[MOAC]

You must have heard from so many people that when you start your career you know nothing, you find yourself lost and don’t know what to do and how to do. I recently passed the exam and accepted a job at midsize accounting firm.

Here is my experience:

I work as auditor and I have to do many ADJE and make supporting schedules. Many of the journal entries and supporting schedules I make are exactly what we learned in school. Nothing looks alien to me. bank recs, mortgage exp, prepaid insurance, leases, mortgage costs are exactly like we learned. My seniors and manager say I’m catching up quickly, I believe it’s because I’m able to apply what I have learned.

It might change in future as they might give me tougher audits to work on but for now I’m able to apply what I have learned and have no panic attacks. Lol

Share your experiences.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[sancasuki]

The real fun begins when you have to fix the previous accountants' (or your boss's) mistakes or laziness. At my previous job, there were a couple tenants that were being billed the same amount for property tax for the last 10 years (with a few random adjustments here and there just for fun)….even though property tax changes every year of course. The property tax is not paid directly from the company, but escrowed by the bank. And the rinky dinky town that collects this tax only shows the bills from the last 2 years on their crappy website. So even trying to figure out which period of time the bill applies to…..ugh. I fixed a few of the easier ones like that but those 10 year tenants, I just adjusted their monthly billings but left the worst part for my successor, hahaha.

I'd also find all these weird adjusting journal entries (boss's) at year end with no descriptions.

[MOAC]

I have been fixing interns mistake for this audit in doing. I'm trying to be a team player and say nothing but he has been so sloppy and carelessness that it's unbelievable. He has made so many transportation errors and account classification errors. My work has been doubled due to his work quality. for same recurring JE he would put into different accounts.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[livealittle]

is the intern still there?

if so, I think you need to help him learn from his mistakes. He will never get better if he doesn't know he's doing it wrong.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[MOAC]

Yes he is there. I'm all for helping him but I don't want to come across as a know-it-all arrogant prick especially when I myself is in the learning stage. What I don't get is why he doesn't ask for help if he is stuck? He should because A) he is just an intern, no one hold it against him if he doesn't know some something B) everyone in our team don't mind helping each other out.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[livealittle]

do you have mentors at your office? if so, ask your mentor how to handle the situation. letting him continue to make the same mistakes doesn't help anyone in the long run.

one of the hardest things at my job is having to correct people who are “over me” or at a “higher level” on how to do things correctly in QuickBooks. A huge percentage of our clients use QB. I am an Advanced ProAdvisor and in my experience a LOT of CPA's “correct” things with adjusting journal entries. in QB this doesn't always really correct it in the software. It may make the balance at a specific date look right, but the errors remain in the software and every financial statement after those AJE's have to have additional AJE's because the real problem wasn't fixed. I've been here long enough that it doesn't bother me to tell a partner not to do something like that, do it this way instead.

BEC - 8/8/16
REG - 66, 77
AUD - 81
FAR - 9/8/16

[FIFOisbetterthanLIFO]

Now that you've patted yourself on the back, I'm going to venture a guess and say it could also be one of the following things:

1. You are working on pretty easy audits.
2. You aren't as good of an auditor as you think that you are and you may be missing things or are being nit picky instead of focusing on materiality.
3. The accountants doing the books are actually decent and there are not many adjusting or odd entries thereby making your job easy.
4. Not sure how long you have been working, but you could actually be ahead of the curve 🙂

Also, interns should not actually be doing serious work without supervision. By definition, you should expect to have to supervise and correct them at every turn.

FAR - Passed (82)
BEC - Passed (76)
AUD - Passed (89)
REG - Passed! (81)
AICPA Ethics

Licensed CPA

[Missy]

IMHO Some employers (particularly in public, not as much in industry) gear their new hire work toward what they learned in school. They're experts in high turnover at entry level and have mastered the art of transition for the most part.

In a small manufacturing company for example you'd wonder if the person who set up the chart of accounts ever even took an accounting course LOL.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[GitRDone2017]

I am very happy to hear that your auditing education has been beneficial for you. I started at a public firm last January and my experience has been quite the opposite of yours. I had the knowledge of tax law (mostly) but the application was where I got stuck a lot on. I had to learn 3 different software programs during tax season as well. It was a rough period, but I am feeling so much better and more prepared for this year. As far as preparation and compilation engagements have gone there have been no issues and my education has served me well. I hope more people will post their experiences on here, I have been super curious if I was the only one! My boss did tell me that I would know nothing to begin with so their expectations were not that high.

