Does anyone actually like audit? (1 Viewer)

[ohwhenthesaints]

This is a genuine question for all auditors... particularly those working for a big 4.. do you actually enjoy being an auditor???

I started as a grad at a big 4 in February this year and have just started my CA. I really dislike the work and most friends I've started with are unhappy as well. I am wondering what everyone else thinks and whether they regret going into this line of work?

Grad positions/cadetships are so competitive and I don't understand why. To me it seems like a case of people going for it purely for the prestige of working in a big 4... but when it comes down to it auditing is probably one of the most unglamorous jobs in the world. I know when asked what I do for a living I try to avoid saying the word auditor at all costs.. it makes me feel dirty.

My interest has always been in finance rather than accounting which is obviously a major factor for me hating the job. The current market conditions aren't exactly ideal for transitioning into finance but I am thinking of having a go anyway... I can't see myself putting up with audit for the next 2 years and doing my CA on top of that!!!!!

I am wondering if it is because I prefer finance that I hate auditing so much or if everyone feels the same????

 

[Vagabond]

For me its all been about the client and the team...
I've had times doing very mundane work and on pedantic clients and I've hated every moment of it. Coming to mind are the hours I've spent filling out APRA returns for insurance companies and crunching numbers for fund custodians.

In contrast I've also been lucky enough to work on teams with great bunches of people whom I've bonded with on interesting clients. I was lucky enough to get to work on the year-end audit of a major bank and I was honestly intrigued, working with group finance, learning about how their business works, developing analytical expectations and looking at the broader market/picture... What made the job great was the fact that my seniors/managers took the time to explain things outside of the detail which made the work much more interesting.

A major perk of the big4 is that you have the opportunity to direct yourself towards work you are more interested in, working more closely with a smaller group of people within a larger group (that you get along with) and at risk of sounding cliched developing towards what you're interested in.

Also from what I've seen the longer you stay the more responsibility you take on (at an enormously fast rate) and you get to coach and manage others very early on in your career. I've been in a position within a year of leaving highschool where I had the opportunity to coordinate small interstate jobs, book accountants, arrange meetings etc. for others to perform work. It was a small taste of management and if I continue on this path it's something I look forward towards.

I look at the work the managers, directors and partners do and I certainly wouldn't mind having the knowledge they have, planning to mitigate risk and servicing so many different clients.

I think you need to be more proactive in ensuring you audit companies you are interested in and trying to work with people who keep you challenged and open to learning rather than filling up your time with mundane tasks.

Life as an auditor is a mixed bag in all regards.

The positions are competitive because of the exponentially increasing benefits in your career as well as the competitive experience/training you receive within the context of accounting and back-office particularly.

When I've felt my job to be unglamorous I've just thought back at how many times I've studied, analysed and physically carried financial data weeks if not months before the rest of Australia got their hands on it; watching analysts etc. on business news guess about takeovers and financial results whilst already knowing what's about to happen.

 

[BeeCom]

The positions are competitive because of the exponentially increasing benefits in your career as well as the competitive experience/training you receive within the context of accounting and back-office particularly.

When I've felt my job to be unglamorous I've just thought back at how many times I've studied, analysed and physically carried financial data weeks if not months before the rest of Australia got their hands on it; watching analysts etc. on business news guess about takeovers and financial results whilst already knowing what's about to happen.

This + "There are no poor accountants"

(Yet to work in big4, but will be starting soon - am infinitely more interested in a finance career like the OP)

 

[3li]

i cant imagine myself in audit

its accounting...

i made the switch to finance u shuld too if ur more interested

but if u rekn big4 is competitive to get into (hah) then hahaha... for finance....

maybe switch to a diff industry atogethr?

 

[ohwhenthesaints]

i cant imagine myself in audit

its accounting...

i made the switch to finance u shuld too if ur more interested

but if u rekn big4 is competitive to get into (hah) then hahaha... for finance....

maybe switch to a diff industry atogethr?

Yeah I am actually planning to switch at the start of next year... hence jumping back on this forum for some research/advice after a 4 year absence post hsc haha.

Agreed big 4 aren't competivite comparative to finance.... what I meant was alot of people apply and miss out but agreed that you don't have to be good to get in.

