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Thoughts on EY's FAAS? Recruiter just contacted for a senior position. I'm currently Deloitte 2nd year audit. Anyone in this that can explain what they do?

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Yes! It's in all markets. If you want to transfer internally, just search for someone within your office in FAAS to reach out to or reach out to Heather DeGrace. We aren't allowed to internally recruit since audit gets pissed but if you initiate, we can talk. What office are you in EY4? But it's a variety of things. I just helped a client do a tax basis to GAAP conversion which doesn't sound glamorous at all but the client made it better and it's evolving to more work. There's things related to technical accounting so mainly focused on helping do diagnostics with rev rec and leases new standards. Financial statement assistance. Transaction assistance for companies going public or doing offering memorandums. Some accounting policy and such. Carve out financials. We may help with controls and such but we'd likely bring in risk and others to really do more of the SOX things. The projects can vary significantly but it's been good so far from my experience. It's been a better move from audit for me

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We have exceptionally high growth in FAAS. I would switch to it if I didn't mind traveling more. If you're wanting to fast track within big 4, right now EY FAAS is hot

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I use our faas group to help with embedded derivatives evaluations, extinguishment vs mod debt restructuring evaluations and other one off transactions. It's not limited to sox so don't get scared off from that.

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I'm in FAAS right now. Depends on the market for travel. I don't travel much but there's a lot of work in the southwest right now compared to other regions.

What is it you guys actually do? I realize I kinda depends on the project and the clients needs but on a day to day, what are you trying to make as your end goal?

Bare bones, getting clients set up and ready to meet compliance and documentation requirements. For example, a company looking to go public ready for SOX

Do they have this an all markets? Sounds like a great opportunity for high performing auditors looking to escape the confines of a depressing audit room

Is it easy to transfer to FAAS from EY audit?

I know I tried looking to switch to Advisory from audit on Deloitte side and it's very difficult

EY FAAS would rather you transfer internally than move firms to do the same thing we are doing. But I moved from a middle market firm into it so I'm not sure beyond them saying that statement how much they stick to it

Im currently a senior working in FSO Assurance in the NYC office so I'm sure there's plenty of openings. I'll look into it. Thanks!

@EY 2 👏👏👏👏👏 comin thru with great answers, thank you

You're welcome! And both Heather and Mitch are in the NYC office too.

EY FAAS sent out an email couple months back with applications to transfer from audit so there's definitely a need

There is a need but we're not allowed approach audit people about coming to FAAS. They have to initiate the conversation and then we're in the clear. At least that's how we're having to operate in our region to avoid pissing off audit. But it's also done discretely through the FAAS Forwards to talk to their audit friends to convince them to think of FAAS before entirely leaving the firm.

EY2 oh I believe the email was for FSO FAAS so the approach might be different

Yeah it could be different but I know all of FAAS is hiring!

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