Accounting

Rank the below PA exit ops from best to worse: A. Internal Audit B. Senior Accountant C. Financial Analyst

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I've only tested controls for public companies and I'm not exaggerating when I say it's the worst thing I've ever done. Yeah you get to know the process, but it is in so much detail, you have to know it in inside and out. The Pcaob is super focused on how do we know the reports are complete and accurate, how does the company know reports are complete and accurate? They can't just say they rely on their accounting system, because then how do you know the accounting system is running a complete be accurate report? If someone is incompetent at their job, that takes away from the effectiveness of the control, but if someone is competent the control you can't take any assurance from that. You think doing the same rec every month is bad? Doing budgeting every quarter. Have you ever done controls testing for a budget? You have to look at things like did the right people look at the budget. How did they come up with their assumptions, are they biased in their assumptions? Could their assumptions be wrong (spoiler yes). What if their assumptions were so wrong they materially affected the financial statements? How do they know they are not wrong and the financial statements are correct? Is the CFO supposed to sign the budget? What is he emails his approval instead? What if he was on vacation and the VP approved the budget instead? Controls testing is one giant question of "what if this happened" and there's ALWAYS some way you could get to materially misstated financial statements and then you have to explain why that probably won't happen. Controls testing is the worst thing ever.

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likefunnyhelpfulsmart
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How can control testing be any worst than booking the same JEs every month and doing the same account recs every month? Doing budgeting every quarter. At least in IA you learn the company through understanding processes and get to hold meetings and meet people across the whole company

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likesmart
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C B A

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Agree with EY1

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likesmart
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Anything but A tbh

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Accounting role is literally like watching paint dry. Been there. Done that. No thanks

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Yes I made my hours 7-3, and spent most of my days watching Netflix and online shopping. My coworkers worked at a slower pace, but I would have my assigned accounts closed and reconciled by day 3... and then I was back to shopping. Probably not what most accountants go through. Found out my predecessor had told them tasks took way longer than they actually did. Changed jobs after 9 months.

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funny
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No one respects internal auditors and it can be difficult to get out of the control space. If you’re at a big enough company, you’re not even learning the entire business. financial analyst is definitely the best option.

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helpful
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@PWC2 did you have work life balance though?

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@SA 1 I really appreciate that repose, very accurate and also really funny! Hang in there! 😂

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Agreed with PwC 1 and SA1. I work mainly for external audits but I was assigned to assist for 2 IA jobs in my last round of non-busy season. Not my cup of tea honestly speaking. I just don’t have that set of ‘paranoid/what if’ mindset to work those through with the IA engagement team. Having me on board is definitely not going to add too much value with that regard. I think I am going to be allocated again to 1 recurring client for a half year IA review. 🤦🏻‍♀️

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I think Tax rates below all. Just saying.

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Well keep in mind an IA role isn’t going to the extent of testing controls like external auditors. IA groups aren’t the ones getting inspected.

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All of those terms are super broad and could mean anything... except for a... that one sucks

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EY1. We definitely go deeper into ctrls testing than external auditors. It sucks more because we don't have a materiality threshold, if something is $5 off, it's off. We also look at non-key controls a lot more than external since we know you guys don't look at it.

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