I want to be an Auditor:External Audit

[DiCapricorn]

normally ang tinatanong ng mga partners ay actual scenarios na ginagawa ng mag external auditors. I remember one question that was asked to me when I applied as external auditor.

"What would you do if a client would not allow your proposed adjusting entry that can increase their income tax payable? Let us say, a very material amount that will add Php 100,000.00 plus in their income tax payment and would exceed their budget."

I answered "No" because as a CPA, I am responsbible for the accuracy of the financial statements that will be issued to the public. I would owe that to them.

At the end of the interview, bagsak ako. Ganun pala ang laro sa auditing firm and when I joined an auditing firm, dinadaya pala nila ang mga financial statements just to get and maintain clients.

Thanks again Ynang Reyna.
As a matter of fact, it is good to pay the right taxes. But, how do our government spend our Money? The clients' money? Kung ako ang tinanong ng ganyan, alam nyo na po Ynang Reyna kung ano ang sagot ko. Hehe.
Salamat talaga Ynang Reyna. Baka meron pa po kayong naaalalang question ng partner?

[Miguella_Zubira]

gosh, leo cafricorn......... in love na yata aketch sa'yo.... nafakanovel ng amvisyon mong makafagwork sa audit firm... chaaaaaaaaaar!

seriously, am i the only here who, even at the start of her (HER thalaga? chaaaaaaaaarrr!) career, did not really think of joining these fancied audit firms?


i don't wanna sound conceited here but even without audit exposures, i have managed my career as lucrative as that of a manager.


reason?


D-E-T-E-R-M-I-N-A-T-I-O-N.

[lockex]

normally ang tinatanong ng mga partners ay actual scenarios na ginagawa ng mag external auditors. I remember one question that was asked to me when I applied as external auditor.

"What would you do if a client would not allow your proposed adjusting entry that can increase their income tax payable? Let us say, a very material amount that will add Php 100,000.00 plus in their income tax payment and would exceed their budget."

I answered "No" because as a CPA, I am responsbible for the accuracy of the financial statements that will be issued to the public. I would owe that to them.

At the end of the interview, bagsak ako. Ganun pala ang laro sa auditing firm and when I joined an auditing firm, dinadaya pala nila ang mga financial statements just to get and maintain clients.

Fast conclusion there mang. Malamang hindi dahil doon sa sagot mo ka bagsak, and anyway, I'm from audit too, and though I've seen some weird stuff, firms generally protect their integrity. Well, at least SGV does.

[lockex]

And anyway, here is my two cents in this.

I tend to disagree that in large firms you'll only get to work on a small part of the audit and not be on top of everything. Again, only speaking from my SGV experience, this is not true, since there are WAY too many clients and thus you'll probably be in charge of a few small ones by your second year. Although yes, generally, in your first few years as associate, you'll probably only do as you're told.

So, the answer is pretty simple. Don't quit while you're an associate. Get to senior at least, and even manager if you can last that long. Is it that hard? IMO no, but I guess everyone has different opinions.

Yup I know, it's years of mindless "slavery" in the eyes of many, but hey, just focus on the positives. You get to work with people your age, access to a HUGE database of accounting/audit/IT/whatever knowledge which you can use to develop yourself further, at no extra cost.

[KID=1412]

waste of time talaga kapag internal auditor

Wow!

Can one make a valid argument without having experienced doing both internal and external audit?

I would not trade doing SOX audit, Business Process Review, Internal Controls Review and other internal audit activities to the usual external audit procedures. To each his own, I guess.

The variety of internal audit experiences I earned with various MNC clients had been a great learning experience for me. On the other hand during my initial year, I had been exposed to external auditing also though I really applied for the Advisory from the beginning. I'm glad to experience that especially the FS and ITR preparation. I'm really blessed having experienced both.

Not really sure about IA experience in the Private Company but being employed in the Advisory Group of the #1 External Auditing Firm in the country leaves you little opportunity to handle top local clients but the greater opportunity would come from referred jobs from overseas which are normally the top MNCs.

[abbey89]

Thank you abbey for the compliment.

anyway, yes, it is true na ang sarap pumirma ng auditor's opinion. Pero it takes a great responsibility everytime you sign a financial statement. lalong lalo na kapag corporation ang pinipirmahan mo. Kapag nagkaroon ng problem sa pinirmahan mo, ang cpa ang pinapatawag at hindi ang management.

i understand naman po what does that responsibility mean hope i'll be responsible enough when that time comes.

