Audit Associate Career Guide and Counseling

Question: Financial Analyst at Citi or Audit Associate at KPMG? OK now I am faced with 2 options, a Financial Analyst with Citi or an Audit Associate at KPMG. I am confused between the two so please anyone help me by sharing their insight, pros and cons of the two. I am a fresh grad with a Bachelor degree in Accounting btw. Thanks!

Answer: Congratulations. If you want to work in the financial services sector right away, then consider the job with Citi. If you want to learn auditing, then consider KPMG.

Question: Pricewaterhousecoopers interview for audit associate coming up? I have an interview with Pricewaterhousecoopers next week for an audit associated position. How does PWC interview process work? What kind of question would they ask?

Answer: by now you have probably had the interview and know the answers to your question.

Question: I have an interview at a government agency for an audit associate. Not sure how to prepare.? Does anyone know what sort of questions would be asked of an auditor associate for a government agency? I am assuming the interview will be situational.

Answer: 1 What is accounting ? 2. what is the difference between cheque and draft ? 3.Who can do how many company audits ? 4.What the meaning of Computer Auditing.? 5. What is the meaning of STP? 6. Tell us about your self ? ?

Question: How does the career path in an audit firm go: Partner, Associate, Manager, Senior Associate? What is the order of Partner, Associate, Manager, and Senior Associate? Thanks.

Answer: Lowest to highest: Associate Senior Associate Manager Senior Manager Director / Principal Partner Managing Partner Emperor

Question: What are some of the audit challenges associated with going into futures contracts?

Answer: what does your textbook say? it may offer a clue.

Question: What would be a good question to ask on my PWC interview? I am invited to the PWC superday for the 2nd round interview for the audit associate position. I will be interviewed by partners and managers. What would be some good/smart questions to ask them? How should I get prepared for the interview? Any advice would be appreciated!

Answer: you could ask: 1) what are the career prospects for the position - i.e. for people that have joined in this position, where would this position lead them into?

Question: What problems could be associated with Auditing a farm? one problem I could think of is the fact that many farms sell their tractor parts for cash once the tractor is longer usable Hee Hee no I didn't but you never know! That's a great book I'm loving these replies by the way. Keep them coming

Answer: Everytime you try and count the sheep, you'll fall asleep!

Question: What are Ellis and Associates lifeguard audits like? How do they audit? With dummies or real people? What kind of drills do they run?

Answer: Though we never had that company come out, we were always audited on a knowledge and preparedness basis. the auditors did a walk-through and talked to people and checked on all the equipment and asked us and the management questions. There weren't any actual drills during our audits because they usually occured during working hours. We were given scenarios and asked questions about health, safety and prevention. Mainly the auditors checked over our equipment and made notes about what we could do to improve our safety and that of our patrons. It's always a heart-pounder but really isn't too much of a stressful day if you know your stuff. There is a possibility in off-hours audits that you may be asked to perform a rescue using a co-worker as a victim. I know some auditors also have CPR dummies and dummies that sink and float and stuff but we never used those. If you know your stuff and are prepared you won't have a problem. Good luck!!!

Question: BBA in Computer Informations Systems...Solutions Providing or Audit and Advisory? I am graduating with a BBA in Computer Informations Systems in December of 08'. I have been told that the main sectors dealing with CIS are Solutions Providing and Audit/Advisory. What are some various skills associated with each sector, and what are some possible entry-level positions?

Answer: There aren't any courses that you can take in school to prepare you for either of them, other than take some business related courses and get the best grades you can. Best wishes.

Question: what are auditing issues associated with a recessionary economic climate?

Answer: People cheat more when things get tight.

Question: Can I become an assurance auditor 1 as an experienced hire for a Big 4? I have one year of audit experience since graduating and was wondering if there was any way I can become an assurance associate 1. I know they usually recruit from colleges, but I believe this is the best shot that I have. I need some inside information. I will not take no for an answer. Tell me the ins and out of getting hired. Their career site never seems to have that position available. Only the management positions are available.

Answer: im on the same path you are.. its rough, so far I have been searching nonstop and it seems the only way I can get an interview is to go through my friends who are currently with the big 4 that actually recruited during college.. you have to know someone inside to get there for sure.. attempting through their careers portion of the website is your best bet next to that, however the chances of getting reviewed are slim to none.

