Accounting Ha! |
- Ha!
- My favorite part about the firm switching to WFH is the new expectation that I'm online and available 24/7
- EY layoffs starting for COVID-19 for Central Region. They have a lot of people on the bench after busy season and not enough wins for new work.
- I love placing reliance, it’s the best
- What was "the incident" in your office?
- Got laid off due to COVID-19 [CAN]
- Audit client horror stories...
- My family(especially my older parents) has a mentality that accounting is preparation for a Clerk job, need help to convince them that its not.
- [Student] How much material did all of you actually absorb from college? I feel like I can't remember most info from previous classes.
- Nursing to accounting?
- Starting to regret rescinding a Big 4 offer
- I finally secured an internship and I'm super nervous!!! Advice?
- Hi, my daughter is 19 years old, she's in university also working earning money and still live with me. Can I still claim her medical expenses, tuition and school fees as my dependent when I file my 2019 taxes? need advise please....
- I tried to do my taxes through Turbotax. Somehow got directed to 1 800 Tax Pro. They said they were the IRS and took it upon themselves to finish my taxes. They promised I would receive 100% of my return. My return arrived and is $277 dollars short.
- Do B4 ask for references for internships
- What are the key differences between being an Accountant and being a Bookkeeper?
- Audit vs. Deal Advisory
- Worked under the table last year, how can I file taxes ?
- Audit cash disbursements question
- College education/courses and its importance to CPA's job and daily tasks
- Graduate Diploma in Accounting for Accelerated CPA switching online - worth it ?
| Posted: 28 Mar 2020 09:45 AM PDT
 | ||
| Posted: 28 Mar 2020 02:40 PM PDT I sincerely apologize for not responding to the email that you sent at 7:00 PM on a Friday by 8:00 AM on a Saturday. Sorry for posting the brief complain, but it sure seems like when you're never in the office, you're always in the office. [link] [comments]  | ||
| Posted: 28 Mar 2020 05:23 PM PDT | ||
| I love placing reliance, it’s the best Posted: 28 Mar 2020 09:52 AM PDT
 | ||
| What was "the incident" in your office? Posted: 28 Mar 2020 08:46 AM PDT | ||
| Got laid off due to COVID-19 [CAN] Posted: 28 Mar 2020 08:50 AM PDT My boss finally set up work from home procedures this week, but yesterday he called me to lay me off until June 29th. I work at a small public practice firm. He said the lay off is due to the clients not being able to pay us, and we expect to be super busy in the summer. I will take this time while collecting EI to relax and do some things I couldn't before, and also look for a new job. I'm worried that there is no job market out there right now due to the pandemic though. [link] [comments]  | ||
| Audit client horror stories... Posted: 28 Mar 2020 01:28 PM PDT As auditors, we all know how difficult trying to get timely, coherent and complete PBC's is, and we all know the cycles of management blameshifting and pressure. But what happens when things go horribly wrong? Here's a fun story: First, a little background: After spending a couple years at a small PCAOB firm picking up an awesome breadth and depth of experience and getting hooked on travel, an FTN busy season at a great PwC office, and a solid remote manager gig at a high-quality crowdfunding-focused firm for another couple years, I was done with audit and ready to move on completely to IT and SEC consulting...or so I thought. Being an auditor and SEC consultant in the small cap world, I have learned and become accustomed to standing up to pressure and tend to be cynical about management's "broad strokes" point of view. I simply don't care what people think of me - I strive to be good and friendly to the staff and clients, but I'm not going to cave to "can we file" or "is it done" pressure from partners or clients if they don't get us what is needed for an audit. The Audit Begins After a very, very long story, which I'll write about some other time, I agreed to help a friend who started his own PCAOB firm as a contract audit manager on a "knock it out of the park" two-year audit for a small revenue-generating pharma company that would be taken public. Well, that plan backfired and the deal fell apart, since the "go public" vehicle was run by a shyster, who destroyed a lot of inventory and siphoned millions from the company (in addition to millions in capital raised) to gamble in Vegas and live lavishly - a very colorful, very common, story in the small cap world, which I'll write more on another time. Needless to say, after countless hours spent, the audit was put on ice, as lawsuits flew. A