Auditor at Deloitte Company - Case Study Example

Auditor at Deloitte Introduction The Deloitte Company is among the four largest companies that provide a professional service network by number of professionals and revenue in the world. The company provides auditing, consulting, tax, financial advisory and enterprise risk to its customers; it has more than 200000 working professionals in more than 150 countries. The services offered by the Deloitte Company depend on a country legal implementations, and specific variation, the companys main function is auditing, and then consulting. The Deloitte Company offers a variety of careers models in which those interested can choose from based on their preferences, their business need, and their geographic location. These models vary according to the functions. So the main question and what is important to understand is; what is this auditing? And what are the companys functions in the auditing department? The auditing done by the Deloitte is mainly the business audit that is among the highly reviewed subjects in relation to the company. In order to understand auditing in the company, it is important to understand what auditing is, auditing is a systematic examination of accounts and documents of a certain organization. Auditing helps ascertain how far the organizations financial statements present a fair and a true view in relation to the accounts and documents, auditing ensures that the books of accounts of an organization are maintained properly by the concern, as the law requires. In the Deloitte Company the auditor should recognize and perceive the propositions before him or her for examination, he or she should then collect evidence and then evaluate it. This should help him, or her formulate the judgment he or she communicates through the audit report. The audits provide a third party assurance to the stakeholders; this assurance shows that the subject matter does not have material misstatement. Areas commonly audited include the internal controls, project management, and quality management, in Deloitte there is the audit committee whose roles keep on evolving year by year. It is, however, important for the companies audit committee to remain aware and up to date of the changes to their responsibilities. The company provides the committee with all the resources and leading the practices that in turn help fulfills the committees responsibilities. For one to work in the company as an auditor, he or she should first understand the practices and the trends of the auditors. What are this roles and trends? The audit committee functions include the focus on the auditors composition, this includes the financial, and the independence expertise, it focuses on the industry, the risk management. The committees main roles are to five areas, the committee composition and dynamics, the risk oversight, the ethics and integrity, the oversight of financial reporting and the interactions with the finance organizations. Basically, the auditors in Deloitte are committed to excellence and focus on enhancing the trust of the capital markets and the investing public. The auditors aim at delivering quality services through focusing on innovation; they also continue to focus to raise the bar on quality services bar and to deliver a great value to their clients. Auditing in Deloitte includes the following elements, to report objectively and monitor the health of operational, financial and the compliance controls, auditing also offers guidance in relation to effective governance. Another element of auditing in Deloitte is to provide an insight into the effectiveness of managing risks, becoming a catalyst for all the positive changes in controls and processes. They also deliver value to the audit executives, committee, and management in regard to control, governance and risk management, the last element of auditors is to coordinate activities and share the perspectives with the independent auditor. With this, it is evident that auditors in the Deloitte Company hold a fundamental role in the companys success and the whole success of the internal audit function. The audit committees in the Deloitte regular assess the monitoring of critical controls by the internal auditors. They also assess whether the auditors are able to identify and address the emerging risks With this information in mind, we now understand that auditing makes the main function of the company hence the rise in demand for more employees in the auditing department of the Deloitte company. The company targets employing 8%-10% employees more every year, this shows that after five years the number of employees will have increased by 50%. The large record for the demand of the employees is because the company has branches all over the world, also as the demand for quality services increase and so should the quality providers. Also As a consultancy firm there is a high demand for employment in the company. More university and college graduates apply for jobs in the Deloitte company, this is because of; the companies excellence in training in all the fields, the good pay to employees, the excellency in cultures, the pressure to meet the deadlines of the clients and the fact that the Deloitte is a good employer. With this demand of people, wanting to work with the company brings in the companies demand expansions hence a rise in the demand for more employees. The demand for more employees mainly results from the increase in demand for consultancy by other companies. The demanded consultancy mainly raises from the ambitious expansion plans, staff performance improvement targets and the higher risk compliance by these companies. This aggressive hiring in the next four years will not only fall in the auditing department but in almost all the departments in the company. The requirements of the employees in the auditing department include the best analytical skills, a grasp of the subjects knowledge and the fact that the employee understands the client to a level of provision of the best solutions to the clients. The company also needs to fit in the competing market, with other competing companies such as the Bain & Co India then Deloitte needs to up its game, this is by through expansion then increase in the number of employees. Even with the demand for employees in the Deloitte Company, it is important to understand that the company only employee the high caliber staff, hardworking staff that can deliver the companies mission and vision all through. Also because of its reputation, the fact that it is among the big four means that the company does not only hire on the basis of enumeration but critically on training, in this the company invests significant resources every year. Basically, they hire high caliber staff to ensure the maintenance of delivering high-quality