working in an auditing firm worth it?

[sliceoftime]

i'm not talking about preparing the bank rec. i meant auditing the bank rec. di nga bank rec eh, bank balance.

kwento ng friends ko in very big firms, ganun ang nangyayari sa kanila. boxed in sila sa isang industry, isang client, isang account.

[abbey89]

i'm not talking about preparing the bank rec. i meant auditing the bank rec. di nga bank rec eh, bank balance.

kwento ng friends ko in very big firms, ganun ang nangyayari sa kanila. boxed in sila sa isang industry, isang client, isang account.

nag-iisip ka ba kung gusto mong lumipat sa big firm or not?

advise lang siguro. kung gusto mo talaga mag-stay sa audit for about a quite long time, i suggest na lumipat ka nga ng big firm. para makita mo *** sistema. madalas kasi, iyon yung weakness ng small-medium sized firms, or perhaps dito sa'min. at saka, kung may balak ka din pala mag-abroad, better sa big 4 ka because of their affiliations overseas kasi kilala na worldwide *** international affiliates nila.

pero kung katulad ko na saglit lang, mga 1-3 years, okei na sa small firm. kasi basically matutunan mo karamihan ng kelangan mong malaman sa audit. plus masasalang ka sa wider range ng industry ng clients at mas madaming klase ng engagement. although ganito na din practice ng big firms ngayon.

and last, pray for it

[zenchski]

i'm not talking about preparing the bank rec. i meant auditing the bank rec. di nga bank rec eh, bank balance.

kwento ng friends ko in very big firms, ganun ang nangyayari sa kanila. boxed in sila sa isang industry, isang client, isang account.

well, thats the point of being in big firms. you have a chance to be exposed to big clients (i.e. PLDT Group, SM group, ABS-CBN) and technically limited lang ang experience (in terms of industry) kasi assigned ang work/accounts/procedures sa mga clients na yun.

Unlike small companies, in which hawak mo ang planning at audit procedures. talagang sulit ang audit experience.

But weighing it, i'd still go for big clients kasi mas complex at mas updated ang accounting system nila at hindi lang iyon expose ka rin sa mga strategies at tactics ng BOD nila which are topnotch guys in the industry and corporate world.

[sliceoftime]

Thanks for the all the input. I'm considering everything you guys said. My firm is quite good because although we're small, we have a wide portfolio of listed clients in different industries plus yun nga, i do a lot of different kinds of accounting/audit work. Ang main motivation talaga for moving to a big 4 firm is getting the brand on my CV.

[lockex]

i'm not talking about preparing the bank rec. i meant auditing the bank rec. di nga bank rec eh, bank balance.

kwento ng friends ko in very big firms, ganun ang nangyayari sa kanila. boxed in sila sa isang industry, isang client, isang account.

Anecdotal evidence. Madaming maliit na clients ang big firms, pero meron ngang malalaking clients na dun ka lang maassign.

Pero once you get to senior, gamay mo na lahat ng accounts usually. Ang advice ko talaga, don't quit until you get to at least senior 2, preferably manager 1.

[tazjhaie]

i've worked with deloittes before, sabi nila mas ok sa PWC or SGV, pero sa nakuha kong experience, mas ok sa mid-size na firm kasi from start to finish, involve ka... as in ikaw gagawa ng ng FS talaga...

[sliceoftime]

Pag audit di ka naman pede gumawa ng FS. Independence requirement

[KID=1412]

i've worked with deloittes before, sabi nila mas ok sa PWC or SGV, pero sa nakuha kong experience,

Bakit hindi EY?
Yung PWC, D&T and KPMG kadalasan by global name inaaddress.

Pag audit di ka naman pede gumawa ng FS. Independence requirement

Generally not the case in actual. Tinanong ko yan sa training nung bagong salta pa ko. Sympre theoretical pa ko nun. Sabi mas madaming tamad na client na inaasa talaga sa auditor ang FS "Draft" preparation. Pero inaapprove pa naman ng client yung FS prior to printing and release. Client din naman nagbibigay nung ibang disclosures.

Pero meron din namang client na sa ibang Big 4 nagpapadraft ng FS via Compilation engagement. Para san pa ang budget ng Accounting / Finance kung di gagamitin sa mga ganito.

Nakakatawa lang yung isang compilation engagement namin, mas malaki pa ang fee sa normal na audit engagement fee.

[sliceoftime]

Sa amin bawal. Especially pag listed. Pwede ka mag-assist as in may question rereparation, pero mismong ikaw gagawa bawal talaga.

[kionje_114]

is the years of working abroad as cpa (countries that recognized filipino cpa)is counted para makapagprivate practice?

[qwerty07]

Bakit hindi EY?
Yung PWC, D&T and KPMG kadalasan by global name inaaddress.

simply because SGV can stand on its own, unlike other auditing firms

[KID=1412]

simply because SGV can stand on its own, unlike other auditing firms

Pag MNC naman client, EY naman ang tawag more often than not. Yung mga expat kasi nalilito sa dual branding ng E&Y Philippines este SGV pala!

