I must apologize for taking the recruiting slogan of one of the Big 4 accounting firms. This post will discuss the qualities that are in demand in the audit profession. A later post following this one will focus on interests and personality fit.
What employers look for in a candidate (The following qualities can apply to all types of professions, but I have also put them in context with the profession):
Attention to detail - You go through stacks of working paper everyday. Sometimes, it is the ability to spot small inconsistencies that lead to a discovery of big errors.
Analytical skills - is not the ability to be able to perform complex mathematical calculations. It is the skill in critically analyzing whether a process or calculation is logical. It is the ability to critique the accuracy of calculations and other people's analysis. Alertness to errors is reduced when one is evaluating an analysis rather than perform the analysis him/herself for the first time, especially under stressful or tiring situations.
Problem solving - this is the ability to generate your own procedures or satisfy an objective when new issues arise (which have not been addressed in prior year files). It is also the ability to identify the source of information. Knowing where to find the right information is an important (and a developed) ability of an auditor.
Team-player - if you are not good in working with others, don't bother to look into this profession. There are very few audits that involve a one-man team. 2 to 3 years into your career, you might be asked to lead fellow colleagues into an audit. Patience is key in the role. You can easily spend 30-50% of your time helping out your juniors or answering answers. This leaves you with little time to do your own work. Therefore, time- and project- management skills are important.
Communication - both written and spoken. Strong written skills in this field means following proper working paper formats, being able to express your procedures and conclusions in a short, objective and precise manner. Spoken communication is more important. A big part of it relates to client interaction skills. We are inherently put in an unfavorable position as our job is to uncover the client's mistakes. Our existence also impede's the client's productivity. It is 100% understandable that the client employees hate auditors. It is up to your attitude and your relationship management skills to reduce the tension between the two parties. Remember, partners and managers spend years to nurture a working relationship with the client. You do not want to be the one to add a blemish to this relationship.
Showing posts with label audit. Show all posts
Showing posts with label audit. Show all posts
Thursday, June 24, 2010
Friday, May 28, 2010
Discretion vs Openness
A lot of seniors tell me that if you are writing an "extracurricular" exam, such as the CFA, you should keep it on the "DL" and not be so vocal about it. I don't promote the fact that I'm pursuing the designation, but when asked why I took time off, I don't feel the need to lie about the fact that I took time off to prepare for the exam. There have been 2 opposing arguments on this matter:
1. CA firms train people to become tax professionals and auditors, and the CFA (or other "extracurricular" items) have no place in such firms. This is especially true in smaller firms as tax/assurance are the only services provided. Your decision to pursue the CFA is an indication that you have no interest in staying in the firm.
2. Personal career interest should be respected and the firm should encourage staff in exploring their career opportunities. This may sound stupid, but has some legitimacy especially in big firms. Big firms provide advisory services, many of which are outside the scope of the core competencies (accounting/audit/tax). *I do realize that the CA profession has expanded their competencies to include finance, risk management etc. But let's face it, audit and tax are still the main functions in a CA firm and this fact will not change in the near future.* Anyways, back to my point, advisory needs people with a finance background. IT risk management requires people with computers science/math/engineering background. In order for a professional services firm to be complete, they need people with expertise outside of the bread and butter competencies. Also, a diversity of expertise is what empowers a professional services firm to capture additional market share. I notice that such pursuance in other career developments do not hinder performance on the job. In fact, a lot of these individuals are top performers. It has something to do with the fact that these individuals have a sense of direction and have the capacity to manage both their job and their extracurriculars.
Contrary to popular belief, not all of these individuals have a time line in departing the firm. I, for one, have no plans on doing that. I enjoy working in a big CA firm because I'm surrounded with people in my age group, all of my colleagues are intelligent (we take this for granted), and the opportunity to network is huge.
We can also put a spin on the employers' perspective. Instead of worrying about the fact that these individuals will be lost, time can be better spent on keeping a good relationship with these individuals. A lot of them are overachievers, and if they really leave the firm, chances are they will climb up corporate ladders quickly and become links to potential clients.
1. CA firms train people to become tax professionals and auditors, and the CFA (or other "extracurricular" items) have no place in such firms. This is especially true in smaller firms as tax/assurance are the only services provided. Your decision to pursue the CFA is an indication that you have no interest in staying in the firm.
2. Personal career interest should be respected and the firm should encourage staff in exploring their career opportunities. This may sound stupid, but has some legitimacy especially in big firms. Big firms provide advisory services, many of which are outside the scope of the core competencies (accounting/audit/tax). *I do realize that the CA profession has expanded their competencies to include finance, risk management etc. But let's face it, audit and tax are still the main functions in a CA firm and this fact will not change in the near future.* Anyways, back to my point, advisory needs people with a finance background. IT risk management requires people with computers science/math/engineering background. In order for a professional services firm to be complete, they need people with expertise outside of the bread and butter competencies. Also, a diversity of expertise is what empowers a professional services firm to capture additional market share. I notice that such pursuance in other career developments do not hinder performance on the job. In fact, a lot of these individuals are top performers. It has something to do with the fact that these individuals have a sense of direction and have the capacity to manage both their job and their extracurriculars.
Contrary to popular belief, not all of these individuals have a time line in departing the firm. I, for one, have no plans on doing that. I enjoy working in a big CA firm because I'm surrounded with people in my age group, all of my colleagues are intelligent (we take this for granted), and the opportunity to network is huge.
We can also put a spin on the employers' perspective. Instead of worrying about the fact that these individuals will be lost, time can be better spent on keeping a good relationship with these individuals. A lot of them are overachievers, and if they really leave the firm, chances are they will climb up corporate ladders quickly and become links to potential clients.
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