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Risk consulting = IT audit and Internal Audit
FAAS = technical accounting stuff I don’t understand
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if you guys have any insight into those practices, would appreciate it!
Risk does a lot of IT audit, Sox, control design type work. You can get pulled on c1 accounts for IT audit or you could be in risk and do purely C2 work but it will almost always have some sort of controls lens to it. You can also do business process work or have an IT focus. The financial services in the title there is just meaning you’d be in the FSO region.
FAAS can do some of the same stuff (though rarely staffed on audits) but also will do a lot more from a technical accounting perspective (think accounting policy and accounting change). Also have people who have the accounting lens on finance transformation type projects and work with advisory teams. Generally don’t have the IT controls background in FAAS though. Historically you’ve needed a cpa (or a path to one) to be in faas though that may have changed.
Long story short, both broad groups with some overlap and some differences.
I'm in FAAS but from my experience, risk consulting is mostly IT and Internal Audit (i.e. testing controls)
FAAS does things like accounting standard implementation (fading now after Rev Rec and Leases), and accounting support for different types of transactions- carve outs, acquisitions, IPOs, etc. Also IFRS conversions and accounting process improvement projects.
That’s ideal. I am trying to move from risk to faas once the economy rebounds (I miss using my CPA knowledge) so fingers crossed travel is minimal. I’m in a big city too so odds are hopefully in my favor