Poor Dharma123. That said, there is a few things I'd like to clarify as a current auditor.
a. Looking for documents - generally it is expected to be the client's role, although in Malaysia it has been such that the Malaysian auditors do it for them.
Why? Data security and privacy issues. In larger corporations like Exxon etc, the auditors do not have direct access to supporting documents, the accounts people is supposed to coordinate for them. This is also the same in cases like IBM, where documents are kept via shared service functions, and requested documents are provided only only on request. There is a genuine concern from the client end that they don't want a third party (what more an auditor) to go around digging through all the client's documents.
b. Preparing schedules - that's really a client's role. Again, due to lack of client competence locally, in the past this has been an auditor's 'scope'
Why is it a client's role? You must remember that the financial statement is prepared by the client. Meaning, the entire financial statements should come from the client, and then the auditor audits. So, schedules such as your workings for your classification in the notes to accounts, your liquidity risk workings etc. Everything should come from the client.
Again, because you've in the past been an auditor, and had your share of 'incompetent' clients, you've probably been led to believe that it's always the auditors role.
c. On asking questions - It's lack of tact from the part of the audit team in PwC. They should have asked questions one shot. That said, there's also the moment when the 30 questions are too overwhelming.
d. On networking - yes, that's genuinely lacking in staff these days. I actually blame smartphones. Everyone's too busy playing games on their phones. They aren't even talking to their teammates!
e. On salary.
As to whether Rm2.7k is too high.. personally, I'm quite neutral on this. If you benchmark against engineering or banking roles which pay higher, Rm2.7k is about right. But if you benchmark against McDs or whatnot, it is abit high. If you benchmark your med sized plc against their pay, their seem high. BUT, you should consider whether you've looked at the right bracket. Big 4 is like the top. If you're a midsized plc, your benchmark should then be with the mid-tier firms.
f. Also, you may want to think whether you're looking at it through rose tinted glasses. People tend to look back and say their past was better.
35% Drop In Job Vacancies, Any of you got problem getting job??
Oct 21 2013, 11:52 AM
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