[Chris]

Hi All,

I need to step up my audit and accounting skills. While I know reading a book won’t make me a master in A&A, I was hoping some of you might have some reading suggestions that may have helped your thought process when doing preparing financial statements?

I was thinking of starting with the AICPA Guide to Review and Compilations (most of our engagements), but looking for feedback to see if that is appropriate or too much.

Thanks!

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[ruggercpa2b]

I have been in audit for almost 8 years and I have to say there is really no book out there that you could read to get better. I think with auditing you get better with experience. You get exposed to different scenarios in the field. I always ask questions. Make sure you understand why you do something and not necessarily just follow the whole “this is just how its done” When you understand the why it allows you start looking at things differently and ask questions.

I just started at a public accounting firm and they have an extensive knowledge data base that I review for different things. They have guidelines on sampling and they also have a database with the different engagement letters and memos we use.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Chris]

I figured that would be the response. Completely understandable. I'm always hearing “begin with the end in mind.” While I know what the focus is of comps, reviews, and audits, I think I need to try to get a better bug picture idea. In time, I'm sure.

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[mystical guy]

You can know how to do something but fail to understand it conceptually, hence the requirement for CPE. For example, in Audit, you can perform risk assessment, and know how to document that in your workpapers, but not understand what “risk” really means, or how to rate those risks.

That's why I read literature from various sources e.g. WSJ, Institute of Internal Auditors (e.g. Practice Advisories/Guides), Information Systems Audit Control Association (articles and audit guides), and the AICPA (rule updates). It's not very hard to find articles written by professionals as well members of those organizations.

I'm not saying working in various industries is not important, I'm just saying that you need to work and also keep studying.

CPA - Since 2015
CISA - Smashed 2012
CIA - Passed 2015

[Chris]

@Mystical Guy

I feel the same way. I can complete rollforward schedules until my eyes bleed, but understanding the information my workpapers convey and how that relates to the financial statements and disclosure notes is, in my opinion, the ultimate goal. Glad to see you read practice guides as that hits to the heart of my question.

Anyone else do the same or have suggestions?

NH CPA
REG: 07/03/2014 - 88
AUD: 08/30/2014 - 73 - Retake 10/16/14 - 86
BEC: 05/31/2015 - 77
FAR: 08/08/2015 - 64 - Retake 11/23/15 - 77

Becker*NINJA Notes/MCQ*

Now I could let these dream killers kill my self-esteem
Or use my arrogance as the steam to power my dreams ~ Kanye West

[Author]

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