[bgkings]

normally ang tinatanong ng mga partners ay actual scenarios na ginagawa ng mag external auditors. I remember one question that was asked to me when I applied as external auditor.

"What would you do if a client would not allow your proposed adjusting entry that can increase their income tax payable? Let us say, a very material amount that will add Php 100,000.00 plus in their income tax payment and would exceed their budget."

I answered "No" because as a CPA, I am responsbible for the accuracy of the financial statements that will be issued to the public. I would owe that to them.

At the end of the interview, bagsak ako. Ganun pala ang laro sa auditing firm and when I joined an auditing firm, dinadaya pala nila ang mga financial statements just to get and maintain clients.

Small or big auditing firms, nangyayari at mangyayari talaga yan...

[ScribblerGeek]

Hi DiCapricorn,

I had been with SGV for almost two years and to be frank it was not really bed of roses. I got screamed at, experienced staying at the office 'til the wee hours of the morning and rush rush rush.

On the plus side, one tends to learn how to manage pressure, expectation and time aside from the technical mine that you'd expect to gain <compulsory training, both classroom and web-based>.

All in all, I advise you to yes, try auditing. And, you can always leverage on that audit experience on your succeeding endeavors.

[Miguella_Zubira]

Fast conclusion there mang. Malamang hindi dahil doon sa sagot mo ka bagsak,

perneezzzzzzz, i agree with you on this..

there are other factors why someone's not hired. i do not want to be mean here but for someone to conclude that she was unsuccessful in her afflication because of one answer in the interview is kind of, uh, let's just say, 'not good'.


how about considering the results of the exam? Were your answers in the essays (i believe, audit firms also give essay questions to test your grammatical ability) nicely constructed? how about the CONNECTION between the interviewer and the interviewee? how about your credentials? Are they better than the other applicants?

remember, audit firms (especially the big 4) only accept the 'cream of the crop'.

[abbey89]

remember, audit firms (especially the big 4) only accept the 'cream of the crop'.

please don't stress with only. hindi ako kasama sa cream of the crop nun but i'm in the audit. and i think, mas selective talaga ang big 4 pagdating sa mga applicants nila. that's why they are called BIG 4 perhaps but still, they open their doors sa mga normal students kapag natapos na ang taon, nag-oopen ulit ang iba sa big 4 para sa mga CPAs na wala pang work, if I'm not mistaken. kasi may mga nabalitaan akong nag-aapply pa during January kasi nag-open ulit ng positions sa audit. naalala ko pa *** mga ka-batch ko who patiently waited for their application. kaso, hindi ako patient eh. haha!

and besides, hindi na ko nag-follow up ng application ko nun. feeling ko hindi nila nipansin ang average kong CV at TOR.

sa lahat ng nag-apply at nag-aapply sa mga auditing firms, galingan niu

[DiCapricorn]

Hi DiCapricorn,

I had been with SGV for almost two years and to be frank it was not really bed of roses. I got screamed at, experienced staying at the office 'til the wee hours of the morning and rush rush rush.

On the plus side, one tends to learn how to manage pressure, expectation and time aside from the technical mine that you'd expect to gain <compulsory training, both classroom and web-based>.

All in all, I advise you to yes, try auditing. And, you can always leverage on that audit experience on your succeeding endeavors.

Hello ScribblerGeek. Thanks for the reminder. I am ready for the pressure. I want to have life and that life for me is being an Auditor. I wish they will hire me because I am determined to become an Auditor.

[DiCapricorn]

I'm not one of the "Cream of the Crop". I only have is courage and burning determination to become an Auditor.
I'm not from a "well known university". But I was trained by way of elimination.
I did not cheat to pass any exam/quiz before.
I'm not lucky in every competition I've been through especially in PICPA accounting quiz bowl and the Most Outstanding Accountancy Student of the Year.
I'm not a genius in accounting and auditing like Sir Valix and Sir Gerard Roque.
In all of these, it is written that I have passed the board exam. Why that I've got a CPA license if I will not use it? Is it just a three letters that was added to my name?
Now I know where I'm going, what I really want, and my purpose.

