Where can I take an online auditing class that would count toward my CPA requirement?
You might not want to attend a class that is tied with a school (for example UCLA, LSU or whatever). You might want to try an online school that is accredited but that is specifically for accounting and passing your CPA exam. One such course is Becker Accounting. I am not affliated with them at all. You might want to type in Google "CPA Schools" and look at the results.
Marsha Thomason, an auditor with Dorrit CPAs, is performing a review of Mikhail Company’s inventory account.?
Marsha Thomason, an auditor with Dorrit CPAs, is performing a review of Mikhail Company’s inventory account. Mikhail did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $740,000. However, the following information was not considered when determining that amount. 1. Included in the company’s count were goods with a cost of $250,000 that the company is holding on consignment. The goods belong to Bakunin Corporation. 2. The physical count did not include goods purchased by Mikhail with a cost of $40,000 that were shipped FOB destination on December 28 and did not arrive at Mikhail’s warehouse until January 3. 3. Included in the inventory account was $17,000 of offi ce supplies that were stored in the warehouse and were to be used by the company’s supervisors and managers during the coming year. 4. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $40,000 and a cost of $30,000. The goods were not included in the count because they were sitting on the dock. 5. On December 29, Mikhail shipped goods with a selling price of $80,000 and a cost of $60,000 to Omar Sales Corporation FOB shipping point. The goods arrived on January 3. Omar Sales had only ordered goods with a selling price of $10,000 and a cost of $8,000. However, a sales manager at Mikhail had authorized the shipment and said that if Omar wanted to ship the goods back next week, it could. 6. Included in the count was $40,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Mikhail’s products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, “since that i
What is an audit exception?
I do not know about the Philippines. An audit exception is a point that has been noted during a financial audit. It is something that is potentially a problem and therefore it must be noted and followed up on. The exception must be addressed by the auditor which usually involves asking questions of and/or requesting documentation from the client. I hope that this helps.
Can an ACCA practice audits in India?
Not straight away. But there's an indirect alternative for icai membership.Apply for ICAEW(UK) membership after getting ACCA membership. Once you're ICAEW member after clearing a few papers and becoming a member you can apply to ICAI for membership. Then clear the final course of ca. And vola.. you're a chartered accountant.Caveats: membership to ACCA needs 3 year work experienceMembership to ICAI is conditional to articleship also 3 years. HOWEVER, 3 years of work experience while getting ACCA= 1 year in the eyes of ICAI. So you'll need to still work 2 more years before getting membership.
Can you be a successful accountant without becoming a CPA?
Yes. Why not? You already had a plan to to consulting and bookkeeping. Unless you really want to be in the audit business, I don't think becoming a CPA is necessary. To practice in the tax area, you can become an enrolled IRS tax preparer too. I think there are many other possibilities, too. You can also work in the corporate world and become a controller, treasurer, or CFO. In this area, you might want to become a CMA, certified management accountant. Choices are yours!
Can I offer accounting services without a CPA License in Pennsylvania?
You can’t represent yourself - explicitly or implicitly - as a CPA if you don’t have a license.If you provide services described:bookkeepingrecord maintenancefinancial statement preparation (but you can’t sign them - only a client or a properly certified tax practitioner can do so)financial planning and analysis (you can’t dispense legal or material tax/accounting advice if you are not a licensed person), so short of you creating Excel spreadsheets, you won’t be able to do anything elsecash management (you can’t provide any kind of guidance and advice that a client can reasonably rely on - and you must tell client that), so you will be counting cash or recording bank transactions? (banks provide that service for free)Which means what exactly?It means you can provide bookkeeping services only - otherwise you will overstep the authority and limitations of your designation (aka no designation at all), and if you say anything that client may follow due to mistaking you for a properly licensed advisor, it will land you in a very bad spot.Why would a client retain your services when they then have to go and retain a licensed CPA/company to do the actual financial statement prep/audit/opinion/tax filings? Only you can answer that.How will your company be different from a temp agency that leases accountants at $15 per hour doing same exact work? There is not much which can be added in terms of value and knowledge - plus, temp agencies have a market/name and you will be starting out and unknown. Hope you have done a proper research.
I am going to quit my internal audit job, and study for CPA...would you?
I am 24, been in an internal audit position with a major electronics company for 2 months and I completely dislike my work and find it bothersome, tiring and just not what I am all about. Previosuly i was a returns analyst for a major cosmetics company, but left to pursue accounting, but i made a wrong, hasty move...and i guess im paying for it. I have passed one part of the CPA exam so far, and i want to pass them all, but i know for sure i want to stay away from internal audit (mostly, 95%, operation audit stuff) I just don't like it. It doesnt pay well and to get my hours id have to work at this place for 4 years. Is public accounting auditing much different? I want to pass the CPA, just to say i accomplished it. But i know for sure that this is just not for me. Suggestions? I can quit my job and not work for at least 6 months with amount of money i currently have. Im thinking about studying for the CPA and investigating myself, what makes me happy and what drives me.
If an SEC registered company has a subsidiary outside of the U.S., can the accounting firm that audits the company perform bookkeeping services for the subsidiary? Or would that impair independence?
If it is a subsidiary, the financial statements are probably consolidated and you’d want the same auditor, but you would need an international firm to do that. The problem is that the consolidated financial statements (which should be included in the Form 10K) may not break the subsidiary information out the way you would see it if you were looking at the subsidiaries separate financial statements. You need to read the notes to the financial statements for more specific information related solely to how the subsidiary is contributing to the overall picture. So, I’d try that first and see if you can ascertain the subs performance from the consolidated financial statements and the management’s discussion and analysis section of the 10-K. If you can’t get a clear picture of the sub from the consolidated reports, you may want to find out which jurisdiction the subsidiary is registered in and check the registry there to see if it requires the company to file financial statements. The 10-K of the public entity in the US should at least provide information on where they have subsidiaries registered.
Can somebody help me with this financial accounting question? Im stuck! Please help.?
Kale Thompson, an auditor with Sneed CPAs, is performing a review of Strawser Company's inventory account. Strawser did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $732,570. However, the following information was not considered when determining that amount. Instructions Determine the correct inventory amount. (If answer is zero, please enter 0, do not leave any fields blank. If amount had a negative effect, put amount in parenthesis.) Ending inventory $_________ ? 1. Included in the company's count were goods with a cost of $257,200 that the company is holding on consignment. The goods belong to Superior Corporation. 2. The physical count did not include goods purchased by Strawser with a cost of $45,030 that were shipped FOB destination on December 28 and did not arrive at Strawser's warehouse until January 3. 3. Included in the inventory account was $17,880 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. 4. The company received an order on December 29 that was boxed and was sitting on the loading dock awaiting pick-up on December 31. The shipper picked up the goods on January 1 and delivered them on January 6. The shipping terms were FOB shipping point. The goods had a selling price of $40,950 and a cost of $32,730.The goods were not included in the count because they were sitting on the dock. 5. On December 29 Strawser shipped goods with a selling price of $81,290 and a cost of $61,350 to District Sales Corporation FOB shipping point. The goods arrived on January 3. District Sales had only ordered goods with a selling price of $11,900 and a cost of $8,510. However, a sales manager at Strawser had authorized the shipment and said that if District wanted to ship the goods back next week, it could. 6. Included in the count was $38,400 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Strawser's products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, "since that is what we paid for them, after all." Correct inventory : __________ ?