[mikiluv]

I start at a Big 4 very soon and feeling overwhelmed as I anticipate my first year in Audit.

I have no audit experience and I’ve been told that school does NOT prepare you for public accounting. I hear your first year is not even heavy “Financial Accounting” stuff. Yay or Nay?

Anyways, I am not a fast learner so I wanted to reach out to all and ask if you can share any tips in how I can retain these new skills? I know the learning curve will be very high but I am a slow learner soooo I’m sweating bullets!

Appreciate any feedback thx!

[Smashbox20]

“I have no audit experience and I've been told that school does NOT prepare you for public accounting.”

– School doesn't prepare you to be an auditor, in my opinion. You have one, maybe two classes and this time is used to teach you the basics of assertions, etc. (which you probably found confusing so you memorized everything and then moved on). Actually testing assertions is probably nothing like what you think it will be and for this reason, public accounting may not be as glamorous as you envisioned.

“I hear your first year is not even heavy “Financial Accounting” stuff.”

– People that say this are either terrible auditors or had a very jaded view of auditing when they entered the profession. Granted, I highly doubt you will see derivatives in your first year. However, if you don't have a solid foundation in financial accounting then good luck preparing, say a fixed asset rollforward (which you will undoubtedly do).

What you really need to be a good auditor:

1. Willingness and ability to learn

2. A strong foundation in the basics of financial accounting

3. A good attitude

4. The humility to take ownership of your mistakes

If you have these traits/skills, you will have a very successful first year. Good luck!

FAR: Passed
REG: Passed
BEC: Passed
AUD: Passed

[fuzyfro89]

Do you have a good understanding of debits and credits for most of the common accounts (cash, AR, assets, liabilities, equity, etc)? Outside of that, your personality, and 4 items that ^Smashbox^ mentioned will determine your success.

If so, you will learn most things on the job. The people I saw really struggle were those who didn't understand basic financial accounting, so the audit testing just confused them even more.

[mikiluv]

Thx smashbox and fuzyfro for your honest reply. I have some follow up questions if you don't mind answering-seriously appreciate your feedback.!

I was lucky enough to network like crazy and land a job at big 4. However, I've always been a (low) B student, I basically scraped by if you know what I mean. Studying for FAR and failing it really bad has made me realized I have BAD study habits ontop a bad financial accounting foundation.

So what I'm trying to say is….Should I just get ready to pack up my bags and leave?

Will I even make it past 6 months?! I admit my financial accounting foundation is not great , AT ALL. And to answer Fuzyfro, no, I do not understand debits/credits that well….Should I try to “prepare” before I start..I am so so worried! Did i pretty much make the wrong career choice?

Can you offer any other tips knowing that my financial accounting is not up to par? Or am I preeeetty much screwed? Thx alot in advance!

[jbisdamon]

@mikiluv here is my opinion. I don't work at big 4 because I had no desire for any of that haha, but being a new hire they are going to train you obviously. If you got B's you understood enough to pass. I think you should just relax and be calm about it. You'll be fine. They aren't going to make you audit any of the harder parts when you first start out. I would bet $100 they'll start you out auditing cash which isn't hard at all. Just relax and be willing to learn everything you can and you'll be fine.

BEC - 76 7/22/14
AUD - 84 8/30/14
REG - 75 10/16/14
FAR - 87 11/24/14

[rzrbkfaith]

I agree with @jbisdamon. They will train you. We always keep our new auditors on cash (confirmations and disbursements testing) and inventory (test counts). You'll absorb a good deal just from going out on the audit and observing other auditors. I find that most of our new auditors struggle with materiality. If planning materiality is $100,000 and tolerable misstatement is $50,000, then as auditors, we don't care if cash is off by $500. A lot of new auditors have a hard time with that. Good luck!

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Anonymous]

While I am new to this as well @mikilov, they won't throw us on revenue recognition/goodwill impairment any time soon.

Focus on retaining what you're taught, studying for FAR and understanding big picture of audit/asking questions

[mena je twa]

mikiluv—

In my humble opinion, what the others failed to describe in your first year is kiss ass….specially seniors and managers.

I see it all the time…it has its benefits, bigger raises and fast promotions.

Licensed CPA, Texas - 2012

[Smashbox20]

@mena je twa… Bahaha! That is so true. Half of the game is making people like you.

Seriously though, I think you're just having some pregame jitters. If you were capable of making B's in your accounting classes, then you are plenty competent enought to make it in the Big 4. You WILL make mistakes and so will you contemporaries. Own them, learn from them, and work your tail off. That's all anybody can ask of you.

FAR: Passed
REG: Passed
BEC: Passed
AUD: Passed

[Uhartsoccer21]

Start studying AUD section..

A - 89 10/23/2014
R - 90 2/27/2014
F - 75 5/25/2014
B - 83 8/28/2014

[TNCPA16]

School does not prepare you for real world auditing at all. When I started my first audit job, I keep a binder with all of my notes. I printed out our audit program and would write down any review notes I received from my seniors and any tips I picked up along the way to help me audit each area better.

You don't need to be the smartest person in the room to be a good auditor. Show initiative to learn; do your research and ask good questions. You'll be given lots of templates/checklists/audit programs – try to understand WHY you are auditing something vs. just doing whatever the audit step says. This will help you retain the information better.

Like others have said – make nice with the higher ups in your firm. Good things happen when people like you!

[mikiluv]

@ Jilly Beans: Thats seriously a good idea! I dont know why I did not think of that! That will be such a good way to remember things. I would hate to keep asking the same thing over and over. Wow, thank you again! Do you have any other tips you can share that you learned during your 1st year? Thx!!

Thank you to everyone as well. I agree, immense pregame jitters! That is hilarious, kissing ass.. ha! I will try that tip as well …

[TNCPA16]

Yes…stop stressing so much 🙂 I was an honor roll, A-student and I can't say my education really prepared for the real world. I spent more time in my Auditing classes memorizing the language of audit reports and GAAS, which is great CPA prep, but did nothing to help me for my job. Same with my Accounting classes – as long as you are familiar with basic terminology and know what a debit and a credit is, you will be okay. Your company will train you and give you all the tools you need to be able to perform your job. They won't throw you out there with nothing and tell you to figure it out on your own!

Good people skills will do more for you than getting an A in every accounting class you took in school . Work on building relationships with your coworkers and your clients. Not just ass-kissing, but real relationships. As a first year, I really struggled with getting out of my comfort zone to go talk to people…it was easier and less invasive to just email. Don't do that. Make it a point to get face time with your clients and get to know them. The more they get to know you and like you, the more helpful they will be towards you and that makes everyone's job easier. Plus, the more relationships you can build, the better network you will have if/when you decide to leave public accounting!

[Author]

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