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i mean that is just not an appropriate audit approach. A lot of small firms that do audits should not be doing audits. Likely they have another small firm doing their peer review so they probably just get passing scores. So you probably won't ever get in trouble unless there is a lawsuit. But your not going to grow you skill set. i for one wouldn't work there. But maybe you can talk them into improving and updating their audit approach.
I’ll
There’s no such thing as audit quality anymore, regardless of the firm. Unless you’re the partner signing the audit report, it’s not your problem.
Nailed it. Audit quality died as soon as offshoring was introduced. With all the audit failures coming to light over the past few years… safe to say the downside risk is low. No one cares or should care about audit quality
All CPAs legally can do that non CPAs can’t are legally sign tax returns, represent clients before the IRS in audits, and issue audited financial statements. Outside of that it’s a company preference that a company/ firm may want certain positions but it’s not required by law.
And the reality is most small firms never audit public companies, will never be audited by the PCAOB or any regulatory agency, nor do they have any sort or internal quality review programs that they have to report results of to regulators. Really the only risk would be if they screw up so bad that a company they said is ok is cooking their books and goes under. In that case I’d imagine users of the report could sue but the would have to have a major screw up for that to happen and outside of that minor errors or lack of detail likely get put in the audit file and never looked at again.
Legally sign tax returns? Lol do u think the preparers signing off on returns at H&R block are CPAs? Get a grip
I'm assuming eventually it's reviewed by a CPA? I started at BT went small firm, now at RSM. Gotta be honest you may be cooked, my small firm experience was scary to say the least and probably for similar reasons to why you feel cooked.
No, partner doesn’t review workpapers at all. Partners only sign off as a reviewer on financial statements. The office is basically run by these long tenured supervisors acting like senior managers.
Mom and pop operation kid. Why? Easier workload? More money? I'd leave ASAP. Good luck.
Yes, honest but not trash talking.
And this is exactly the kind of firm that undercuts legitimate firms on fees. Drives me nuts. Many clients don’t give a shit, we’re just a compliance cost to them.
Definitely not saying that this is okay by any means, but at the end of the day if the partner is signing off, they’re taking the responsibility for the poor work. Not that you couldn’t become potentially liable for that work, but they wouldn’t be coming after you first. And I find it hard to believe that the partners would be willing to put their certifications on the line over something that seems so small and easily fixable. Couple things that instantly come to my mind:
1. Are they part of the audit quality center? You should definitely check and see what their last rating was and when it took place (if any).
2. Do some research on their whistleblower policies