Crucial Excel Skills for 1st Year Auditor at Big 4?

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  • #186968
    mikiluv
    Member

    Hello!

    I do not have any audit experience but will begin my 1st year as an auditor at a Big 4.

    What are the skills level needed for Excel as a 1st year? Can you share any tips so I can try to refresh or learn?

    Thank you 🙂

Viewing 15 replies - 1 through 15 (of 31 total)
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  • #618421
    Anonymous
    Inactive

    Practice, Practice, Practice

    – I find that sorting and filtering seem simple, but are often an overlooked skill set. Know these functions inside and out including multi-level sorting. Getting your data organized is one of the biggest parts of the battle.

    – If statements are really handy, although I honestly don't really use them at work. I feel like they help me to understand the way Excel thinks though.

    – Keyboard shortcuts save you a ton of time and effort. Our teacher taught us to imagine that you had 50,000 rows of data when you were learning how to do something. So we always had to think to ourselves, could I do this like this with all of those rows or would I need a better way. I'm not sure if that makes sense or not, but consider the following shortcuts: Double clicking the little black square at the bottom of the cell (the one that you click and drag to fill formulas) will fill the formulas all the way down the column to where Excel deems a logical stopping point. Ctrl, Shift and an arrow will select all of the cells in that direction. Ctrl, Home will take you to the top of your worksheet; or Ctrl, End to the end.

    – I find it really useful to name a range of data by selecting it and typing a name in the box at the top left of the screen. This is especially helpful when referencing the data with a Vlookup function because it saves the need for using absolute values.

    – Also, Vlookups are a must know.

    – You also need to make sure you know the difference between an absolute and relative cell reference.

    – Some of the time and date functions are pretty handy. I use Ctrl, ; or Ctrl, : for a time or a date stamp sometimes.

    – I tend to think up something that I would like to do in Excel and then Google what formulas to use. I've learned a ton that way.

    – Oh yeah and you should gain at least a little familiarity with pivot tables. They can seem scary if you've never worked with them.

    #618422

    vlookups are a thing off the past, they only work if your data is arranged correctly, don't waste time with it…With that said, Index match performs the same task much more efficiently with less nitpicky data organizations.

    You will notice all the older generation will use Vlookup because the formula is a little easier at first, but index match is exponentially better.

    #618423
    Anonymous
    Inactive

    Ouch, “older generation” Sheesh

    #618424
    Anonymous
    Inactive

    I will be starting an associate audit position at a Big 4 in August. I plan on trying to learn the formulas and their uses from this link:

    https://chandoo.org/wp/2013/01/16/top-10-formulas-for-aspiring-analysts/

    #618425
    RedSoxFan77
    Member

    ^ Thanks for sharing the link. I've never used index match formulas but I use vlookups and pivot tables all the time. Pivot tables are the biggest time saver if you work with large excel spreadsheets and need filters. ‘if' formulas are also really useful like ifisna, I hate those #NAs! I do wish formulas were more user friendly, I'm constantly getting error message because I left out a parentheses somewhere.

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    #618426

    🙂 not profiling or anything! ha but seriously, index match is way better than vlookups. and here is an article why 🙂

    https://www.mbaexcel.com/excel/why-index-match-is-better-than-vlookup/

    with that being said: mbaexcel is a great website for learning more ‘advanced' excel things. and its free 🙂 and we all like free.

    #618427
    mla1169
    Participant

    I've downloaded and started to play with power pivot. Gotta focus though and read up on it, great tool and I'd like to know all the uses for it.

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    #618428
    Lindrobe
    Member

    @CPA4birthdaypresent, thank you for sharing the website! I am always looking for ways to improve in Excel.

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    "Successful people do things that unsuccessful people don't want to do"

    #618429

    Thanks for the links guys! Yes, stop profiling because they are plenty of people who don't use vlookup and index in all categories 🙂 I haven't used index so will try that…

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    #618430
    RedSoxFan77
    Member

    lol, looks like i'll be spending the rest of the afternoon trying to figure out how to use index and match in place of vlookups.

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    #618431
    Anonymous
    Inactive

    I will be taking the Friday off before I start my first audit position that next Monday…do any of you know of a free or low cost one day online Excel training? What better way to spend my day off? lol

    I just want to go in as prepared as possible.

    #618432

    @redsoxfan, look it up on that website, or if it ges confusing use youtube.

    @cpa4birthday Use a website like MBAexcel. its free, and if you get confused look up the topic on youtube.

    to be honest though, these arnt things that you NEED to learn, no one is going to ask you to use index match to find something. These are more things that when you create a large spreadsheet you remember or understand excel can do things for you and you look it up then and make the formula. Unless you are being hired to make preformatted documents for everyone to use its unlikely its a NECESSITY to know how to do without looking it up. and like all programming types its really hard to motivate yourself to REALLY learn it unless you have a reason to do it.

    #618433
    Anonymous
    Inactive

    Awesomely useful Excel supplement that's added as a tab once you download. I'm an auditor and use it many times for things Excel just can't do within a few clicks.

    https://www.asap-utilities.com/

    #618434

    what exactly is that bobcat?

    #618435
    Anonymous
    Inactive

    RedSox: Don't forget that you can use =iferror to get rid of unsightly error outputs. Obviously that won't help if your formulas really aren't working. If it's a temporary error though (like when the formula is waiting on the relevant data to be input) =iferror is great for cleaning up the spreadsheet.

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