Q: Big4 - Yearly salary increment

Isit true partners are rather free and get to sit around and boss others
Or isit in acrual fact stressful - what if they dont meet targets

Originally Posted by Unregistered

Isit true partners are rather free and get to sit around and boss others
Or isit in acrual fact stressful - what if they dont meet targets

Partners do have the pressure to bring in new clients and ensuring that the audits they are in charge in meets the auditing standards as part of their KPI. They are actually not as free as you think they are, given that their day to day tasks involve sitting in multiple conference calls with clients, sorting emails, mentoring, HR matters, reviewing 20+ audit files as well as providing quality review to other engagements as well

What happens if they fail to bring in good revenue

Isnt all the reviews and calls with clients handles by sm

Originally Posted by Unregistered

Isnt all the reviews and calls with clients handles by sm

Partner has to review as well because they have the overall responsibility of the outcome of audit engagements (meaning to say, if anything happens lets say audit insprction by MAS or ACRA, they are the first to answer to the regulators). Partners together with the SM actually sit through conference calls with clients on key management meetings and understanding of the client business process. Also, if the SM is unable to handle the client, the partner will have to step in as well.

Originally Posted by Unregistered

Partner has to review as well because they have the overall responsibility of the outcome of audit engagements (meaning to say, if anything happens lets say audit insprction by MAS or ACRA, they are the first to answer to the regulators). Partners together with the SM actually sit through conference calls with clients on key management meetings and understanding of the client business process. Also, if the SM is unable to handle the client, the partner will have to step in as well.

So to actually think of it, an audit partner faces great risks given that a bad audit can derail its career. Therefore, is a high risk but high reward career.

Originally Posted by Unregistered

What happens if they fail to bring in good revenue

Then no money.

Partners are like business owners, they’re motivated to bring in the business to increase their profit share.

Originally Posted by Unregistered

So to actually think of it, an audit partner faces great risks given that a bad audit can derail its career. Therefore, is a high risk but high reward career.

Yes, Public Accountants shoulder a huge responsibility’s

Especially so for listed entities.

Originally Posted by Unregistered

I understand that most audit firms have a one month notice period, for the firm to find replacement and for you to handover your work.

The manager should have an adequate overview of the status and progress of the engagement to facilitate this handover.

You cannot ignore work during your notice period unless you are prepared to seriously burn bridges.

What does people do when they resign? As in will they actualy follow up their work
Properly or tend to leave the mess to others? I think it's always the latter. Usually ppl are so burnt out and hence quitting, lost the motivation to do proper job anyway

Originally Posted by Unregistered

What does people do when they resign? As in will they actualy follow up their work
Properly or tend to leave the mess to others? I think it's always the latter. Usually ppl are so burnt out and hence quitting, lost the motivation to do proper job anyway

usually they just do the bare minimum