A Career Choice
Accounting is a system that records and interprets financial information about a company and reports that information to either internal or external decision makers. Accountants supply financial information of a specific company to decision makers to examine if they would like to invest into the company, to loan money to the company or how to improve the company. There are several areas in accounting such as: Financial Accounting, Managerial Accounting, Tax Accounting, Auditing and General Accounting.
The following report emphasizes on Auditing. It is extremely important for students to be aware of their Professional Community in order to have a better understanding of what exactly they are studying to become. According to top leading accounting firms such as KPMG, having good grades is equally as important as to be aware of the accounting community. However, the problem is that students are well prepared academically in their chosen field of Accountancy, but are unaware of the Professional Community.
For such a reason, the purpose of this report will inform me, and those students following a similar career path about the Professional Community of Auditing. The following report includes the names and important elements of three key accounting firms in Montreal. The job criteria
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Included is also information provided from an interview with an auditing executive of one of the researched firms. The information of this report is obtained by search engines, text books, journals and an interview. It is important to be aware of the Professional Community of Auditing to have a better understanding of Accountancy. ACCOUNTING: A CAREER CHOICE INTRODUCTION Accounting is a system that records and interprets financial information about a company and reports that information to either internal or external decision makers.
Accountants supply financial information of a specific company to decision makers to examine weather or not they would like to invest into the company, to loan money to the company or how to improve the company. There are different areas of accounting: Financial Accounting, Managerial Accounting, Tax Accounting, Auditing and General Accounting. This report will emphasize on auditing. Statement of Purpose The purpose of this report is to inform me, and those students following a similar career path, with an in-depth study of our Professional Community. Statement of the Problem
Although students are well prepared academically in their chosen field of Accountancy, they are unaware of the Professional Community. To better understand the Professional Community of an Accountant, the following research will relate only to the area of Auditing. Key issues that will be discussed include: important accounting firms in Montreal, job criteria, the entry level salaries of undergraduate students, professional associations, professional journals and conferences. Also included will be an interview with a representative of Ernst and Young.
Firms: Ernst and Young, KPMG and Deloitte and Touche are not only leading accounting firms in Montreal, but are also global leaders within the accounting professional. Ernst and Young provides several professional services such as tax, audit and online security. Ernst and Young focuses on six shared values that define them as an organization and ensure their relationship with their customers and workers: leadership, creativity, teamwork, customer service, mutual respect, loyalty and openness. Quality is an important issue for Ernst and Young.
Thus, they have reinforced quality control policies, technology and training to ensure the quality in the services they provide. Ana Tagalakis, a senior manager in auditing at Ernst and Young, states that the company also has an enjoyable working atmosphere. They put their people first. Mrs. Tagalakis explains that Ernst and Young believes in first creating a trustful and respectful working environment in order to ensure the best service for their company. Ernst and Young was nominated as one of the best 100 Canadian employers for the fourth consecutive year.
Since it is one of the leading firms in Canada, Ernst and Young is looking for motivated individuals who are leaders, flexible and have good communication and technical skills. Recruitment is based on applicants’ academic background, extra-curricular activities and work experience. Ernst and Young’s audit teams examine a company’s financial statements and provide the company with suggestions on how to improve their business. At Ernst and Young, auditors are informed on economic factors effecting the business environment and how businesses operate in the technological and industrial environment.
Deloitte and Touche is recognized as a caring company by the Canadian Center for Philanthropy. Deloitte and Touche’s mission statement is to help their clients and their people excel. The company’s vision of the future is to attract and retain top quality employees. In order to achieve their mission, Deloitte and Touche rewards their people with cash incentives, bonuses or gift certificates if they recruit a successful employee. Deloitte and Touche is looking for leaders, since strong leadership makes the company succeed.
Thus, the company includes and stresses leadership training as part of their firm curriculum. Deloitte and Touche offers job opportunities to experienced professionals, students and new graduates. Their audit process consists of detecting problems within a company and providing them with adequate solutions. Deloitte and Touche’s auditors are also aware of economic changes in accountancy, which makes their work even more accurate. Also, to ensure the effectiveness of their audit procedures, the company’s auditing team is assisted with advanced technology called AuditSystem/2.
This enables auditors to quickly identify issues within a company and to study specific characteristics of a company’s operations. KPMG stands for Klynveld Peat Marwick Goerdeler. Located in 750 cities in 150 countries, KPMG employs around 100,000 people who provide tax, assurance, and financial advisory services. Clients, people and knowledge contribute to KPMG’s main values. Teamwork, open and honest communication, continuous learning and active sharing, recognition and respect, leadership and commitment are the main global standards of KPMG.
This company has an effective auditing system. By measuring performance and managing risks and KPMG’s Audit practice helps organizations achieve their goals. On October 28, 2002, according to Maclean’s magazine annual listing of Canada’s Top 100 Employers, KPMG was recognized as one of the best places to work for in Canada. The evaluation was based on seven criteria: the physical work environment, performance management, training and development, benefits and vacation allowances, communication, and good corporate citizenship.
Recruiters at KPMG not only look at a student’s GPA, but also if a student can balance school with extra-curricular activities, such as joining associations which will make a resume stand out. KPMG offers and implements training to students from university. The company focuses their training on four specific areas: culture, methodology, industries and leadership. Job Criteria: An auditor is an individual who examines financial reports to ensure that they represent what they claim and respect the Generally Accepted Accounting Principles (GAAP).
An auditor examines the underlying transactions, including the collection and organization of the financial data integrated in the financial reports. Mrs. Tagalakis stresses on the importance of being flexible and possessing good communication skills in order to fulfill the criteria of a skillful Auditor. She explains that the average work week of an Auditor is around forty hours. However, Auditors must be able to work extra hours and unexpected hours when needed. This could result in a work week of seventy to eighty hours. Mrs. Tagalakis also explains that Auditors not only sit behind a desk but also travel.
Thus, flexibility and good communication skills are essential for an Auditor to fulfill their job criteria. In House Training Program: Ernst and Young, Deloitte and Touche and KPMG offer in house training programs. At Ernst and Young, they reinforce training to ensure the quality in the service they provide. Auditors are trained to become informed on economic factors effecting the business environment and how businesses operate in the technological environment. At Deloitte and Touche, auditors are trained to acquire leadership skills and to work with the company’s new computer system, Audit System/2.
At KPMG, the company focuses their training on four specific areas: culture, methodology, industries and leadership. KPMG believes that in house training is essential for the success of a company. Entry Level Salaries: The entry-level salary for an auditor varies between $31, 000 to $41, 000. However, public auditors and private auditors receive different salaries. The entrance salary for public auditing varies between $35, 000 and $41, 000, while for private auditing it varies between $31, 000 $39, 000.