JUNIOR AUDITOR DAY-TO-DAY / what auditors *actually* do & graduate advice (EY, KPMG, PwC, Deloitte)

Summary

This video offers valuable insights into the role of an audit junior, covering the day-to-day activities, challenges, and key skills required. The speaker discusses the audit process, including planning, testing, and communication with clients and teams, while offering tips on managing busy season stress, improving client relations, and mastering Excel. Practical advice on staying organized, asking questions, and learning from senior colleagues is provided to help navigate the complexities of the job. This overview is perfect for those preparing for an audit junior role or considering it in an interview.

Takeaways

• 😀 Audit engagements are structured in phases: planning, testing, evaluating, and concluding. Junior auditors typically work on planning and testing, especially in lower-risk areas.
• 😀 As a junior, understanding the client's current year events is crucial for smoother audits. Using Google News, Twitter, and firm-specific databases helps gather relevant information.
• 😀 In the testing phase, always ask questions to fully understand the process and the client's operations. Clarify any acronyms or terms you are unfamiliar with.
• 😀 Expect multiple rounds of review for your work, with feedback from seniors, managers, and partners. Project and time management skills are key for handling deadlines and priorities.
• 😀 Busy season (first quarter) is stressful because of tight deadlines and high workload. Team structure and time management are essential to survive this period.
• 😀 Building a good relationship with clients and team members is vital for smooth communication. Writing everything down during conversations ensures clarity and reference later.
• 😀 Never hesitate to ask questions when stuck. Collaboration and talking through problems with seniors or teammates can lead to faster resolutions.
• 😀 Pay attention to what your senior colleagues are doing. Their tasks will become your responsibility in the future, so observing their approach helps you prepare.
• 😀 Excel is a crucial tool for audit work. Mastering formulas, pivot tables, vlookups, and macros will increase efficiency and save you time.
• 😀 Google is your friend for finding faster ways to complete tasks. If you can, learn macros and other advanced Excel techniques to automate repetitive tasks.
• 😀 The first year as an audit junior will be overwhelming, but gaining knowledge on Excel and communication skills, along with time management, will make you more effective in the long run.

Q & A

What is the general structure of an audit engagement?

An audit engagement is typically structured into four main stages: planning, testing, evaluating, and concluding. As a junior, you will mainly be involved in the planning and testing phases, particularly in lower-risk areas like cash, accounts receivable, and PPE.

What role do juniors play in the planning phase of an audit?

In the planning phase, juniors are often responsible for updating audit files rolled over from the prior year and gathering relevant client information. They may also document any current events or changes relevant to the audit.

How can juniors learn about their clients during an audit?

Juniors can learn about their clients by researching news through sources like Google, financial databases, and even social media platforms like Twitter. This knowledge helps in understanding client-specific issues and aids in the audit process.

Why is busy season considered stressful, and when does it occur?

Busy season typically occurs in the first quarter of the year, particularly in the UK, and is stressful because many clients' financial years end on December 31st. The short turnaround time to complete audits, coupled with deadlines from clients and regulatory bodies, makes it intense.

What are some strategies to handle stress during busy season?

During busy season, it's important to manage stress by having good time management systems, taking time away from the laptop for hobbies or relaxation, and maintaining strong relationships with your team. These actions help balance the workload and mental well-being.

How should juniors approach client communication in their first year?

Juniors should clarify with their team exactly what is needed from the client before communicating. Taking notes during client interactions is crucial, and building good relationships with the client makes future communications easier.

What is the importance of building a good relationship with your team?

Building a good relationship with your team is essential because it creates a supportive environment where you can ask questions without hesitation, improving your ability to learn and contribute to the audit process.

Why should juniors avoid getting stuck on problems themselves?

Juniors should avoid trying to solve problems alone and should instead discuss issues with their team. Talking through problems helps resolve them more efficiently and prevents unnecessary stress or delays in completing tasks.

What technical skills are important for juniors to develop early on?

Juniors should develop proficiency in Excel, including using formulas like SUMIFS, VLOOKUP, pivot tables, and financial functions. Additionally, learning how to use macros to automate tasks will save time in the long run.

How can juniors improve their Excel efficiency in audit work?

Juniors can improve Excel efficiency by learning common shortcuts, mastering essential formulas, and using tools like pivot tables to manage large datasets. Google searches for Excel tips and continuous learning will also enhance productivity.