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Started By
Message
Audit season sucks
Posted on 10/31/17 at 9:27 pm
Posted on 10/31/17 at 9:27 pm
Nothing to hide, yet I have entered four months of hell, I am sure they feel the same way but it was the path they chose.
5
Posted on 10/31/17 at 9:28 pm to DoUrden
Poor public accountant. :(
Posted on 10/31/17 at 9:32 pm to RollTide4Ever
Nope work for a private company which chooses to have an audit, try again.
And if you mean work for a private company, hell YES, I have been in the suit and tie world and this is so much better both happiness wise and money wise.
Sorry you can't find a non-treadmill job with the right company.
And if you mean work for a private company, hell YES, I have been in the suit and tie world and this is so much better both happiness wise and money wise.
Sorry you can't find a non-treadmill job with the right company.
This post was edited on 10/31/17 at 9:34 pm
Posted on 10/31/17 at 9:50 pm to DoUrden
Posted on 10/31/17 at 11:14 pm to DoUrden
Private company accounting is great and we do an audit as well. Biggest waste of time and money imo. I could never do public accounting again. I look forward to the new bs tests they come up with. Last year it was the Benson test where they were concerned that over 10% of our payables ended in the same 2 digits. I was like, you mean they end in .00 for say a 53,145.00 rent payment? They said yes and wanted an explanation on how this could be possible. I thought they were kidding at first.
This post was edited on 10/31/17 at 11:28 pm
Posted on 10/31/17 at 11:22 pm to Serraneaux
Sounds like journal entry testing, whose your auditor.
Posted on 10/31/17 at 11:27 pm to BeYou
It's a small firm. We only get the audit done since we have some govt contracts and I guess to make sure I'm not embezzling money.
This post was edited on 10/31/17 at 11:29 pm
Posted on 11/1/17 at 6:45 am to DoUrden
quote:if happiness means bitterness then yeah, you're happy.
DoUrden
Posted on 11/1/17 at 8:30 am to DoUrden
4 months to audit? Sounds like your auditor doesn't know what they are doing. When I was in public, we never had an audit go past 2 weeks and we had some sizeable gov't entities to audit.
Now my audit lasts about 4-5 days spread out over several weeks. 1-2 days for Inventory verification (1st day of new fiscal year), 2 days for field work (2 months after year-end), 1 day to wrap-up any loose ends or follow-up procedures (2-3 weeks after field work).
Now my audit lasts about 4-5 days spread out over several weeks. 1-2 days for Inventory verification (1st day of new fiscal year), 2 days for field work (2 months after year-end), 1 day to wrap-up any loose ends or follow-up procedures (2-3 weeks after field work).
Posted on 11/1/17 at 9:05 am to Weekend Warrior79
quote:Never had an audit go past two weeks? You must have worked for a pretty small firm.
4 months to audit? Sounds like your auditor doesn't know what they are doing. When I was in public, we never had an audit go past 2 weeks and we had some sizeable gov't entities to audit.
Posted on 11/1/17 at 10:21 am to NOSHAU
quote:
You must have worked for a pretty small firm.
Close to 50 people in the audit division of the firm. I was referring to the field work aspect of the audit lasting no more than 2 weeks. We would put a lot of time into our planning so we wouldn't have any wasted efforts once we started. We also worked on training our clients and would not put them on the schedule until at last 2 weeks after we recieved their T/Bs.
Posted on 11/1/17 at 1:04 pm to Weekend Warrior79
Some audit fees have 2 commas and require a little more than 2 weeks of work...
Posted on 11/1/17 at 2:27 pm to Weekend Warrior79
i got to get me one of those 2 day in the field audit. Then again, I’m at a larger firm than you were at.
I’m on a 500M public client that is pretty much a 8000+ hour job.
Also work on a 1.2B private company that is a 6500 hour job.
Heck, even my non-profit client that does about $50M is a 800 hour job.
I’m on a 500M public client that is pretty much a 8000+ hour job.
Also work on a 1.2B private company that is a 6500 hour job.
Heck, even my non-profit client that does about $50M is a 800 hour job.
Posted on 11/6/17 at 11:28 am to DoUrden
quote:
Nothing to hide, yet I have entered four months of hell, I am sure they feel the same way but it was the path they chose.
I work in audit. And yes, we do feel the same. Probably more so than you.
Posted on 11/6/17 at 12:39 pm to Weekend Warrior79
quote:
I was referring to the field work aspect of the audit lasting no more than 2 weeks. We would put a lot of time into our planning so we wouldn't have any wasted efforts once we started. We also worked on training our clients and would not put them on the schedule until at last 2 weeks after we recieved their T/Bs.
You must have been auditing small private companies only or something. The interim fieldwork alone for our audit is about 2 weeks, then they'll be back on site for most of Jan and Feb
Posted on 11/6/17 at 3:49 pm to Drive4show
quote:Hell pretty much every bank I audited, even the small local ones, had 2 weeks of interim testing and two weeks after year end. That is a month on location for little guys
Some audit fees have 2 commas and require a little more than 2 weeks of work
Posted on 11/7/17 at 6:11 am to DoUrden
Trying being on a client preparing for an IPO.
Posted on 11/7/17 at 8:34 am to DoUrden
quote:
but it was the path they chose.
Also, most choose this path so they can eventually go into private and make decent money. If you went another route and are making decent money, I'd love to know how
Don't get me wrong, I know there are other routes, but from what I've gathered, starting in public is generally better for one's career in the long run
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