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    Accounting Touché

    September 14, 2021

    Accounting Touché

    Touché

    Posted: 14 Sep 2021 04:35 AM PDT

    I've got pressure, I'm in deep. Seems everybody wants something from me

    Posted: 14 Sep 2021 11:04 AM PDT

    What’s your accounting hot take?

    Posted: 14 Sep 2021 10:36 AM PDT

    Can be about anything accounting related.

    Mine is that, at least at a high level, engineering and other STEM majors are not more difficult and demanding.

    submitted by /u/AvatarStonks
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    I’m not sure about it

    Posted: 14 Sep 2021 11:43 AM PDT

    First Year Staff Dealing With High Turnover:

    Posted: 14 Sep 2021 09:30 AM PDT

    BARELY PASSED AUD BABY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! (2 OUT OF 4)

    Posted: 14 Sep 2021 05:36 PM PDT

    There’s more than one reason to celebrate independence

    Posted: 14 Sep 2021 07:06 PM PDT

    This is in an accounting textbook

    Posted: 14 Sep 2021 06:30 PM PDT

    CFE Opinion - Don't bother checking the threads today or yesterday

    Posted: 14 Sep 2021 04:04 PM PDT

    Literally have nothing to gain from reading them, and everything to lose if you realize you screwed something up by reading other people's comments.

    Because then it might get inside your head for day 3 and you end up overthinking things or panicking.

    There's still another day of hell ahead of us, no need to start worrying about the past, we can't change our answers anymore.

    (On a side note, is anyone else stuck with an arrival time of over an hour before the exam? What do you do to pass the time, because I was told I can't use my phone/study material/talk to anyone)

    submitted by /u/godstriker8
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    I guess I really am majoring in accounting.

    Posted: 14 Sep 2021 03:52 PM PDT

    2 things I would like to know

    Posted: 14 Sep 2021 08:30 PM PDT

    1. What happened to that dude who had absolutely zero Audit experience and started his own firm and took on an audit engagement, but had no idea what he was doing? What happened to the old man he hired as someone who could "sign off" on the audits? What did the client say when he told them he completely fucked everything up and they were going to miss their mandated reporting dates?

    2. What happened to the dude who took a Controller position because his friend was the CFO? Yeah, he had zero experience in any finance or accounting, but he had drive dammit! And who could pass up an opportunity to cover up fraud, I mean, a great opportunity like that!?!?

    The world may never know. . .

    submitted by /u/forensic_tortoise
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    Your manager when you put in your two weeks notice

    Posted: 14 Sep 2021 01:41 PM PDT

    Me writing the Day 2 Assurance AOs

    Posted: 14 Sep 2021 02:44 PM PDT

    CFE CAN Day 2 Thread

    Posted: 14 Sep 2021 01:14 PM PDT

    Yeah I am going to be that guy lol. Off the top of my head ..

    1. Revenue recognition for franchise fee, optional services and royalty
    2. Investment in LBO? business 1.9M investment - control - subsidiary ?
    3. Leases and sale of PPE (was it not supposed to be 4M)?
    4. Non monetary transaction and intangible asset - not sure why I thought the web design was website stuff and I did criteria on that lol
    5. MA QUANT for wine - horrible done

    I did assurance and there was a shit tonne of Procedures. 3 I believe. 1 for FR issues. 1 for the disclosure and 1 for the ??? I'm forgetting but I remember there was 3

    There was Weakness/Imp/Rec for the checkout

    There was a special reports. I think I messed this up. I think it was supposed to be audit expert or independent auditor but I put special reports and recommended CAS 805 but compared CSAE 3001 also.

    I suck at this stuff and just happy I'm done day 2. Just curious how hard on day 3 I gotta go for FR and MA now!

    submitted by /u/sambaker3986
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    [CAN] CFE: anyone else have issue with their folio view today?

    Posted: 14 Sep 2021 04:54 PM PDT

    I need to calm my nerves because I'm as having super glitchy folio view today, it was quite hard to read most of the time, as long as I scroll i a few times it goes unreadable mode, had to minimize it and maximize it again for a brief moment of usability. Had the IT guy came in to take a look, but the issue there there so I just went with it.. felt like it affected my performance sighs. Anyone else having this issue?

    submitted by /u/onebeantwobeans
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    Got fired in the first month?!

    Posted: 14 Sep 2021 01:20 PM PDT

    Got a temp to perm job (entry-level) at a tax firm. Got on board during the busy tax season so they don't have much time training or teaching me. I was idle for some time and then got fired. I mean wtf.. is this a joke?!

    I don't know what I have been missing here. Do firms get entry-level recruits on board during busy tax season and expect them to know everything and be able to file returns on their own?! I think that level of experience or ability would have a higher title and a higher pay.

    Or the whole temp to perm is a joke?! Temp workers are way too disposable.

    submitted by /u/toioio
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    [CAN] good luck to my fellow CFE writers today

    Posted: 14 Sep 2021 07:14 AM PDT

    What's the difference between the people who are happy with Big4 and those who hate them?

    Posted: 14 Sep 2021 06:57 PM PDT

    Lurking on this subreddit and going through recruitment season I get such wildly opposite responses to the value of being in a Big4.

    One one hand yea, they're going to choose the happiest people to advertise to upcoming hires, and going to Reddit and expecting people to not complain is ridiculous but the difference between the people that hate Big4 and the people that like it is insane.

    What makes some people genuinely happy to go to work and others regret it for the next decade at the same company, hell even the same office? Is it the amount of self advocacy and how much it worked for them? The impact of different managers? It can't just be the koolaid.

    submitted by /u/Qazsarea
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    CFE Day 2 September 2021 MEGATHREAD

    Posted: 14 Sep 2021 02:28 PM PDT

    Alright guys - how did you find it?

    Biggest thing that confused me was the lease and land sale - I considered it being a leaseback but the case did not clarify if they leased the exact same land (they only said on the same date they entered a lease, not that they leased the same land back) so I ended up just assessing operating or financing lease.

    The break even was a big fail

    submitted by /u/tanlines0
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    If firms are so short staffed, wouldn’t making the request to WFH permanently be well leveraged/ considered?

    Posted: 14 Sep 2021 09:11 PM PDT

    What year is it CCH?

    Posted: 14 Sep 2021 07:42 AM PDT

    [CAN] CFE Day 2 - Tax Role

    Posted: 14 Sep 2021 03:54 PM PDT

    How did everyone find it?

    submitted by /u/MindTheGAAP2021
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    CFE writers of past, present and future please encourage me!!!!

    Posted: 14 Sep 2021 04:58 PM PDT

    Nervous as heck right now! I did my best and am proud of myself but the self doubt sometimes sucks!

    Bless me with all them positive vibes! We'll all kill it tomorrow 🙏

    2/3 DONE!!!!! WOOOOOO!

    submitted by /u/mighty-mask_
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    [CAN] Looking for buddies who want to go to Cancun after the CFE

    Posted: 14 Sep 2021 06:56 PM PDT

    Heyy! Looking for some friends who want to party after the CFE! I'm going back to work on sept 27 🕺🏻(Im from Montreal) Best of luck to yall!

    submitted by /u/Building-Relative
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    Is it common for seniors to sign off on the returns you did with mistakes on them?

    Posted: 14 Sep 2021 06:27 PM PDT

    My senior barely looked at it and signed off on it when I know it was full of mistakes for the 9/15 deadline. However, when I had a partner sign off on my work on a previous engagement he would write hella review comments about my format and made me redo it so many times.

    submitted by /u/gtran07
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