Initially my plan was to transfer to the Corporate Finance section of my big 4 while completing CA then once I finished CA transfer into the finance sector. However with the current market the transfer won't be possible for at least a few years.

I can't handle 2 more years of audit so going to get out somehow at the start of next year... not really bothering with finance jobs at the moment so probably a Masters in Applied Finance and some travel

 

[MichaelJackson2]

of course no one genuinely likes auditing. you're going through an audit manual and applying standards to see if an account has an acceptable level of risk. how can that be interesting? i was luckly enough to have been a 'CA Achiever' during my first year of uni and given the opportunity to do a cadetship. i say i was lucky because it showed me that auditing and a career in accounting was not the way to go (they promoted the 'CA Achiever' program as an opportunity for first years to get their foot in the door - looking back it was to get your foot in the door so that you could get your foot out of the door before the door shut and you were doomed for a career in auditing). the following year i took on a law degree allowing me to do courses that were actually interesting. the intellectual stimulation of a law degree does come at a price - you obviously have to study a lot harder and lawyers are expected to work ridiculous hours. so, at the end of the day it's really about balancing the pros and cons of whichever career you choose and figuring out what's important to you. to those that are stuck in the auditing profession and wished they had chosen another career, i say watch the movie 'butterfly effect' and you'll realise that perhaps auditing is sexy after all.

 

[Vagabond]

I expected the usual elitesm, but I'd be hard pressed to say jobs aren't somewhat competitive given the number of rejection calls I've had to help HR make

 

[3li]

some ppl actually like audit

i respect them

but its just not for me, srsly dont do a job u dont liek


if ur good enuff just change

its easy

 

[Monstar]

I've had no work experience in auditing but I'd imagine the most interesting things would come from the different perspective you get of the different industries ie x levels of y is considered competitive in the market etc. Most people i know use auditing as a stepping stone.

 

[BeeCom]

i cant imagine myself in audit

its accounting...

i made the switch to finance u shuld too if ur more interested

but if u rekn big4 is competitive to get into (hah) then hahaha... for finance....

maybe switch to a diff industry atogethr?

Whilst big4/accounting might not be nearly as competitive as finance (which I admit it isn't) it still is very competitive - I know dozens of people with out internships this summer. There are plenty of accounting jobs out there, but quality ones such as big4, mid-tier and certain private businesses that actually develop your career don't exactly fall into people's laps.

When you say you made the switch to Finance, what do you mean? I read in another thread you went through summer internship applications with CS, CBA (if memory serves) etc implying you are penultimate year, so what experience do you have in accounting? CA achiever? etc

 

[3li]

regardless of where u work its still accounting, and its in high demand so its not hard to get!. but then difficulty of getting a job doesnt directly reflect how good it is.

i made the switch cos i was bored.

im accounting coop.

u sound like ur settling for something less

did u apply for finance internships? u shuldve just gone to work in one of them

if u prefer it over accounting

if u chose big4 over finance, then good on u

if ur good enuff go for gold

btw u nknow lots of ppl who applied for big4 and didnt get in?
wow that susprises me, considering their intake... thosefrneds of urs i actually feel vry sorry for

wow them with work exp and academics, coupled with networks and good looks

 

[sdfjsdkl55]

I've had no work experience in auditing but I'd imagine the most interesting things would come from the different perspective you get of the different industries ie x levels of y is considered competitive in the market etc. Most people i know use auditing as a stepping stone.

Exactly. I've just picked up a vacation work position with a mid-tier accounting firm in assurance and consulting and hope to use the opportunity to secure a graduate postion the following year. I know that there will be parts that i'll hate about the job, but at the same time i'll be developing my knowledge and skill base by looking at a wide range of companies across different industries.
Once I get my CA, then I can look at either branching out into Finance, starting up my own Accounting Firm, chasing the big bucks as a senior accountant in the industry, or looking for a partnership.
At the end of the day it's a start, and in an increasingly competitive job market it's a pretty good one too.

 

[GolfPunk]

For the person who was looking to change to finance.

I have heard that a lot of ppl tfr from auditing to finance in the same company. Apparently its because you get an in depth understanding of the balance sheets. So its possible that your auditing background will assist you with getting a job in finance.

