About the audit industry

This post was originally published at Going Concern.com on August 19, 2009.

The Top Ten Reasons You Still Want To Work for the Big Audit Firms:

10. “A career in Tax at KPMG is dynamic and intellectually demanding. Could you take the pace?” Perhaps… Unfortunately, the pace has slowed considerably for everyone cut yesterday.

9. “[At Deloitte] audit isn’t what it used to be. Our clients expect more of us. And our risk-based approach, experienced professionals, comprehensive methodologies and technical resources deliver.” Yes, at least 50 billable hours a week, meaning you’re on the clock at least 80, managing the risk of falling asleep, your face landing in leftover stuffed pizza scattered all over the conference table.

8. “PricewaterhouseCoopers is all about you. Your personal and professional development, your achievement, your life long learning, your individuality and your choices. “ Actually, PwC is all about PwC.

7. “I’m going to Disney World!” I think we’ve seen the last of first year training blowouts at Disney World. Prepare yourself for Houston in August.

6. “[At EY] your base salary compensates you for the value you bring to the firm and for meeting our everyday high expectations. Our goal is to make base pay externally competitive, internally equitable and related to performance.” If only you knew what your salary was going to be. Job offers made with no start dates, no salary info. Previous salary commitments retroactively “adjusted for market conditions.” Or is it the inevitable overtime pay requirements? Sign up, forsake all others. Don’t call us, we’ll call you with the details.

5. “At PricewaterhouseCoopers, we are committed to ensuring women have the opportunity to build a rewarding career. Not just because it’s the right thing to do, but because it’s a business issue that affects our bottom line.” Yes, ladies, you are a business issue. You can make us money or cost us money. Especially when you’re a whore.

4. “BDO Seidman offers a distinctly different option for talented professionals as they evolve their careers.” Unless or until they shrink enough to cry “too poor to pay” the pending $571 million judgment.

There are some Tax positions open, however.

But don’t expect to make partner soon in the UK.

3. PwC is blogging! Yea! They embrace social media! Well…Yes… If you’re interested in the “Gender Agenda.” Because gender issues are a business issue. Just don’t try to make it a real conversation or you’ll get banned.

2. Deloitte Wants You! “For U.S. junior military officers transitioning to the business world, Deloitte offers an unparalleled opportunity to create a challenging and rewarding career.”

Unfortunately, the BearingPoint professionals just acquired may not have as easy of a time fitting in. Some of them actually started at KPMG!

1. You want to work with the best. “The people of KPMG are committed to corporate citizenship; they want to lead change and be involved in dynamic solutions that improve the societies in which they live and work,” says Tim Flynn, Chairman, KPMG. Yes, at clients such as Citigroup, New Century, Countrywide, Fortis, Fannie Mae, Rentokil, HSBC…

Sourced from re: auditor

Well it seems that the industry itself is suffering from a weird form of self delusion

Recent issues about bus drivers in Malaysia that have been over worked resulting in accidents that cause lives would have highlighted the risk for audit firms in Malaysia regarding staffs working long hours (just because the partner did it, therefore all the others have to do it)

In my opinion I think the partners are just taking revenge on the staffs by maintaining a culture that they had endured - legacy in the firms.

The long hours of work increases the risk that audit staffs will do the following:

- doing the job to get it complete rather than be through

- missing out on items that should be investigated because they were too sleepy or just too tired

- increasing the stress levels significantly - leading to poorer health conditions later on

When a firm talks about their staff as their assets and then has a very high level of staff turnover (which they are willing to accept) it seems to indicate that the staffs are just a disposable diaper that is to be used and discarded after that.

Knowledge based organisation treasure their staffs by trying their best to retain them, but in the audit industry it seems that most of them are trying to get you out faster by increasing the pressure. Keeping partners money growing or people working constantly or just eeeh yuck about the work seems to be focused in partners income ability.

I have heard of audit partners and managers making statements like this

- if I can work during Hari Raya, that means you can work during CNY or vice versa. Now is that the most lame excuse given to justify asking the staff to work. The partner reaps the profits which increases with the work, the staff gets nothing (only negative remarks from other family members).

What is wrong with the CULTURE? I suppose that clients and audit committee should actually review the work plan prepared by the firms to identify the possibility of this happening - since it is their duty to safeguard the profession. Alternatively it would be MIA, the regulators that should own up to this task, since a failure due to human error would lead to negative reputation not only for the profession but also the regulators.

If you want to know about the so called best firm around in Malaysia and the level of greed that is involved by them to get to the top irrespective of consequences : visit

http://zarinahtakesapaycut.blogspot.com/2011_03_01_archive.html

I suppose that the most important thing for you to do as a student of accounting

Select the path that will result in the best possible outcome for you, the firm should be seen as a tool for you to get your required experience and exposure to reach your destination - don't get too emotionally attached to the firm, don't get blinded by the pay - stay focus on your career goals and get there.

This means that you should possibly try your best to get the most experience and select the line that best suits you - which is very hard for many.

Good luck in planning your career.