<p>Sorry, I am a tax lawyer and know little about Internal Audit.</p>
<p>You don’t get a friggin CFA for internal audit. Yes, internal audit is DEAD end career. Stay away from it, however if it is just for an internship and you have no other options I would definitely take that experience over no experience. IA is all controls testing, and has nothing to do with preparing F/S.</p>
<p>okay cool. I just want summer cash and something on a resume, so Im looking at that over bookeeping.</p>
<p>how about recruiter questions? I hope its not too off topic. But in your experience, would you say they want you to show interest in their particular company, or display your stunning brilliance in the field?</p>
<p>My audit teacher says alot of good things about Internal audit. Apparantley, alot of companies like to promote people in Internal Audit into higher positions within the company. You learn alot about the different parts of the company. He says that they watch how you interact with different people in different departments in the organization (in internal audit, you’ll be dealing with mgmt in many/most(?) areas of the company). </p>
<p>That makes sense to me. They watch your communication skills and how you interact with people throughout their organization and then if your good at that, they’ll know you’ll do well in a high management position. </p>
<p>i suck at interviews, but your not going to be utterly brilliant in the field right out of college. i try to be myself, act professional, and talk about my most impressive accomplishments. I ask Q’s about the position/company/interviewer. although, apparantly I’m doing something wrong, cause it aint workin. </p>
<p>Both internal audit, and audit do alot of control testing and alot of testing of accts. I dont think auditors, at a public acctng firm, actually prepare f/s. do they?</p>
<p>I don’t want to be rude at all. </p>
<p>However, whatdidyou, I assume you are taking Auditing since you mentioned you have an Audit teacher. It’s April. So I also assume you are far into the material right now.</p>
<p>Your last sentence “I don’t think think auditors, at a public acctng firm, actually prepare f/s. do they?”</p>
<p>Wow. Drop Auditing bro.</p>
<p>sp1212: I read that earlier too, I didn’t bother responding. Then I realized this was the kid that thinks accounting doesn’t teach you how to make decisions, but only finance does.</p>
<p>sophomore underdivision student here: I thought auditors just clarify the F/S - as in they release their unqualified opinion or other opinion as appropriate. I took MAS 90 and that program had very basic forms for the F/S, which to me kind of indicates that Public Accountants wouldn’t need to create F/S rather they test them and add their assessment/assurance etc.</p>
<p>this is when accounting gets interesting to me.</p>
<p>dawgie: A pretty dickish response. you write alot of those dont you? You missed my point on the other thread entirely; even though i explained it 10x in easy to understand ways. why is this board so agressive.</p>
<p>sp1212: that was rude - creating a post just to mock another person = being rude. I was asking the question because, based on my understanding of what i learned in my audit class, it seems that auditors, @ public accounting firms, just conduct audits of f/s and dont actually prepare them. I was actually asking a question, because i don’t know the answer! and was trying to contribute to the topic being discussed at the moment (internal audit VS audit) based on my understanding. Maybe you should try to actually contribute to an actual conversation on these boards, and then see all the critical/insulting comments recieved by people such as yourself. But I guess its easier to just insult other people, who are trying to share their understanding/expereinces with others. </p>
<p>I assumed what AIPfromOC has assumed. That is what we’ve basically learned in our class. </p>
<p>In fact, isnt it illegal/against the rules to prepare f/s for a public company who is an audit client of your firm? Because then you would be actually auditing your own work, which is against some regulation, is it SOX? (due to the fact that auditors would be biased in auditing their own firm’s preparation of the f/s and would always say their statements were perfect). Although you still do prepare/recommend adjustments…which is sort of helping prepare the final f/s, in a way i guess, but not really. </p>
<p>For private company’s and non-audit clients, you may be able to prepare f/s. Although even under these circumstances, wouldn’t you be considered a consultant and not an auditor? </p>
<p>these are actual questions. so please dont infer that im stupid. </p>
<p>DISLAIMER: i often fall asleep in my auditing class. so if i am “stupid” that is the reason.</p>
<p>If you take offense to these “dickish” replies, you probably aren’t best suited for the business world. Go to class, study, and strive not to be an oversensitive idiot.</p>