audit. Even with many graduates looking for employment opportunities in this company then, they have to meet all the requirements. They have to be hardworking and focused towards achieving the goals of the company There are some factors that the employee has to consider even before applying for a job in the Deloitte company, mainly the functions of the auditor, the expectation of the auditors committee from all the employees. Once the factors are in mind the job seekers can proceed with the application, the best method to adapt in order to get the job is by sending an application with a request and why one wants the job or and also request for an interview. Before the application, one should do a deep study on the company, for example, what does the company do? What are the main functions of an auditor in the company? And what does it take to be a good auditor and to perform the best function in the company? With complete understanding of the company then one should answer the questions asked in an interview, this questions may include; why Deloitte? Why this service line (auditor) in Deloitte? Challenges facing Deloitte? And what documents would an auditor check? To get the job in the company, one should understand the basics of the companys recruitment program. One should have a presentation on the Deloitte graduate partner, this presentations is of key importance as it holds the ones applying for the jobs weaknesses and strengths. The company reveals the topic for presentation as the interview approaches; it gives the topic few days before one attends the company’s assessment center. The topics given by the company are mainly on the companys recent events that genuinely affect the work that the company does. For this, one should bring in slides that illustrate the pits. However, it is important to understand that the assessors mainly focus on the content of what one says rather than what one presents. The job seeker should keep it simple, focus on the communication, problem-solving and the organizational skills. The Deloitte Company mainly leaves the recruits to choose the topic of their liking. Hence, the recruit could focus on the area he, or she intends to work in the company. For the basic questions asked in the interview, the recruit should understand that the company mainly advises the students to use relevant examples when answering the questions. In this, one can demonstrate his or her commercial awareness and his career motivation; this is by giving examples about the current operations of the Deloitte. The answers to the interview questions should show that one thoroughly understand the company. For example one can cite the results but focus on what they mean, in the interview one should avoid mentioning anything to do with "strong reputation for excellence," basically the interviewee should avoid mentioning anything that sounds sycophantic. About auditing, the interviewee should focus on the day to day processes once employed, and the nature of the job. To achieve this one should first understand the whole concept of auditing in Deloitte Company. Some important factors to consider include the audit process in the company and how to understand the business environment in relation to the company. Key elements should understand the first-class audit process and the fact that the audit process helps customers meet the todays challenges in their companies. The interviewee should understand that the questions main function is to test how he or she would provide the required and the necessary expertise. The main answer to the question involving the position he or she chooses (auditor) would be the fact that he or she can make use of his or her problem-solving skills. The interviewee answer would focus on the auditor and client interactions; a key component in the answer is the ability to analyze the problems in the perspective of the company and the client. The interviewee should avoid saying that he or she is not sure of the choice of service lie yet; he or she should present his answer in a decisive and a focused way. Another question from the interviewers tests what the interviewee would do if he or she were left to run the company. This mainly tests the capability of the interviews capability to implement ideas and clear decisions, ability to implement organizational skills and exceptional planning. The interviewees opinion towards these questions results to some difficult follow-up questions hence he or she should be fully composed and straight when answering this question. Also, the interviewee should give examples in this question and thoughts tho solidify his or her answers, the interviewee should never say that he or she would make a bunch of changes and or focus on a certain number of clients. It is important to understand that the company basically does not focus on total changes but a person who would improve the already existing functions. He or she should avoid giving answers to actions that have impacts on the rest of the business. In answering this question, the interviewee should understand that he or she could fall into a trap; this is by only focusing on only what his or her interests are rather than what is best or the company as a whole "What documents would an auditor check?" this is another most possible question asked by the interview panel. The interviewee must take measurements when answering this question as this is the department he or she will work in, in this the interviewee must think of the investigations of the statutory repair scandal. The questions need to be handled carefully, the interviewees should consider the documentation of the investigation, he or she should avoid answering the question by listing the documents involved. Instead, the interviewee should answer the question correctly and explain why it is important to check the documents involved. In relation to any question about the ACA, the interviewee should understand that many people go through the Deloitte webpage; hence, he or she must do more research and not depend only on the information on the website, as it is limited. A good candidate with more chances is the one that knows more about the providers of ACA qualification and also knows who the training partners f the companys are. The interviewee should understand that it is important to keep up to date with the companys different partnership in relating to the auditing department. He or she should understand how the contents of the ACA are taught Another most likely question in the interview is about the current challenges faced by the company; the interviewee should take advantage when answering this question and use it to his or her benefit. Answer this question by explaining the value he or she can bring to the Deloitte Company as an auditor, also, it is important to highlight the commercial