"Confidence is going after Moby Dick in a rowboat and taking tartar sauce with you" - Zig Ziglar
Ninja book + Ninja MCQ + Roger
AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[MOAC]

@FIFO
1) I don't think audits I'm working on are very easy, it's possible I haven't worked on tougher parts of an audit yet. Though doing real estate taxes is on of them.
2)my work is reviewed by manager and the senior auditors in my team and the feedback I get is very positive. Of course I'm not the lead auditor so I'm not going to do A-Z on my own at this point if my career.
3)accountants doing the books are really bad. I can't stress on this much.
4) I was working for a small business before passing my exam, then I moved to s midsized firm. Public accounting is a totally different ball game.

Yes interns are supervised but they can't be babysit. You can't look into every entry they do.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[MOAC]

@GitRDone

I had to learn 4 softwares, two were easier and two were hard. Learning the engagement software was most challenging but I got a grip on it within a few days. There are still somethings which I dont know but I have been there for less than two months only. people always say that you won't know anything but in reality they do expect you to understand most of the fairly quickly so you can catch up. They will teach you everything but don't want to repeat it.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[KayBee]

This is the first time I've been able to “brag” about my experience so sorry if all of this sounds pretentious.

I've been in the accounting field since I was 18, before I even decided to get into accounting. I needed a job and I found a bookkeeping position and took it without knowing what bookkeeping was. I worked there for a couple of years before I started taking accounting classes so when I took Accounting 101 it just clicked. I finally knew the why's instead of just going through the motions. Ever since then I've been able to apply everything I've learned in my job to my classes and vice versa. I think going through the experience and the education at the same time was the best way to do it.

I took REG at the end of April purposely because it was my first tax season as the senior accountant (the first senior accountant our small business firm has ever had!). Looking at tax returns all day and putting together tax projections for our customers helped tremendously. I was able to follow along in the study guide with what I did at my actual job, and it helped me answer questions for clients. Along with the taxes I prepare financial statements, convert IFRS to US GAAP, prepare engagement agreements, and use 6 different types of software, all based on what I learned in school. I've been on the receiving end of extensive bank audits over 30 times, and on the receiving end of two IRS audits (which are surprisingly not as bad as those bank audits were).

Every time I took a class I applied what I learned to my job and it's helped me be as successful as I am. With every class I took I applied my real-life knowledge to the lessons I was learning in order to succeed. I wouldn't be where I am in my life without working and going to school simultaneously. I feel like I need an “Accounting Life” tattoo across my abdomen.

KayBee
Bachelors and Masters in Accounting, concentration in public accounting
REG - 77
AUD - 71, Next one tentatively early November
FAR - Oct 1
BEC - before Jan 5

[MOAC]

@kaybee I never planned to be an accountant too. I wanted to be an engineer but chemistry was beyond me so I started studying accounting and it clicked. my career path is a bit different to yours but just like you I have been able to apply what I learned in school.

FAR May 2012 81 (lost credit, didn't sit for other sections.)
FAR 86 Aug 2015
AUD 85 Nov 2015
BEC 84 Dec 2015
REG 78 Mar 2016

Passed ALL sections in first attempt!!

[Anonymous]

I have about 5-6 years audit/tax experience in public accounting providing service to all different sizes and types of organizations in a variety of industries. The work is not difficult, it's mostly just a matter of “paying your dues” which will lead to bigger and better opportunities if that's what you're looking for. It's a lot of repetitive work that builds your experience to eventually become a manager or board member one day. At most firms, you get out what you put in.

[KayBee]

@MOAC My first choice in major was actually meteorology! But after taking Calc I and Calc II and Physics using Calc I decided that weather was a hobby and not a career choice. Plus the entire time I was taking those classes (the only year I didn't work) I missed accounting so much. I was meant to do this. I am THE accounting nerd. My friend got me a giant magnet that says I <3 Accounting and she made me promise to not put it on my car.

KayBee
Bachelors and Masters in Accounting, concentration in public accounting
REG - 77
AUD - 71, Next one tentatively early November
FAR - Oct 1
BEC - before Jan 5

[GitRDone2017]

@moac, The software I had to learn was the tax preparation software, 2 trial balance software's, and a depreciation software. Of course, the tax software is super complicated and I felt like I was learning at least 10 new things about it every day! depreciation and trial balance software were not too difficult. After tax season I have been learning the tax planning software which has been a struggle at times. I am looking forward to tax season now as I am comfortable with the tax preparation software and want to learn more!

"Confidence is going after Moby Dick in a rowboat and taking tartar sauce with you" - Zig Ziglar
Ninja book + Ninja MCQ + Roger
AUD Oct 2016
FAR Nov 2016
BEC ?
REG?

[Author]

Replies