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.... I'm dumb.
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Dec 31, 2019 19:48
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lol that’s sub intern wage, kind of want to call them and tell them they must have meant to post $50, a reasonable mistake, sounds similar to $15
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Dec 31, 2019 20:02
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I've been working for exposure and now you're telling me I could have gotten fat stacks all this time? WTF
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Dec 31, 2019 20:15
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Audax posted:I don't want to be a Debbie Downer but a slight heads up, for a 2-5 years of experience CPA requirement, that looks to be a very underpaid position. But what about the brand exposure? Maybe they have over 5 million twitter followers, did you ever consider that?
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Jan 3, 2020 00:25
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Don’t think of it as a $15/hour salary, think of it as a $50/hour salary that’s 70% goodwill
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Jan 3, 2020 02:00
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Just finished my AUD retake, and just wanted to say gently caress AUD.
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Jan 3, 2020 18:30
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I started studying for it last night. Any tips?
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Jan 3, 2020 18:56
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Know the difference between an audit, review, compilation, financial statement prep, and agreed upon procedures, the independence requirements for each and what each one is trying to do. To build on top of that always read the question carefully so you know which report the question is on because I was reading a lot of questions as audit when I first started studying and the question was for a review. Also figure out a way to keep tracing, vouching, valuation/allocation, and the other management assertions straight. The last big one is the format of an audit report, the order the paragraphs go in, and what circumstances you need to modify it for both public and non public. My first attempt was an absolute kick in the dick, One of the TBS was on audit adjustments but under international standards. This time around my first TBS I could basically just copy paste from the auth lit, so part of the exam is getting lucky that you get questions that don't suck. AUD is also different from the other tests where for like FAR and REG a lot of the questions at least were reformatted practice problems, but for AUD every question was somewhat new.
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Jan 3, 2020 20:24
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Jimong5 posted:Know the difference between an audit, review, compilation, financial statement prep, and agreed upon procedures, the independence requirements for each and what each one is trying to do. To build on top of that always read the question carefully so you know which report the question is on because I was reading a lot of questions as audit when I first started studying and the question was for a review. Also figure out a way to keep tracing, vouching, valuation/allocation, and the other management assertions straight. The last big one is the format of an audit report, the order the paragraphs go in, and what circumstances you need to modify it for both public and non public. Did you take it before or after the revision a couple years back? I had the opposite experience - I flew through AUD in ‘14 because the majority of MCQs matched Becker word for word.
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Jan 3, 2020 20:46
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Im also studying for AUD rn!!! 
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Jan 3, 2020 21:28
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Can't believe it's taken me this long to find this thread and post in it. I'm in the middle of my PREP (prerequisite courses for Canadian CPA), and my final course is Advanced Financial Reporting. Out of all of the courses I've taken, all of this corporate consolidation stuff makes my head swim. Thankfully, CPA Ontario changed their rules and now not only do I have to register for exams separately from the ~6 week online courses, but I can take then up to 12 months after the initial course material is released. Which means that even though I have 3 more weekly quizzes due for the next 3 Friday nights (starting next week), and an assignment due in two weeks, I at least can take a self-imposed breather to study for this thing.
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Jan 3, 2020 22:43
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How do each of you go about studying? And have you passed any yet? Scores? The closest I got to passing one was a 72 on the pre-sim version of BEC. That was accomplished with the "all MCQ all the time" method, taking zero notes, and just passively watching a couple lectures for clarification. I went through the Ninja MCQ over and over, eventually recognizing the answers for problem questions, rather than understanding exactly what's going on and how to work through the question. Close, but no cigar. All the prep courses seem to recommend starting with the books or lectures for a single chapter, taking notes, then going on to MCQ and doing those before moving on to the next chapter. I am an atrocious note-taker, as I am a poor judge of what to write down and what to skip, so I end up writing it down almost word for word. They also recommend taking notes by hand, as it will create a better connection to memory. But with those two things and my ADHD riddled brain, it would take an afternoon just to get through a few pages of the book. Another thing about written notes- I have heard more than a few people say they do take them, but never go back and look them over again. Did writing them in the first place really make that much of a difference? At least with typed notes, there's Ctrl F, no need to shuffle through a notebook. Forget their method. I'm doing it backwards. I decided to just start with the MCQ and a Google doc, picking out little bits from the answer explanations and having that serve as my notes. Full copied questions and answers are too wordy and specific- I just want the highlights for each concept/definition. Once I'm all the way through, I'm going to reset my MCQ progress and go through again, and whatever I get wrong a second time is what I'll study. For things that require additional clarification, that is when I'll go to the lectures and book. So in theory, I'll have notes for everything, just typed up instead of written. They can even be flash cards in a way- prompted by an MCQ, find the answer in my notes. Until I don't have to refer to them anymore. That's got to get me at least a 75 no matter the section, right?