awareness. In this, the interviewee needs to take the companies news and spin it in order to relate to what he or she would do as an auditor. The interviewee should have deep information about the challenges the companys faces in regard to the auditing department. The interviewees answer should flow to his or her advantage; one should, however, avoid mentioning that the companys economic climates are the source of the challenges. In this question, the employee should have a lot of knowledge about the local, the national, and the international economics. A follow up question in relation to this is the challenges facing the auditing department, in this the interviewee focuses on the implications of the challenges, for example, focus on how the company benefits in terms of keeping and winning more contracts. While answering this question the interviewee faces a lot of scrutiny on the points, he or she makes. However, the interviewee must avoid saying that more opportunities for contract will rise .the interviewees presentation is also important, the points presented should be clear, keep the explanations brief and should avoid giving stories. With all this information in mind then it is easy to win an auditors job in the company In relation to compensation, the company has the compensation committee, the Deloitte compensation committees controls and directs the compensation practices and policies. The compensation committee, however, faces a challenging environment; this is because of the rising competition that is the company compensation committees designs the policy in a way that it attracts motivates and retains the best people. The company also has the total rewards program that reflects their continued commitment to leading from the front in everything they do. Its compensations mainly fall in terms of benefits and rewards and also rise in salaries for committed employees. In terms of benefits, the company has the 401k, this deals with an investment and a savings plan, the plan helps the participants in accumulating their wealth in a manner that is tax effective. It also allows the employees take a loan during their employment years. Another benefit includes the paid of time and holidays; the Deloitte company gives its professionals flexibility to manage all their time of in a way that works for them. It gives the professional an allotment of few days that covers vacation, sick and personal time, this, however, depends on the positions, and the years worked in the company. The more the years worked, the more the number of paid time off and holidays. The average number of days is 35 together with the holidays. Another mode of compensation is through medical care, disability, and life insurance; the company offers health insurance and disability coverage that helps protect their employees and their families from the financial impacts. The life insurance offered by the company includes the core coverage for the employees. The benefits from the company comes with the factors of working time, and how committed the employee is to the company. The longer one works in the company, the more the compensational benefits. In terms of salaries, the Deloitte Company pays a competitive package for the new employees especially those fresh from colleges and universities. The gap in the salary paid closes on the basis of performance, this mainly takes two to three years, later the overall package beats the market coverage. All this proves that the compensation in the Deloitte Company depends on the number of years an employee serves the company. The more one serves the company the salary keeps on increasing. As one develops the skill from auditing, which basically are preparing and examining different companies financial records and ensuring the records are accurate, and the taxes are paid on time there are different other careers one may pursue with this skill. A skilled auditor can also work as a financial analyst in which he or she helps different organizations both public and private organize their finances. In this, the analyst prepares the budget reports and monitors the organizations spending. After five to seven years of experience as an auditor, the employee can work as a financial manager or a management analyst earning 10900 and 78000 dollars respectively. A financial manager produces reports, develops strategies, produces direct investments and plans for the organizations long-term goals. They basically are responsible for the health of the organizations they work in. As for the management analysts, or the management consultants their primary functions are to propose the ways to improve the organizations efficiency. The analysts advise the managers on how to make the organization profitable through increased revenues and reduced cost. After five to seven years experience as an auditor, one can also work as a top executive earning a salary of 10100 dollars in a year. The primary function of many executives includes devising policies and strategies that the organization needs in order to meet all its goals. The executives plan, coordinate, and direct all the operational activities of the organizations and companies. Those are the most paying jobs one can get from working as an auditor for more than five years. There are other better jobs that one can get from working as an auditor for more than two to four years. These jobs include personal financial advisors and budget analysts. Basically a job as an auditor acts as a stepping stone to other great and better-paying careers in life, with enough experience as an auditor one can become better in the financial related jobs Conclusion The Deloitte Company is basically a dream company to work in, with all the employee benefits one should enjoy working in the company as an auditor. The information above shows all the basic requirements needed to work in the company and all the functions of the auditing department of the Deloitte consultation firm. Being among the big four and among the best consultation firms means that the university and college graduates working in the company get all the necessary skills and experience needed, this may even allow them to work at better-paying jobs or even start their own consultation firms. Work cited "Deloitte." Diversity Employers 1 Sept. 2008. Print. "Deloitte Industries." Choice Reviews Online (2012): 50-0963. Print "Deloitte Interview Tips and Firm History – Deloitte Consulting S&O." Management Consulted. Web. . "Deloittes Interview Questions Explained." TARGETjobs. Web. . "Erik Van Den Branden, Deloitte." Strategic HR Review: 6. Print. "Managing Change the Deloitte Way." Strategic Direction (2008): 12-14. Print. "The Coach Approach: Career Counselling Is on the Money at Deloitte & Touche." Human Resource Management International Digest (2007). Print. Read More