Failed again

Glynis

I do get annoyed with things like inadequate tutors and errors in books which obviouisly don't help and will try to calm down. My husband says I get too hot headed too fast.

Steve I have printed that article off and have also ordered a new text book from Osbourne to help me. You are right that I am struggling to understand some of the terminology and when to apply it to questions so will read up on that some more.

I have also applied to an accountancy firm to work in their audit department to help apply some of what I have learned in real life. Steve can you offer me any tips for the interview or what to expect if I get the job?

A-Vic

I will say this glynis i think you do need to clam down a lot before you atempt to go for the job as what will you do if you think the person training you isnt training you right you cant go off at them.

Am far from an expert but just slow down and dont rush in to a subject try to learn it, as you said yourself you want to use this in real life.

Steve Collings

Glynis,

If you have applied for an audit related role in a practising firm then you need to be comfortable with accounts preparation work. Audit is a "follow on" from accounts preparation as you cannot audit a company if you don't fully understand accounting standards or how amounts and disclosures arrive in the financial statements. If you have a sound grasp of accounts prep then audit will follow naturally.

At your level I would expect you to be comfortable with various semi-senior audit duties such as tests of controls and your detailed substantive testing. Auditing in exams is very much the same as in real life so if you understand the specifics in simulations/questions you should still be able to apply the same in real life audit work.

Unfortunately, auditing at junior/semi-senior level is boring and lots of students move on. If you like audit work and you move up to senior/managerial level then you will be more involved in the running of audits and the peformance/work review as well as the decision making that comes with that responsibility. Though by that stage most students have decided that audit is not for them - but my advice is to give it a chance if you can get in because it can be interesting once you work your way upwards.

What is important at the interview Glynis is that you turn all your negatives about the IAP sim and your journey through it into positives. I would not employ any candidate who cannot work calmly under pressure - especially in a client facing role such as auditor. If you work in auditing you will encounter all sorts of clients with all sorts of personalities and you need to be professional at all times - you cannot fly off the handle as soon as you discover the bank reconciliation does not balance!

I wish you well with this application and you should use the challenges in IAP to your advantage!

Regards

Steve