• Breaking News

    Saturday, November 7, 2020

    Home Unlabelled Accounting Annual inventory count Starter Pack

    Accounting Annual inventory count Starter Pack

    November 07, 2020

    Accounting Annual inventory count Starter Pack

    Annual inventory count Starter Pack

    Posted: 07 Nov 2020 09:31 AM PST

    What’s the worst audit engagement you’ve been apart of? Why was it bad?

    Posted: 07 Nov 2020 07:26 PM PST

    My first, worst, and only audit. I interned at a small CPA firm that had a single, relatively large client that they audited (full financial statement audit). I was hired for this full time internship in 2017 at $20 an hour to specifically help with this engagement: a 300 million dollar boat manufacturer. It was only the partner and myself doing this stupid audit and two weeks into the internship we had to do a wall-to-wall inventory count. From $300k engines and completed parts, down to small electronics and hardware, spread throughout a massive plant. The partner (a 70 year old man) decided to go out of town on vacation on the week of the count. Ive never been so stressed in my life. I had no idea WTF I was doing. He told me to use the plant employees to help conduct the count. It was a nightmare. He told me that "they think you're an experienced accountant so don't let anyone know you're an intern; don't ask dumb questions; and act like you know what you're doing the whole time; especially when you talk with the CFO and controller. This client pays all my bills for the year." Bro what!? I was only 21 and even dumber than I am now.

    I survived the count. But the audit dragged on for 8 months because the company was a dumpster fire. (E.g. they were capitalizing all expenses into inventory via overhead - officer salaries, sales commissions etc. They didn't reconcile any cash or bank statements for the full year, etc. etc). The partner insisted on doing everything on green worksheets with pencil. We had to print out all of our excel working papers and spreadsheets (thousands and thousands of pages) the dude printed out emails.

    I left that internship and went straight into industry and ended up a financial analyst and passed the CPA exams. Don't know that I'll ever audit again after that nightmare of constantly being thrown in the fire. I know how NOT to audit a company, at least. I left two months before the audit ended. I later talked with the partner and learned that the audit resulted in the manufacturing company losing its massive line of credit, which it was killing itself with, and going under. Fun times.

    submitted by /u/PrisonMike314
    [link] [comments]

    I need more alcohol

    Posted: 07 Nov 2020 12:53 PM PST

    me sitting in an interview for my first audit internship

    Interviewer: "So tell me, what do you like to do on the weekends?"

    Me thinking about how I sit in my room, alone, drinking straight whiskey in excess to the point where I can no longer function because I have no idea what I'm doing in school or in life. I then contemplate how I am never going to succeed in this cruel world and proceed to take shot after shot and eventually black out as the faint voices from the host of dateline fades out to be the last thing I will hear that night

    Me: "Usually just homework and hangout with my friends"

    submitted by /u/CourtOfWedg
    [link] [comments]

    TIL - There's a brewery called Taxman Brewing Co

    Posted: 07 Nov 2020 05:07 PM PST

    TIL I learned that there's a brewery in Indiana called Taxman Brewing Co. It has beers such as "Deduction", "Evasion", "FIFO" (but no LIFO because fuck that), "Per Diem" and more. I don't think I've ever wanted to visit a brewery more than I do right now.

    https://www.taxmanbrewing.com/

    submitted by /u/cubbiesnextyr
    [link] [comments]

    Taking cost accounting but not doing so good

    Posted: 07 Nov 2020 09:19 PM PST

    I am taking Cost Accounting and I am doing okay just ok. I study all the time. I have a 77% it's not that bad but I have a final coming up and I'm afraid it will drop. So next semester I am thinking of taking Federal Tax. Is it the same as any accounting class or completely different. How did you guys do in Tax? Any recommendations on how to do good in that class?

    submitted by /u/Workinonabetterlife
    [link] [comments]

    Has anyone had difficulty landing a job after Big 4?

    Posted: 07 Nov 2020 09:19 AM PST

    Experienced Senior at B4 here with a decent rating and good relations at the firm. Really hoping to get out of it before busy season starts for my own sanity.

