Audit or tax?

lightspeed · 09-07-2014 3:49pm #1

Hi all

I recently graduated with a 2.1 degree in business and law and currently working full time in customer services.

Ive been accepted to a postgraduate diploma in DIT in accounting and finance which will give me exemptions from Cap 1 exams.

I only just found out that if i left it until next year to apply, it would be 2016 before i got a start, at least in any of the big 4 firms.

So i need to apply this year and hopefully if I can secure an offer, I will begin next year after completing the above postgraduate diploma.

However, im not sure if i want to get into auditing or tax so can someone advise particuarlly what a life in auditing entails?

I currently live in Dublin.

- How much travelling would be outside of Dublin and how much would require travelling of long distances and overnight stay?

- As my understanding is that auditors need to travel a lot, I assume they use a company car or are able to avail of expenses for use of their own car. Although I've not read this anywhere. Can someone confirm how auditors in big 4 typically travel?

- How complex or difficult is auditing? I understand its obviously requires a high degree of accounting and finance knowledge but do formats differ much from one company to another?

- Is auditing better in the long term in regard for providing scope for more senior positions down the line?

On one hand im not certain how much i would enjoy auditing over tax but on the other hand, I have heard that it is easier to go from auditing to tax than it would be to go from tax to audit should i feel ive made the wrong choice so maybe audit would be the safer option?

Any opinions and thoughts regarding the above would be much appreciated.

T L · 09-07-2014 9:54pm

lightspeed wrote: »

Hi all

I recently graduated with a 2.1 degree in business and law and currently working full time in customer services.

Ive been accepted to a postgraduate diploma in DIT in accounting and finance which will give me exemptions from Cap 1 exams.

I only just found out that if i left it until next year to apply, it would be 2016 before i got a start, at least in any of the big 4 firms.

So i need to apply this year and hopefully if I can secure an offer, I will begin next year after completing the above postgraduate diploma.

However, im not sure if i want to get into auditing or tax so can someone advise particuarlly what a life in auditing entails?

I currently live in Dublin.

- How much travelling would be outside of Dublin and how much would require travelling of long distances and overnight stay? I don't live or work in Dublin but I'm familiar with people who do. If you are involved in asset management audit (investment funds), you could generally be expected to be based in the office or in the IFSC. If you are involved in industry auditing, the people I know are generally based in and around Dublin, and don't have to stay overnight too often. The big four have multiple offices each around the country meaning that jobs are generally staffed from the closest office. Places like Citywest in Dublin are obviously hubs for a lot of industry clients, so you might expect to spend a lot of time there in busy season for example. This is really general though and something you'd have to ask in more depth at your interview.

- As my understanding is that auditors need to travel a lot, I assume they use a company car or are able to avail of expenses for use of their own car. Although I've not read this anywhere. Can someone confirm how auditors in big 4 typically travel? Generally no company car unless you are very senior. There are mileage expenses for the use of your own car, yes. Generally if you're on a team and travelling, people travel together for company etc. if possible.

- How complex or difficult is auditing? I understand its obviously requires a high degree of accounting and finance knowledge but do formats differ much from one company to another? The auditing standards (not sure if you're familiar with them, essentially the auditing "rule book") are quite prescriptive, in that auditors need to do x, y, and z on each engagement. How they do x to z is left up to each firm, but from what I've seen, everyone generally arrives at a way of doing things that's broadly similar. If you learn to audit in one company, you'll be able to audit in any. Overall, it's not that complex. Like I said, the standards are pretty prescriptive, it's your own firms rules and regulations etc that are sometimes the trickiest to get to terms with. Generally in firms you'll start out with "easy" areas and build your knowledge from there (same as any job tbh!).

- Is auditing better in the long term in regard for providing scope for more senior positions down the line? My personal opinion, yes, auditing offers a greater range of opportunities and scope for advancement. I'm speaking from a big 4 background.

On one hand im not certain how much i would enjoy auditing over tax but on the other hand, I have heard that it is easier to go from auditing to tax than it would be to go from tax to audit should i feel ive made the wrong choice so maybe audit would be the safer option?

Any opinions and thoughts regarding the above would be much appreciated.

Some answers in the quote above.

Looking further down the road (once you've your training contract completed and post qualification), there are generally more options available to you with an auditing background than tax. Generally with auditing you'll have a wide exposure to general ledger accounting, financial reporting, controls, and a lot of other areas that are desirable for both industry and practice positions. Due to the nature of tax as a more specialised area, industry and practice positions for tax are fewer.

lightspeed · 09-07-2014 10:41pm

Thanks TL i appreciate the helpful advice. I think i will apply for an audit position.

I would like to get in with one of the big 4 but i suppose i would also be happy to position in one of the other firms. Im quite eager to begin a career in an accountancy field.

I was surprised to hear that they successful applicants only start the year following from when they interviewed. As a result, I need to start applying to some of them now.

For example, PwC deadline for applications is this Friday 11th July, whereas others such as EY recruit around October I think.

Thanks again for the help.

MrSzyslak · 11-07-2014 3:35pm

lightspeed wrote: »

Thanks TL i appreciate the helpful advice. I think i will apply for an audit position.

I would like to get in with one of the big 4 but i suppose i would also be happy to position in one of the other firms. Im quite eager to begin a career in an accountancy field.

I was surprised to hear that they successful applicants only start the year following from when they interviewed. As a result, I need to start applying to some of them now.

For example, PwC deadline for applications is this Friday 11th July, whereas others such as EY recruit around October I think.

Thanks again for the help.

Pretty sure PWC's deadline for sept 2015 start is October too, same as all big four. Maybe some additional positions opened up for sept 2014 start, hence the 11th July date.

Flora2014 · 17-08-2014 12:38am

I graduated with a degree in commerce majoring in accounting and so had obtained cap 1 exams that way. I am starting with PwC in Autumn 2014 in Assurance (Audit). Personally I would say Audit is a better route if you want a more broad career path. Within the taxation dept in PwC you have the choice to only sit AITI exams and the ACA exams are not compulsory with them. So in audit you are doing your ACA exams and within Tax you can choose to either do ACA and AITI or just AITI. If you choose to just do your tax exams you are somewhat putting yourself in a specialised box in my opinion. In saying that though if you chose to do both your AITI exams and ACA even though its a lot more work and inevitably will take you longer it would be great to have both qualifications.

Also just to point out the Friday 11th of July closing deadline was for PwC's Autumn 2014 intake. To apply for a position for 2015 you apply in October 2014 when the milkround is taking place.

Good Luck!

ted2767 · 17-08-2014 1:08pm

Audit is mind numbingly boring.
Both tax and audit training give you plenty of options once your contract is up.
Generally salaries for tax are a little higher post qualification.
Hrs in audit are longer but still in tax busy season you'd put in the hrs.
Having a tax and ACA qualification are advantageous.
Basically either option will result in excellent post qualification prospects.

As for applying milk round opens in September and closes in October with a Sept 2015 starting date.

You're better off getting into a Big 4 firm if you can. The training is more specialised but starting salaries post contract are better.

Many people may disagree with that re quality of training. In a way they are correct you may well get a more rounded training in a smaller firm but, having big 4 on your cv is very advantageous.

Prettyblack · 18-08-2014 9:42am

Why do you want to go audit / Big 4 if you don't want to do audit or tax? Why don't you train in industry where you won't have to do either?

Chattastrophe! · 18-08-2014 9:46am

If I had to choose between the two, I'd always go with audit over tax. It's repetitive and boring, but less so than tax.

Would always go with industry, though, rather than practice!

Audit or tax?

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