First year here. How do you get an understanding of what controls mean? I’m reading them and I can’t seem to connect the dots on what it’s supposed to imply.

like
Posting as :
works at
You are currently posting as works at

Just keep drowning until they start to make sense lol or at least that’s what I did

likefunny

Hey there. First of all, I’m sorry you’re frustrated. Being a first year is tough in general and I’m sure being remote adds and entire level of difficulty to learning. Keep hanging in there.

Controls are rules/procedures put in place around different processes to ensure there is no ability to tamper or manipulate the information.

For example: In payroll, it would be expected that one person prepares the payroll and someone else approves it so the preparer wouldn’t be tempted to make unapproved changes to the payroll.

likehelpfulsmart

@Grant Thornton 1 that was a great explanation for me. And thanks for understanding my frustration, I’m trying to do well and not complain, but that’s proving a little difficult. And everyone in the comments is right, you seem like the type of manager everyone would love to work for 😊

like

Read the control description, then the design of the control documentation from prior year work papers or company process/control narratives.

likesmart

I think a good way to look at it is saying, what could go wrong in a process that would cause a mistatement. And then think...what would prevent the what could go wrong.

In looking at control documentation there is a lot of fluff that is just filler and documentation related to the process. You need to hone in on what is the control

likehelpful

I think all the extra fluff is what gets me. Because I’m sure if it wasn’t all there, the controls would be a lot more straightforward as to what it’s addressing. But that’s just me 🤷🏾‍♀️

it may not be your fault that you can’t understand, sometimes our clients could not describe what their control is supposed to be doing if their life depended on it

funny

Read the narrative, follow flow chart and study for AUD CPA exam.

like

Study for the audit section of the cpa. Idk why but I learned most of my basic accounting stuff from studying for the cpa....

helpful

I honestly just might do that. I had also bought other audit resources thinking it might help.

like

Simply put, internal controls help ensure business processes achieve one of 3 goals: operational, reporting, or compliance. You can google the difference. Once you understand the objectives of business processes you can work backwards and try to see how each control is suppose to keep a process running smoothly in order to reach its goal. Super simple example would be an HR person periodically checking who was terminated to ensure they stop getting paychecks. In this case the goal of this control is to ensure the operational process is working.

helpful

Yeah, I think I was doing the opposite.

The guidance on internal controls that’s out there is a good place to start. No one will tell you this but controls aren’t easy and take years to learn... and even mgrs and even PPMDs can still be learning about controls. It’s not easy at all

like

Welp, I guess I better get started...🏃🏾‍♀️

Open BEC Becker. It has great explanation for controls

helpful

Without internal controls in place, it begs the question of whether the financial statements can even be accurately relied upon. You have preventative/detective/corrective controls to work with. Preventative internal controls (among the others) are required for publicly traded companies issuing financials to the general public to rely on when investing. Without them, individuals can effectively make illegal, incorrect entries that brings into question the integrity of the financials being relied upon.

helpful

Thank you for breaking it down like this. Helps me look at it in a simpler light 🙌🏾

Look at the things that go wrong in financials, then ask why it happ and what could have prevented. The prevent is a control

helpful

Related Posts

Hi guys I am getting 19 fixed + 2 lakh joining + 1.9 var in ZS
AND Bank of America 21 fixed which should I join for good career exposure and which would be better

like

Hi folks, I have recently joined Publicis Sapient taking an offer of 14.4 LPA. I have total 4.5 years of experience and my previous CTC was around 3.4 LPA. I had various offers in hand but not one to counter this one and PS is providing me 4x+, so I couldn't negotiate much.

Another thing is I was an immediate joiner as I had left my previous organisation 3 months ago so I couldn't wait to think about this offer.

But now I think it's low, what do you think please let me know and suggest.

like

I have cleared 2 technical interviews with S&P Global for the Java Developer job position. With good feedback.
As the interview went well.

I have attended a managerial interview which was scheduled for 30 minutes. It also went well. I answered 90 to 95% of the questions.

How much time they will take to give the feedback as we have a long weekend now

Thanks

Is there any ongoing hiring freeze in B4?

like

Anyone know a good tax accountant in the DMV area?

likeuplifting

Anxious about pivoting to a new industry? How did you deal with it and how did it turn out? Any regrets?

likehelpful

Anyone have experience with Credit Acceptance Corporation (the auto loan company)? I applied to an employment counsel position there and can’t tell from my online research if they’re smarmy or not. (I’ve only talked with the external recruiter so far.)

like

Have a blessed day.