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Jan 3, 2020 23:08
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I used Wiley's online courses for my studies. I went through each lesson, took the quiz at the end and moved on to the next lesson once I passed the quiz. Once I finished the entire section of material (AUD, BEC, whatever) I went back to lessons where I hadn't gotten 100% on the quizzes and retook them. I also set up custom exams to match what would be on the actual exam (So I set it up as ~70 MCQ and 8 TBS for FAR) and I would keep track of my overall scores on the practice exams to see how I was performing and what specific areas were giving me trouble. For FAR, since it was so broad, I found it was better to accept that some material just wasn't going to click for me and skip it to focus on stuff that was tricky but that I knew I could learn eventually. I passed all four parts within about 10 months. Don't know if this will work for you but it was pretty effective for me.
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Jan 4, 2020 00:03
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Audax posted:I don't want to be a Debbie Downer but a slight heads up, for a 2-5 years of experience CPA requirement, that looks to be a very underpaid position. what it lacks in wages it makes up for in fringe benefits
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Jan 4, 2020 00:05
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Democratic Pirate posted:Did you take it before or after the revision a couple years back? I had the opposite experience - I flew through AUD in ‘14 because the majority of MCQs matched Becker word for word. I just took it, I studied using roger for the lectures and used Ninja to supplement the test bank, I found the Ninja test bank prepared me better than the Roger one. My test strategy was basically fucktons of MCQs I really didn’t dive into the books or flash cards at all. It could be the test revisions or that Becker is a better resource for AUD. It could also be I really didn’t get that much exposure to Audit in school and don’t work in public as this is the only section I had any trouble with.
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Jan 4, 2020 01:28
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My strategy for each of the exams was to just do every MCQ for each until I had independently selected the right answer on each one. Each test prep company uses questions released by the exam administrators (I worked at Gleim answering customer CPA exam questions, and used Becker from my internship. I was coming across identical questions at work and then when I went to study). Generally there aren’t any new fact patterns aside from changes to the numbers, so if you just do and understand each MCQ you’ll generally learn all the rules for that chapter of material. Pay a lot of attention to the explanations on why you’re incorrect if your MCQs have them, I found that sufficient as a replacement for reading the outlines.
