My typical day at KPMG will always start off from client and partner management to reviewing of audit work papers in accordance to audit strategies, planning and procedures previously agreed and signed off with engagement partner. This includes handling any queries raised by the team and solving any issues on hand and to update the status report of audit.
The enjoyable part will be to discover important management point or to help identify any potential control failures as these are value adding to the client and increase the quality of audit work.
This includes summarising all the management points and to raise discussions with the CFO before arranging with Managing director or Audit committee together with our engagement manager and partner.
The hardest part will be to gather all necessary audit evidences to support any case of management point. This is tedious but fruitful as the process of investigation allows for deeper understanding of the area of weak controls and increases the value of audit work. It also opens up potential business opportunities with the client (i.e. Corporate group tax services , transfer pricing etc)
What i have learnt is a deeper understanding of the financial health of different companies, their risk management system and a greater exposure on the application of many key accounting standards (ie. Business combination, Financial instruments, Leasing, Investment properties etc)
Strong training materials and expert knowledge support