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    Friday, June 26, 2020

    Home Unlabelled Accounting The truth about the Statement of Cash flows:

    Accounting The truth about the Statement of Cash flows:

    June 26, 2020

    Accounting The truth about the Statement of Cash flows:

    The truth about the Statement of Cash flows:

    Posted: 26 Jun 2020 06:00 AM PDT

    EY failed to ask Wirecard bank statements for 3 years

    Posted: 26 Jun 2020 09:54 AM PDT

    Guess I need some WireCard swag for the “F” collection.

    Posted: 26 Jun 2020 10:36 AM PDT

    Interning at Big Four with a 2.83 GPA

    Posted: 26 Jun 2020 04:20 PM PDT

    So I thought I was going to lose my internship after sucky yr with bad friends, roommate problems, and depression. I received my internship in sophomore yr and at the end of the year I had to submit my grade😤 I swore I was going to lose my internship and had to do a follow up phone call because of my grades (I failed a course). Turns out big fours give a second chance but will continuously check on my grade for upcoming semester to ensure I don't slack. I am grateful to have a second chance. Yay! I'm not a failure.

    submitted by /u/TryinatLife
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    I guess EY's not on fire after all

    Posted: 26 Jun 2020 05:59 AM PDT

    Work from corner

    Posted: 26 Jun 2020 07:33 AM PDT

    Big 4 Training in a Nutshell

    Posted: 26 Jun 2020 10:45 AM PDT

    I just heard that Kanye is collaborating with GAAP so next year’s accounting methods could get really weird...

    Posted: 26 Jun 2020 06:35 PM PDT

    EY failed to ask for Wirecard bank statements for 3 years..EY relied on documents and screenshots provided by a third-party trustee and Wirecard itself

    Posted: 26 Jun 2020 06:54 AM PDT

    Having your compensation meeting like...

    Posted: 26 Jun 2020 09:15 PM PDT

    Why you should, or shouldn’t, become an IT auditor ... basically a rant

    Posted: 26 Jun 2020 09:10 PM PDT

    Throwaway account

    TLDR: If you want to be an IT auditor for the rest of your life, become an IT auditor. If you don't want to be an IT auditor for the rest of your life, either just DON'T, or leave early.

    General rant, looking to share my thoughts, looking for encouragement. So alcohol influenced rant here we go. To help with that, here's the table of contents:

    - Why I like being an IT auditor

    - Tangent on why I think the bay area is a better place to be an IT auditor

    - Why I like being an IT auditor, continued

    - Struggles of an IT auditor

    - Job Prospects of an IT auditor

    Why I like being an IT auditor, because it mixes a couple of things I like. Accounting, which to me can be a bit repetitive, and Technology which in today's day and age, is ever evolving. As an IT auditor I learn about the technology that support a business. Which in the bay area technology IS business.

    Tangent on why I think the bay area is a better place to be an IT auditor. If you take an old fashion company, Pepsi, how do they make money, they produce and sell pop (or soda). Which means they have cost associated with production, then initial sale and shipping. Other than production costing, technology's involvement is pretty simple (to over simplify of course). Now take a company like Google (not my client but a good example), their business IS technology. Being an IT auditor in this space means keeping up with how ads are tracked and subsequently invoiced—way more technology intensive than invoicing for 100 2liters for pop.

    Why I like being an IT auditor (cont.) Being an IT auditor, and in my case in SOX compliance, means understanding accounting fundamentals, keeping up with changes in accounting standard changes (yay 606), but also keeping up with changes in technology, like how internet companies build platforms on AWS leveraging tools built by other companies on top of AWS, then feed into cloud solutions.

    Struggles of being an IT auditor. Well what does it mean to be an IT auditor (again in SOX mostly)

    It means you have to convince your client, including those at a high level, that they have to spend additional hours on audit costs because 1 person processed a termination a day late.

    It means you have to argue with management about how important it was that that person didn't create a Jira ticket and get it approved for checking a box in a system that now we have to completely reevaluate our audit approach.

    It means explaining to the client multiple times that something is important because our regulator says it is, and that even though it will cost the client hours of work and slow down their business, they have to do it.

    In the end, it means convincing the client to care about things you don't care about. (Just me? But like who cares that the specific role requested was different that the role granted?)

    Job prospects of an IT auditor: Well so in my career as an IT auditor, I've realized that as an IT auditor, I haven't really acquired specific skills that make me qualified for much more than being an IT auditor. I've become a generalist, when companies are looking for specialists.

    Job Consideration Lighting Round for IT auditors in public accounting:

    Staff accountant/accounting manager: maybe, but not even close compared to regular audit

    Systems analyst: Entry level maybe, but no hands on experience

    Business Operations: Less jobs, more likely than above, but tends to pull from advisory

    Financial Analyst: Financial modeling skills? - Nope

    IT Security/compliance: Potentially, but becomes specialized and in the end is pretty similar

    IT internal Audit: Ok yes, potential to do more than SOX

    So, what can an IT auditor do when they don't want to be an IT auditor? We'll Reddit I turn to you for that I guess because I've had no luck trying to find something else (COVID doesn't help)

    submitted by /u/FakeKenAdams
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    Obesity and Recruiting

    Posted: 26 Jun 2020 07:34 PM PDT

    I went through recruiting as a junior, had interest in my resume, landed 3 interviews but didnt recieve any internship offers.

