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07-04-2024, 04:25 PM
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Quote:
Originally Posted by Unregistered
Yes. They are taking counter measures already.
There will be some changes in the days ahead.
But there is a lag time between implementation and seeing results.
Sucks for you if you are in the transition batch.
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Last town hall they mentioned some positive stuff
Imo need time to see if this works.
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07-04-2024, 04:39 PM
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Quote:
Originally Posted by Unregistered
I think by now ISCA and Big4 realised cannot rely on Gen Z already??
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I think they might need to assess the new gen young partners too. I know some of them, whom were managers when I was audit senior. They were very weak in technicals (iFRS, standards) but were lucky at getting good big assignments and bosses. Strange that ISCA / ACRA demands stringent qualification from juniors in the industry, but don't subject the partners to routine assessment? Partners should undergo regular SQP tests too.
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07-04-2024, 04:53 PM
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Quote:
Originally Posted by Unregistered
Yes. They are taking counter measures already.
There will be some changes in the days ahead.
But there is a lag time between implementation and seeing results.
Sucks for you if you are in the transition batch.
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What were the measures? Increasing hiring from across the border, outsourcing more work to the offshore team, increasing the use of analytics?
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07-04-2024, 04:58 PM
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Quote:
Originally Posted by Unregistered
What were the measures? Increasing hiring from across the border, outsourcing more work to the offshore team, increasing the use of analytics?
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Thats not measures, that just some greedy old clowns wan more profit for themself. Isca want A but industry parterns are doing B c c e f Lol. Garbage.
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07-04-2024, 05:17 PM
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Quote:
Originally Posted by Unregistered
Yes. They are taking counter measures already.
There will be some changes in the days ahead.
But there is a lag time between implementation and seeing results.
Sucks for you if you are in the transition batch.
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what counter measures ISCA took?
Sign MOU with India and Philippines?
Sign RMA with ACCA?
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07-04-2024, 05:22 PM
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Quote:
Originally Posted by Unregistered
I think they might need to assess the new gen young partners too. I know some of them, whom were managers when I was audit senior. They were very weak in technicals (iFRS, standards) but were lucky at getting good big assignments and bosses. Strange that ISCA / ACRA demands stringent qualification from juniors in the industry, but don't subject the partners to routine assessment? Partners should undergo regular SQP tests too.
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I know one audit senior. His father is audit partner in small firm. He worked in big4 for 3 years. Then went back to his father audit firm to work. After that become audit partner.
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07-04-2024, 05:24 PM
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Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.
Please don't join Big4.
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07-04-2024, 05:34 PM
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Quote:
Originally Posted by Unregistered
Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.
Please don't join Big4.
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Most is no better choice then join b4.
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07-04-2024, 07:02 PM
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Quote:
Originally Posted by Unregistered
Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.
Please don't join Big4.
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Yea they don’t like doing all that for 3k plus.
If you pay 7k they’ll do it
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07-04-2024, 07:14 PM
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Quote:
Originally Posted by Unregistered
Hi all, I was asked this question during a technical accounting interview.
A company received a $50,000 invoice for upgrading works on a PPE. The company made a 40% down payment on the invoice. No upgrading work has started yet. What are the correct journal entries?
Option 1:
Dr Prepayment 20,000
Cr Cash 20,000
Option 2:
Dr PPE 50,000
Cr Cash 20,000
Cr Accounts Payable 30,000
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From ChatGPT
To record the down payment on the invoice:
Debit: Prepaid Expenses (Asset) - $20,000 (40% of $50,000)
Credit: Cash or Bank - $20,000
This recognizes the payment made for the upgrading work that hasn't started yet.
I think option 1 is close.
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