 

[billbro]

btw u nknow lots of ppl who applied for big4 and didnt get in?
wow that susprises me, considering their intake... thosefrneds of urs i actually feel vry sorry for

wow them with work exp and academics, coupled with networks and good looks

Sounds fairly condescending, obviously the intake at the Big 4 is a lot larger than IBs and Consulting firms but there are bound to be a pool of people who missed out. The intake for summer vacs this year seems to be about 1 in 8 on average, obviously this varies drastically with division - CF took like 2.

Also, the recruitment system doesn't always pick up ideal candidates - one of my friends missed out and he certainly had the credentials, but his applications were a bit rushed.

---
Not sure, how auditing will be since I haven't really experienced it. It is a job and like the majority of other occupations out there it probably won't be the most interesting thing in the world, but that's why it is called a job.

As others have suggested you can always move into CF or Insolvency, if you find the work boring. I would think it would be a good time to move into corporate restructuring considering the number of firms becoming insolvent - a friend mentioned that they signed on a few more grads than usual in his insolvency division this year.

 

[hopethisworks]

This is a genuine question for all auditors... particularly those working for a big 4.. do you actually enjoy being an auditor???

I started as a grad at a big 4 in February this year and have just started my CA. I really dislike the work and most friends I've started with are unhappy as well. I am wondering what everyone else thinks and whether they regret going into this line of work?

Grad positions/cadetships are so competitive and I don't understand why. To me it seems like a case of people going for it purely for the prestige of working in a big 4... but when it comes down to it auditing is probably one of the most unglamorous jobs in the world. I know when asked what I do for a living I try to avoid saying the word auditor at all costs.. it makes me feel dirty.

My interest has always been in finance rather than accounting which is obviously a major factor for me hating the job. The current market conditions aren't exactly ideal for transitioning into finance but I am thinking of having a go anyway... I can't see myself putting up with audit for the next 2 years and doing my CA on top of that!!!!!

I am wondering if it is because I prefer finance that I hate auditing so much or if everyone feels the same????

yes, you cunt.

 

[ohwhenthesaints]

yes, you cunt.

Haha my favourite response by far

 

[Omnidragon]

I've never worked in audit but one of my best friends does.

From what he tells me, it seriously sounds really really really boring work. The only saving grace is you get to go out to places (client's places) and drive around and stuff. But he said after a few weeks the novelty of that wears off

 

[3li]

Sounds fairly condescending, obviously the intake at the Big 4 is a lot larger than IBs and Consulting firms but there are bound to be a pool of people who missed out. The intake for summer vacs this year seems to be about 1 in 8 on average, obviously this varies drastically with division - CF took like 2.

Also, the recruitment system doesn't always pick up ideal candidates - one of my friends missed out and he certainly had the credentials, but his applications were a bit rushed.

---
Not sure, how auditing will be since I haven't really experienced it. It is a job and like the majority of other occupations out there it probably won't be the most interesting thing in the world, but that's why it is called a job.

As others have suggested you can always move into CF or Insolvency, if you find the work boring. I would think it would be a good time to move into corporate restructuring considering the number of firms becoming insolvent - a friend mentioned that they signed on a few more grads than usual in his insolvency division this year.

yea corporate finance is the only place that wuld appeal to me in a big4

srsly i dont see how all these ppl who do audit apply their finance major knowledge

typical auditors did acct/fin but they wont really use more than first yr finance

at least cforporate finance its related to the fin subjects at uni but audit is just accounting.

i know lots of acct/fin ppl who use accting as a safeguard or backbone and want to move into finance

fk that, just go for gold..

btw omni are u based in sydney or offshore

 

[MasterPUA]

Not all finance roles are created equal. I would like to pressure the Oxford English dictionary for a change in the definition, dependent upon pronunciation:


Finance (pronounced 'f-eye-nance') professionals work in Big 4 firms, retail banks and consulting firms.

Finance (pronounced 'finn-ance') professionals work in top 5 ibanks, hedge funds and PE firms.

 

[geetarjoe]

Not all finance roles are created equal. I would like to pressure the Oxford English dictionary for a change in the definition, dependent upon pronunciation:


Finance (pronounced 'f-eye-nance') professionals work in Big 4 firms, retail banks and consulting firms.

Finance (pronounced 'finn-ance') professionals work in top 5 ibanks, hedge funds and PE firms.

Top 5 ibanks?

4...3...2...1...0?