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Jan 4, 2020 13:35
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Flashcards my dude
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Jan 4, 2020 17:57
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Y'all I made a mistake at work and it's really thrown me off, can't stop thinking about it. So I'm here to vent. I work for a really small firm (like my boss, me and another junior accountant, and an admin - only four of us); we do single member SCorp payroll for a bunch of clients, generally run one or two payrolls a year, often just one at the end of the year, so we were doing that. She has a client that she generally works with directly, but we were close to the deadline for EFTPS deposits over 2500 so she asked me to go ahead and file and pay deposits for a few clients that she said were good to go - paychecks and liability checks already in the books, just file 941 940 W2W3 etc and make the deposits. So I open the books, run the forms, pay the deposits as recited on the 941 etc. All good. Client calls two days later, says the draft from his account was twice what it should be (and it was a 5 digit number, like not a couple hundred dollars...) - turns out there had already been an EFTPS deposit made in beginning of fourth quarter, so I basically double-deposited that amount. So now this client is out that cash until the IRS gets around to processing a refund for the excess deposit, pretty sure he's asking my boss to front that money until the refund comes through, and being a small operation that will likely almost obliterate our business checking temporarily. The thing that kills me is that I know I should have checked back behind at the liability checks to verify the deposit amounts, I know I should have looked deeper than just the quarterly P&L to see if there was already a paycheck in there, I know all the things I could have and should have done. But today is my 11th day of work in a row, 10 hour days (obv preaching to the choir here) and it was 7 at night and I was exhausted... and we have two controls in place that should have prevented this (one is a part of our process that my boss put in place last year, that I made central to my process and verifying everything checked out along the way, that she just decided to stop doing for her clients so it was missing for this one... and one is a tracking system for our payroll clients where you can mark that they have multiple payrolls in a quarter, since thats very much the exception for our payroll clients, and she just doesn't use that tracking sheet... most of the time I ask her the status of her clients and manually update it for her..) Anyway I just feel guilty af and I haven't stopped thinking about it for days and I don't know any accountants as friends so I came here to confess/complain in the hopes that maybe y'all would have some helpful feedback or perspective, or just that I can put it behind me and focus on the next 12 weeks of work that still needs to be done. Onward to printing 1099s.
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Jan 16, 2020 15:08
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I get the “guilt” feeling. It sounds like a process breakdown because your boss doesn’t care about the process... I work in a big corporation and we have a pretty strict opinion that individual contributor errors aren’t unilateral errors as processes include multiple people. Errors can show individual fault (again, process failure) but ultimately nothing is singular in my world. Humans gently caress up. It is what it is. The big thing is identifying process failure and remediation it for the future so it doesn’t happen again. Also your post, along with all my coworkers and accounting friends messages this month, have reminded me why I have migrated to system design. Not being in the close process is great! But I think I’ll be back to the close in a couple years as I want to do FP&A (with the pre-approved support the controller).
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Jan 16, 2020 16:28
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SiGmA_X posted:I get the “guilt” feeling. It sounds like a process breakdown because your boss doesn’t care about the process... I work in a big corporation and we have a pretty strict opinion that individual contributor errors aren’t unilateral errors as processes include multiple people. Errors can show individual fault (again, process failure) but ultimately nothing is singular in my world. Thanks man, this post actually makes me feel tons better, especially this bit. I used to think I was really lucky to be working in a small boutique firm but the pressure to never gently caress anything up because most of my work doesnt' get reviewed is more stressful than I'd anticipated. Right now I'm just trying to get above the anxiety - this is my third tax season and one thing I've learned about myself is if I can stay in a silly/manic/cynical sort of mindset I'm faster, more accurate, and more efficient than when my confidence has taken a hit and I'm feeling down about my work. Anyway thanks again bud
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Jan 16, 2020 16:43
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Don't beat yourself up over this. You're working insane hours, poo poo happens. Even if there were multiple other checks, it still could have gotten missed. When I made a quite impressive error early on in my career, all other errors afterwards took on a new meaning. I don't get stressed out or anxious anymore, because the beauty of this career is that generally, no one will die from any mistake you make. Learn from it and move on.
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Jan 16, 2020 16:59
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I mean I work Big 4 so gently caress the client always. I’ve hosed up six and seven figures before, if they don’t go bankrupt and can’t pay the fee don’t worry about it.
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Jan 16, 2020 17:09
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Thanks y'all, I really do appreciate it, y'all have me back in the headspace to descend once again into the tax mines! Hope y'all are doing okay, only 12 weeks left!
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Jan 16, 2020 17:29
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In my reporting department calling something a particular person's fault is the last thing we do. If there was data we could validate and didn't the solution is to build out a validation. If a validation exists but the IC didn't use it then the validation needs to be integrated into the process more thoroughly. Generally as long as you learn something and improve something based on your failure you should feel good.
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Jan 16, 2020 17:39
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The most important thing about a mistake is learning from it. The fact that you’re open about it, rather than hiding from it, is a definite sign that you’ll learn from it.
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Jan 16, 2020 19:38
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Yeah my boss has been at this a long time and to paraphrase him, in this kind of work trust is extremely important. If people don't think they can trust you you're useless.
