Q: Big4 - Yearly salary increment

Originally Posted by Unregistered

Been reading this thread for a very long time. But I'm not from Big4 or even finance related industry.

It seems like some industries have this situation?

- Boomers and old Gen X promoting fast in the past and now occupying higher positions
- Boomers and old Gen X cannot promote any higher, refuse to resign or budge and choose to coast in their current position
- Work gets thrown down to new hires to fulfill KPI of higher positions
- Starting salary and progressive increments not keeping up with inflation
- Promotion of new hires getting delayed and slowed down
- Waves of resignations occurring only at the lower positions (those with 10 YOE or less) while the higher positions keep remaining the same
- Fewer and fewer headcount at the lower positions (to save labour cost), causing overwork for the remaining youngsters and a continuous death spiral of resignations

Not all of the above applies to audit. But yes the last point is probably the most valid, contributing to that is the increasing requirements, and brain drain of accountancy to other sectors which are better perceived, just becomes a vicious cycle cause by the time the industry responds its usually too late

Originally Posted by Unregistered

wait till the boat sinks lol then the top panic.
just hope ur still not on the boat when it sinks

will never sink. essential occupation. just that one of the following will happen:

1) everyone accepts lower audit quality - which i expect actually, since most users have no idea what is a "good" audit, they just care that the report is signed off, in US the market moves left and right on non-GAAP reporting / unaudited figures anyway, people only jump when there is something significant, the fines left and right for low standard audits dont seem to worry anyone, and those do not often result in restatements
2) partners finally give in and accept lower salary / improve working conditions
3) regulators ease requirements

Originally Posted by Unregistered

Hi everyone, I am audit manager and I stuck between associates, clients and partners who give me stupid attitude and temper.

Associates kpkb to me
Clients kpkb to me
Partners kpkb to me

So I am like stuck between this 3 parties.

lol so u like it la, dun worry u can continue ranting here and all of us will empathise with you, if you dun like it i am not sure why u are still there

My audit partners in 50s are very afraid there are no 20s join the audit industry.

My audit managers in 30s and 40s are very afraid the 20s give them a middle finger and quit during peak period.

All of us seniors are really afraid of 20s give us the middle finger

Reason is because we really rely on 20s to perform the field work

Our ability to clock review hours is based on 20s deliver their audit working paper

Originally Posted by Unregistered

lol so u like it la, dun worry u can continue ranting here and all of us will empathise with you, if you dun like it i am not sure why u are still there

I very afraid the associates in 20s give me middle finger now because now is peak period and I don't dare to scold them now.

Originally Posted by Unregistered

I very afraid the associates in 20s give me middle finger now because now is peak period and I don't dare to scold them now.

My audit associate gave me a middle finger and I still smile to him. No choice man. You got to suck it up.

Originally Posted by Unregistered

ISA 315 is effective for FY22 audits, so the majority of workload SHOULD have been done in FY22. But unfortunately a lot of auditors have no time to understand the full breadth of the new requirements. And every year there is some top-up work because someone suddenly understands the requirements more, quality reviews say something is lacking, then they top up your knowledge with another training, and because there was a gap in understanding there is suddenly a new form to fill out to make sure you did what was lacking. And the list of mandatory forms just expands y-o-y

I am not an expert, but to summarise, it re-visits how RoMM should be identified, a lot of this has not changed, but there is an extensive new requirement on understanding IT controls and whether you are able to place reliance on it. You can no longer simply say to rely or not rely, you need to do up a bunch of documentation and walkthroughs to say what financial statement captions each IT application affects and whether these IT controls are integral to financial reporting, if yes then if you want to adopt a control reliance strategy, you must test the ITGC and key ITACs. Most people already have a hard time to understand the business / industry they are auditing and wrap their head around the common accounting issues each industry faces and now want to lup this additional layer on top of them is a ridiculous expectation. Plainly put, any engagement without IT specialist just documents a bunch of rubbish to meet the check boxes, and needless to say nobody really knows if its correct.

Still need get specialist review ok.. nt just external auditor.
Auditor know shyt.
Hope u all learnt smth from talented khor khor.

Big4 is it alot chee ko pek ?

Originally Posted by Unregistered

Big4 is it alot chee ko pek ?

Anw in audit also. Chee ko bu also alot.
U think ppl just go client place do audit meh. How old are u. Ppl bang for promotion, not uncommon.

Originally Posted by Unregistered

Anw in audit also. Chee ko bu also alot.
U think ppl just go client place do audit meh. How old are u. Ppl bang for promotion, not uncommon.

Ah pek you how old? 60 yo ah?