Chapter 4 Notes for Quiz 1
Chapter 4 Notes for Quiz 1 ACC 250
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This 3 page Study Guide was uploaded by Shannon Panagopoulos on Sunday October 11, 2015. The Study Guide belongs to ACC 250 at DePaul University taught by Larry Fee in Fall 2015. Since its upload, it has received 32 views.
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Date Created: 10/11/15
Public accounting provide services to public such as companybusiness non for pro t individual Types of public accounting rms big 4 KPMG based in Amsterdam PWC based in London Deloitte based in New York and Ernst and young also based in London The big quotfourquot have been there for only a few decades before there were more big rms but they joined together and it came down to be the big four PWC has the most revenue Deloitte has the most employees Big rms pro very good at training con very competitive The best work places in 2008 were listed as 5 small rms 40 medium and 15 large Different types of public acc auditassurancetaxadvisory Auditor responsibilities Financial statement audit assist in preparing ling statements Internal audit provide resource such as outsourcing risk management Financial acct advise on US and international acct issueslawsregulation Other auditor responsibilities corp reporting improvement independent controlssystems process assurance regulatory compliance Sarbanesoxley compliance International nancial reporting standards Assistance on cap market transactions Tax services Fedstatelocal Indirect taxes International tax Mergersacquisitions Transfer pricing Tax ef ciency Worldwide management services Economic consulting Public acct rms are owned by partners not shareholders up to 49 of the partners can be non cpa Sox prohibits public acct rms from providing services other than tax some advisory service to SECregistered audit clients Advisory Business planning corp nance corp governance crisis management deal structuring due diligence expert opinion forensic human capital restructuring transaction valuation CPA rms are used in Aerospacebankingagribusinesseducationlawreal estateminingmore Cleantechgreenbuildingenvironmental acct personal nancial planning analysis of gov legislationregulation Acct has a great outlook Firms have begun there college recruiting process very early sometimes even in high school Firms also provide internships have a web presence Auditor39s deal with nancial structure operations human resources other aspects Jr staff auditor Auditing cash accounts receivableinventoriescost methodspayrolls xed assets acc payable notes payable bonds payable After a year with a rm Semi staff assistant auditor supervise staff auditors direct day to day engagements 3 yrs with a rm sr auditor planorganizesupervise staff make sure everything is properly documented 6 years with the rm Audit manager manage multiple projects identify risks solve problems Make sure audits are complete on time trainsupervise staff Client communication 9yr with rm Sr manager pretty much same as above more experience develop new business clients 12 yr with rm partner meetingsplanningsolve problems client retention new business development Tax Tax staff fed returns some statecity returns tax projections research tax issues 1 yr with rm tax semi staff staff assistant supervise staff review returns 3 yr with rm task manage tax staff oversee research review returns help plan engagements discuss issues with clients 6 yr with rm tax manager trainsupervise staff develop new bus maintain old business and plan new business 12 yr with rm partner same as audit partner but tax related Advising 1 yr with rm staff advisor develop skills 3 yr supervising advisor new business manage multiple engagements 6 year managing advisor nal reviews manage budget billing employee reviews 9 yrs with rm sr managing advisor lead team new business 12 yr partner same as other partners but advisory related Why big four is great good lifework balance exible careers bene ts education reimbursement several bonuses insurance pension program for womenmothers Acct rms are trying to diversify workforce and have them engage in community service When you start you get good training a mentor do team building activities as well as other introductory activities Partner needs to be ppl oriented have strong leadership bring new business Not everyone becomes a partner Baby boomers moving out of CPA rms
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