[HT415]

Think of Completeness this way…

“All transactions that should have been recorded have been recorded”

So by testing Completeness we are basically saying in order for us to deem this account as being “complete”, it should contain all appropriate transactions that will lead to the ending balance in that account. It's very easy to just want to throw Accuracy in here as well, but when you get to understand the differences in how these two assertions are tested, it'll make a lot more sense.

Accuracy focuses on the amounts included in those transactions and when we test it, we are testing those amounts (values) specifically.

4. Vouch a sample of recorded cash receipts to accounts receivable and customer orders.

By vouching a sample of cash receipts to the A/R detail and Customer Orders, we are essentially saying the A/R detail and Customer Orders are “vouching” or validating the “occurrence” of this transaction. We are providing proof of the transaction and that there is an origin from which this transaction began, and we are able to vouch it to the very beginning, which is the Customer placing an order for the product.

It's not Completeness in this case since Completeness is again testing that all transactions that should have been recorded were actually recorded. You most typically see Completeness being tested with Liability accounts (AP for ex.) where we are testing for understatement. Conceptually, if you can understand why a “SURL”, Search for Unrecorded Liabilities, is performed, then that will greatly enhance your understanding of the Completeness assertion.

We search for unrecorded liabilities to ensure the client is not intentionally/unintentionally understating their liabilities, that is, not including liability transactions that should have been included. By doing so, we are assessing the “Completeness” of the Liability, in other words, we are asking this question
– Have all transactions that relate to this Liability (AP) been recorded? If so, as auditors we feel comfortable in stating that Accounts Payable appears complete.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

1-22-19 License fee check received
1-31-19 Check cashed
2-22-19 Called CBA, they said 2 more weeks

3-4-19 Given my license number and told I've been approved for licensure
3-5-19 Told my name would not appear on the CBA website for “several weeks”

3-15-19 Name and license number on CBA website!!

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

Also if you want an immediate response I'd just call them directly and you won't have to wait to hear back.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

My check was received the 22nd of January and was cashed at the end of January.

And you've been sending emails to licensinginfo@cba.ca.gov correct?

They've actually been very responsive to me whenever I've had questions, usually respond within 1 to 2 days.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

3/4 – was given my license number and told I've been approved for licensure
3/5 – was told my name would not appear on the CBA website for “several weeks”

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

The “it depends” is 100% correct. Depends on how you learn best… BUT

I would say rule of thumb is it doesn't hurt to watch the lectures one time through just to gain an understanding and see something other than the textbook. Sometimes there might be something they say that better phrases something written in the book or they mention something that isn't in the material. After you run through it one time it may help or it may not, but at the minimum you might get a nugget or two that you can use going forward.

I failed quite a few times so I had more opportunities to go back to the lectures and I eventually felt I had enough, if I could go back I'd watch them once or maybe twice but that's it. I do think that they are helpful as a separate form of learning other than just reading, but again that part depends on how you learn best. I think mixing it up is always refreshing to the brain and helps you stay interested.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

1-22-19 License fee check received
1-31-19 Check cashed
2-22-19 Called CBA, they said 2 more weeks

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

Yes I have a friend who just went through this, they told him he would need to just renew his license since his birthday was within 6 months of receiving his license.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

I have seen questions here and there regarding assertions on my practice exam and the real thing, here's how I memorize them.

What helps is if you can use the examples in the questions or just read them over and over until you make sense out of it.

For ex.
– we test the completeness of liabilities to check for understatement of obligations, in English, we want to make sure the entity isn't leaving out obligations that it owes and trying to avoid recording them.
– existence of inventory – we want to make sure inventory that is shown on the inventory detail listing actually exists (we can see it) and to test it, we perform inventory counts/observations to physically view the inventory
– cutoff – think “timing”, “when should this transaction be recorded?”, assuming the entity follows full accrual accounting, we know that expenses should be recorded when incurred, revenue should be recognized when earned

I just use really simple examples like those above to really try to understand what is going on and why these procedures are performed.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

Assuming this is your first real public accounting experience, I would say stay for a year and then look to make a move. One year of experience in public molds well for finding new opportunities, whether you go out and look for them yourself, or if someone reaches out to you (via Linkedin, for example).

At the same time, it won't hurt to reach out to some folks on linkedin from different firms that interest you and just putting a bid in ahead of time. Creating a connection and letting a recruiter know months in advance might actually help you if you decide to wait a year to apply as opposed to going in cold turkey style. I, too was working for a small firm and made a transition to a top 25 firm, and someone reached out to me via linkedin so I got lucky.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

And honestly, the exams aren't cheap, but considering that you're jumping right into busy season, the next time you'll be able to take the exam might not be in Q1 of the year… just saying… it's a gamble but it's certainly one I would consider taking if I was in your shoes. Just my two cents.

Good luck!

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

If you want to take it before your start date, definitely focus on MCQ while everything is still fresh in your head. Just hammer MCQ's as much as you can and make sure you understand WHY you get questions right/wrong.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

That just means you need more practice. FAR is a heavy, heavy exam and carries a bunch of material, so if you think you need to push it back, don't feel bad about it. My advise to you is to keep hammering those MCQ's and target your weaker areas. Find out why you're weak in those areas and make use of your study material to figure them out. The CPA is a piecemeal set of exams, your confidence will build back up by taking incremental steps. As you start clearing up those mistakes you'll start improving your chances of success.

My process with MCQ was as such:

1) Figure out what I'm getting wrong,
2) Go to the study material,
3) Correct it, memorize it, and repeat.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

If this helps, I didn't realize this until I failed REG two or three times, I don't know if you've taken any exams yet, but I would definitely feel uncomfortable if I hadn't taken any and people were recommending this method of approach. But, I've spoken to many current CPA's and this was how they did it, just crush as many MCQ's as possible, work on SIM's to wrap things together as the person above mentioned, and I'd also add make use of the NINJA MCQ's, those were super helpful for each section I passed. Another benefit of doing many MCQ's, particularly the ones from NINJA, you actually might get lucky and see an exact copy of the question from the material on the exam.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[HT415]

I tried focusing on the reading and lectures, taking a bunch of notes, and I did not experience much success this way. In fact, while using Becker, the reading i focused on so heavily didn't even answer as many of the Becker MCQs as I expected, and that's because Becker purposefully threw several curveballs with the intent to make the actual exam seem not as much of a surprise. That is, on the actual exam the curveball questions are likely questions on material you've yet seen. My point here is that focusing primarily on MCQs gives you the variety of content and format of questions that best prepares you in terms of “what to expect” on the actual exam, as opposed to relying on the reading because again, the stuff I spent reading tirelessly (for REG, for ex) did not help in the way I had imagined.

AUD - 77
BEC - 77
FAR - 75
REG - 82

Licensed CPA practicing in California.

This journey is a test of will.

The feeling you get when you see that last score, is like no other.

[Author]

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