{ "media_type": "text", "post_content": "Recently joined industry. Our external auditors are KPMG. Apart from having horrible methodology that they use as an excuse to bring up issues in Q4 for the first time, they don't seem to care about anything except for getting in more hours (and fees). Is this normal for KPMG or I just got unlucky?", "post_id": "61571c4d6cb5c4002f6469b1", "reply_count": 33, "vote_count": 3, "bowl_id": "564a5cdb94887803001dd07c", "bowl_name": "Accounting", "feed_type": "crowd" }
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Recently joined industry. Our external auditors are KPMG. Apart from having horrible methodology that they use as an excuse to bring up issues in Q4 for the first time, they don't seem to care about anything except for getting in more hours (and fees). Is this normal for KPMG or I just got unlucky?

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Depends on the job and that team. While KPMG is going through quality enhancements and that could potentially have 1 off impacts, there could also be other factors at play. For instance, lot of turnover in the industry (perhaps the team didn’t have sufficient time to address that one Q1 item previously). Or maybe the job is comparatively small, so it isn’t staffed year round. Then it would make sense that Q1 is being looked at now. My teams tend to provide a great client experience. I suggest filtering these types of comments to the partner so that way they can properly address them.

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Hey KPMG 2, genuinely curious, is it normal to only have one round of testing (end of q3) for the whole year? This drives me nuts. No time to remediate and just unnecessary pressure that could have been avoided.

helpful

As much fun as folks have seemingly had bashing KPMG on every social media platform, I gotta say that you’ll see this from every firm. We need to encourage our clients to start getting comfortable and distancing themselves from being guard dogs of the client FS. It really doesn’t matter when an issue is found. Our role is as unbiased reporters. If we find something in Q4, it’s our duty to the shareholders and our firm to do the right thing and follow up. Sometimes things get ID’d in review or the firm puts out new guidance and we need to follow it. Ideally ya, maybe that guidance could have come earlier in the yr, but that’s the benefit of hiring a big firm - we’re learning new things all across the nation and implementing those areas of testing to give you the best quality audit.

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Wonderful and refreshing. Finally someone who takes Sox seriously. On a very serious Sox note don't take it personally. You are not your job and you are not attacked in this post neither are quality standards or time and effort it takes to execute audit on the big4 side. It's a business and even in compliance business the client can bid and fire you if you are not listening to what the client wants.

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You seem like a great client contact. Not sure why they avoided you until now.

likefunny

Sounds about right, but I also can’t imagine it’s that different at other firms/Big4. Ultimately as a staff I’m at the whim of the MD/Partner and in my experience they tend to pick a certain area each year as a hill to die on (i.e. results in a ton of pointless follow up)

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What specialist group are you in?

What was the issue identified from Q1 OP?

No surprise to me. There’s only like 4 people left working here and leadership is mercilessly rolling out quality initiatives. The work just can’t be done on time. My guess is that questions relate to estimates, control attributes, or results of analytics over expenses?

While it doesn’t excuse KPMG as a firm, your engagement team is probably similarly frustrated.

likefunny

Yes, all of the above. It's absurd to bring controls attributes up the month of filing.

If it was a selected sample, sorry bud. Gotta figure out that $40. All auditors would do the same.

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Could be worse. Could be Marcum or RSM, who can’t hit deadlines.

funny

The audits that I have worked with KPMG, they seam to care a lot about quality. This takes time, thus more hours. Maybe have those candid conversations with them and ask why.

likefunny

Recently went from public to private, we don’t have an audit, but I 100% agree, I see a lot of BS questions for what seems like no reason other than to generate fees. I’m at a multi-billion dollar company and I’m getting questioned on M&E line items for $40

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Stay in a private company space… also - a lot of clients don’t seem to be able to wrap their head around what an extrapolation means.

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It’s both. See if you can get us a meeting with someone in the decision making arena. You’ll have a friend for life.

I don't think this will help much, I mean the work will need to be up for bidding openly, not just "let's hire pwc".

What level did you leave public at? Not a dig at all, just trying to understand.

It sounds like a lot of your frustrations are similar to those I would hear on a smaller client (less than 5M in total, net fees, IMO) regardless of service provider where the client doesn’t realize that, at the end of the day, the firm is running a business too and smaller audits generally have very low margins, high turnover, limited high performers, etc.

Kpmg5 left as a director, and I've only seen positive changes when current auditors were put on notice that the client is bidding. Staffing isn't the only issue, and I was short-staffed most of my time with pwc. The tone at the top, client service and added value from the audit, are.

KPMG has the best revenue guide tho 👌🏽

How can I get one

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