Q: Big4 - Yearly salary increment

If ACRA and ISCA demand higher audit quality, it will result in increased costs, which clients must be prepared to incur. Given the current circumstances, clients need to be prepared to pay higher audit fees.

Even if the Ministry of Manpower (MOM) opens the floodgates to Indian, Filipino, or Chinese professionals, they may not fully understand local regulations, which is essential for local auditors. Additionally, the foreign worker levy is significantly high, adding to the overall cost.

Either way, it still translates to high costs for clients.

To help companies reduce costs, ACRA may increase the audit threshold to $20 million in the future. However, banks, in their due diligence processes, will likely continue to demand audited financial statements instead of conducting their own diligence.

Stupid useless auditors

Originally Posted by Unregistered

ISCA signed MOU with Philippines, India and HongKong. Open floodgate big big.

Not scare no local don't want be accountants. Haha.

Litmus test coming soon

So many things happen in past 5 years

I noticed in Big4 or audit industry, normally there is no one cover to each other?

E.g. I know one guy he needs to take care of his sick Dad in hospital, but still need to work very late.

Originally Posted by Unregistered

I noticed in Big4 or audit industry, normally there is no one cover to each other?

E.g. I know one guy he needs to take care of his sick Dad in hospital, but still need to work very late.

Maybe most also cannot handle their own share of workload

why don't public accountants charge higher audit fees for clients who got loans from banks?

Since banks are relying on the audit accounts for due diligence, PA should charge a premium audit fees.

Originally Posted by Unregistered

why don't public accountants charge higher audit fees for clients who got loans from banks?

Since banks are relying on the audit accounts for due diligence, PA should charge a premium audit fees.

Majority of auditors in sinkieland are JHK

Some JHK mentality is paiseh charge full premium rate as they never do NS

Some feel guilty for makan sinkie job so never charge full rate

Thats partial reason why our audit pay nv progress

Alot of jhk audit partners satisfied to stay in HDB or simple condo

Originally Posted by Unregistered

why don't public accountants charge higher audit fees for clients who got loans from banks?

Since banks are relying on the audit accounts for due diligence, PA should charge a premium audit fees.

The problem is that with all these audits is

Unlike law and medicine

u find cheapest lawyer - u might end up go jail

u find cheapest doctor - ur illness might not be treated promptly/well

u find cheapest auditor - u will STILL get your audit report

Ignore the clown that keeps talking abt JH vs sinkie

The real reason is - a lot of senior managers from my firm last time can’t make it to Par? Then they quit big 4 to join mid tier /start own small cpa firm and brought their closet clients along with them

SME firms provide the same audit report , with lower overheads cos the firm itself doesn’t support any knowledge staffs/offshored services . Can charge significantly lower audit fees

If u are the client , which audit firm u choose? U don’t even care abt the quality. U just want the final opinion to be unqualified and then happy happy go apply your loan give your shareholders see see etc

To add on to above :

Alot of Mid tier and small tier audit firm

我的天。

Their audit revenue is substantial segment of their firm revenue
不够力一下。

They cant do other value add CFO tier service to supplement other segment of firm profitability.

Auditing by itself doesnt add strategic value so need to do bundle deal like Rolex. Those who cant do bundle deal properly like big firm will sibei jialucks.

End up everyone in audit industry dai together (Encik Muthu - u dai, i dai, everybardy dai)

Audit partner need to spin off audit and do other corporate services