[mari_an28]

Thanks God I finally made it back here. I just want to share some of my work experience. I've work in a private company as an internal auditor after I passed the CPA board exam. For 5 months I've tried to encorporate what I've learned from the review center. Well its different from actual practice though some knowledge might serve useful in some ways. As long you stick to the concept of accounting you'll be able to pin point the weakspot of the company. Questions will come up as you go ahead. Some managers in a private firm overrides their internal control system. They only address the problems when it already arises and sometimes they don't work according to planned strategies. I'd left my first job becuase I was not satisfied about the work enviroment. Now I'm working in a multi-national company as an accounting staff in the finance department. From internal auditor to accounting staff, might sound crazy because I accepted a lower position, but everythiing goes according to plan. Well all I can is the salary was satisfactory though I'm just an accounting assistant and my co-employees and managers are very friendly which is the opposite from my first job. If I could not make it to be a regular employee in that company I will enter the external auidit work which is my very goal. I'm quite jealous to those external aditors who were currently conducting audit in the company where I work. Hehe I realized that it's really challenging doing it because you have to please the staffs and managers when you need something and as much as possible you must have a long temper because they couldn't accomodate you right away. Sometime when you need some information they wouldn't even tried to give it to you and they will always have an "aliby". Hehe but you could do something about it by giving a remarks on your audit worksheet that will serve as a basis for you in giving an audit opinion.

[heyblue]

your on the right track girl! iba din kasi ang experience sa mga auditor..
in my opinion ang auditor eh parang pulis at ang mga accountant ang magnanakaw.. kaya kailngan silang respetuhin..
pero ako mas gusto ko maging magnanakaw, haha!

[AccIdPEx]

Parang gusto ko ng magtrabaho sa audit firm kaya lang tuwing nagtetext yung mga classmates ko dati na 21 hours sila sa office [hindi to exaggerated] ay nagdadalawang isip na ako. Baka kasi magkasakit lang ako. Mahirap magkasakit ngayon, iba iba naman kasi ang immune system ng mga tao. May mga taong kayang tumagal sa puyatan, may mga taong ngakakasakit agad, mapuyat lang ng 3 consecutive days, meron din nagkaka-allergy.

[lockex]

Parang gusto ko ng magtrabaho sa audit firm kaya lang tuwing nagtetext yung mga classmates ko dati na 21 hours sila sa office [hindi to exaggerated] ay nagdadalawang isip na ako. Baka kasi magkasakit lang ako. Mahirap magkasakit ngayon, iba iba naman kasi ang immune system ng mga tao. May mga taong kayang tumagal sa puyatan, may mga taong ngakakasakit agad, mapuyat lang ng 3 consecutive days, meron din nagkaka-allergy.

Di naman kasi kelangang external audit. Pwedeng mag consulting or advisory or IT audit.

[AccIdPEx]

^ Yung IT audit hindi ako makapasok sa field na yan, lage nalang akong hinahanapan ng experience o kaya kahit basic education ng kahit anong IT related subjects eh sobrang willing naman akong matuto. Puro general accounting lang kasi at taxation ang work experience ko.

[happyhopper]

in my opinion ang auditor eh parang pulis at ang mga accountant ang magnanakaw

Haha, not really.

Had a colleague who has worked for an audit firm for the longest time. She had a hard time shifting her perspective from an auditor to an auditee. She'd always say, "we are not complying with IFRS" rather than "what can we do to comply with IFRS?"

I believe the whole audit firm stint would be worth it if you'd go beyond copying the client's flowcharts and merely correcting PY working paper's use of grammar.

[ScribblerGeek]

To TS: In general sense yes, it is.

Here are the reasons why I said so:

(1) Audit is hardcore. People perceive you as relatively more intelligent when you're doing audit. Of course they can always prove it otherwise depending on your actual audit performance;

(2) Learning opportunities. As people in public practice, auditors are required to meet specific minimum requirement of technical expertise and this entails CPE's (classroom-based, web-based, on-the-job);

(3) You get to adapt with different personalities. Yes. There are lots, and I mean lots of b!tches clients around so you better prepare.

But if you're referring to the monetary worth, no. Well at least not until you're a partner or a solo practitioner yourself but it may take painfully long years but hey, who knows.

[UsoppCPA]

depende sa mind set mo. ako kasi i took the board exam masabi lang na CPA haha. i passed. nag private agad ako. well siguro ayaw ko na lang gawing komplikado ang buhay ko. balita ko sa mga SGV mga umaalis dun may sakit na hehe. you can ask them sa totoo lang kasi gusto ko rin mag ipon agad then MBA at pumasok sa academe... i consider academe na LEAST EVIL sa 4 sector aminin nyo sa aduit nagbubulag bulagan kayo dyan minsan ) i want to create CPAs someday not money :P