year later, the company felt it had recovered sufficiently and is now looking to be acquired by an already-public Canadian company. The Canadian acquirer wanted a 1-year audit just for the acquisition (not even for regulatory filings), but the partner felt the acquiree should have a 2-year audit and got a new engagement letter for it. Great, green light, let's go! Nope, the company's accounting was s***, and the new controller had spent the past year or two cleaning up the books, on top of dealing with audit requests and fallout from the previous deal. After all other accounting staff quit, the controller finally had enough and quit in the middle of the audit, and a new controller came on board several weeks later - mind you, this is still a revenue-generating, inventory-carrying company running on Sage 300 with a one-man accounting department! At this point, audit requests were and have continued to be outstanding for months in a nice, organized, collaborative format the client had originally agreed to work with. Unfortunately, due to being overwhelmed, the original controller threw that format out the window and started throwing whatever he could find at us. We had a PBC list covering approximately 70% of the audit requests and even obliged to spending copious amounts of time organizing support received and manually updating the list for every time the partner asked where things were at (i.e., every time the CEO asked the partner where things were at.). After being asked by the partner several times "exactly where we are at" with no real progress getting anything and therefore no update to give, I got frustrated and tediously walked through the list item-by-item on several calls. The partner started to understand the gravity of the hold-up, the lack of progress and the amount of time wasted. The Drama Unfolds After the old controller quit, the CEO tasked the CFO of the acquirer with managing the company side of the audit. And a couple weeks later, the new controller was on board. There was at least some semblance of enough staff to get done, right? This is where the downward spiral really started accelerating:
TL;DR - This audit. Just. Won't. Die. An acquirer's CFO, which is not affiliated with the acquiree, is a real ***hole and is meddling to the point that we can't get what we need to complete the audit even if the controller cooperated. If we give in on any requests, I'm 99% sure there will be a material misstatement, aside from the facts that the client's historical accounting being s*** and that the client isn't fact-checking anything before sending it to us. Internally, the firm partner seems to have cash flow issues due to tons of unnecessary overhead and full-time staff, and while I have been paid to date, it has been slow and makes me nervous, and the partner's commitment to quality - especially as a PCAOB firm - makes me equally nervous. Hope you enjoyed reading about psychosis! Out of curiosity:
[link] [comments]  | ||
| Posted: 28 Mar 2020 05:06 PM PDT My parents are paying for college so I kinda have to have their blessing for my major. [link] [comments]  | ||
| Posted: 28 Mar 2020 01:41 PM PDT Hey all. I just want some clarity and some grounding. I'm a college senior and I feel like my mentality has switched from a "learning" mentality to a "just learn what I need to pass exams and then dump the material from my brain" Did anyone else get like this? Is this a big problem? Idk if I should just keep chugging along or need to have a real look into myself. Is remembering all this material really important for future careers or is it more of a test of focus and ability to pass classes? Thanks guys! [link] [comments]  | ||
| Posted: 28 Mar 2020 07:03 PM PDT I'm an RN and looking to make a career change. Literally just want a job where I can make 70k or more, take vacations or have days off as needed, pee when I need to pee, eat lunch, and not get assaulted at work or catch diseases at work. Will accounting afford me these luxuries? I live in america and crave a cubicle at this point. I have a bachelors how can I best transition [link] [comments]  | ||
| Starting to regret rescinding a Big 4 offer Posted: 28 Mar 2020 08:46 PM PDT Last year I got an vacation program offer from one of the Big 4 and accepted it. However, a couple weeks before my first day there I got an offer to work at a health institute. I'm more interested in working in healthcare so I rescinded my Big 4 offer. Both roles were in data analytics but at the time I felt like working for a company that I'm passionate about mattered more - even if the company was way smaller. Now, I'm in my final year of university. I've applied for a grad role at the same Big 4 firm and got rejected. I don't know why but I just feel really dumb now for passing on them in the first place? Feels like I missed out on a lot of exposure...... Am I an idiot? [link] [comments]  | ||
