of "Item 1" to "Warehouse A" BEFORE the transfer happened at price of $12 each totaling at $60.
    Because of the value change, there is a total difference of $10 in restocking the 5 quantities of "Item 1".
    This $10 either has to go to an expense account or the transfer record from Warehouse A to B has to be modified with new valuation. The ERP system we implemented is doing the former. This is just one example. Since our company also do basic manufacturing and repacking, similar cases happen even if the inventory does not go into negative.

    With our company having around 10 warehouses, ever changing purchase prices and high rate of stock transfer between warehouses, these amount differences are stacking up to thousands of dollars per month in financial statements.

    I just want to know, what exactly is the best practice or the norm here? Should we update the all the future records after backdating the incoming stock? Do we need a better accounting software?

    Sorry if my question is all over the place and unclear. I'll try to clarify if that's the case. Thanks in advance.

    submitted by /u/nayminlwin
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    Decade close

    Posted: 08 Jan 2020 02:08 AM PST

    CFE September 2019. This was my experience - Day 1

    Posted: 08 Jan 2020 09:30 AM PST

    To all the 2019 CPA CFE writer and future candidates. I am writing this post to share my CPA CFE experience and memories. Hope it gives you some more insights.

    First, I passed 2019 CFE at the first attempt (day 2& day 3. passed all financial reporting & management accounting. My role is PM).

    Day 1: As most of you could remember, there were two strategic decisions at the beginning of the case: 1. keep the unprofitable division 2. expand the unprofitable division to make the profit. Like some candidates worried, I merged two decisions into one discussion. Even the case already gave us the NPV analysis result for the expansion option, my answer is to question the NPV analysis the case gave and draw the conclusion that I suggest the keep the division, validate the NPV calculation then to make the expand decision later. In addition, I did not separate Pros and Cons in my qualitative analysis but just merged everything into one section and use the words like, this line discussion supporting the expansion decision or this line discussion does not support.

    I felt I must failed day 1 after questioning my answers again and again in past five months. But, I passed. Which suggests that day 1 does not really has right or wrong answers. It focuses a lot on your strategic thinking and enabling skills. Few points I could think to make me passing the day 1:

    1. Develop an effective and efficient situational analysis. Effective means that your situation analysis such as vision, mission and key successful factors should be used in your detailed analysis. You can even add some more key success factors based on the case fact. For example, the 2019 day 1 case indicates that there is a senior management employee could leave the company if the division is cut. What I added as a KSF in the situational analysis is: 'To retain the best talent of the company'. Because I knew that this KSF will be used in my detailed analysis later.

    Efficient means that to perform the situational analysis quick. Before going to the exam, I memorized vision, mission, KSF and every other details of the case company 'Marmani' and even practiced 10+ times writing of the situation analysis in the exam writing software. By the end, I could finish the situational analysis in less than 15 mins which gives me tons of time for the detailed analysis.

    1. Use your situational analysis, use your situational analysis, use your situational analysis! This is the most important thing i could think about for the day 1. I ensure to integrate either the mission, vision, key success factors or SWOT analysis into the discussion for each strategic and operational issues. For example: By keeping the division, we can ensure that the stability of our senior management team which is aligned with our key success factor which is to retain and develop the best talent in the company.

      1. Draw conclusion for each strategic decision even you dont have a conclusion yet. As I mentioned, I did not even give a decision to the strategic option of expanding the division. My conclusion was like: 'From the qualitative perspective, expanding the division is aligned with our mission and vision. But I need another week to re-perform the quantitative analysis (NPV) and will get back to you later'. This does not sound like a valid answer for exam, but this would be exactly what I do in the real world! As a senior management accountant, I would not directly use the analysis that is performed by the non-accounting individual without any validation.

    Above are my thoughts on day 1. Day 2 & Day 3 will follow later on.

    Any question, leave the message and I will get back to you.

    submitted by /u/Dataminingnoob
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    First year audit staff when a senior associate gives you crap but a Senior Manager tries to cheer you up.

    Posted: 08 Jan 2020 09:43 PM PST

    Big 4 offer but don’t meet CPA requirements. Am I fucked?

    Posted: 08 Jan 2020 07:00 PM PST

    I have a big 4 offer with a start this fall. I decided I did not want to do the masters program and switched to double major (finance & accounting). I accepted the offer but am afraid they'll pull it seeing that I don't meet the requirements. Am I fucked?

    I am planning on only staying there a year before transitioning out. Any advice is greatly appreciated.

    Edit: after interning I found that big 4 is not for me, but a year of it on my resume would be beneficial.

    submitted by /u/Dr-Paincakes
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    Is it true the big 4 pays for your mileage commute from your house to work?

    Posted: 08 Jan 2020 09:10 PM PST

    How to get into Government accounting

    Posted: 08 Jan 2020 03:09 PM PST

    I came across this sub awhile ago and have bee in lurking around. Accounting has seemed interesting to me and I have to take classes for it to get my degree anyways. What's started to irk me is Public seeming like an absolute hell in this sub. On the other end I've seen people saying government is nice so I'm leaning more towards it. How would one get into government accounting out of college?

    submitted by /u/TheSandman987
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    WileyCPA is carelessly sloppy

    Posted: 08 Jan 2020 03:48 PM PST

    I have passed and failed exams with them. Still working on passing a few. I have studied a lot of the Wiley Material and these are my take aways:

    FAR seemed pretty good.

    The rest of the modules are carelessly sloppy. And I mean that they don't even care to sync tests with material. I find myself skipping everything and only pounding MCQs because the material is so wavering and impossible to hone in on the important things.

    Also they have incorrect sentence grammar, incorrectly coded answers, and just plain shitty explanations. Its like you can feel how rushed it all is put together.

    submitted by /u/burfsword
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    Intern needing advice and tips

    Posted: 08 Jan 2020 08:18 PM PST

    Yea so im about to finish training...and with my luck my first client requires me to fly across the country (not something i expected at all from a firm this size). So ill fly back home from training and 24 hours later ill be on another plane to somewhere else.

    Im already lost as is, which im fine with. I figured id learn it on the job, but this is an entire new spin lol.

    Anyone got any tips? Appreciate it.

    submitted by /u/Used_Fleshlight
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    CPA PEP Results

    Posted: 08 Jan 2020 08:18 PM PST

    Who is all scared shitless to get these back next week?

    submitted by /u/legochocolate
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    Resume Critique Applying for SLPs

    Posted: 08 Jan 2020 03:10 PM PST

    I will be applying for SLPs pretty soon, please destroy my resume

    https://imgur.com/XwC0vd5

    submitted by /u/koolaiddrinker1day
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    Is it possible to study the lazy man’s way with Becker?

    Posted: 08 Jan 2020 08:04 PM PST

    If so, how? Specifically, what was your process? Did you start with MCQs for each module, master them and move on?

    How did you account for questions you guessed on but got correct (especially in the beginning)?

    submitted by /u/classsassandass
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    Questions about EY

    Posted: 08 Jan 2020 05:41 PM PST

    My friend got an offer from EY and signed on, but he won't be starting until later this year. In the mean time he wants to work at another accounting firm while he waits for EY's job to start up.

    If EY found out about his other job, would they take away his initial offer?

    submitted by /u/yoyotman
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