Audit Reforms - Extremely important if applying for Audit position!

#1

if you’re applying for audit i’d learn:

  1. audit reforms proposed by the EC and the implications for the big 4/non-big 4

-EC have proposed joint audits, separation of audit and non-audit services and mandatory auditor rotation.

—go to accountancy age website and research audit reform

***the main issue is that the reforms would have a negative impact in big 4 firms, so they are lobbying hard against them
–the audit reforms have been proposed to help improve auditor independence/quality (in appearance at least)

I’ve received 2 offers from 2 interviews, i reckon it was because i knew this stuff inside out and was able to actively contribute to a conversation about it, also try and form an opinion. If you;re being interviewed by a big 4 then say you are against the reforms and that they would only serve to reduce audit quality by bringing in firms who arent as equipped as big 4 and that smaller firms haven’t invested as much in their development and big 4 are now being made to suffer for being the best.

if you are applying for a firm outside the big 4 then say that the influence that the big 4 has on the government (as seen by governments initial resistance to the reforms) is why they may not be implemented, mention this article:

http://www.accountancyage.com/aa/accountancy-matters-blog/2124532/november-cruellest-audit

and explain that the big 4 are not up to scratch and reform may be necessary

shoot me an email if you need any explanations

#2

Thanks for this, just starting to prepare for a phone interview with PwC on the 29th. It’s my first and I’m only just starting to think about commercial awareness (I’m a PhD Chemistry student and have no background in business). Well done on your offers, would you mind telling me who they were from? I’ve applied to PwC, Deloitte, Tenon, Grant Thornton and Mazars so far. Do you have any tips for the phone interview?
Thanks
Lisa