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I work in tax myself but corporate tax for banks and other financial institutions. But talking to some of the auditors on the same clients when we do field work it seems they do some substantive testing at year end but quarterly work is mostly control testing on internal controls.
You go to auditing for two reason in my opinion. One is you really hate tax so you do the opposite. And two is that you are doing it more so for the exit opportunities as they are a little more limited on the tax side. Even though I find that hard to understand because I find myself along with my team cleaning up auditor **** ups constantly when we prepare tax returns. Or if a research question arises the auditors usually defer to us for some reason. I mean the concept of materiality doesn't exist in tax because we work with exact figures. I've seen TBs not balance and the auditors would just put a pass because it was immiterial. Granted it was 65k on a 6 billion dollar client but still how does that not balance.
You go to auditing for two reason in my opinion. One is you really hate tax so you do the opposite. And two is that you are doing it more so for the exit opportunities as they are a little more limited on the tax side. Even though I find that hard to understand because I find myself along with my team cleaning up auditor **** ups constantly when we prepare tax returns. Or if a research question arises the auditors usually defer to us for some reason. I mean the concept of materiality doesn't exist in tax because we work with exact figures. I've seen TBs not balance and the auditors would just put a pass because it was immiterial. Granted it was 65k on a 6 billion dollar client but still how does that not balance.