Club 75 Candidate Bloggers

Entertained by Internal Control + Waiting for REG Score


Shawn is a weekly Club 75 Blogger as he documents his journey through the CPA Exam. He has been a member of Another71.com's Club 75 since December 2010.

I just finished watching Audit -2 of Roger CPA Review. Audit – 2 covers Internal Control which includes a lot of procedural material for businesses. This section has been very interesting and surprisingly entertaining.

Roger is going over some internal control procedures that might be in place at a bar. As I’m listening to this area, my cousin walks in the front door. Some of you may remember that I rent a house together with a friend, my brother and my cousin. She works full time in marketing but on the weekend, has a part time job at…

You guessed it, a BAR!

Ideally, that would be my permanent study location, but unfortunately alcohol and loud noises aren’t conducive to my studying. For shame.

My cousin is in the kitchen preparing some food and she can overhear Roger from the speakers. He is explaining how a bar might keep track of empty bottles, conduct a daily inventory count including open bottles, or keep track of “spoilage.”

After about 5 minutes, she says, “Wow, that’s actually really smart.” She works at a small dive bar and the owner is consistently there to keep an eye on things so their internal control procedures are not exactly up to date. However, if things ever change, she now has an in-depth understanding of internal controls.

It has been entertaining though because I realized how many internal controls we have in our everyday lives that are not related to financial reporting. Something as simple as having a lock & key limits who can access our house. My car beeps when I have not applied the seatbelt. I set two alarms to ensure that I wake up early on time eventually.

Anyway, happy studying to all and hope you had good results this score release. (As of sending in this post, no news for CA REG yet. *fingers crossed*)

THE AUTHOR

Andria - Another71

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