    I know it's a very different economic climate with the pandemic but in general, has anyone had difficulty landing a job after their big 4 time? I've applied to somewhere around 200 places already and received only 2 calls back and the rest all rejections... not sure if I'm doing something wrong but I thought the whole purpose of B4 and CPA was to make things easier for the rest of your career lol

    submitted by /u/tanlines0
    [link] [comments]

    How to not be jaded as an accountant?

    Posted: 07 Nov 2020 03:39 PM PST

    I've only been out of school ~2 years and I know covid is probably contributing to this, but I feel like I'm becoming so jaded and bitter because of this job. Endless deadlines, lack of appreciation by the organization, and work dumped on accounting all the time with no additional resources. I also constantly feel blindsided by new information being provided after accounting needed to know or incomplete information is provided in a bad format.

    I find my job interesting and challenging. Have mostly excellent coworkers and a decent boss, yet I still feel so jaded. I feel like my family and friends just assume I'm stressed and I know I'm often moody from the stress.

    Is this accounting? Do I need a new field? Or is my particular position just...bad? Genuinely don't think I can go on like this for more than a few more years. Studying for the CPA right now and I'm sure that + covid isn't helping.

    What do?

    submitted by /u/fleur123
    [link] [comments]

    CPA shortage?

    Posted: 07 Nov 2020 11:51 AM PST

    I have been reading online about how the amount of CPA candidates has decreased throughout the years and a lot of baby boomers will be retiring soon. In addition, I feel more and more college students are avoiding the accounting career path because of the lack of work/life balance at the public accounting level. Do you think there will be an actual CPA shortage in the next several years?

    ​

    Appreciate any insight!

    submitted by /u/Careless_Language_21
    [link] [comments]

    The only reasons partners can get CFO positions is because this is their only competition

    Posted: 07 Nov 2020 06:05 PM PST

    It Audit

    Posted: 07 Nov 2020 07:29 PM PST

    Hi guys/gals

    I started a job in IT Audit two months and a half ago and feel empty and non challenging as hell. Is it a good idea if I talk to my career advisor about moving to a different practice? I would really like to go to tax. To give some context I was doing core audit before for one year and I'm accounting major and a CPA.

    Thanks!

    submitted by /u/Guaynabito787
    [link] [comments]

    SEC Expansion of Accredited Investor. Hope it extends to CPA in future.

    Posted: 07 Nov 2020 05:47 PM PST

    Big 4: can i start at a different office location?

    Posted: 07 Nov 2020 05:35 PM PST

    I'm graduating and starting at one of the big 4 in Tax this June. I signed an offer letter to work in Philly last May after the pandemic hit and my internship went virtual. I've been living in Philly my whole life and realized I want to live in a different city. Most of my friends are in NYC and I've been visiting there a few times a month this fall. I really want to try living in NYC because I've been in Philly my whole life.

    Since I am starting in June, is it too late to ask the recruiter if I could start in NYC? I know that I need to be smart about my reasoning for wanting to switch cities, I just don't want to say the wrong thing. I feel like the worst that could happen is that they say no. I'm curious if this is even possible for new hires or if its even worth asking for right now.

    submitted by /u/june8899
    [link] [comments]

    Would you have a coworker as a roommate? (Big4)

    Posted: 07 Nov 2020 04:14 PM PST

    So Im (M 22) an incoming audit intern and got asked by a fellow intern (F 21) to rent out an apartment sublease (2Bed1bath) for the upcoming summer.

    I was wondering if you think its okay to have a coworker as a rooommate and any experiences? Also im the opposite gender isnt that a little bit weird? Because quick google search and people dont recommend it.

    Also there are personal things I like to do i rather not get seen by others.

    What are your thoughts would you rather do a 1 person studio or just suck it up and room with her and save money?

    submitted by /u/Hookers_and__Cocaine
    [link] [comments]

    Dominion Voting Systems has Deloitte’s Seal of Approval ?!?!