<p>Auditing firms most definitely don’t prepare financial statements. They audit them - make sure they are correct. They do this by checking, among other things, the company’s internal controls to see how good they are. The better the internal controls, the most likely there is no fraudulent reporting/mistakes with direct impact on the financial statements. If internal controls aren’t good, then the firm does more substantive testing of the company’s operations and has to make sure to check that the F/S accounts are correct (for example, check a Dec. 31st bank reconciliation to make sure that ending cash is really what the B/S says it is). I’m also taking an audit class and I have a midterm next Thursday, and a summer internship in External Audit so I’m trying to learn as much as I can to get ahead haha.</p>
<p>In regards to questions, I think ones pertaining to the company/internal audit would help. Maybe something along the lines of asking how you’d be working with the audit committee or you can ask your interviewer if they saw themselves being with the company for so long and what made them stay (both of these questions helped me during my interviews).</p>
<p>“I think ones pertaining to the company/internal audit would help. Maybe something along the lines of asking how you’d be working with the audit committee or you can ask your interviewer if they saw themselves being with the company for so long and what made them stay (both of these questions helped me during my interviews).”</p>
<p>Thank you for this recommendation. This narrowed down my considerations (a good thing). Its been a year since I took audit and I forgot about the audit committees and their functions etc.</p>
<p>i am going to be a freshman at uc irvine this fall and would really want to become an accountant but since uc irvine does not have an accounting major, i am majoring in business economics and planning to minor in accounting
problem is, the minor is very competitive and requires an average GPA of about 3.7? to get in and i am afraid i wont make it
what are my options of becoming an accountant if i cant get into the minor?
and if it isnt possible what careers are similar to an accountant that i can get with a degree in business economics?</p>
<p>If UCI is anything like UCLA, being in the minor is just essentially an extra line on your diploma. As long as you can take the accounting courses, you’re fine. Again, I’m not sure how it is at UCI, but at UCLA, anybody can enroll in any accounting course, regardless of whether you are in the minor or not. Priority is given to Business Economics majors and Accounting minors, but if there is any room left after the first enrollment time, you can still enroll.</p>
<p>@taxguy
In “What I learned about law school admission”, you posted that one of your sons just applyed to law school. Is that the son who is a tax accountant?</p>
<p>In general, is it better to go straight to law school after college, or work a few years in tax accounting to gain some experience?</p>
<p>Quote:</p>
<p>Dawgie
09-24-2009, 12:15 PM #787<br>
Hey genius, I said if you do a Big 4 internship (25 an hour at least), you are guaranteed a full time offer. So you pretty much rejected a chance to get an internship that gives you a full time job. They look for Juniors to intern the summer transitioning to senior year, and then giving them an a full time offer after completion. </p>
<p>Well it ended up working out for me wonderfully. I have just graduated with my Bachelor of Accountancy and will be and audit intern at a very large big four office in a major city that I have always wanted to move to. I was also offered a full-time position with the government, and they are even holding my offer until I return from the internship so that I can make an informed decision on the route I want to take.</p>
<p>GoBlue81, generally it is better to get some experience before attending law school.</p>
<p>In the year 2011, generally it is better to just not attend law school.</p>
<p>I’m reaching that point where I have to decided if I’m going to apply to my schools BMacc 4+1 program for my remaining 30 units or minor in something else.</p>
<p>BMacc - Have to take GMAT, but easier path once accepted into program as it is tailored for real-life work experience and recruiters are familiar with the program.</p>
<p>Minor - My school doesn’t allow you to minor in a second business emphasis. The most relevant thing for me would be minoring in Econ (B.A., not B.S). Downside would be the extra work load and the fact that I am working my way through school. </p>
<p>What do you guys think?</p>
<p>Just have a comment about the “minor” -
DD’s school has the same rule that a student cannot minor in a second business emphasis. On the preview day last year, we were told by the “representative” of the department that, many acct majors still go ahead to take enough finance courses that equivalent of fulfilling the minor, and put the similar wording in their resume. Although the transcript doesn’t show the minor, but local employers are familiar with their program and understand the “limitation”.</p>
<p>Hi, guys. I am graduating this month in Accounting and I have a few questions regarding the CPA exam.</p>
<ol>
<li><p>should I take additional acct classes, like “estate, gift” ; “forensic acct” and such OR earn another degree say Finance, to fulfill the 150 hours requirement?</p></li>
<li><p>If I passed CPA exam in California, will I still need to take 30 hrs of classes to be a Texas licensed CPA?</p></li>
</ol>