Post Photo
like

Hey fishes! Anyone working at Meta who’s open to giving me a referral?:) would really appreciate it!

like

Day dreaming during busy season: what would you do if money is no issue? I will quit my job now and go to MIT/Stanford for grad school without considering the tuition$$$.lame? But I really like school

like

Those familiar with Amway and Primarica. What is your honest view or opinions on using those as an investment or generating passive income? I personally feel its a bit of a scam. Thoughts?

like

Does Capgemini have any leisure codes for car rental and hotels?

like

Is there anyone working at HCL singapore around 12 years experience or senior here ?
I need some help and input.
Please feel free to DM me.

like

Private equity in London...? Thoughts on work life balance / comp / deal flow...?

like

Hello, currently looking ideas and mentoring to start up a business to import coffee from the Caribbean. Any suggestions for agencies or non profit companies that help new entrepreneurs with this kind of project?. The main idea is to import coffee to sell to retail stores or an exclusive market for coffee lovers.

like

Anyone from the Edelman NY brand team here? I’d love to hear about the work/what you look for in new team members.

like

Anyone from KPMG? i want a referral. Please dm.
Thanks

like

Can someone explain the payscale for in-house? Starting to consider moving from BigLaw, but I want to know what I’m getting into (NYC Based)

like

Please DM if interested asap

Post Photo
like

Does anyone have the new Nike pegasus 39? What do you think about it? And if you have previous pegasus models, how does it compare?

like

Additional Posts in Accounting

KPMG and EY what are the expectations at both the firms for being in office ? I am interviewing with both.

like

Looking for job in SF. Currently tax senior making 9x K. Pretty open for type of jobs (public Or industry) but don’t want another busy season. DM if you can refer

like

If you leave or get let go, what information will the firm share with others? salary? reason for leaving/termination?

like

What are your thoughts on the investing app, Acorn? Started to using it, but not sure if I like it or not. Maybe I am missing some of benefits it offers. If you use this, what are the things you like?

like

The Partner asked me my opinion on a hiring decision. I told him I'm not getting paid enough for that. I don't think he found that funny. :(

like

Never know how to answer when people ask what time I "usually" get off ...

like

I learn quickly compared to many of my peers. I'm working with a staff that learns very, very slowly and is not meeting expectations after 6 months. Tips/advice on how not to lose it?

like

Anyone else Captaining their Career away from GT this summer too? I mean besides the 4 seniors who have already left my office.

likefunny

What careers within Big 4 involve a lot of traveling( consulting m-th type)?

like

Has anyone from PwC know yet if they’ve been promoted? When do they usually start telling you?

like

I started last September and am now wrapping up my third busy season (1st one around Christmas to meet a deadline in early jan, “normal” one in feb and March, and now a late 12/31 filer (cont.)

like

Who ultimately decides the compensation offered to a candidate when being hired? Recruiter only? Hiring manager? Trying to figure out what aspects of the offer are owned by each person involved in the recruiting process (salary, sign-on bonus, level, etc).

like

Anyone in employment tax? How's that field like? Interesting? What about credits and incentives? TIA

like

Can anyone at RSM tell me what your holiday schedule is for this year/do you close down at YE? Received an offer and says there are ten total holidays; but BDO offers 12 (YE closure included in the #)

like

For Denver Auditors - what’s a good / growing industry in the Denver area?

like

I'm not actively looking but would like to activate the option on LinkedIn that lets recruiters know that I am open to opportunities when/if I come up on their searches.

Does anyone know if turning this feature on comes up as a notice to my connections? I would like to avoid this as I have some colleagues from current firm, including a Partner.

like

Just got through my first year end review cycle. Employment is still intact even though I'm on a PIP so that is a huge relief considering what I've been reading here.

like

What’s a good first year corporate senior financial analyst salary? If I currently made 73k, what should I expect going to industry in mid-sized city?

like

Is the new FAR book need for exam starting in 2019?

like

Thank you Jesus for blessing me with a passing REG score. You did it all! ❤️

likefunnyupliftingsmart

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal