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 Question on EY Audit

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JimK
post Nov 22 2020, 01:08 PM

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QUOTE(cxjiek @ Apr 6 2020, 11:18 PM)
Was from EY 2 years ago, so some info might be outdated. There are 4 depts:
FSO-Banks
NRG-Oil and Gas
DTC-Diversified Telco
HPI-Property Developers, Rental Income, Transportation

FSO is most different from the other 3 depts because they specialise in auditing banks. FSO people always say "i hate audit loans (asset)", then other depts say "i also hate audit loans (liability)", but it is actually totally different thing.

FSO teams also tend to be very big, so those new auditors also tend to specialise into only one tiny part of the audit, where only manager would get more exposure into the whole audit.

FSO peak time is also different, almost all clients are December year end so peak is tight, then after peak I heard some take really long leave (one month) utilising their leave in lieu of overtime.

Also heard some FSO people saying banks are so big and so competent that misstatements auditor detect become not material making audit pointless.

FSO audits Maybank. NRG audits Shell. HPI audits Hap Seng, KLCC, DRB, SP Setia, Top Glove, AirAsia. DTC although suppose to audit telco, but most of the largest telcos are audited by PwC.
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EY banking audit clients is quite handful now


 

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