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Q: Big4 - Yearly salary increment

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  #15641 (permalink)  
Old 07-04-2024, 04:25 PM
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Yes. They are taking counter measures already.

There will be some changes in the days ahead.

But there is a lag time between implementation and seeing results.

Sucks for you if you are in the transition batch.
Last town hall they mentioned some positive stuff

Imo need time to see if this works.

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  #15642 (permalink)  
Old 07-04-2024, 04:39 PM
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I think by now ISCA and Big4 realised cannot rely on Gen Z already??
I think they might need to assess the new gen young partners too. I know some of them, whom were managers when I was audit senior. They were very weak in technicals (iFRS, standards) but were lucky at getting good big assignments and bosses. Strange that ISCA / ACRA demands stringent qualification from juniors in the industry, but don't subject the partners to routine assessment? Partners should undergo regular SQP tests too.

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  #15643 (permalink)  
Old 07-04-2024, 04:53 PM
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Yes. They are taking counter measures already.

There will be some changes in the days ahead.

But there is a lag time between implementation and seeing results.

Sucks for you if you are in the transition batch.
What were the measures? Increasing hiring from across the border, outsourcing more work to the offshore team, increasing the use of analytics?

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  #15644 (permalink)  
Old 07-04-2024, 04:58 PM
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What were the measures? Increasing hiring from across the border, outsourcing more work to the offshore team, increasing the use of analytics?
Thats not measures, that just some greedy old clowns wan more profit for themself. Isca want A but industry parterns are doing B c c e f Lol. Garbage.
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  #15645 (permalink)  
Old 07-04-2024, 05:17 PM
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Yes. They are taking counter measures already.

There will be some changes in the days ahead.

But there is a lag time between implementation and seeing results.

Sucks for you if you are in the transition batch.
what counter measures ISCA took?

Sign MOU with India and Philippines?

Sign RMA with ACCA?
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  #15646 (permalink)  
Old 07-04-2024, 05:22 PM
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I think they might need to assess the new gen young partners too. I know some of them, whom were managers when I was audit senior. They were very weak in technicals (iFRS, standards) but were lucky at getting good big assignments and bosses. Strange that ISCA / ACRA demands stringent qualification from juniors in the industry, but don't subject the partners to routine assessment? Partners should undergo regular SQP tests too.
I know one audit senior. His father is audit partner in small firm. He worked in big4 for 3 years. Then went back to his father audit firm to work. After that become audit partner.
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  #15647 (permalink)  
Old 07-04-2024, 05:24 PM
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Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.

Please don't join Big4.
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Old 07-04-2024, 05:34 PM
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Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.

Please don't join Big4.
Most is no better choice then join b4.
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  #15649 (permalink)  
Old 07-04-2024, 07:02 PM
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Seriously, if Gen Z don't like to search for invoices, flip the accounting files for invoices, vouching the invoices or read the contract.

Please don't join Big4.
Yea they don’t like doing all that for 3k plus.

If you pay 7k they’ll do it
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  #15650 (permalink)  
Old 07-04-2024, 07:14 PM
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Hi all, I was asked this question during a technical accounting interview.

A company received a $50,000 invoice for upgrading works on a PPE. The company made a 40% down payment on the invoice. No upgrading work has started yet. What are the correct journal entries?

Option 1:

Dr Prepayment 20,000
Cr Cash 20,000

Option 2:

Dr PPE 50,000
Cr Cash 20,000
Cr Accounts Payable 30,000
From ChatGPT

To record the down payment on the invoice:

Debit: Prepaid Expenses (Asset) - $20,000 (40% of $50,000)
Credit: Cash or Bank - $20,000
This recognizes the payment made for the upgrading work that hasn't started yet.

I think option 1 is close.
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