Auditing

University is starting in 3 days and I am a little nervous and excited. I am wrapping up my nutrition course and I am in the process of writing a cover letter to an accounting firm that I have been interested in for a while (but I can only do so much). Today I'll share another reflection from last semester.

1. Describe the work environment as presented by the industry partner.

The work environment of KPMG is challenging with a steep learning curve, however most of the work involves working in a team rather than individual work.

2. Describe the role that a new graduate employed by the industry partner would be expected to play in the organisation

A new graduate employed by KPMG (in auditing) would first be an associate accountant.
According to KPMG (2014), associate accountants have a number of responsibilities such as;
• Assisting with audit working papers and documentation including researching and recording facts and findings
• Recognising and reporting accounting and auditing information to management and partners
• Discovering opportunities to improve in financial performance
• Communicating with clients to confirm that there is mutual understanding between both parties
• Having a working knowledge of KPMG Audit Tools (still yet to get this)

3. Skills & Attributes Required

To work for KPMG, technical skills are a must. Technical expertise is necessary to understand all aspects of client’s business. Analytical skills are what makes a good auditor, being able to make use of the information given, to best serve the needs and interests of your client.  Presenting insights, understanding and recognising the client’s needs and wants, are all ways analytical skills can add value to clients.

An associate accountant will need to keep up to date with all new accounting standards, trends and their impact on clients, in time to issue warnings to clients.

Time management is very important as five tasks can be due at the same time. Therefore setting priorities are important, to keep up with deadlines.

Interpersonal skills are necessary as you will be constantly around people on the job, having interactions with clients and management; first impressions and building relationships are very important. As a bulk of the work also involves working with a team, leadership skills are also useful. This means being able to create a balance between people and the task while getting results, and dealing with different personalities on different projects.

Integrity is also an attribute which has become increasingly important not only in KPMG but also in the accounting profession in general. Auditors are trusted with sensitive information in their day to day work life and should act in the best interest of their clients. If financial information is abused through alteration, corruption, loss, misuse, or unauthorized disclosure, this can adversely affect the client’s organisation. (WebFinance,2014)

4. Critique to the extent to which your skills and attributes align with the skills and attributes required to work for the industry partner, formulate a strategy to address areas for improvement.

Interpersonal and leadership skills tend to come more naturally to me as I have experience in the past such as taking charge of group work tasks in university, being a peer support leader, being selected to go to leadership camp.

According to the results of the Prelude Character Analysis (2014), I am an ESTJ (Extravert, Sensing, Thinking, Judging) and tend to be ‘the organiser, of materials, of people, of deadlines making sure tasks are planned and coordinated and that everyone is clear what is expected and what should happen next.’ I also have the ‘ability, to adopt a decisive stance, take charge and get the job done which makes 'natural' leaders whom others will readily follow’.

Integrity is an attribute I value and exhibit in my daily life. I believe that a person is as only as good as their actions and that trust is essential in all relationships, personal or professional.

Time management and technical skills are areas that I am weaker with. While I am competent with the technical side, I still need to improve my analytical skills and the ability to pick up on details that may not be obvious to others.

Completing AFIN253 and ACCG350 should significantly increase my analytical skills. Widening my knowledge about accounting standards and keeping up to date with new accounting standards is also important as my current knowledge on accounting standards is still limited.

To improve with time management, I should get into the habit of being more productive and organised. A first step I could take would be to write my daily tasks in a diary or planner. (Which I am now doing)

References

KPMG 2014, Associate – Audit, accessed 10 September 2014, http://www.kpmg.com/mm/en/careers/pages/associate-audit.aspx

Prelude Consulting Limited 2014, ESTJ Work, accessed 10 September 2014, http://www.preludecharacteranalysis.com/types/estj/work

Webfinance Inc 2014, Sensitive Information, accessed 10 September 2014, http://www.businessdictionary.com/definition/sensitive-information.html#ixzz3CcvOHXdS

(Note: I wasn't aware that I hadn't posted in a while since I was sure that this post was queued. Nevertheless, here it is now and there will be another post again after university starts.)

