CPA Studying: 4 Essential Study Tips
Executing an Efficient Study Session I know, I know, there’s nothing like the idea of studying for the CPA exam that gets you hyped for the weekend… (yes, don’t worry, that was sarcasm). Assuming you’re working full-time and/or managing a personal life/family, finding meaningful time to study for the CPA exam can actually become quite…
2021 Pass Rates for CPA Exam
The AICPA releases the number of candidates and the pass rates for each section of the CPA exam on a quarterly basis. The results for Q1 2021, Q2 2021, Q3 2021, and Q4 2021 are shown in the table below: Observations by Universal CPA AUD: AUD continued its downward trajectory from ~50% in Q2 to…
What is audit data analytics (ADA)?
According to the AICPA, “Audit data analytics (ADAs) are a technique that can help you leverage current technologies and move toward a more data-driven approach to planning or performing an audit”. This is basically saying that if you utilize the data and analytics tools that are currently on the market, then you’ll be able to better analyze data…
What is the difference between buy-side and sell-side M&A?
If you are on the sell-side in an M&A transaction, then you are representing the seller (acquiree). If you are on the buy-side, then you are representing the buyer (acquirer). Typically, the sell-side team will prepare the financial model to share with potential buyers. The sell-side team will essentially try to “sell” the business, so…
What does it mean to “put the lipstick on the pig” in audit?
? This phrase is commonly used in connection with audit documentation. Your manager might tell you to “put the lipstick on the pig”, and this means that you should try to document an audit finding to seem not as bad as it is. For example, if you find an issue with the company’s controls, you…
Are all CPA’s tax experts?
Absolutely not! How many times has a family member assumed that you can answer a tax question for them? It has happened to me a million times! Tax accountants are out in left field, while every other accountant is off in right field!
Can I cry during busy season?
Absolutely, but only once per day! Busy season is a true test of your mental toughness. Everyone is stressed and sometimes a good cry is all that you need. As a senior, I remember that the Senior Manager openly criticized me during a status meeting in front of the whole team. I lost it and…
What information should I review to learn more about my audit client’s business prior to arriving onsite?
The audit team should obtain and absorb as much information about their client prior to conducting the audit. When you have a baseline understanding of your client’s business practices and policies, it makes it much easier to have effective discussions with your audit client. Clients also appreciate it when you know what the business even…
