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 Big 4 Recruitment Drive_v2, All things Big 4 + others

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mumunakk
post Dec 28 2011, 08:17 AM

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Intern-ing at KPMG for 3 months in audit, reporting in icon_rolleyes.gif
mumunakk
post Jul 5 2012, 11:19 PM

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Hi I was an intern in KPMG doing audit for 3 months and so I find audit is kinda lifeless when it hit the peak period. Waking up 6am to beat the jam to go to the office and working till 12am was not one of my memorable daily routine. However, audit does give alot of knowledge-ToC, Walkthrough, Interviewing with client and getting to know their business processes etc.

But i feel that auditing will be my final resort in my initial career. After some month of exchanging ideas with my friends/relative mostly from medium tier firm, my interest was set upon business/financial advisory-corporate restructuring. So i'll try my luck in applying the associate position in the Big4 before trickle down to medium and small tier firms.

Therefore, I am writing this if there is any associates in corporate restructuring in Big4/Medium/Small firm that is willing to give an insight in their respective firms in regards to corporate restructuring. What is expected from me as a fresh associate? etc..

Others are also welcome to give their views smile.gif


mumunakk
post Jul 7 2012, 10:59 AM

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QUOTE(pinkteabb @ Jul 7 2012, 02:17 AM)
Oh no, i m just signed and submitted the offer letter from KPMG to confirm my internship at KPMG Penang.  hmm.gif Am i doing the right decision?
Intern at KPMG really so pressure? I though that internship no need to work until so late, but  issit trainee also need to OT everyday?
Did u really learn anything during r internship at KPMG?
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Well there is an unwritten policy that trainee are suppose to be from 8.30am-5.30pm to reduce "abuses" causes trainee are paid chicken feed laugh.gif and the senior/director feel sorry for you. My initial weeks and few final weeks I've been working to let say 6-8pm which I dont mind cause its like a team spirit to accomplish something. But I got hit till 12 midnight in my 2nd month of internship where my different senior(apparently i got rotate into 3 senior in my internship) have to handle a new client (more paperwork I guess) and my senior put me on standby mode which means I have to sit down wait my senior to finish his/her job before letting me go at 12am.

I dont mind OT-ing but the problem is they dint give me any more work after i done with my previous tasks and I have to "accompany" them till they finish and this went on for 2-3 weeks.

In terms of what I learned, I learned plenty. Oh the experience the knowledge you could get is totally more fun then reading it out from a textbook. Meeting with clients and them explaining their business process was one of my most memorable intern experience. Make sure u know how to
1)Use excel effectively with formula and linkage between different sheets.
2)Know how to use photostat machine, puncher-punch hole ngam ngam in the middle (kena screw cause my file the paper top and bottom part imbalance LoL)

I would say it depends on your senior. I have gotten 2 good senior out of 3 which they really taught me and give me time to learn and also gave me time allowance if mistakes are done eventho deadline are near.
mumunakk
post Jul 8 2012, 10:28 AM

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I have a lecturer an ex-auditor in Big4 and they say they choose their intern on a random basis with a benchmark of average result and some curriculum activity and they also look at your passport size formal photograph if attached. Because your appearance means alot if the Big4 going to attach you to a high profile company and i found this very true during my internship. Who can guess which audit department in KPMG got most leng chai and leng lui? brows.gif brows.gif

If I remember correctly the grading they use if from 1(very poor) to 5(very good). I think i got in between 3(average) and 4 if combine 3 of my senior. Funny thing is the secretary and head of department says if I want to return to do audit just contact them and they'll hire because they rather take in intern than fresh grads with no intern experience. I dunno if they will hold their words anot rolleyes.gif and the audit department in KPMG is separated into 4- audit department K, P, M, and G.

In term of OT, I asked my senior and usually they will compensate with day offs. But not 1 hour to 1 hour basis, its like work 10 days OT then you can take one day off but still depends on your immediate Manager for approval. Usually intern dont get this privilege since peak period you'll be expected to rush like mad and day off are utilized on non-peak period. I only got 2 days off for CNY in 2012 cry.gif

In terms of monetary compensation for OT, i got none but i got compensation for travelling to client's place. But this also depending on your budget on allowance of the audit client - must not over budget compare to last year's budget. However, day off and monetary compensation varies across department. Some of my frens in other department got OT monetary compensation rather than day offs. Maybe each departments got different policies LoL

Pray you get a good senior and a good client. Its like rolling a probability of 0.5 x 0.5 hahaha

This post has been edited by mumunakk: Jul 8 2012, 10:35 AM
mumunakk
post Jul 8 2012, 05:52 PM

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QUOTE(Justin Wong @ Jul 8 2012, 01:02 PM)

The second corporate restructuring is where a healthy group of companies intends to reorganize its group structure to achieve certain strategic intent (i.e., spin-off, prepare for IPO, tax efficiency) where the accounting firm is being engaged to provide them with different options available highlighting the respective pros and cons of the options. depending on the complexity of the group exercises, knowledge of consolidation accounting and tax knowledge is essential, as well as some aspect of the Companies Act. In this regard, auditing experience may seemed helpful but I doubt anyone with less than 3 years audit experience will have such level of exposure to provide any value to such exercise. Besides, I have manage to come by without one anyways.


