Pretty uneventful day, other than slogging through some more readings. That’s been a recurring theme so far this term. Go to class on the weekdays, catch up on readings during the weekends. I should probably focus more of my time on case writing, since everyone says that’s the most important skill to get right for the CFE. They all say that once you’re familiar with the case writing approach, the technical will come later. It’s hard putting that into practice, though. I mean, how can you even begin to write a case response when you don’t know what the hell you’re talking about? I don’t get it.
Anyway, here are the lovely companions that I spent some quality time with on this Saturday afternoon:
- I read CAS 600 aloud last week, but didn’t get around to taking notes on it yet. I’m starting to notice there are a lot of redundancies between the CAS’s. For example, CAS 600 talked about obtaining an understanding of the entity and its environment, the applicable financial reporting framework, the internal controls, blah blah, same as CAS 315, but added a sentence or two to customize it for group audits, like specifically understanding the controls around the consolidation process. Then it talked about the same materiality considerations as CAS 320, but added in the concept of Component Materiality (which is sort of like Overall Materiality, but only for the specific component’s statements).
- I finished taking notes on Chapter 2 of the tax textbook and got through just over half of Chapter 7. Most of the information there was review from undergrad, which was good. My brain might explode if I have to learn new tax material at this point.