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Lol whatever. You’re clueless. Obviously haven’t looked into what kinds of jobs are out there.
Most of our work is for our own clients. We help our clients with all their accounting issues that arise during IPOs, mergers, divestitures, etc. I will openly admit we don’t consult on strategy. But we often hold the pen in drafting SEC filings. We build all the financial statement models, draft the disclosures, and make sure everything is ready to be audited. And, as I’m sure you know, we are not drafting this crap for our audit clients (maybe you’ve heard of independence).
It is very much accounting. 100%. But audit support is a very minuscule part of what we do. Like I said, I have an email come across every so often from some moron that doesn’t know how to use inform. And sure, I’ll help. But that kind of stuff is very much in the background to what we do.
If you look at CMAAS revenues, a very very small portion comes from audit clients. Most CMAAS revenue comes from carve-outs and IPOs.
Honestly, don’t comment on it because you are clueless. Stop spreading misinformation. Are we strategy consultants? Nope. Never claimed we were. All our work is pure accounting. But it sure as hell isn’t audit work.
Don’t call a cheeseburger a salad just because it has a piece of lettuce on it.
So its audit support for clients that get auditted by someone else....
I love the beef within the accounting/finance world
You didn’t ask me but I’m on a flight and bored so I’m answering haha.
I only did one busy season in audit. But I think the biggest differences are that the audit is pretty well defined. There are templates and lists that instruct you how to get through the EGAs. It’s not like that in CMAAS. Every project is unique so there aren’t any set procedures telling you how to get through it. Obviously once you do one kind of project a few times you develop a good mind for it, but you don’t have EGAs guiding you through.
If you’re on a carve-out for example and you need to figure out what is directly attributable and allocable to the carve-out entity, there is no list of procedures telling you how to do it. You need to get creative.
An overall a big difference is preparing vs. checking. Generating something takes more effort than reading it and checking it against a list of requirements. Putting together a stock based compensation disclosure for example, is brutal. It’s a ton of information to sift through and get into a clear and concise form. When you read it at the end and it’s only a few pages it’s like “yeah, great.” But wrangling all the data, doing the calcs, word-smithing the language so it’s clear just takes a lot of time.
It’s funny how someone like Audit Senior 1 is trying to put down this. You’re in audit... go continue being a bean counter while some of us are in an actual advisory related function. Even if you are doing rev rec, lease standards, etc., still are providing value to clients and a hell of a lot better than audit. Oh and I’m in FDD to be clear
Sorry to rain the parade but this is not FDD and Bval. And you will not very likely to exit to investment or finance related. It’s accounting advisory - even for capital market piece it’s still. It’s reading guidance, figuring out what the clients wants and to help them to achieve their goals, as appropriate. It’s different/on the flipped side of audit I would say.
You’re exactly right, which is why it’s much better than FDD or Val. FDD and Val are 2nd tier in terms of what they do. If you want to learn diligence and valuation, go work for a bank. CMAAS is technical accounting and PwC is an accounting firm. CMAAS is at the top of its field.
See my post above if you’d like to read more about what we do. A lot of auditors view CMAAS as audit support because we are where you turn when you’re too dumb to figure it out yourself. But we spend most of our time acting as consultants for our own non-audit clients.
So assurance lol 😂
So I switched from audit to CMAAS and I have to say they have different mindset. Some of my project work is like strategy& type ( what you would call “consulting”) and some of them can be more alike audit where you pull together footnotes instead of audit them. Not trying to get in the fight but it’s not easy to transfer from audit and do the CMAAS work well.
Never updated my profile, I turned down CMAAS offer two years ago, for M&A at a consulting firm. Big4 FDD is no more than another form of audit. I know quite a few FDD individuals at kpmg, and everyone of them is applying to my firm. Oh and normalizing non-GAAP op income is not bean counting??? LOL 😂 get over yourself.
It is not FDD. Pwc has a separate group for fdd
I’m in CMAAS. CMAAS is way bigger than FAAS mostly due to the fact that it is way older. That isn’t necessarily a good thing. CMAAS is already a well-oiled machine. I’m FAAS it would be easier to leave a mark and get noticed.
It’s definitely not due diligence and much closer to accounting advisory. However, financial reporting is a big part of it too. We help companies draft a lot of SEC filings like registration statements, 8-Ks, etc. I’ve also helped small tech companies put together financials to comply with rule 701 when issuing equity securities, etc. Pro forma financials are also a very common project. It’s a good gig. I like it enough.
Hi I got an interview call for the post of Associate at CMAAS. Would you be kind enough to give few pointers?
Wow pwc2 answer is very good! I learned a lot as well. You prob well explained some of my struggling. I think the part of getting creative is for sure. Your client can have multiple requests now and they can say no now ( also a big difference compared to audit) and I am just amazed by how much more I have to write now ( instead of using templates or rolling the materials) say typically I would do 20-30 memos or control documents during interim, but I prob redact or update 25 of them and started 3 from the beginning.I have been writing from the beginning for 4 different stuffs now in the past 2 weeks. (Yeah one more difference is that CMAAS’s work can be more intense sometimes) Anyway, pwc2 will have more experience than me and his/ her responses are really helpful.
I know that CMAAS is the equivalent of EY FAAS.
They do financial accounting advisory.
How big is CMAAS compared to FAAS.
Depending on projects. Some are more quantitative financials such as ipo, carve outs, acquisitions. Some are accounting advisory, like revenue recognition and leases. Accounting advisory side is more contract reading, guidance reading, and memo writing
FAAS sounds way better than CMAAS...
Lol that’s why CMAAS still under assurance. Let’s not confuse yourself with real consultants
Have literally never touched it my friend. I focus on the capital markets stuff. Have fun rolling forward tickmarks like a cute lil monkey. Someone’s gotta do it.
Exist opps for core audit and cmaas/carve out ipo group similar?