    Posted: 07 Nov 2020 06:25 PM PST

    Any advice for someone who recently passed the CPA exams, but no experience in accounting?

    Posted: 07 Nov 2020 04:09 PM PST

    I just passed my CPA exams this year, unfortunately I have no accounting experience, internship or otherwise. I'm wondering if anyone has been in this position and still gotten a job and if there's any advice you can offer...

    I've been applying to entry-level accounting positions, junior staff accountant and audit, with no success so far. I'm wondering if I should also apply to internships but most of them are asking for sophomore/juniors. Do firms hire graduates for internships?

    For my background, graduated in Dec 2015. For financial reasons, took the first paying work i could find, which was to basically manage a gift shop as customer service/cashier for about a year. Had to travel outside country for family reasons for a bit after that, came back and did another cashier position while studying for CPA on and off during these periods. Feel like got a bit knocked off course by life and circumstances, and now just looking to get started. Any advice will be much appreciated!

    submitted by /u/byalkopsthebest
    [link] [comments]

    Big 4 Advisory Roles

    Posted: 07 Nov 2020 05:40 PM PST

    Does KPMG Deal Advisory require CPA eligibility for full time? Which advisory roles at Big don't need CPA eligibility? Thx

    submitted by /u/Puzzleheaded-Coast32
    [link] [comments]

    Is it possible that people at recruiting events sometimes never look me in the eye because I'm too unattractive for the firm?

    Posted: 07 Nov 2020 12:58 PM PST

    I've received a fair share of normal eye-contact conversations, but also a fair amount of people who look away and glance at me only a couple times.

    They don't seem like shy people either so is it possible they're off-set by my appearance? Am I doing something wrong when people do that?

    submitted by /u/NOT_A_FAT_BLACK_MAN
    [link] [comments]

    How do you guys stop thinking about work on the weekends?

    Posted: 07 Nov 2020 10:54 AM PST

    Kind of ironic considering this is a work related thread and it's a weekend but I just randomly found myself thinking about how busy next week is going to be and started mentally planning out what I need to do Monday. I'm in big 4 advisory and this is our "busy" season (nowhere near as busy as external of course) so I'm not sure if that has to do anything with it.

    I absolutely hate having this mindset when I shouldn't. I don't know if you all have been through this but is there a way to overcome this? It's like 24/7 I have been constantly stressed out and worried about what's due next.

    submitted by /u/johnnywick
    [link] [comments]

    Looking for accounting video games / interactive 3 statement models...

    Posted: 07 Nov 2020 08:20 AM PST

    Does anyone know of an accounting video game / interactive template etc. where you can run a fictional company, and see how the 3 statements change in real time as transactions occur? I'm just looking for something a bit more interactive than staid examples of lemonade stand cash flow statements in a book! Would be way more fun to learn accounting in this way, especially if you could 'run' a range of businesses - i.e. everything from a high-growth, loss-making SaaS company to low-growth, stable margin retailer etc. Any suggestions would be welcome, even if they're not quite what I've outlined above (I'm conscious that no accounting video games come up after an initial search...)

    submitted by /u/schoenborges_II
    [link] [comments]

    EY - Senior Core Audit (St John’s)

    Posted: 07 Nov 2020 07:27 PM PST

    Anyone heard back from Senior Position - Core Audit at EY (halifax, ottawa, st john's)

    submitted by /u/squilliamfancyson01
    [link] [comments]

    Where my deferred revenue accountants at?

    Posted: 07 Nov 2020 01:58 PM PST

    Holla!

    How complex is your defrev tracking spreadsheet?


    [link] [comments]

    What are

    Posted: 07 Nov 2020 09:15 PM PST

    Typical Deloitte interview questions??

    submitted by /u/No-Type331
    [link] [comments]

    New job in industry accounting

    Posted: 07 Nov 2020 10:20 AM PST

    I've worked in tax for 4 years and just got an accounting job at a private corporation. The first few week(s) I'll be working on preparing for the 2020 audit. I've never done auditing. What should I expect? Any advice is appreciated.

    submitted by /u/pooorvegan
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment