BIG 4 DIARIES — day in the life of an auditor in busy season 🏢 *detailed* (EY, Deloitte, KPMG, PwC)

Summary

The video follows the daily routine of an auditor during busy season, highlighting tasks such as stand-ups, group audits, client communications, and the review of audit work. The speaker shares insights on managing team dynamics, handling deliverables, and dealing with review notes from senior managers. They also reflect on the work-life balance, touching on breaks and personal activities like cooking. As the day progresses, they focus on preparing audit documentation and meeting internal deadlines. The video provides an informative look at what it's like to work as an auditor at a Big Four firm.

Takeaways

• 🕘 The speaker starts the day with a 9:15 AM stand-up meeting, which is a daily catch-up with the team to discuss progress.
• 🖥️ Busy season involves all-day audit Zoom calls where the team sits on mute and communicates when needed, mimicking in-person audit room collaboration.
• 📧 As an audit senior, the speaker manages client communications and ensures regular updates with the client team, especially during remote work.
• 📑 The speaker handles group audits, including specific tasks like checking for legal cases impacting the group, and documenting findings in Excel or Word.
• 📝 Review notes from managers and partners play a significant role, and addressing them early is crucial to avoid delays in client communication.
• 🍴 For lunch, the speaker quickly makes kimchi pancakes, enjoying comfort food while keeping lunch breaks short due to the workload.
• 📄 Deliverables are a significant part of the group audit, summarizing the entire audit process into formal documents for the group team to review.
• 📊 The speaker oversees junior auditors, who handle substantive testing and sample collection, while they focus on higher-level work like deliverables.
• ⏲️ Internal deadlines are critical, especially coordinating manager and partner reviews well in advance to ensure timely audit completion.
• 🕘 The speaker often works late during busy season to meet tight deadlines, especially for post-year-end reporting, which is more time-sensitive than statutory audits.

Q & A

What is a stand-up in the context of busy season?

A stand-up is a brief team meeting where each member gives updates on their progress. It helps managers and senior staff track engagement without manually checking each task.

What is an 'all-day audit room Zoom' and how does it benefit the team?

An all-day audit room Zoom is a continuous Zoom call where team members remain muted with cameras off, only unmuting when they have questions. It mimics an in-person audit room environment, encouraging collaboration and easy communication.

What are the responsibilities of an audit senior during busy season?

An audit senior ensures the team is on track, manages client communications, organizes regular calls with clients, and oversees tasks such as reviewing legal material cases and closing review notes.

Why is it important to address review notes early during the audit process?

Review notes should be addressed early because they may require follow-up questions to the client, and waiting on the client's response can delay the completion of tasks.

What are deliverables in a group audit process?

Deliverables are summarized documents that outline the findings of the audit, including planning memos, controls testing summaries, and substantive testing results, which are then reviewed by the group audit team.

What role do junior team members typically play in a group audit?

Junior team members often handle substantive work, such as testing audit balances, requesting information from the client, and managing sampling requests. This allows the senior team members to focus on higher-level tasks.

How do internal deadlines influence the workflow during an audit?

Internal deadlines, such as review deadlines, are set in advance and drive the audit team's work schedule. These deadlines ensure that tasks are completed in time for reviews by managers and partners.

What challenges are associated with achieving 'perfection' in audit work papers?

Audit work doesn't always need to be 100% perfect before being submitted for review. Managers often prefer 80% completion, prioritizing efficiency over perfection to meet tight deadlines and ensure smooth reviews.

Why do auditors often work later hours during busy season?

Auditors work later during busy season due to the shorter engagement cycle and upcoming deadlines. For many jobs, year-end reporting deadlines require fast turnaround times, leading to extended working hours.

What insights does the transcript provide about life as an auditor at a Big Four firm?

The transcript offers a detailed look at the daily activities of an auditor, including managing client communications, handling review notes, coordinating with team members, and balancing tight deadlines during busy season. It also emphasizes the importance of teamwork and adaptability in a remote work environment.