| I finally secured an internship and I'm super nervous!!! Advice? Posted: 28 Mar 2020 12:54 PM PDT I am a senior and secured an internship at a national firm. I'm not an overachiever by any means. I have a 3.1 gpa and I struggle a lot with school but seem to glide by. I never got an internship until recently! It starts next spring but I wanna prepare in advance to make a good impression and do my absolute best. I want to make the most of it. I have 0% experience in accounting and therefore I'm super worried but I simultaneously want to do really well. I hope to get an offer. What advice do you have for me? Anything I can do in advance? Thanks!!! [link] [comments]  | ||
| Posted: 28 Mar 2020 08:23 PM PDT | ||
| Posted: 28 Mar 2020 05:40 PM PDT Little bit more info: I was using TurboTax to prepare my taxes. I got to the last page and they requested my AGI which I couldnt find anywhere. Somehow I got directed to 1 800 tax pro. I'm usually much more thoughtful about things like this but with me being out of work because of the pandemic I was a little desperate I guess. I called them and he informed me they were an affiliate of the IRS told me his first and last name yada yada and that he could get my AGI. He just needed my state I'd and a copy of my W2 for verification. Once I sent these things he basically had me hit done on several different parts which substitutes for an signature. (Btw his name is not on any of these e forms) He and another woman I had to talk to assured me I would be getting 100% of my taxes... I noticed one of the pages I had signed said something about a 200$ invoice and i mentioned something the same day I had filed. At this point a 3rd person told me I would not have to pay and would get my full refund.Fast forward 2 weeks later, my taxes come and they are 277$ short I'm not looking for answers from people who went and checked tax pros rep on Google after the fact. I already read the reviews and they were disheartening to say the least. I need to talk to real people who have dealt with them or real advice from people regarding getting most of my money back. We are in the middle of a pandemic/economic slump and I'm out of work with nothing but this money to rely on for the next few months. Today is Friday so there was no one in the office to really talk to. I will call Monday as I genuinely pray this is a mistake they can fix. If I have to refile or amend my taxes to get my money back I will. [link] [comments]  | ||
| Do B4 ask for references for internships Posted: 28 Mar 2020 12:50 PM PDT I've been interviewing with all four firms for summer 2021 advisory internships, but I don't really have solid references. I have a great resume, GPA, extracurriculars, and the interviews have went pretty good, but I'm not really close enough to any teachers or managers who would provide a reference. Will I even need references if I progress further? Should I ask other students I've worked with for references? [link] [comments]  | ||
| What are the key differences between being an Accountant and being a Bookkeeper? Posted: 28 Mar 2020 10:03 AM PDT | ||
| Posted: 28 Mar 2020 06:42 PM PDT Hi everyone! I know posts like these are common on this sub and I've tried to go through previous posts as much as possible, but I wanted to present my specific situation to get some advice about the pros and cons of the two internship offers I've received. So I've received internship offers for Summer 2021 for both Deloitte Audit and KPMG Deal Advisory in Chicago. I'm torn between the two because on one hand, I feel that Deloitte Audit would be more secure in a recession and would lead to a wider variety of exit ops into the corporate world or law enforcement (the FBI Forensic Accountant route interests me greatly.) On the other hand, I feel that I would burn out quickly in audit and would find DA much more interesting in the long run. If I went the DA route, how easy would it be to switch to audit after a couple years if I didn't find DA as interesting as I hoped? And what corporate/law enforcement jobs would be good exit ops from either AAS or FDD? Any input is greatly appreciated! [link] [comments]  | ||
| Worked under the table last year, how can I file taxes ? Posted: 28 Mar 2020 08:42 PM PDT I worked for about 2.5 months for a brand new moving company as a sales rep and my employer was foreign and paid me cash weekly. Never planned on taking taxes out until further notice he said. And now, I need to file something in order to get my stimulus package check. I didn't file for 2018 and wouldn't be able to find the stubs to save my life. I made about $530/wk between October and December 2019. Thanks in advance [link] [comments]  | ||