    So here is the thing, I am a female nontraditional student weighing about 300 pounds at a non-target school. Finding a suit was a nightmare and what I ended up with looked awful even after tailoring. I couldn't find any shoes that didn't kill my feet and I sweated profusely at meet the firms, open houses, ect. I felt so physically uncomfortable sitting at the table during interviews. I swore to myself I would remember how awful it was and use it as motivation. Close to a year later, and i haven't moved the scale at all.

    I'm really disappointed in myself, and don't want to go through this awful process again at my weight. I believe my weight played a part in me not finding an internship.. I know there is nothing dramatic I can do at this point for our fall recruiting events.

    Honestly, I'm not really sure what I am looking for from internet strangers right now. An honest (but kind please) reality check, advice about going through recruiting again, motivation? I don't know, but thanks for reading.

    submitted by /u/Snoo-31314
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    More relevant than ever

    Posted: 26 Jun 2020 10:19 AM PDT

    Core 2 June 26, 2020 - Post Exam

    Posted: 26 Jun 2020 11:29 AM PDT

    How does everyone feel about the exam.

    Case 1 felt better than Case 2 imo. Case 2 im not to sure what they wanted it was all basically qualitative recommendations with simple profitability calcs.

    submitted by /u/Donomite25
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    Canadian CPA's: What are your typical working hours, how much do you make, and what do you do?

    Posted: 26 Jun 2020 09:12 PM PDT

    Feel free to give as little or as much detail as you want, just try to be honest. Interested to see how different or similar it could be out there. As an incentive I will give a random poster a $5 Amazon gift card.

    Not Canadian? Ehhh fuck it - you're more than welcome to post too bud.

    I'll go first. 50-60 hrs a week during non busy times and 70~80 during quarter/year end. $80K. Financial reporting, mid size public CPG company.

    submitted by /u/leavns
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    Is it weird to have no strong ambition towards my career?

    Posted: 26 Jun 2020 08:12 AM PDT

    By no strong ambition I mean I don't really care to take on high positions, or any desire to go into public, especially after seeing how this sub talks about it.

    My main passions are outside of my job, and while I like accounting, it's just something really to make money. I will get my CPA, but I dislike the idea of working long hours or being stressed out. My second sweet spot would be ended up in the 80k-110k range in government and cruising, but my main would be the same thing in industry since I heard it's more interesting. I just want a majority of the time 40 hour -45 hour work week, so I can have the time for myself.

    It's like I can already see myself just cruising after I reach a certain salary level. Anyone feel the same?

    submitted by /u/GODLYPEEK
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    Would EY go Arthur Anderson over WireCard?

    Posted: 26 Jun 2020 12:58 PM PDT

    In addition to the above,

    Why didn't the Big 4 catch 1MDB ( Malaysia Sovereign Wealth Fund)? See Billion dollar whale for good book on the Fraud.

    submitted by /u/dogswithmoney
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    [CPA PEP] Core 2 how did everyone feel about the cases?

    Posted: 26 Jun 2020 11:46 AM PDT

    Obligatory post exam check in. Thank goodness for no variances

    submitted by /u/Shadeuxb
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    Thoughts about this full time offer?

    Posted: 26 Jun 2020 11:41 AM PDT

    Ok so I'm pretty fucking GEEKED right now and want to get impartial opinions on whether or not I should take this offer. I've been interning at a decently sized regional firm for about 6 months now, and my internship is ending next week. They offered me a job as audit staff, 55k a year, 401k, full benefits, etc. Is this a solid starting salary? I would start a year and a half from now in busy season 2022 once I graduate from undergrad in December of 2021. It makes sense to just take the offer right? If I were to intern for Big 4 next summer and they offered me a position I could always rescind the original offer and take that job couldn't I?

    submitted by /u/FEEL_THE_BAYERN
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    Some of my starting salary converted to signing bonus. Why?

    Posted: 26 Jun 2020 02:05 PM PDT

    So I'm starting audit full time this fall and they just sent me a new offer letter reducing my salary but adding a signing bonus for the exact amount of the reduction in salary.

    Does anyone know why they would do this or how it helps them?

    submitted by /u/panthersdrew
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    EY was the auditor behind the Luckin Coffee and Wirecard fraud?

    Posted: 26 Jun 2020 06:40 AM PDT

    EY was the auditor behind the Luckin Coffee and Wirecard fraud.

    Will this impact investor confidence in the audit opinions asserted by EY in the future? How would the scenarios surrounding Arthur Andersen affect/not affect EY?

    submitted by /u/Mustang9512
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    How to find motivation to study and work full-time?

    Posted: 26 Jun 2020 11:37 AM PDT

    Hey guys, I hope some of you may have some insight into how the fuck I can get my motivation back up to study and work. When I first started in public (mid-tier, tax), I cranked out 2 of the exams within 3 months during busy season. Now however, I'm a senior and I need to take FAR still and I just have negative motivations to do so. Work sucks. Studying sucks. When I have free time I want to spend it with my dogs away from my computer.

    Any advice on like how to trick myself into studying would be greatly appreciated.

    submitted by /u/Pokemon_Overlord
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