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Jan 16, 2020 19:55
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Yeah and I want to retain both the trust of my boss and of our clients, so I'm just trying to get past it and do good work going forward. Definitely definitely learned my lesson, I don't think I'm physically able to make EFTPS payments without verifying amounts on the liability checks anymore lol the thought makes me nauseous. Thanks again y'all, really turned my day and mood around.
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Jan 16, 2020 20:48
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Also fixing it yourself (as time allows) is a good way to demonstrate accountability and also reinforces the lesson. I typed a bunch of words to tell a story but realized I was just bitching about an ineffective teammate (maybe even actively harmful to our reporting). Don't be like him, because I'm about to follow up on a fact pattern email from his gently caress up last quarter to affirm that it's a people problem not a process problem. If you ignore your workpaper yelling that something is wrong at you there's so reasonable reporting process improvement. I'm frustrated.
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Jan 16, 2020 21:07
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Yea I'm gonna endeavor to not ever be that guy. I actually care a lot about our clients and want to do best for them, and my boss of course, which is why this threw me off so hard. Sadly this one isn't something I can fix myself, but def a good look for if (when) I screw up again sometime in the (hopefully very distant) future!
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Jan 16, 2020 22:19
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Everyone fucks up, in the end its just money. Itll blow over, also its an overpayment don't stress those, its when you have them underpay that sucks.
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Jan 17, 2020 01:28
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I slept through my client’s desired 10-K filing day once with the live audit file on my computer. “Slept through” as in literally woke up two hours before market close as people were on the way to my home to complete a wellness check. Company filed the next business day and I still work at that firm. People get it, and if they don’t, there’s another company of people that will.
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Jan 17, 2020 06:15
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I neglected to report a $1 error I found as fraud. No investigation. Still kicking myself that someone got away with it.
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Jan 17, 2020 06:22
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Audax posted:poo poo happens.
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Jan 17, 2020 16:27
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OH I LEARNED! Got dressed down about it today, but my boss and I hugged it out after I was sufficiently contrite so thats all good now I guess. Then the most annoying client ever called and I had to suck up to them for 10 full minutes and it took all of my excess energies. And now I am dead.
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Jan 17, 2020 16:44
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Edit: Since I'm calm now and not having a freak out, here's the quick summary. I inherited a business client from that guy who retired. The business client is partner's with his father. The father is sick so the son comes in for his return. We were getting payroll in order and doing a projection for this year's taxes, at the son's request. He wanted to make sure they had withheld enough as that was an issue last year. They had. During the conversation, he mentioned his father had sold one of his rental homes. This is when I began to panic. The home was full depreciated except for land and had no passive activity loss as it reported gains usually. Not counting expenses, the gain was roughly $484,000. The father had already spent the money. I told him he had to report. I told him the IRS already knew because of the 1099-S, to try to convince him, when he said to forget he said anything. He was clearly panicking himself. He said he would go speak to his lawyer. Afterwards, I spoke to my boss. We agreed nothing could likely be done at this point. I was freaked out because we could lose the account over this, but I said I won't sign the return without it on it. I thought it best to be honest with my boss. My boss agreed with me, though I could tell she didn't like the situation either. We both knew we couldn't ignore it, however. She did say that relying on the 1099-S being filled wasn't a great strategy as lawyers often forget so it will be harder to convince him later. She said to focus on the fact that the rental property can't just vanish on the return to convince him to put it on. She also told me just to straight tell people they have to put it on because the IRS already knows without mentioning things like the lawyer having to file the 1099-S. She said that because it makes the client think they have an "out." We sent an e-mail right afterwards saying I consulted with my boss and she said that the IRS would be aware and that it is inadvisable not to put the sale on the return. Which I said, arguably at the meeting, but my boss was right that he heard that and thought he had an "out" if the attorney didn't file the 1099-S. It was best to try and clarify that he should put it on. He replied that he would speak with his attorney and asked me not to do anything until then. I said we wouldn't