[Miguella_Zubira]

please don't stress with only. hindi ako kasama sa cream of the crop nun but i'm in the audit. and i think, mas selective talaga ang big 4 pagdating sa mga applicants nila. that's why they are called BIG 4 perhaps but still, they open their doors sa mga normal students kapag natapos na ang taon, nag-oopen ulit ang iba sa big 4 para sa mga CPAs na wala pang work, if I'm not mistaken. kasi may mga nabalitaan akong nag-aapply pa during January kasi nag-open ulit ng positions sa audit. naalala ko pa *** mga ka-batch ko who patiently waited for their application. kaso, hindi ako patient eh. haha!

and besides, hindi na ko nag-follow up ng application ko nun. feeling ko hindi nila nipansin ang average kong CV at TOR.

sa lahat ng nag-apply at nag-aapply sa mga auditing firms, galingan niu

hello mamang.. if that's what you want, then 'only' is deleted. chaaaaar!

most likely, magaling ka. kaya natanggaf ka. sure na!

[Miguella_Zubira]

I'm not one of the "Cream of the Crop". I only have is courage and burning determination to become an Auditor.
I'm not from a "well known university". But I was trained by way of elimination.
I did not cheat to pass any exam/quiz before.
I'm not lucky in every competition I've been through especially in PICPA accounting quiz bowl and the Most Outstanding Accountancy Student of the Year.
I'm not a genius in accounting and auditing like Sir Valix and Sir Gerard Roque.
In all of these, it is written that I have passed the board exam. Why that I've got a CPA license if I will not use it? Is it just a three letters that was added to my name?
Now I know where I'm going, what I really want, and my purpose.

chaaaaaaaaaaaar!

SONA kung SONA si Leandro cafricorn!

itetch va mga sinasavi mo sa interview mo?

[DiCapricorn]

Haha..Pang-SONA ba? Hindi ko naman sinasabi yan sa interview. Hehe. So far hindi pa naitatanong sa akin yung tanong para sa sagot kung yan. ^_^

[mari_an28]

Share mo naman po dito, if you won't mind, yung hiring process sa SGV, kwento mo lang. Tska kung anong nangyare sa interview mo. hehe. Salamat po.

I've tried the job examination in SGV more on english, flowcharts and mathematics, as usual time pressure *** exam and you have to complete it within 3 hours. its not required to answer all the questions because my duration per chapter s exam... i never attended the interview although they given me an schedule and the available job position...

[mari_an28]

@mari_an28
Hello there.

At least you've got an experience in the field of auditing even though it is an internal audit, but still it is an audit. Besides, you only spend 5 months. Me, I experiencing difficulty in remembering the standards, but those are still in my veins. Good luck to our career.

I hope I will pass the next interview, now it is the partner will be my interviewer. I don't have experience on this. Can somebody give me insights on how the throw questions? Thanks in advance.

I also have the same problem. I need to study again all the standards, specially s taxation... i hope that i will be able to recover all of it specially *** business combination and foreign exchange.. hehe kaya natin yan.

[Ze__Parisian]

Creme de la creme is soooooooooooooo not true. I know a good deal of auditors in an audit firm who struggled with cash flows, copied and left disclosures as is and basically sucked in English. They stayed there because, oh well, I leave the reason to your imagination.

[ynang_reyna]

Fast conclusion there mang. Malamang hindi dahil doon sa sagot mo ka bagsak, and anyway, I'm from audit too, and though I've seen some weird stuff, firms generally protect their integrity. Well, at least SGV does.

yun kasi ang sabi sa akin ng secretary ng partner na yun. I passed threir accounting and auditing exams and their cases. Duon lang talaga ako lumigwak ng bonggang bongga kasi hindi talaaga natinag ang sagot ko na hindi ko i aallow ang adjustment para mapababa ang tax maski mawala ang client. Of course, hindi iyon papayagan ng partner. Hayz, anyway, after that interview, I was hired in an auditing firm in makati.

With SGV experience, hindi din naman ganun ka thorough and audit ng SGV sa napapansin ko pati ang mga notes to the financial statements nila, hindi ganun kagaling. That is why I recommended to our board of directors to change our external auditor.

[ynang_reyna]

I'm not one of the "Cream of the Crop". I only have is courage and burning determination to become an Auditor.
I'm not from a "well known university". But I was trained by way of elimination.
I did not cheat to pass any exam/quiz before.
I'm not lucky in every competition I've been through especially in PICPA accounting quiz bowl and the Most Outstanding Accountancy Student of the Year.
I'm not a genius in accounting and auditing like Sir Valix and Sir Gerard Roque.
In all of these, it is written that I have passed the board exam. Why that I've got a CPA license if I will not use it? Is it just a three letters that was added to my name?
Now I know where I'm going, what I really want, and my purpose.

taray... pang miss universe ang sagot.