| Audit cash disbursements question Posted: 28 Mar 2020 01:05 PM PDT "Assuming the client corrects the G/L balance and provides a corrected report, you then proceed with test work. Your audit program for this area requires you to obtain the cash disbursements ("C/D") journal for the month subsequent to year-end and to set a threshold for material misstatements of $199,200 for accounts payable. Upon making selections for those transactions from the C/D journal, you note that $780,720 in subsequent payments related to vendor payables where services were performed during 2019 and were recorded as payables as of December 31, 2019. You find that there are $526,200 in subsequent payments that relate to vendor payables for services that occurred in 2020 and were recorded in 2020. You also note $175,800 in payments to vendors for goods and services related to 2019 and recorded in 2020." So, I'm not sure how to interpret the statements in bold. My initial thoughts are that since there's 780,720 in subsequent payments, that 780,720 should have actually been recorded in 2020 and not Dec 31, 2019 and thus it is a misstatement. Vice versa for the 526,200 I guess, that the 526,200 should have been recorded in 2021 instead? Also seems like the 175,800 for payments is a misstatement because of timing issues since it should have been recorded in 2019 instead. Am I on the right track here? I'm basically trying to find all the misstatements. [link] [comments]  | ||
| College education/courses and its importance to CPA's job and daily tasks Posted: 28 Mar 2020 04:31 PM PDT Hello everyone, To summarize my question, I am wondering about the relationship of what you learn in your college courses with the day to day tasks of a CPA and CPA exam. (I realize there are many different things that a CPA does but I don't really have enough knowledge to designate a specific role) My background and reason for this question: Currently I work as a bookkeeper with mostly book keeper tasks and a few accounting tasks. At the very small company (3 full time including me) I work at, the plan is for my to get my CPA and start offering more robust tax services and general CPA services. I am fortunate in this case as we have a strong clientele base for our bookkeeping and any services added on I would be able to set and keep whatever I charge. Currently I am enrolled in a an online college to get my degree, with about a year left as I have transferred from a community college with credits. I chose the online school, as opposed to the well known local UC because it would expedite the degree process by roughly a year, which I felt was significant enough to warrant choosing the online route. I also justified this decision because I felt that once you passed the CPA exam the name of the school was less relevant. Here is my conflict: I feel that the current online school, which was recommended through looking at several reviews, is subpar to my community college education. I have taken an financial accounting course at the cc and am currently taking the equivalent course online and I feel significantly less confident on the material as we progress through it. Mostly due to the fact that I feel there is simply not enough assignments or places to test my knowledge and see what I don't know. I am hoping that my CPA review course (in 1 year) will work with this education and help me do well in my exams. I am hoping that will be enough to pass the exam and help set me up to learn well during my beginning CPA years. I am wondering if this is a sound plan, or if I should just add a few years to my education and transfer to the UC (would add about 1.5-2 more years, due to when they accept transfers) Thank you for taking the time to read my post, any constructive criticism is happily welcomed. TLDR; current school education is subpar, should I add several more years to my education to transfer to a better school delaying the CPA exam and work opportunities. [link] [comments]  | ||
| Graduate Diploma in Accounting for Accelerated CPA switching online - worth it ? Posted: 28 Mar 2020 07:49 PM PDT All GDA programs in Canada are switching to an online format but the prices are staying the same (10k). Anyone who has taken or is planning to take a GDA program this summer think its worth it ? We just got a notification from our university that they don't plan on changing the price-tag. [link] [comments]  |
![[link]](https://i.redd.it/cum2n35c1gp41.jpg){kind=link}
| You are subscribed to email updates from Accounting. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment