http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5 Powered by Another71.com en-US Thu, 09 Feb 2012 10:15:53 +0000 http://bbpress.org/?v=1.0.2 q http://www.another71.com/cpa-exam-forum/search.php http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16366 Fri, 12 Feb 2010 09:45:51 +0000 leebird 16366@http://www.another71.com/cpa-exam-forum/ <p>ski, </p> <p>I understand your frustration. Life is not FAIR, or EQUAL, for all of us. This is just an exam, its only a test and people who have enough time, money, and resources will pass (more) easily. </p> <p>I will take it at the end of this month. I bought the final review as well, and cannot fully stress how damn important that one is. Also have flashcards. You need to read the chapters at least twice. 4 and 5 are big time test material. Big time. Anyone can tell you that. chapter 3 is big time as well with IC. I havent taken so not divulging anything. I find Becker lectures to be a joke. But their software and materials are top-notch. </p> <p>Read chapters very thoroughly and work MC in order of chapter topics. Final Review = 3-5 extra exam points. Thats how confident I am in that. Its the bomb </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16139 Sat, 06 Feb 2010 11:40:47 +0000 CPAWannaBe 16139@http://www.another71.com/cpa-exam-forum/ <p>The GaJone, you are fortunate to be in job where you get a variety of experiences but I think most people in accounting tend to have more specific jobs, like I never do audits and do lots of tax.</p> <p>I agree with CapitalGains: fresh out of school, candidates have just been exposed to much of the material on the exam and it is an ideal time to take it. Now that I have a family and a full-time job, it is so much harder for me than it would have been 20 years ago.</p> <p>Skiw97, I understand many of your points. Reading what you said makes me all the more happy I left the corporate world and work in a small, family practice. We are a laid-back Southern accounting and tax firm. My dad is my boss, my recently laid-off husband is helping out during tax season, I can bring my kids to work, wear flip-flops if I want (but always professional in front of clients!) and we bring in over $200K a year. I don't have to pass the CPA exam, but I really want to for my own personal accomplishment.</p> <p>Everyone on this forum has the CPA exam in common and I appreciate the support and advice I have gotten from here. I have seen some negative posts, but lets not let the stress get to us. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16132 Sat, 06 Feb 2010 08:58:26 +0000 The GaJone 16132@http://www.another71.com/cpa-exam-forum/ <p>I personally disagree with that, CapitalGains, but that might be because I was a pretty big slacker in college. I graduated with just a 3.0 GPA from an "ok" business school. I've learned WAY more about accounting in my 3 years experience in public than I did in college. It definitely helped me a lot for FAR, has made studying for my next exam (AUD) a complete breeze, and I can already tell you that I probably won't even watch the tax lectures in REG as I know quite a bit about personal, coporate, partnership, and not-for-profit tax returns. To me there's just a HUGE difference between reading something and getting tested on it in college vs. actually experiencing it first-hand. Personally, it helps me learn so much easier when I actually understand something because I've gone through that experience first-hand.</p> <p>I also wanted to get a job right out of college that would pay for my additional schooling, CPA review course and/or CPA test fees. Over the past 3 years my company has paid for almost $10,000 worth of college courses for me as I worked toward my minimum required hours to sit on top of another $2,000 or whatever it costs to order the Becker review course (I wouldn't know how much it is because I didn't have to pay a dime). Granted they don't cover the exam fees, but still, they've helped out quite a bit.</p> <p>Just my personal opinion, but I think the benefits of getting a job before taking the exam far outweigh those of trying to pass the exam before getting a job, for someone with the same situation as me, anyway. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16127 Sat, 06 Feb 2010 00:55:01 +0000 CapitalGains 16127@http://www.another71.com/cpa-exam-forum/ <p>I can understand wanting advice from people in a situation similar to yours, but there is no need to finger-point and criticize others. It's widely accepted that the most opportune time to pass the CPA exam is right out college, ideally before one starts work. This exam is a major commitment as I'm sure everyone on this board is aware of. I have the utmost respect for people who can balance working full-time, studying for this exam, and in some cases tending to a family.</p> <p>The CPA exam, more importantly, is a "book" exam. Guess what most college students have been doing for the past four years, and in the case of many, their entire lives thus far? Taking "book" exams. So why would someone put it off and put themselves at a disadvantage relative to others? From an exam material standpoint most candidates are better equipped to sit for this exam right after graduation as much of it is covered in their collegiate curricula. Real-world experience plays little into actual success on this exam. It might help on the Auditing section if you're an auditor, but it's most likely not going to help on the Regulation section. There have been numerous published studies over the years which have shown that real-world experience is often a statistically insignificant factor in determining CPA exam success. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16126 Fri, 05 Feb 2010 21:44:39 +0000 crown777 16126@http://www.another71.com/cpa-exam-forum/ <p>Wow, that was interesting reading. . . .skiw97 - maybe it is a blessing in disguise that you were laid off so you can concentrate on the exam. I wish you luck with it. . . . .You sound like you are pretty bitter with this profession. When you work at a Big 4 you almost have to expect to work those hours. In the end, with this profession it's instilled in you that you do what it takes to get the job done. We are in a business to service our clients. And accounting firms have different approaches to serving their clients, where they can work you to death and give in to whatever the client wants or they can put the client in their place and work their staff within reason. Maybe you just didn't find the firm that is right for you. Or maybe public accounting is not your thing. I'm in NY workin in the city and growing up in this profession you don't complain. You have to pay your dues. I am at the manager level (just not the title till I get certified. . one part left) so in the end to answer your original question, you already have the knowledge. Just skim the chapters and do the questions. You almost have to take yourself out of the "audit world" and put your head in the "book world" and not look too deep into the question. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16124 Fri, 05 Feb 2010 20:56:31 +0000 Jeff - another71.com 16124@http://www.another71.com/cpa-exam-forum/ <p>I can tell scores are about to come out...it's like a full moon... </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16123 Fri, 05 Feb 2010 20:53:02 +0000 skiw97 16123@http://www.another71.com/cpa-exam-forum/ <p>anotherFutureCPA is angry at someone, if you dont like my posts, dont read them. I know your type, angry at the world, cant come up with something funny to say so you just sit back and try and attack people who have fun around you. Please find something better to do with your time then be rude to me via blog. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16113 Fri, 05 Feb 2010 16:24:22 +0000 The GaJone 16113@http://www.another71.com/cpa-exam-forum/ <p>I've had trouble studying for auditing because Tim Gaerty says the word "again" like 18 times per page per lecture, and ever since I noticed that that's all I can focus on. It's driving me crazy! </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16097 Fri, 05 Feb 2010 14:20:25 +0000 cmb2009 16097@http://www.another71.com/cpa-exam-forum/ <p>Not trying to butt into anyone's diasgreements, but the stress of the exam is hard enough...this should be a place that we come to build each other up! </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16095 Fri, 05 Feb 2010 14:09:46 +0000 AnotherFutureCPA 16095@http://www.another71.com/cpa-exam-forum/ <p>Shut up already. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16081 Thu, 04 Feb 2010 20:53:38 +0000 skiw97 16081@http://www.another71.com/cpa-exam-forum/ <p>Strider, I hear you pal. I'm out of PA and will never return. I am taking the exam and REAPING the benefits of having all that great work experience. I vent a lot bc it really kills your life and so much of what you do is admin/non-value added, etc... but bc you work so much, on so many clients in so many industries, get the best training/development, etc, it really helps when you are ready to make the leap to finance/operations/consulting, etc. A lot of people think auditing is just accounting but its so much more then that, learning how businesses do everything, who what when where why, deep diving on analytics, looking at their restructuring plans, strategic plans, auditing their acquisitions, being in high level meetings with management, list goes on and on. There is no comparison. In auditing, at least in the big 4, you just get so caught up into politics, compliance, PCAOB requirements, firm requirements, quality review partner review, the all these ridiculous firm initiatives. I've just been on 1 too many engagements witnessing teams give up their life to work 80 hours a week in something that could be done in 40. Some of them married, have kids, etc. Its amazing to see the new staff, so eager to do this, like they are saving lives, doctors if you will. Everyone is miserable, and if you are not miserable, you have handed over your life, officially brainwashed. There is rarely a sense of accomplishment.. and the client, no matter how they act to your face, dislikes you being there and wishes you would quit trying to ask for more money and adding ridiculous requests every year that dont eve make sense. I'm all about working hard but waling out feeling unaccomplished after working 14 hours is NOT a good feeling. My last 6 months I worked, on average, 11 hours a day, ordered in lunch in dinner, worked most saturdays, and was in a cramped audit room, what kind of life is that? yuck.... Getting laid off, being able to have adequate time to study for CPA exam, and truly realize what its important in life has been an amazing blessing and I silently thank my former company daily. peace and prayers </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16064 Thu, 04 Feb 2010 16:09:01 +0000 dobat 16064@http://www.another71.com/cpa-exam-forum/ <p>this is the funniest string of posts ive seen on here. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16060 Thu, 04 Feb 2010 14:25:38 +0000 elsie 16060@http://www.another71.com/cpa-exam-forum/ <p>strider..............great post ............. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16035 Wed, 03 Feb 2010 22:55:49 +0000 strider4216 16035@http://www.another71.com/cpa-exam-forum/ <p>"Well now they wont even consider anyone w/o 150 that hasnt passed or has progress on the exam.. so I cant really relate to the salary, but I came in at 52.5k in 2004, and I was making the same, if not more then people with cpa bc it was such a hot time in public. Go to school for 5 years, get 150 credit hours while most people can barely graduate in 4 years with the standard degree, lose 6 months of your life to the cpa exam, and then work in public accounting and get so burn out you have no idea what you are in for, and its all meaningless auditing, no one cares what you are doing, yet you are in an audit room till 10, 11, 12pm doing stuff that no one in their right mind gives two craps about. By the time you make senior, if you can make it that far, over 60% of your time will be spent doing admin work and misc projects to make your 18 bosses happy, and dont forget about serving the client non-stop, and dealing with your staff. I'm just saying, I feel bad that people have to go through all that school and studying and they forget it so fast because they have no idea what they are reading. So your school and cpa will not add any value to your job, especially because you will be making copies and getting lunch and dinner for your first year. Your second year, you will be doing inventory rollforward tests, looking at thousands of invoices to match dates and amounts, you wont have a clue what you are doing, what assertions you are working on, how it fits into the big picture, etc."</p> <p>Sounds like auditing isn't for you man..have you considered going into something else? A CPA doesn't mean public accounting, I'm going into consulting for hedge funds/investment banks/money managers, dealing straight up with executives and teaching everyone from I-banking analysts up to the execs themselves how to build financial models and implement them into my companies software...I wouldn't call that getting lunch or coffee for anyone.</p> <p>Also, auditing (from what I hear) can be awesome too...if you worked at a Big 4 you may think differently, but you also have to realize a LOT of people love their jobs at Big 4. When you have such a huge entity with thousands and thousands of workers, there are going to be offices and divisions that are night and day different from others...I know people who loathe big 4 and people who love it, depends on who you are and where you work.</p> <p>Personally, I went to school for 4 years, I didn't study accounting but picked up all the units my senior year (enough to take the exam) and finished in time to graduate, spent 3 months taking all 4 CPA tests right out of college before work, and feel like the exams have REALLY helped me grow. You might think it's a waste or all will be forgotten, but I'm 22 years old and feel comfortable helping anyone work out a business plan covering tax strategy, developing capital structure, legal requirements/issues, and much more because of these exams. </p> <p>The CPA exams are a beast, and anyone going through them should be proud. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16034 Wed, 03 Feb 2010 22:48:39 +0000 Jeff - another71.com 16034@http://www.another71.com/cpa-exam-forum/ <p>Let's be nice to each other please... </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16031 Wed, 03 Feb 2010 22:35:36 +0000 ptmuldoon 16031@http://www.another71.com/cpa-exam-forum/ <p>This topic is getting a little out of hand and off base. Exam stress may very well be playing into peoples heads.</p> <p>To answer the original question, I would agree that lectures help teach you the material. If you feel you already know the material, than go straight to the Multiple Choice. If you have the experience you feel you have, than you could always just go straight to the exam altogether.</p> <p>But I can understand skiw97's point of few to a point on experience vs. recent grads. College and studying can only take you so far. Its the doing of the work in the field and at clients where you really learn the most. But again, one can have tons of experience in one area (aka...Audit), and then be clueless in another (aka.... tax). </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16030 Wed, 03 Feb 2010 22:29:28 +0000 dwadecpa 16030@http://www.another71.com/cpa-exam-forum/ <p>I knew that would push your buttons. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16029 Wed, 03 Feb 2010 22:13:50 +0000 dmjid0005 16029@http://www.another71.com/cpa-exam-forum/ <p>skiw97, I don't know what your problem is, but...</p> <p>I've noticed that you seem to be extremely angry at the public accounting profession. If you don't like it, go vent on another website. Better still, start a blog. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16028 Wed, 03 Feb 2010 21:56:50 +0000 skiw97 16028@http://www.another71.com/cpa-exam-forum/ <p>deadweight = my good friend who's only message to me all week was "dude I hate my life I cant wait to quit"</p> <p>He has 3 kids at home, a great wife, and stuck around, put those hours in, and made Manager. As you can see he's loving life and is so thrilled to be caught up on his professional development. </p> <p>Everyone has their own definition of success, so congratulations on being like my friend, giving your life away, being mr corporate america, making 100's of people above you richer, having the government take all your wages, etc. You may be able to sit in an audit room for 14 hours make amazing excel workbooks that no one cares about so you are not "dead weight" but I will run circles around you in any other aspect of life. You should keep some comments to yourself, you sound like a real idiot. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16027 Wed, 03 Feb 2010 21:49:23 +0000 skiw97 16027@http://www.another71.com/cpa-exam-forum/ <p>i transferred to california from the midwest and then was laid off after 6 months because i wasnt willing to work till 2am to handle the beast client, I went home at 10 everynight and that was hard enough. PA is really cut throat right now and once you get to senior it just takes your life over. I knew my time in PA was up, and those who work those hours are idiots (in my opinion). I was the new guy in town and inherited a brand new global engagement mid busy season that was accepted with a 50% realization rate, and that was assuming we'd hit budget, which of course we didnt because issues blew up like no other, I mean everyone knows you are never going to make the budget, and you are just supposed to suck it up and work till 2am, well I was not interested in that, my average 70 hours were not good enough, so I was happy to accept the fiscal year end lay off, collect unemployment, and get paid to study for the cpa exam and have it actually mean something. I have never bragged about how much I know, especially about accounting. I'll leave that up to "dwadecpa". I dont have a picture of you, but my mental image of you is one of my 5 foot 5 directors who used to brag about how much he knew about accounting, and how is wife knows that when she is talking to him, he is just thinking about accounting issues, then going to expense $500 dinners with his red-bull injected buddies who flew in from Atlanta do work on some pension issue, so he can add to his beer belly and walk around thinking he's cool but reallly he's just a book worm caught on the 22nd floor of a distressed company going out of business. These people think they are doctors saving lives, its mind blowing. You can have my job in PA any day pal. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16026 Wed, 03 Feb 2010 21:32:33 +0000 dwadecpa 16026@http://www.another71.com/cpa-exam-forum/ <p>I may have similar experience but I'm not sure so I don't know if I'm allowed to respond.</p> <p>What does working "almost to manager" mean? Maybe since you got laid off from that job - you weren't as close as you thought and don't know as much as you think.