Happy February!

Time really flies when you're busy (or having fun). Lately I've been focusing on my nutrition course which I have been enjoying, watching the Asian Cup and The Australian Open and I have also recently opened my accounting textbooks for revision. I studied Intermediate Financial Accounting in the first semester of 2014 and I will be doing a continuation of that next semester so I really need to brush up on everything to not only stay afloat but to do well. So in the upcoming weeks before uni starts again, I have allocated  the more challenging topics to revise and hopefully I haven't forgotten too much.

Also set up my timetable the other day and for the first time I am completely happy with how it is set up. Last semester I had a couple of lectures ending at 8pm which was what I was trying to avoid. I have an equal amount of classes on each of the three days so I won't be going to uni for just one class and I'll be able to attend all lectures. I never like watching lectures online because it gives me chances to procrastinate and to put it off. I find that deadlines and being in public (not alone) motivate and keep me going. I also have enough time in the mornings to hit the gym if I'm not too busy which is nice. Having this timetable almost excites me to get back to uni and get prepared. Next on the list: getting back into a decent sleeping pattern.

Analysis Paralysis

http://focusnjoy.com/daily-inspiration/sowharvest/#.VLZX9dKUf-s

I've been really enjoying these holidays, especially considering that it may be my last 3 month holiday as I should be graduating next year. So what have I been up to? Going to the gym, finding new recipes, reading up on articles, getting my regular dose of my favourite youtubers, seeing friends, decluttering, selling things, helping around the house, volunteer work, hiking and doing a nutrition course. What did I plan on doing these holidays? All of the above but also having either an internship or part time job. And why haven't I gotten a part time job or internship?

I came across an article the other day which I found described my situation perfectly. It was called analysis paralysis. It explained analysis paralysis as delaying something you've been meaning to do because in your mind, you keep telling yourself that you're not prepared enough or you keep waiting for the right time or optimal conditions. Excuses are constantly made, the perfect time never comes and the task never gets done. (So I may have paraphrased). A good example of this is starting a healthy lifestyle. Sometimes people think that they have so much weight to lose that they don't see the point in trying. Or, they might compare their journey to others and feel overwhelmed, think that they may never come close to the level of others and think that it would be better off sparing themselves the shame.

This is exactly what I have been doing with job searching. For the longest time, I put off writing a resume and finding a job because I felt that my resume would be quite dull and inadequate. I didn't look for a job as I knew that most employers wanted someone with experience, something I didn't have. (Experience is always something you get right after you need it.) I felt disadvantaged because it seemed like everyone had a job at 16. My parents did not approve of me having a job in high school. As tragic as that was, what I should have done was just get out there and try anyway as soon as I graduated high school. But instead, I used it as an excuse. Even though I didn't have a long list of awards from high school, didn't become school captain, didn't have a resume as sparkly as others, didn't mean I could keep putting it off until the last minute. Comparing myself to others never really does me any good.. I guess I got so overwhelmed that I never gave myself a chance.

http://healthypsych.com/compassionate-ways-increase-motivation/

This year, it will be different. While many accounting students have internships or accounting jobs in their second and third years, I will not let that deter or overwhelm me because I know that I have a lot to offer. Instead, I will use that as motivation. End of pep talk.

Chapter One.

I was reading The Naked CEO by Alex Malley and while I planned to write a post on the entire book, I decided that it would be much too long because there is so much in it. So in this post, I will just be talking about the first chapter.

Firstly, I like the style of the book. It's an easy read and doesn't over-complicate. It really feels like Alex Malley has taken you under his wing as he tells you about his own personal experiences. Each chapter also ends with an anecdote of a past mentee.

