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Any M 40+ in Nairobi? The apps here are not it!
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It takes a certain type to want to be in audit. 🤷🏼♂️
That’s for sure
As a now-retired audit partner, I was once burned in an internal quality review of one of my audits, because the tax accrual work was substandard. My mistake was relying on the tax partner. From that point forward, I always dug into the tax work to ensure it was both correct and properly documented and had the tax partner walk me through it all. Perhaps I should’ve been doing that all along.
PwC1 I completely agree. No partner should need babysitting and no partner should have time to babysit.
My experience is that there are a lot of tax folks who aren't as skilled in audit. It often results in (1) not enough work being done in high risk areas (including controls) , and (2) too much 'busy' work done in low risk areas (e.g. ticking and tying every spreadsheet/provision file). So I insert myself quite a bit to make sure we're scoping correctly and designing an efficient audit approach. Also, as the audit partner, I'm ultimately responsible for the opinion, so when the buck stops with me, I'll insert myself as needed to feel comfortable before putting pen to paper.
I don’t have this issue with audit partners I work with. Maybe it’s an issue with the specific individuals you work with, or office or firm. 🤷♀️
30+ years including 3 different firms. All top 10 firms, exact same issue at every one of them. Not every single partner obviously, but most.
Do you really have audit partners questioning efficiency of the tax team? Our realization in tax is 20 points higher than audit. I work on our efficiency in tax, but I would not look to the audit partners for tips.
Agree. Same here. And yet every proposal they question the tax quote as being too high. I typically respond by asking them why they think they are too high and whether it’s because of their vast experience in tax work
I work in a tax specialty group (credits/incentives) and I deal with this exact same issues from my Lead Tax / Compliance Partner colleagues … the apple doesn’t fall far from the tree. Just saying.