Q: Big4 - Yearly salary increment

Originally Posted by Unregistered

This 3 revamp FRS until now still got audit partner not familiar with the standards?

There are few areas which are quite highly judgmental like

ECL for interco non trade. Receivable
Probability of default rates
De-recognition of lease/ sublease arrangement

I am not saying partners.

what makes you think your high performing manager wont bomb your project? If theres no incentive for him to do well, why would he bother?

Think you still very naive and dont understand human nature

Originally Posted by Unregistered

No one cares one la, obviously got do so since 2000 but no effect besides lip service. how do you think things ended up like this. Only difference now is there's tons of tech jobs starting pay 5k so nobody wanna do audit.

Also wtf is wrong with that ****wad, copy pastaing my post about 25% attrition rate survey every few days. Write your own you ****wit, useless cows these days only know how to ripoff chatgpt and copypaste ****, no wonder acra have to inspect more frequently now, audit work done also is chatgpt output

Dont weak lah auditors. just ot and get it done. now so easy. with not much people quitting.

Big 4 attrition rate dropped to a new low of 25% only, almost half of usual so why all the cries about understaffing? Man up you wimps, understaffed my foot

s://.acra.gov.sg/docs/default-source/default-document-library/public-accountants/audit-quality-indicators-disclosure-framework/aqi---industry-information-(sep-2023).pdf

Originally Posted by Unregistered

Since when manager needs to do vouching?

Since Dec. The hiring freeze is working great, now they can get an entire audit done with just 1 manager and 4 days of intern, the sheer efficiency!

I wish I was joking. People tendering in Dec/Jan means last day in Jan/Feb, so partners just don't bother hiring to replace the attrition because they say no time to train for this peak anyway. Oh and the new EP requirements somehow just demolished their motivation to hire.

Originally Posted by Unregistered

Dont weak lah auditors. just ot and get it done. now so easy. with not much people quitting.

Big 4 attrition rate dropped to a new low of 25% only, almost half of usual so why all the cries about understaffing? Man up you wimps, understaffed my foot

s://.acra.gov.sg/docs/default-source/default-document-library/public-accountants/audit-quality-indicators-disclosure-framework/aqi---industry-information-(sep-2023).pdf

Dont weak lah auditors. just ot and get it done. now so easy. with not much people quitting.

Big 4 attrition rate dropped to a new low of 25% only, almost half of usual so why all the cries about understaffing? Man up you wimps, understaffed my foot

s://.acra.gov.sg/docs/default-source/default-document-library/public-accountants/audit-quality-indicators-disclosure-framework/aqi---industry-information-(sep-2023).pdf

Originally Posted by Unregistered

Since Dec. The hiring freeze is working great, now they can get an entire audit done with just 1 manager and 4 days of intern, the sheer efficiency!

I wish I was joking. People tendering in Dec/Jan means last day in Jan/Feb, so partners just don't bother hiring to replace the attrition because they say no time to train for this peak anyway. Oh and the new EP requirements somehow just demolished their motivation to hire.

What do you mean 4 days of intern?

How many intern are there in the team?

Originally Posted by Unregistered

There are few areas which are quite highly judgmental like

ECL for interco non trade. Receivable
Probability of default rates
De-recognition of lease/ sublease arrangement

I am not saying partners.

You saying the client is it?

Originally Posted by Unregistered

Leaving big 4 audit as a 1st year associate slightly under a year or at one year mark. Planning to apply to finance positions like analyst, banking or grad programs. Pros & cons? Thank you in advance.

DYDD you are responsible for your own career. Your question is also too broad enough to give any insightful answer, there are maybe 20 different type of analysts in different industries. banking program also easily within a single bank there is are multiple options, grad program also many and spans different job scopes just within finance functions. All got pros and cons, some may be better progression than audit, but worse off WLB, but the inverse is also true, some may have worse progression than audit but a lot better WLB. How to answer?

But leaving before the 1 year mark you are just equivalent to shooting yourself in the foot, any competent HR knows that big4 is just accounting bootcamp and the progression/promotion rate is 95% and above. Leaving before that only shows red flags

GLHF you will definitely need it

Originally Posted by Unregistered

Dont weak lah auditors. just ot and get it done. now so easy. with not much people quitting.

Big 4 attrition rate dropped to a new low of 25% only, almost half of usual so why all the cries about understaffing? Man up you wimps, understaffed my foot

s://.acra.gov.sg/docs/default-source/default-document-library/public-accountants/audit-quality-indicators-disclosure-framework/aqi---industry-information-(sep-2023).pdf

I don't know which generation you are from or you are just a junior staff just blindly following what the partners preach, but if you have been there for the past at least 5 to 7 years, you would know that audit workload has increased due to ISA 315, new standards, digital initiatives and whatever new BS regulatory initiatives that are being thrown out which require more work.

Staffing can remain the same, but the work load has increased for each individual staff. Retention rate is low because only the useless clowns have remained and cant find job.

Want to talk about AQI, just 2 years ago the midtiers had attrition rate of 100+ % and Big4 was something like 40%, and thats just a reflection of how crap the industry is, because due to country wide manpower shortage eveyrone found a reason to pack bag and zhao (if we were so fking good why would anyone have left?? or in that sort of number), the aftermath of that is that everybody got a nice pay increment because we had to respond (note that usually responding to events already means you are a step too late). The replacements hired as a result of that exercise was not competent enough and led to a lack of knowledge retention. Those who stuck around for the increment and had the foresight to see what would come next also pack bag and zhao because why not, get another increment when you leave and you no longer have to deal with this swirling pit of ****. The only good people who remain from the lockdown exodus are those who have dreams of becoming a partner (respect and hats off to them), and those that still held onto hope that things would change (unfortunately it did not), and these people are desperately looking to leave.

A lot of good people have been preaching for pay increment for many years to attract talent, or even to change the way we work, but when you have 100 over partners with their own agenda with each having equal say, its a political nightmare to get anything done. Unfortunately there is not much incentive for the senior partners who are close to retirement to shake things up in any meaningful way, the options offered are to outsource more work to India / PH. So good luck to any of you still inside!

Before any of those who say good luck to my pay progression in commercial and whatever not, thanks for your concern, but i think there is a lot more to life than just the dollar signs and i earn enough to lead what i consider a comfortable life. I am already out so what i offer is just my unbiased opinion.

But of course i still like to stalk these forums to know that i made the right choice
My measure of metric is that when i started reading this while still in the B4 was that in 2000 there was only 90 odd pages and those were mainly to compare salary and offer opinion, but in those 4 years this forum has now over 1k pages and has become just a ground to complain and flame JHK, i also dont know why, for those that feel superior doing so, you are another reason why audit is just spiralling downwards.

GL all

s://.acra.gov.sg/docs/default-source/default-document-library/public-accountants/audit-quality-indicators-disclosure-framework/aqi---industry-information-(sep-2022)dda1c2a065644cc7b488bbd615652584.pdf

oops correction began reading this forum in 2020*