Accountants struggle with audit process changes
10 posts across 2 communities in the last 60 days; 90% from r/Accounting.
“We have three people handling accounting for growing manufacturing company and our annual audit starts in about six weeks. I’m trying to get ahead of document requests before everything becomes reactive. What preparation has made the biggest difference for your team?”
“I work for a small firm and never once got a review note or mistake checked. I feel as though I haven’t learned much due to this. I hear about managers grilling their assoxates and this has never happened.”
“There have been times I've thought to myself I should ask for a reduction on the audit fee with how much I've had to explain and teach to staff.”
Several accountants are experiencing difficulty adapting to new processes during audit preparation, particularly when information requests differ from standard procedures. This creates confusion and requires extra time for file gathering and review.
SOURCES (12)
“I have worked at a public firm in audit for two months now. I have only had 40 total hours of work to do. Is this normal I started in August. What would you recommend I do? Thanks submitted by /u/Present_Author_9010 [link] [comments]”
“We have three people handling accounting for growing manufacturing company and our annual audit starts in about six weeks. I’m trying to get ahead of document requests before everything becomes reactive. What preparation has made the biggest difference for your team? submitted by /u/worldofjaved [link] [comments]”
“I work for a small firm and never once got a review note or mistake checked. I feel as though I haven’t learned much due to this. I hear about managers grilling their assoxates and this has never happened. submitted by /u/Opera-learner [link] [comments]”
“There have been times I've thought to myself I should ask for a reduction on the audit fee with how much I've had to explain and teach to staff.”
“Hello everyone, I began my audit job in August, I had the typical onboarding trainings etc. I wonder if it is normal this time of year now to not be assigned much of any work, and not have a busy office at all. I like the people I work with and everything. But I want to know if this is normal starting out so I could feel better about it, thanks! submitted by /u/Present_Author_9010 [link] [comments]”
“Also, might be worth asking them what procedures they intend to perform with those resignation letters. We request significant severance agreements from the year under audit, but not sure what we do with lower-level resignations (aside from maybe controls documentation, and that would typically only require one). And definitely clarify to the auditors when information they request must come from a department outside yours. They might just be making boilerplate requests they don't do anything”
“If you can give them direct access to the system you're using so they can pull the sample support themselves, that's better quality audit evidence, will save you time and, at my firm, we prefer it. Also saves us asking for reports and drill-down information.”
“Do you guys wait until the auditors contact you to start prepping files to send? Or is it an on going process throughout the year? Reason I’m asking is because I am going through my first audit with a company I have been at for a little over a year, and some of the information they are asking for, is different than what I usually use for my typical month end close. For example, we use a consolidated report to realize revenue where it lists locations / product type / Amount to be recognized as re”
“Curious how other AP teams handle the shared mailbox, because I get the impression everyone has invented their own system and nobody thinks theirs is good. How does it actually work where you are? Does one person work through everything and pass things on, do you split it alphabetically or by entity, does everyone dip in and hope nobody doubles up, or is it rules and subfolders doing the sorting? And the bit I'm most curious about: what breaks it? I assume something does. submitted by”
“I’m wondering if doing quickbooks proadvisor certification on intuit is worth going through it. I understand it’s free and learning something new is always a good thing but will getting this certification help me net my first bookkeeping role or account payable role? I wanna know if I’m on the right track, if not what are some certifications I should be looking into instead? Thank you for time. submitted by /u/Sanbikaa [link] [comments]”