Does every big four firm issue audit opinions before the testing is finished? Or is that just at EY? Trying to decide if it’s time to leave public or if this is specific to EY and our culture

likefunny
Posting as :
works at
You are currently posting as works at

This should not happen unless you are looking to be the next headline article (in a bad way)

likefunny

i’ve been in situations where we have to report the results of our fieldwork to the audit committee as much as 3 weeks before issuing the report and praying no big issues popped up between one day and the other. but never met a partner that would issue a report before all testing was completed to such an extent that there was no doubt to our conclusions.

like

At EY yes, very common. Obviously clients don’t know but we do. Just document everything away.

like

Uh what office are you in bro

like

You mean it hasn’t been documented? There are cases where the support is received, the executives see that everything checks out, but the documentation is taken care of later. It should be rare that “testing" is not finished

like

I have never seen audit issued before testing completed. I have seen documentation finalized after issuance and I think that's quite common, but definitely no testing.

like

Your engagement partner is corrupt! 😁 that's all.

like

As others have said, cleaning up a work paper for documentation isn’t the same as not having completed testing. If you get caught issuing an opinion and you didn’t complete the testing, you’re going to have a bad time. A BDO team just got slammed by PCAOB because the snapshot of the file on the filing date had blank work papers that were completed in archive. Pretty sure the partners and senior manager lost their CPA licenses over it.

like

Pre SOX it was not uncommon, today at PwC no.

like

It is only about your team. I never see that.

like

I've never seen the that before. Is it common? Drafts yes. Opinions before getting the rep letter back, no

You are on the wrong teams or do not understand how your team is comfortable signing off. Never happened to me.

All depends on how risk-prone or risk-averse the partner is. If they're 99% sure nothing is going to pop up from the last few samples, they might go ahead and sign off. It's not right but it's to keep the client happy. Audit is a big game

It’s completely inappropriate and my guess is this is not common at EY and most national firms. Agree with earlier comments that this occurred in a pre-Sox world and only minor documentation updates are allowed post issuance (no testing). Reporting results to the audit committee early is fine because most partners provide caveats that teams are still wrapping up procedures and will update the committee should the preliminary conclusions change. Google BDO’s similar situation and the resulting fallout. Do not be a part of that game. Your career can be ruined by taking part.

I have seen it first hand at PwC on more than one engagement

To add, one of the engagements had ‘housekeeping language’ on approximately 50% of the work papers

Pretttttttty sure this would be a big no no

I’ve seen our auditors(PwC) trying to back fill their documentation and making requests for things they should’ve asked for the previous year. I’m not sure if it’s on purpose or pure incompetence

Related Posts

Hi Fishes,

I am currently having an experience of 3 years. I want to get into Data Science field. Have been preparing with the concepts mostly through self study. Will I get a job without any experience in Data Science field

like

Hi fishes,
I have recently joined in a project as a Oracle JD Edwards finance Functional Consultant.
Is this a good ERP to kickstart your consulting career and whether there are good opportunities for this ERP in the future.

like

Hi Guys,

I got the offer from JP Morgan in FRDC LOB.

please provide how will be the work life balance & professional growth.
YOE: 6
Tech stack: Java developer
Offered : 23 fixed
CCTC : 13.5

Please provide your valuable suggestions

like

I got call from NTT data, how is the company, hikes, work culture ? How much i can expect with 7 yoe.

like

Heya! I’m an international student trying to find a job in business strategy or advertising. Yet, many companies do not want to hire me because of the OPT. I double major in Brand Management and Psychology. Any advice or direction on how to get my step through the door as a foreigner in this competitive industry?

like

Hi,

Any reviews for Swiss Re as a company? I'm close to getting an offer and want to particularly know about the following:
1. Non-monetary benefits (life, accident and medical insurance details, any other benefits)
2. Paid time off (leave) policy
3. General culture (including WFH support)
4. Work life balance
5. Typical increment and bonus levels (VP level preferably)

like

Is Salesforce a career whole? Or can you build skills that are applicable to other industries?

like

What is the best way to transition from insurance defense to criminal defense? I’ve been working in ID for about a year and have never been more bored in my life. I want to be challenged and do interesting work, but I’m not sure how to get started with no experience. Currently living in Chicago.

Hey, what are the future scopes for DAACs. what are the general roles DAACs apply to/get after ZS?

My end all be all goal right now is to eventually run my own private wealth management firm.
My question is though: Should I try to go straight into private wealth out of college and become a private wealth associate, or take a different route, and start as a base level financial advisor to get some general advisement background?

like

Which are some of well recognized certifications in Healthcare IT space? I have around 3 years of exp in Payer side and will like to make my CV stronger with a certification. Looking for something like PMP for Project Management

like

ZS or Synechron?
Both offering same package
But I think learning curve will be more in ZS.
Tech Stack: ETL dev
YOE: 4.4

like

Hello Everyone!!

