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crying ceo killed everyone today on LinkedIn 🤣🤣🤣
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Had 2 hours of billable work today 💀
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personally im in audit, and you need to be creative cuz u dont know what your getting from the client 😂
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Tax is. Audit requires more grey areas I would say.
No work is clear cut in public accounting. Work in both lines of services require finding ways to get to a reasonable answer that you are comfortable with.
I guess if I had to pick, id say Audit when it comes to testing balances. Tax is more about interpretation of codes (atleast in International tax).
Technical accounting in PA is pretty clear cut 🤷♂️
Tax planning/law is all gray. I think audit is more clear cut. It’s either materially correct or it’s not.
Audit is like paint by numbers
Having been an audit partner and now having reinvented myself as a tax partner. I would rather have a perfectionist on my audit team. Perfectionists in tax tend to audit the entire return and are very difficult to bill for their time. Not exactly what you asked but a different perspective.
Wait were you doing audit and tax at the same time?
Accounting is not a perfectionists game because of how vague some of the interpretations can be on issues.
To clarify, I mean more straight forward work that makes sense and suits a perfectionist (Painfully, me) well.
Tax. Audit requires a certain level of comfort with materiality, if not ambiguity. There’s still some of that in tax, but far less.
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Tax has more overt answers, such as definitions in the IRC. For example, I can tell you that a dividend is out of earnings and profits. Assurance/audit has more wide open concept that are more flexible, such as determining the impact of evidence to prove a amount. Think about them as 2 sides of the same coin.
Economic ability of a Corporation to pay a dividend, what’s not clear about that?? :)
Both can be ambiguous. But I find it’s more clear cut at lower levels because someone else makes the judgment calls and tells you what to do.
Tax is less clear cut. That’s why there are Tax courts.
There are no audit courts. You can’t appeal an audit.