Question: Audit or Tax??? Anyone out there who works for a Big 4 firm ....why did you choose Audit or Tax??? I'm currently a tax associate for a Big 4 firm, i love the job so far, but its not busy season for me so no long hours just yet. My question is, why did you choose your career path...in audit...or in tax??? If you switched between the two, why did you choose??? It interests me to know successful people's stories about how they manage to choose or land towards their career and why you do or don't like it...any stories are appreciated...i actually read them :)

Answer: I work in tax - and love it! I work for the big tax prep company, doing mainly individual returns. I also teach classes on tax, and work in HR. But I love the tax prep part of my job because I get to help people. There are so many people who come to my office just wanting to get a quick refund check. But I treat each person like an individual, and talk to them about short and long-term savings, about starting to fund their 401K, or an IRA, or both. We talk about how to avoid getting in a situation where your tax refund is 'already spent' every year by starting some short-term savings. We talk about what's going on in their lives and how it's going to afect their tax return. I have clients who I've seen every year for 7-8 years now. I watch kids grow up and go to college. I help fill out FAFSA forms. I answer tax questions at home when clients look up my number and call me in July. I absolutely LOVED doing the 1040 EZT's for elderly clients who didn't otherwise need to file last year - the $30 was important to them, but they didn't know about it 'till I told them, in some cases. I do this work because when we were newly married and in college, my former husband and I went to a (different) tax prep firm to have our taxes done. The woman imput some figures, then asked "how fast do you want your refund?" No explanation of what had happened, snippy answers to our questions, and no information on why we were getting back what we were. I had asked that my husband be head of household, which I now know is laughable to a tax pro, and she simply told me 'nope - you don't make enough anyway'. I was extremely frustrated. Before we left, I decided I could probably do a better job of that than she did, and asked how to get into the business. She told me, and a few years later, after college and kids, I took some classes and started dong taxes. And to this day I'm thankful she sucked at her job, 'cause I'm really good at mine, and very, very blessed to love what I do!

Question: Is this a good salary with a Big 4 TS group? Is there anyone out who works in the Financial Advisory department at any of the Big 4 accounting firms? I have interviewed with E&Y and KPMG and I've received an offer of $75k salary and $10k sign-on from both. Can someone who works in this group please comment on the offer. Also, does this group usually pay performance bonuses? My background: I am a CPA with over 5 years of audit experience. I will finish my MBA this May and I'm willing to relocate upon graduation. The position is in Atlanta and carries the title of Senior Associate. Please state your source of information in your response.

Answer: I believe that is a pretty standard amount for a Senior Associate in a Big 4 firm. I have been interviewing with a few of the Big 4 firms for a Staff Auditor position. I don't quite have as much experience as you. My offers have been in the range of $50,000 - $55,000, with a signing bonus. From the interviews I've had they do pay bonuses. I also got this information from a co-worker of mine that used to work for a Big 4 firm. The firm I currently work for is paying me about 70% of the lowest figure I've been offered. The firm I work for pays, usually at the highest, $55,000 for a Senior Auditor. They have historically paid $15,000 - $20,000 less than the market price. Good luck, maybe I'll work with you sometime.

Question: PWC interview question? I am invited to the PWC superday for the 2nd round interview for the audit associate position. I will be interviewed by partners and managers. What would be some good/smart questions to ask them? How should I get prepared for the interview? Any advice would be appreciated!

Answer: Ask them how they think the subprime meltdown and resulting market crash is going to affect GAAP in the future. I'd also be interested to see their take on hedge fund regulation.

Question: What is the best way to make sure business associates in other countries? honor their contracts with me, say a Korean counterpart, who may not have a visa, or even be subject to US law and contract. How do I get protection, from my profits, should I have them notarize their contracts with me, or make it subject to audit by Korean Ministry of Finance, if my profits are not forthcoming. Or do I get a Korean lawyer, to make contract, and how do I trust them, if I don't speak Korean Hengul?? Find a translator... that is a lot of work, but it involves a lot of money. I just don't think a US contract is enough to protect my interests... any advice?

Answer: You need the services of a lawyer who specialises in international trade.

Question: Audit procedure? what is audit procedure? how to draw up a audit procedure to test the sales transaction of a company(cash sales) with a combination of compliance and substantive approach? wat is the nature and risk associated to sales cycle?

Answer: Read auditing textbooks in ACCA and other FRS and IAS.