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