I've been working in the sales industry from past 1.5 years, but i wanted to change my field.
After some research i decided to get into Cloud Computing. I've done Microsoft Azure course and cleared AZ 104 Certification for Azure Administrator.
But because of my Sales Experience my profile is not getting shortlisted.
Please suggest me what can i do ? And if anyone can help me with the job.
Thanks!

like

Any success stories of moving from accounts to being a broadcast producer, how was the transition? Thnx

like

Anyone here work for Maxwell Locke and Ritter? Curious to know about the comp and culture, particularly on advisory.

like

Who is in the dental field?

like

Any Biology majors here? I’m current stuck on what to do with my degree! Currently I’m a Chiropractor Assistant, this is a temporary job while I’m trying to get back in school for my masters in Healthcare Administration. This is the only thing I have on my resume, I’m open to any advice.

like

I have been working the same position for 5 years. But our job title has changed a few time I went from a pre registration rep to a verification specialist during my time there I want to branch out but not sure where to go from here. I have a bachelors in Health Science. 5 years experience dealing with patients, insurance, referral, data entry, etc.

like

Would it be stupid to think of pursuing a career in tex as an audit senior?

like

More Posts

I got Medical Reimbursement of around in current month salary, but I don't think I had applied any bill or submitted any such amount. Can someone tell what exactly is this amount for?

like

PwC AC Bangalore: In 2 months notice period, do we get salary month wise or all 2 months salary together around LWD in full and final settlement?

like

Need referral for Qa Manager profile. Having 16+ years of exp

like

Hi Fishes, Can someone refer me, have the job id with me?
Thanks

like

Snowbird here, heading down soon. What fun things are happening Labor Day weekend?

What is the determining factor for promotion from a senior associate to manager?

like

Can someone create a bowl for afghan politics please?

like

Hey everyone- any of you need a website for your side gig? Feel free to message me.

like

Hi, I was promoted to Associate in March. Am I eligible for October annual hike?

like

Cause of death - Waiting for the response from HR

Post Photo
funnylike

Tell your friends to join this bowl!

(Just don't tell your bosses.)

like

It all starts with: "Hey, wanna grab coffee tomorrow?"

Post Photo
like

Any CBd/hemp oil brands that has worked for you guys?

My mother in law is dying of cancer but is also a toxic person. My husband has mixed feelings around letting her dump all of her emotions that should be handled with a therapist on him. Beyond this,

like

I have a lot of mindless closing binder assembly today so I’ve been watching Restrepo and Korengal in the background. It.... really puts things in perspective. I feel like such a baby for complaining about long hours or stressing over emails.

like

Hi Everyone,

I just need some advice.
My father passed away a few months back and I am yet to obtain the legal heir certificate. Given the ITR deadline is near, should I just file his ITR from his account or is there any other option?

Thanks in advance

like

I have got Gurgaon as base location in offer letter. But since I lost a parent(my father) and relocating is kind of not possible for me at this moment can I ask them to relocate me to Kolkata?

PS - I am a campus hire so a fresher - Analyst

like

Those who recently joined and got Kolkata as base branch,
did you get ur physical ID Card from Camac st. ofc?

like

Big birthday coming up in a few months and wanting to do things I have never done before (tattoos, surgery, etc.) What have you done as a result of a mid life crisis?

like

Generally curious how many companies offer phone reimbursement? My last gig did not but the current one does. Legally it seems, all employers are required to do so if we use our phone in literally any capacity (video call, slack, teams, emails etc). How prevalent is the issue of not reimbursing phone dues?

like

Additional Posts in Accounting

Find myself thinking abt adderall more than I did college.. Is that something some of us do regularly or have considered for work? Are there any substitutes I'm not be aware of? Thoughts/Concerns/Qs?

like

Daily Reddit crossover.

Post Photo
likefunnyupliftingsmart

Parking should really be reimbursed! Especially when its $20 a day.

like

Looking for a referral to a consulting firm lmk!

likehelpful

For those who have left PwC recently - how long did it take to receive information in the mail regarding your 401(k) and details on how to transfer? I’m starting in advisory at another Big 4 next week and am unsure on how I will report this in the onboarding process for independence related docs.

like

What's the best approach to overturn a bad performance rating? I believe that I had met expectations, so I was wondering if this is something you can fight for?

like

Found on LinkedIn. Nice kicks.

Post Photo
likefunny

Where da audit staff at?

like

Thank you, Deloitte, now everyone is calling it an "IPE". 😒

like

Rye brook New York

like

Who at EY is excited that we (finally) have a corp discount at Equinox!? It's about time!!

like

Every single day

Post Photo
likefunny

Has anybody worked on VAT team on RSM or know people that have? What is culture like? Work schedule and hours like during busy season? Any information would be helpful.

like

So I ordered a 1 backpack and 1 desktop monitor on PwC’s IT order form. And I somehow got shipped 3 backpacks and 3 desktop monitors. The shipping center said I had to take them, but should cont.

like

Someone do me a favor: ask me how many fucks I give today

like

Any one looked at the budget hours and think they were unreal? I am updating the actual hours compared to budget, feel stupid & inefficient when I see I'm so over budget. Or maybe I should eat hours?

like

Anyone else get shafted on promotions?

like

Prepped for my first walkthrough but ended up freezing up and my second year led the entire thing. Someone please tell me it gets better because I felt so incompetent during those 30 minutes...

like

Any ladies get jealous of the girlfriends or wives of guys on your team? Many are in much easier jobs and are actually happy and have time. I wonder if the hours we're working is worth it.

like

What do you look for when examining the accounting for a small business stock purchase? Asking for specific types of errors and red flags.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal