Current Events To Raise in Interviews


#1

Guys, I am new to this forum and really impressed with the fact that majority of members are willing to contribute; not like many other career forums. So decided to start this thread where members post their views about prevailing issues in the non- and financial industry that might be in the scrutiny of Audit companies. This way we could reduce the number of threads started by new members asking about “CURRENT EVENTS”. All would benefit just by reading one thread containing relevant info about the events.

Well, if you find it interesting please post your thoughts about: Credit crunch, SocGen, Enron scandal, SOX, Christmas retail spending fiasco… and how they are significant for AUDIT companies.

Joyful reading!

(lets keep it short clear concise, too many threads with the same context) can we make this thread sticky later?


#2

Well, I would suppose that (as long as you weren’t applying for PWC) you could mention about how the Northern Rock crisis has yet again highlighted the need for integrity for audit firms, in that firms must be aware of potential conflicts of interest should all go sour. I’m sure if PWC could change the clocks back they would have removed that little conflict of interests there!


#3

…I was very surprised to hear that Huntingdon Life Sciences are one of the only companies who the government don’t legally require to be independently audited. This is because animal rights activists sent death threats and generally threatened their last auditors! …the implications of removing the requirement for an independent audit is quite a big question - could be something interesting to bring up in interview…

Ed


#4

Let’s say I am an investor

Huntingdon Life Sciences is a promising company with let’s say xx% return in 5 years. but in 5 years what might happen internally i do not know and i might not invest into it. I need a Big4 audit to assure that everything will be ok and my money will make some money in this company. But no one is willing to audit this company. So i am not investing…

… i think this is a big issue to raise in discussions actually. the company might not be able to raise money for its business unless otherwise government lends it at a lower rate. but who is interested in this company then…


#5

Here’s my thoughts on Sarbanes Oxley
http://www.wikijob.co.uk/forums/accounting-accountancy-professional-services/170-sarbanes-oxley.html

and Credit Crunch
http://www.wikijob.co.uk/forums/accounting-accountancy-professional-services/176-partner-interview-audit.html#post627


#6

Huntingdon Life Sciences IS audited, however, the auditors were assigned by the secretary of state. In this case, the auditors identity was to remain a secret, to prevent a rehash of what happened a few years back, where animal rights protestors stormed the Deloitte offices at London Stonecutter Court.