Reading chapter one, I found myself nodding in agreement and thinking, 'wow that is so true.' This was especially the case when he explained the importance of self awareness. It feels like that today people are so concerned about crossing off the things in their daily to-do lists that they often don't realise what habits and quirks they develop along the way. Some people are so fixed with having things pan out in a certain way that they don't realise how they treat people and how they make others feel. And after years and years of developing habits and continued behaviour, before they realise it, they can become someone that they barely recognise. A little dramatic, I know, but self awareness is a crucial part of being critical of yourself in order to deal with your issues and become a better person. And not to go off on too much of a tangent but I think that a large part of this is reliant on having emotional intelligence.
Having emotional intelligence can earn you a great deal of respect (and possibly prevent embarrassing situations). When you are able to pick your battles and have control over your emotions then you do appear more.. well intelligent!

This chapter is all about learning to let your guard down in order to be your genuine self. Somehow, I had gotten the impression that in a work environment, you needed to hide your personality so that you would be taken seriously but after reading this chapter (and talking to industry partners) I've discovered that this is definitely not the case and your personality can work to your advantage.

Personal Branding and Networking

Our second reflection was all about the importance of personal branding and networking. We were instructed to compare and contrast 3 linked in profiles of accounting professionals. We were also to discuss the strengths of their profiles. Then we were to create a linked in profile then assess it, in relation to the three profiles of the professionals. This is what I wrote about my profile at the time;

Currently my Linkedin account has skills such as financial statements and journal entries listed. The background section is empty. I have included the ‘Causes I care about’ and “Organisations that I support’. Listed in ‘Education’ are Macquarie University and the Sydney Institute of Business. I have also included my hobbies, that I am a member of the Accounting Students Association and that I am bilingual. Hopefully by the time I graduate, future employers will see me as qualified, someone with outside interests and employable.

A strength in my personal brand is that I feel comfortable at social events and consider myself friendly and easier to approach so I will not find networking as deterring as other students in my position.

The biggest weakness in my personal brand is my lack of experience. One action I can take to strengthen my personal brand before graduation and joining the accounting profession is to gain some experience. I currently have no experience in the workforce which can be a large disadvantage for me when competing against graduates who have had experience. Getting a part time job, an internship or even taking up volunteer work will instantly enhance my personal brand.

Since this reflection, I have changed my profile by adding my volunteer work. I am still yet to add a profile picture which would actually be very beneficial for my personal brand and image.

2015 resolutions?

First post of the year, happy 2015! In the past, I've usually been a cynic towards the whole 'new year, new me' mentality many people adopt in the beginning of each new year but this year I have set (and written down) some goals. After all, a study conducted by Harvard in 1979 showed that 3% of the surveyed ended up earning an average of 10 times more than the 97% who had no goals or did not have their goals written down. My goals range from performing 5 consecutive chin ups to continuing to get credits and above in my uni grades. Getting an internship would be amazing too.

I am both hopeful but slightly anxious for 2015 as I am entering my final year of my degree. It won't be long until I'll be trading my late nights and early mornings studying, for late nights and early mornings in the office. Random fact: in my 15 years of education, I have never had to pull an all-nighter, or failed a subject which doesn't sound like much but more than others in my position can say (not to brag).. I plan to keep that record. 

This year, I will be sure to make the most of the last of my uni life. Join a bunch of clubs and get involved on campus. Do something to stand out, who knows. I learnt so much from 2014 and I hope that this year will be just as unforgettable.

Reflection 1

Greetings, hope everyone had a happy Christmas. This year I had a nice low key Christmas with the family which was a change from the usual parties we attend. Our results were released early last week and I'm quite happy with them, getting a distinction in ACCG315.

As I mentioned in an earlier post, in the unit we were assigned weekly 'reflections' where we were given a couple questions on our thoughts of the profession. In the final week, we were given the same questions as the first week and were asked to compare our answers to see how our perceptions on the profession had changed. Today I am sharing my last reflection.

