[AJE]

I’ve passed the CPA exam (all 4 parts on the 1st try), finished a Master’s with a 3.9 and I’m two months into an audit staff position and I still feel like I just don’t get it. I think I’m doing okay, and maybe even well, compared to peers in the work I’m doing.

However, it still basically all feels confusing. I feel like by this point I should be able to easily teach an Intro to Accounting class and I think I’d struggle with that. A lot of what people say to me sounds like partial gibberish. I hear the words, but can’t easily put them into context with what’s going on (as opposed to say basketball where u could throw out a random number, name, etc and it’d make complete sense).

When does one “get it” in audit usually?

FAR 91 - 04/16
BEC 87 - 05/15
REG 77 - 07/27
AUD 92 - 08/31

[mitchmatch]

I can't speak for audit, but in my first few years of school, I was getting high grades but I didn't know what I was doing. Like I could do everything but I had no clue how to fit all the pieces, well in my last year, they had us do a project called the wiley project. It was a simulation of the last two weeks of a company from entering invoices all the way to manually creating the financial statements. It was grueling and it took around 70-80 hours over the span of fourth months. We'll suffice to say it put all of the puzzle together while giving instructions on every procedure. By far the best teaching mechanism I have ever come across. I soo recommend you try it. It's called the wiley project and I give you my word it will fill in the blank

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[AJE]

That's awesome – thanks. Exactly what I was looking for. Been trying to do random journal entries etc here and there on the web…all either too remedial/or no context to put it into a bigger puzzle. Any idea what exactly it was called/link? Having a tough time finding it via Google.

FAR 91 - 04/16
BEC 87 - 05/15
REG 77 - 07/27
AUD 92 - 08/31

[Martin]

mitchmatch, can you post the link? I couldn't find the Wiley project on google either.

Through God all things can happen!

“You never fail until you stop trying.”
― Albert Einstein
When I was young, I used to admire intelligent people;as I grow older, I admire kind people.
“Just keep swimming, just keep swimming.”

FAR= 72-84
Audit= 73-82
BEC= 74-75
Reg=77

[mitchmatch]

When I get next to a computer I have the isbn on a syllabus, it's a folder with fake invoices bill of laidens, checks, guides journals general ledgers, everything you would need for the entire accounting process. This solidified my understand of accounting. So just give me some time, and I'll post it.

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[mitchmatch]

When I get next to a computer I have the isbn on a syllabus, it's a folder with fake invoices bill of laidens, checks, guides journals general ledgers, everything you would need for the entire accounting process. This solidified my understand of accounting. So just give me some time, and I'll post it.

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[AJE]

Sweet, thanks!

I guess on a similar tangent – for people in public audit, how long was it till you felt comfortable with your co-workers? I think a lot of my “unease” is probably that I feel awkward asking questions constantly + having to ask them stuff a 2nd time + sometime they theorize instead of helping with the actual issue + etc? Was there a just screw it moment where you felt your personality adapt to this?

FAR 91 - 04/16
BEC 87 - 05/15
REG 77 - 07/27
AUD 92 - 08/31

[jessica8926]

I spent two years in audit for a Big 4 on a large complex public client. It took me at least a full year to understand most of the audit. I say a full year because once you get through one full audit you start to see the beginning middle and end which is what was hard for me to see when I started. I started during busy season January so I was in the thick of it and had no idea how anything came together. I also left that client before I could even see the finalized opinion etc.

I would say do not worry if after two months you still feel you know nothing. That is totally NORMAL and expected of anyone just starting out. As a senior I had to teach and guide two others like yourself and fully expected constant questions and confusion. I actually would be worried if this never happened. A lot of the time when you are a first year the focus is on just getting the work done even if you dont 100% understand it. That just comes with time and experience and exposure to other things besides a testing workpaper.

Theorizing is unfortunately a common practice and probably meant for you to learn and start thinking the way auditors do. Thats how a lot of things in audit start off and you just have to try and take that theory figure out next steps to see if your theory is correct and actually get answers or solutions.

If you feel you are still lost after they theorize or you feel you need to ask the same question twice just be honest with them and say look I know we talked about this but after taking a step back and further analyzing the situation and comments you had I still do not think I fully understand. As long as you say you have thought about it and not just given it two seconds and then go back immediately they will be ok with it. Make sure you also go prepared with specific things you do not understand or need a little more help on instead of just saying I don't get it.

But honestly focus on finishing up your work as best you can and everything else will come with it!

AUD - 69, 77
REG - 74, 81
FAR - 75!
BEC - 71, 82

IL candidate!

Finally done (5/24/16)!! Yahooooooo!

[sarah40460]

I agree with jessica8926. I spent 2 1/2 years in external audit and also did not really get it until about a year in. On my first evaluation, the one negative comment I got was that I didn't ask enough questions. I was like you in that I didn't want to be a nuisance to anyone. However, they really do expect you to ask as many questions as you need to in order to learn your job.

In my second year as a senior, I had a few interns/staff who practically lived in my cubicle asking questions and constantly apologizing for bothering me. I think most people are happy to help. They'd rather help you now than have to review your work later and figure out that you had no idea what you were doing on an assignment. I wouldn't fret it too much. It will all start to click.

AUD: 95 (11/2015)
FAR: 88 (02/2016)
REG: 89 (06/2016)
BEC: 90 (07/2016)
Ethics: 93

I'm never studying for anything ever again!

[mitchmatch]

Hi, i apologize, i had the wrong name, here it is,

Its called the warren case, NOT the Wiley project. See if you could find a newer version.

FAR-76 First attempt.
AUD-79 First attempt.
REG-79 First attempt.
BEC-79 First attempt.

Done!

BECKERS

[Stilgoin]

Systems Understanding Aid

Here is a link to a new one. This looks interesting. Thanks mitchmatch!

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[AJE]

Thanks for the wise words – I'll keep them in mind.

Those projects look interesting, something to do during down time at least.

FAR 91 - 04/16
BEC 87 - 05/15
REG 77 - 07/27
AUD 92 - 08/31

[A]

Keep in mind that the Arens SUA is only a book-keeping project – there are no financial statements or other schedules to prepare. We completed it as a side project over the last three weeks in freshman-level Principles I.

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Stilgoin]

@mecrushya Sometimes I think a simple book-keeping project can bring all this together for an accounting student. If you have never owned your own business, then a lot of what we learn does not make sense in the real world. Some of the fundamental principles are skipped by accounting professors at university because they think the book-keeping part is so simple and not a big deal. It is not simple to a new student of accounting with no experience. I think everyone could benefit from doing a program like this from start to finish if they have no experience, then build on that information.

B | 62, 78
A | 73, 67, 79
R | 82
F | 59, 59, Waiting

Ethics | 93

"Success is not final, failure is not fatal: it is the courage to continue that counts."
~Winston Churchill

“In a world full of critics, be an encourager."

[A]

Perhaps, but if the audit process isn't making much sense to our OP, I'm not sure pairing paper POs and shipping documents with recognized revenue entries on a simple ledger will be very helpful. Your mileage may vary, of course.

@sundizz: if you decide to work through the Arens SUA on your own, there's no need to get the most current edition. I think you can get the 7th edition for about $10 online. I'd offer to send you mine but it finally hit the recycling bin several months ago.

B - 77 (2.27.16)
A - 81 (4.18.16)
R -
F -

Roger Review + Ninja MCQs

[Star86]

I had a similar question a few days ago. jessica8926, that is great advice, that I will definitely consider.

[Author]

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