</p> <p>Maybe if you had been one of those college grads who started early and passed the exam before work (you know, those people you look down on), your firm wouldn't have considered you dead weight and behind in your professional development in comparison to your peers who have passed the CPA, and decided to cut you. Not saying it's right - just saying. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16025 Wed, 03 Feb 2010 21:21:02 +0000 Lee_IN 16025@http://www.another71.com/cpa-exam-forum/ <p>skiw97 - I do not have the experience in auditing but I am going to give you my .02 cents anyway. I say go straight to the multiple choice questions. The Becker Lectures are not all that for some people. Personally, I like them since I hate to read. If you can do well on the multiple choice questions why bother with the lectures. The multiple choice questions can teach you the concepts you need to know to pass. I found the Becker flashcards less than useful and did not look at them after studying a few sections of Auditing and have not used them for FAR, BEC or REG. Becker is designed to tell you what you need to know and what is most likely to be tested on the exam nothing more nothing less. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16024 Wed, 03 Feb 2010 21:18:05 +0000 skiw97 16024@http://www.another71.com/cpa-exam-forum/ <p>Well now they wont even consider anyone w/o 150 that hasnt passed or has progress on the exam.. so I cant really relate to the salary, but I came in at 52.5k in 2004, and I was making the same, if not more then people with cpa bc it was such a hot time in public. Go to school for 5 years, get 150 credit hours while most people can barely graduate in 4 years with the standard degree, lose 6 months of your life to the cpa exam, and then work in public accounting and get so burn out you have no idea what you are in for, and its all meaningless auditing, no one cares what you are doing, yet you are in an audit room till 10, 11, 12pm doing stuff that no one in their right mind gives two craps about. By the time you make senior, if you can make it that far, over 60% of your time will be spent doing admin work and misc projects to make your 18 bosses happy, and dont forget about serving the client non-stop, and dealing with your staff. I'm just saying, I feel bad that people have to go through all that school and studying and they forget it so fast because they have no idea what they are reading. So your school and cpa will not add any value to your job, especially because you will be making copies and getting lunch and dinner for your first year. Your second year, you will be doing inventory rollforward tests, looking at thousands of invoices to match dates and amounts, you wont have a clue what you are doing, what assertions you are working on, how it fits into the big picture, etc. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16020 Wed, 03 Feb 2010 20:29:56 +0000 AnotherFutureCPA 16020@http://www.another71.com/cpa-exam-forum/ <p>Dude get off your high horse. </p> <p>Also I doubt anyone can pass the CPA exam and not know the difference between an asset or a liability.</p> <p>I think your post is more of a bash than asking for any help. </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16011 Wed, 03 Feb 2010 18:22:36 +0000 strider4216 16011@http://www.another71.com/cpa-exam-forum/ <p>oh and don't feel sorry for us recent grads who took the tests before we started working..it's nice starting with a MUCH higher salary and getting these grueling tests over with before we have to deal with work :) </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16010 Wed, 03 Feb 2010 18:20:56 +0000 strider4216 16010@http://www.another71.com/cpa-exam-forum/ <p>I'd help you out but I'm not allowed to respond :p </p> http://www.another71.com/cpa-exam-forum/topic/audit-becker-chapters-4-5#post-16007 Wed, 03 Feb 2010 17:11:33 +0000 skiw97 16007@http://www.another71.com/cpa-exam-forum/ <p>I worked in internal audit for 1.5 years, then joined big 4 firm and worked there to almost manager in external audit... the lectures are not adding much value, and the majority of the questions I have experience with throughout my career.. (I've done all lectures and q's for A1-A3)</p> <p>Should I even bother spending 2 days doing the B4 and B5 lecture, or just skim the material, maybe review the flash cards and go straight to the MC's?? </p> <p>PLEASE DO NOT RESPOND IF YOU DO NOT HAVE SIMILAR WORK EXPERIENCE, I noticed a lot of people on here are are still in college and study aka memorize stuff they have no clue about. I'm sorry for all of you that get 150 credit hours and pass CPA exam before you start working because it adds no value and you forget everything by the time you start. Its really too bad they put that rule in. I've worked with Big 10 masters students with CPA license that cant tell the difference between an asset and a liability in the real world, and have no idea how to work with the client to understand/audit simple balance sheet accounts. </p>