1. When you think of the accounting profession what comes to mind?

Before studying ACCG315, my knowledge of being an accountant was limited to the technical aspects of accounting such creating journal entries and ledgers, calculating depreciation, providing and presenting financial information to management and financial reports for external stakeholders. Long hours behind a desk and in front of a computer, the big four accounting firms and accounting bodies also came to mind. The different types of accounting such as management, taxation and auditory services also connotes with the accounting profession.

When I think of the accounting profession now, I think of working in teams and having one on one time with clients. In the beginning, I was not aware of how people oriented accounting was, and that networking and forming client relationships was also a large part of the profession.

With the technological revolution, I am now aware that technology plays an increasingly larger role in accounting with technologies such as cloud computing and AIS and their implications on accountants.

2. What contextual factors do you think could influence the accounting profession?

Previously, the only contextual factors I thought that could influence the accounting profession were regulators such as the government (and the current political situation), accounting standard setting bodies such as the Financial Accounting Standards Board (FASB), the situation of the economy, and scandals involving poor accounting or failure in standard setting.

After attending seminars and presentations, I have found that are a wide variety of contextual factors such as the current state of technological advancement, globalisation, and public perceptions of sustainability and ethics also play a large part in influencing the accounting profession.

3. Describe the people you expect to interact with as an accountant.

I expect to interact with fellow employees and management of a company as an accountant, and stakeholders such as financiers, suppliers and customers. Also, auditors, professionals who work in the legal sector solicitors and possibly debt collectors.

Expectations on the people I will interact with as an accountant has not dramatically changed but I will also now expect to spend a great deal of time interacting with clients in order to conduct business.

4. What role do you think you should play in contributing to your community as an accountant?

I think as an accountant, my role to the community is to provide relevant financial information that is accurately and faithfully represented in order to give users the information they need to make informed decisions about my company.

According to The Association of Chartered Certified Accountants, the role of accountants are becoming increasingly technically demanding and specialised involving; compliance w/ financial reporting standards, pensions solvency, and corporate governance legislation. In addition, accountants now feel more empowered and have greater career ambitions; demanding and expecting more career development prospects.

This was all reinforced with the seminars as this was addressed by the industry partners. Leadership skills were a part of accounting that I had originally overlooked and the extent of the role people play in relation to the accounting profession. As pointed out by James Solomons, as a result of the technological revolution, there has been a shift in the role of accountants as accountants are now able to place more focus on their analytical skills rather than spend their time on tasks such as data entry or creating financial statements.

I now know that accountants must possess a number of ‘soft skills’ as well as technical skills to succeed.

5. What might the clients and fellow employees expect of you as an accountant?

Clients and fellow employees can expect me to act ethically and in the best interest of the company. As an accountant, there may also be expectations to be proficient and to have technical skills, analytical skills, interpersonal and communication skills, business skills, leadership and team building skills and to be efficient with time management.

Industry partners such as Kamlee and Lynn highlighted the importance of time management and maintaining a good work life balance as being an accountant can be very demanding and many tasks can be due at once.

Performance Education also taught me the significance in understanding cultural differences and useful skills in making presentations stand out which will be of great benefit in the business world.

6.  What do you think are the major issues accountants face in their profession? 

As learnt from the student presentations, accountants can face a broad range of issues from maintaining a good work life balance, the threat of offshoring and redundancy, a gap in the market of the services demanded and services that are provided by accountants, issues regarding cyber security, sustainability and ethics, the digital disruption and international financial reporting standards.

Accountants can also face specific challenges depending on what area they specialise in. For example, accountants specialising in taxation will need to keep up with the annual changes to regulations imposed by the government.

References

A Changing Profession?, Association of Chartered Certified Accountants, London, viewed 9 August 2014 <http://ilearn.mq.edu.au/pluginfile.php/2736496/mod_resource/content/1/A%20Changing%20Profession%20by%20ACCA.pdf>.