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 35% Drop In Job Vacancies, Any of you got problem getting job??

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ThanatosSwiftfire
post Oct 21 2013, 11:52 AM

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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.



ThanatosSwiftfire
post Oct 22 2013, 11:23 PM

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QUOTE(Dharma123 @ Oct 22 2013, 09:50 PM)
Poor? I am rich. You speak for yourself, poor Gen Y auditor wanna be.

You just see everything from one side of the picture do you?

I have worked for Big 4 audit firm, shared service, MNC and SMEs. I know two sides of the coin.

You speak of client responsibility and lack of competence as if this task is so easy. As auditors is like football fans watching their favourite football team getting thrash by the rival, and after the match, you guys start thrash talking the manager and the squad, want to sack the manager, sell the ineffective players when you are not even on the field.

Have you ever have to run a finance team of 10 to 20 people? Its not easy. One day you'll see especially when you move to commercial. Hah, I hope you will experience it, you try to speak smart alec style but you'll get the karma. Locally listed companies are especially messy. When staff resign, it takes months to retrain a new staff, lost opportunity and the knowlesge is lost. That is why listed companies like to hire auditors because they think these people have full set experience. Have you ever joined a listed company and find yourself having to play catch up, do one year of bank reconciliation that was left behind by the previous staff. You have no help, nobody know how to do the work, just the bank statements, soft copy and the GL. In some circumstances, staff that work more than 20 years, leave the firm grudgingly, then refuse to pass down the knowledge to fellow colleagues. Then nobody there knows how to use the accounting software, it can be IFCa and even as big as SAP. Then your boss hire you, without telling you of the consequences, you wonder what crap you got yourself into.

It is not easy to keep a team of finance staff happy. Maybe past years, a company do well, pay bonus and increment, then one year the boss makes a wrong investment decision, the company start to make losses, the old staff leave, start hiring new green staff that not familiar with the industry and not know the background. Different industries got different accounting treatment. These knowledge are lost forever. It could be hedging techniques, commission calculation or even records of where the land titles or legal disputes were kept. Its all lost. Then you come in to clear the mess. Imagine what situation you are in, when the auditors come in, you're new, bombard you with questions, and you feel hopeless to help.

You may want to say that only i been through this situation, trust me almost every auditor who moves to commercial have experienced this. Even when I move in MNC with shared services, they got this headache as well. Sometimes when they want to migrate the work from factory to shared services, you'll face a lot of resistance. Lack of cooperation from factory finance staff because they want to protect their jobs.

You speak of client responsibility to prepare schedules as if it is so easy but you wait lah, perhaps karma will come to you when you intend to join commercial finance.
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Wow. Bro I wasn't saying its your fault wei. Why you sound so bitter? Im just telling you tht is how it is supposed to be and I acknowledge tht there is a huge gap between reality and expectation but seriously just because your company is shitty you wanna push the shit to your auditors? And say its their fault now? Why are we the scapegoat for the shit the company or your predecessor handed to you? And I still dont think im wrong about saying its not supposed to be the auditors role to dig for documents and prepare schedules. Just because u had thr tough luck of getting screwed by your clients in the past, why do you want to curse the future generations to follow your fate?
ThanatosSwiftfire
post Nov 4 2013, 02:20 PM

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QUOTE(Dharma123 @ Nov 4 2013, 01:37 PM)
The pwc auditors think they are the top tier, crem de la crem, so they think they entitled to ask any question. Schedule also have to do for them, no idea what they learn. That is why when commercial hire them,, they hire them to do corporate work.
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Awesome! Corporate work sounds good to me.
ThanatosSwiftfire
post Nov 4 2013, 04:57 PM

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QUOTE(Dharma123 @ Nov 4 2013, 04:29 PM)
Depends...if you do for our blady china man listed companies, could be quite boring.

Some may even be consol job.
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Consol okay what.. What most people want after leaving audit is a 9 to 5 job rite. Tired of the hours.
(then after 1 year they complain about lack of progression)
ThanatosSwiftfire
post Nov 5 2013, 10:42 AM

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QUOTE(Dharma123 @ Nov 5 2013, 10:25 AM)
Consol job very boring la. Have to chase subsi and assoc co for accounts. Bosses no appreciate you, hire you for sake of consol only. No future in conso job.

Then corporate job like raising equity or financing for your co also quite boring. Usually is those china man co who want to get access to these funds because their co no money. At first they give you good pay rise, after that your salary cannot increase, no increment.

Better go work for merchant bankers or RAM.
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merchant banker or ram very good progression ka? I tot they oso quite messed up one.


 

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