Although I did score pretty highly in my first year, I don't think I'll be able to achieve a first class degree tbh.

Big 4 here looks more than just your academic result. I got in because I've already done internship at a Big 4 in KL last year, and a work experience programme at a stock-broking firm in Johor Bahru. I've seen people who are first class and from top unis like LSE getting rejected cause they don't really have the extra "edge" to talk about in interviews. I'm not from top unis (well, it's in top 30) and I still managed to secure 2 final round interviews for Big 4.

People need to stop concentrating on academic result! It means f*** all when you get to interview stage. (at least here but they still requires you to get strong second upper or they'll reject you lol)

Btw, thanks for the advice. Good to know that ICAS is well recognised.

This post has been edited by verticalforce: Feb 17 2009, 02:33 AM

may i ask u all,
how does materiality affects auditors work?
thank you

Well, I would say the main difficulty of the test lies in the time constraint. It's not really that difficult, just that you need to be quick, else u won't be able to finish it. And erm, I was interview by the audit manager. So she basically just asked why did I choose audit, what is my 5 years plan, did i have any conflicts with my colleagues or classmates,etc. No technical questions. Phew!


I applied to the one in PJ.

no reply..

For a basic explanation, the higher the materiality level set, the less substantive testing will be conducted. More reliance will be placed on the controls.

This would also relate to a lower fees charged.

Erm.. actually. Materiality is actually more on tolerance. An overall materiality is established which to the auditor, is said to the maximum amount of tolerable error which the auditor is willing to accept, and still sign off the accounts as true and fair.

Against, there is also qualitative and quantitative materiality. Quantitative is usually affecting P & L, and to us auditors, the 'overall materiality' is how much we are willing to let the P & L move.

In short, the statutory accounts may report RM20,000,000 profit. But if your materiality is set at 1,000,000, then you are willing to accept that the a 100% perfect accounts is somewhere between RM19m-Rm21m. (+/-)

Qualititative is usually internal control errors, resulting in 'issue' or 'discussion points' for consultation with higher management. It's more on issues of where the client doesn't follow standard operative procedure, or controls simply not working. Generally, whilst it's an issue to discuss for further improvement, to us auditors, it merely means no reliance on control and instead adopt substantive testing (aka lots and lots of vouching)

Materiality generally has nothing to do with fees. Risk is what generally moves with fees. Although admittedly, a higher risk client will have lower materiality, thus more work (and generally more fees)

However, just because materiality is low is no reason to put high amounts of fees.

oic.. ok.. thank you all

Yes, agree with what u said, but in my opinion, generally, materiality level somehow does indirectly relate to fees.

Aiseh, no need to mention "erm..actually" ler.. , like im totally out of track there, was just providing someone with very brief explanation.

hahaha, sorry about that.. no offense i hope

i got a 2nd interview with kpmg tmr. what should i expect for a 2nd interview??

usually it gets more personal on the 2nd interview. They ask about whether you're willign to commit etc, and usually it's conducted by a more senior person. 1st interview is a screen, to say in simple terms.

Are you sure?

you may want to revisit this.

Lol really ah, took F8 like 2 sittings ago also forget liao
Maybe wrong interpretation of question, or lack of practical experience

Now taking P7.. must buck up on audit! argh!!

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Added on February 18, 2009, 1:35 pmEh, btw, which position did u apply? Never heard of 2nd interview in kpmg

This post has been edited by Raymond_ACCA: Feb 18 2009, 01:48 PM

is it possible to enter big 4 if u r an acca finalist without OBU?

As far as I know, I have a friend in Deloitte, ACCA finalist without OBU. Pay is RM 1800 only, (CAT pay), until she passes her ACCA/OBU, where the pay will increase to RM2600/RM2450.

Not sure about the other 3 firms.

KPMG, EY, Deloitte and PwC is standardized.

Degree gets RM2450, (subject to differences due to allowances.. usually RM10-RM20)
and full ACCA + Degree gets Rm2600 again subject to the same provisions lol.

Don't expect too much.

I heard that the starting pays for freshies have been adjusted downwards now and the number of vacancies are also tighter. Is that true?

Issit?how much they lower to?
Huhu its been 2 weeks++ since my interview with deloitte looks like chances of me getting in is slim
Have to start applying more medium firms liao

Deloitte offer me only 2.4k, so I guess so, but not KPMG.

About number of vacancies, I know that both Deloitte and KPMG is still hiring. Not sure about PWC and EY.

Yeah i heard that time the interviewer ask me say is 2.4k for now.
They offered u also ar ?
When they call you?