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QUOTE(Materazzi @ Jul 8 2012, 03:55 PM)
I heard to get into business restructuring we need to have strong audit experience?
How about the salary? is it higher than audit? CFA needed?
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Anyway,

Dear Wong,
Thanks for giving your insight. I assume that you're holding a senior position or above after 5years in advisory department. So what do you expect from me for example if i were to join your department? What sort of technical aspect should I have? I read your post and im seeing abit of company law, corporate financing and communicating with 3rd parties. I work pretty well if my senior gave me objectives, briefing and a deadline for me to organize my schedule.
mumunakk
post Jul 18 2012, 09:11 PM

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QUOTE(morgana_jara @ Jul 18 2012, 07:14 PM)
Unfortunately, I can't differentiate between the interns and the auditors. But my colleague did say that there seems to be a lot of cuter girls around these days  tongue.gif 

I'm stationed permanently at 9th  rclxub.gif
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Fresh grad and intern not much difference, both also look lost laugh.gif . That's what happen during my internship and at the same time a new batch of auditors. Quite easy to identify which are the experienced auditors.

1. Look stressed infront of the laptop
2. Discussing stuffs with manager or partner in their cubicle/room laugh.gif

As for which firm have the most reputable and good internship experience.
It all depends what type of seniors you get
This is the collective response i got after end of internship after discussing with my friends that went into Big/Medium/Small audit firms.
Some are edgy, some are forgiving. Depends on your luck tongue.gif

And in audit you will go to client place, so which audit firm you choose either far or near gonna be the least issue in your mind once your on the field.
Maybe you are lucky and get posted outstation brows.gif

This post has been edited by mumunakk: Jul 18 2012, 09:12 PM
mumunakk
post Aug 16 2012, 10:45 AM

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QUOTE(thefridge @ Aug 16 2012, 10:43 AM)
Hey how come it's not beginning of sept that Pwc ask u to start work? But 16th? I wonder if I able to secure an interview after raya, dunno if can make it for sept intake?
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Pay less gaji i guess, start from 16th they can pay ur salary based on ( salary x workingdays/30 ) so no need pay full month gaji. Sneaky bunch laugh.gif

There's my conclusion since my internship was 1k per month but only got like 300+ for the last month since my internship ends at middle of the month
mumunakk
post Sep 15 2012, 11:52 AM

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QUOTE(noonies_naruto @ Sep 15 2012, 10:21 AM)
sth to do with law i suppose?  hmm.gif
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LLB=look like busy, so manager/partner wont question ur senior why you so free goyang kaki



sweat.gif
mumunakk
post Oct 16 2012, 12:15 PM

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This is a somewhat relating to Big 4 so I would post it up here and not open up a new thread

Business Advisory: Sustainability and Climate Change Reporting

So I have seen large multinational corporations disclosing their SnC reporting because of public pressure that companies should be accountable for the negative impact to the environment and society and the so-called "1st world" are in the process of developing a standard for it and some countries have legal enforcement so that companies must disclose it rather than voluntarily.

So the question is,
does working in Big 4 at Malaysia in regards to the area have a career growth opportunity?
Anybody currently or was working in the department of SnC would like to share their experience?
Or is SnC so insignificant that there is no specialize personal currently to head it and is just for name-sake wise in Big 4's portfolio of services?

I am currently quite incline towards this area as im quite environmental conscience and going to be an accounting graduate. I would like to try "the road not taken" and not sure if im just living in lalaland and need to be slapped into reality

mumunakk
post Feb 6 2014, 10:52 AM

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QUOTE(darrenboy @ Jan 30 2014, 12:10 PM)
I find the internal audit of accounting firms seriously lacking depth. They don't really study the company and industry well before they come for audit. They can just drop in for one week and expect to come out with their findings/ improvements. Very often they don't have the time to check in-depth. The understanding of the company will be very shallow. And often all the inetrnal auditors do is to compare the companies practices with their own list of internal control best practice. But very often, their own list of best practices may not be applicable to the client company. Not every best practice is applicable in all situations. So, many of their recommendations in their draft internal audit report will usually end up being rebutted/rejected by the client. Thsi is not a good way of doing things.

Also, because internal auditors of accounting firms do not go in-depth to understand the operational aspects of the company, but mostly only do accounting related internal controls, they are usually unable to recommend something which the client company would find useful to improving the operations aspect of the company as well as the operational risks.

If you really want to excel in IA, you need to join several companies, of different industries first. If possible, don't join as IA, but as finance accountant or finance exec first. Then you really learn how other accountants do things in their respective companies. There you learn their internal controls and most importantly, find out how they do hanky-panky stuffs. It is these insights into how hanky-panky stuffs are done that you will be a good Internal Auditor to highlight these wrong doings later on, when you switch from accountant to internal audit later. My advice is to join as an accountant in various companies to gain these valuable insights first, then switch back to internal audit. If you don't have these insghts, but go directly into IA, you will not really be an excellent IA.
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I find this applicable to external auditing (EA) too.

Testing of internal controls in Financial Close Processing is boring doh.gif

Rather do inventory management or human resource cycles

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