do anything until the return is finalized. My plan now is, if he keeps pushing me not to do it, is to be clear that I will not file the return without the sale on. It's illegal, he could go to jail, and that I could lose my career. I will also point out that such money cannot be moved without people being aware. I might even mention (without naming) how that client I disengaged with earlier (that I mentioned n this thread a while ago) was caught because the IRS saw the movement in the bank account. To go back to that one for a second, boy howdy am I glad that happened before I did a single return for that guy. Anyway, back to this client, there is no possible way that person paid for the house in literal cash bills. Even if they did, they had to withdraw it from the bank. Point is, I'm going to be stern and make it clear that they should do this and have to do it and the IRS already knows and I won't sign off unless we declare the sale. I just had a freak-out because I've had this client for a while and it just sucks to be put into a situation like this again. I really have grown to dislike a lot of these clients my predecessor gave me. All of the clients I got on my own are naturally honest and require no work or risk to get them to do the right thing. It's like night and day the clients I attract and the clients he had. These clients fight me on it too much and I've had to both lose and disengage from many of them as a result. Covok fucked around with this message at 04:10 on Jan 21, 2020 |
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Jan 21, 2020 00:20
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Covok posted:My boss is on my side with this, but I'm still worried. If this transaction involved your client not reporting a half million dollars a revenue, you probably need to make the decision to drop them as a client.
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Jan 21, 2020 01:58
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SiGmA_X posted:I think you left a handful of words out of this. Why are you concerned over someone who isn't your client selling things to an unrelated party? His father is my client. His father is sick so his son comes in for stuff like this until it's time to sign. This is for this year's tax. We were doing estimates. Edit: Long story short, I'm venting because I'm mad that, yet again, this guy's clients have put me in a situation where I need to force them to follow the law and lose them as clients. I'm glad my boss is on my side, but, gently caress, its really frustrating to have a business client for two years and then get in this situation because you just happen to do their father's personal return. The guy was convinced it worked like personal residences so he never called me, I guess, and now he's backpeddling because he's scared. It sucks because I know I'll do the right thing and tell him I won't do it and then he's likely going to walk. I'll tell him its a crime, he could go to jail, and that I can lose my career. And I've already sent him an e-mail follow up saying that he should do it, that the IRS is aware of the transaction, and that it should be put as part of the return. If he comes back still trying to get out of it, its going to suck to have to push harder and lose them after working so hard on the account for so long. I've gotten over the panic attack I always have when these things start, but man does it suck getting put into this situation. Edit: Now that I've had some time to cool on this further, I kind of hope he does walk. I might even disengage over this. But I'll give him a chance to do the right thing first. Covok fucked around with this message at 03:51 on Jan 21, 2020 |
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Jan 21, 2020 02:59
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Covok posted:His father is my client. His father is sick so his son comes in for stuff like this until it's time to sign. This is for this year's tax. We were doing estimates.
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Jan 21, 2020 06:38
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SiGmA_X posted:You should definitely drop him as a client if he misreports income and you’re aware of it. (See: AICPA Code of Professional Conduct.) He hasn't misreported income yet. No returns have been filled. He didn't think he was going to owe tax on something and now he realizes he is going to owe over a hundred thousand dollars. And he's going about it all the wrong way. But he's putting me in a spot. If I can explain to him that he just has to face the music and he accepts that, then it was just a freak out and a bad reaction that ruined my day but otherwise is whatever. You get that to varying degrees when people owe money. They always look for a way out such as a missing credit or loop-hole. Though, this is irregular and it is making me re-evaluate things. Still, it can resolve cleanly if he wises up and does what I say. If he still tries to misreport, then I have to put my foot down and see if he either leaves or realizes I'm right. No matter what, I'm not preparing the return without that information on it. I might disengage depending on how the next encounter goes. Covok fucked around with this message at 07:27 on Jan 21, 2020 |
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Jan 21, 2020 07:23
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I mean before you worry is there actually a big gain? If he only realized $500,000 there’s only so much gain there could be unless the guy built the house out of trees.
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Jan 21, 2020 15:17
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