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Result - last audit client gone!

Result - last audit client gone!

Finally persuaded my last remaining audit client that they do not need an audit. Just needed to tell someone!

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07th Dec 2012 17:32

Congrats

I did the same last year, signing my last audit report 30 December.  Should have done it a couple of years earlier.

A real bonus is seeing articles, questions, courses etc etc on auditing and ignoring them. 

Congratulations !!

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07th Dec 2012 17:54

i gave up 10 years ago

not a day goes by .......

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07th Dec 2012 17:59

The Mists of Time

What is this 'auditing' of which you speak?

 

I was an audit clerk once. I seem to remember a lot of ticking and photocopying. Not sure it was of much use even then.

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By dreamcatcher
10th Dec 2012 15:07

I remember....

should_be_working wrote:

I was an audit clerk once. I seem to remember a lot of ticking and photocopying. Not sure it was of much use even then.

on one particular audit as a very junior member of the team being given a sample of purchase invoices to find and track through clients system.  Off I trot to find them only told by the audit manager that if I come across an invoice which I couldn't track through the system to find another one that did because the fee was very tight on that particular job and we couldn't spend too much time on site.

Looking back now a few years further into my career not sure this was entirely the right approach to take by my audit manager at the time, but hey he's now a partner in a very successful practice so maybe it was !

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09th Dec 2012 10:44

It's also less for the ICAEW snoops to criticise you for

 

WELL DONE

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10th Dec 2012 11:39

on a similar theme ...

Do you maintain investment business registration with your DPB? Another regulatory oversight to look at quitting. Most firms that are not active in financial services can dispense with IB registration.

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10th Dec 2012 13:36

IB and Insurance mediation registration

I have always registered (with ACCA) just to be on the safe side.

I don't advise on either but the subjects can come up eg in respect of the tax relief on pensions.

I will look again at this next time renewal comes up.

So relieved to be an ex auditor!

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10th Dec 2012 14:37

Split Profession

There was a time when all auditors were accountants and most accountants were auditors but it seems that in the future this will not be the case.

Do you expect that will we see a split in the profession because of it? 

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By dreamcatcher
10th Dec 2012 15:15

It does seem

that way.  As the audit threshold increases many smaller and medium sized practices are being left with clients who no longer need an audit and are giving up there license to carry out an audit.  Certainly where I am currently working we now have only 2 clients which need an audit and both are outsourced to a practice which does nothing but independent audit and assurance work.

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10th Dec 2012 15:03

Yes between the sensible ones and the ones that like a lot of regulatory work that the clients don't understand and resent paying for

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By Old Greying Accountant
10th Dec 2012 16:06

The problem is ...

... the small companies that fail the exemption criteria - I fear they will struggle to find audit firms they can afford!

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11th Dec 2012 10:57

WHAT USE ARE AUDITS ANYWAY??????

From yesterday's Times

Ernst & Young are being accused of negligencec in the auditing of a hedge fund. One of their spokesman said "Any audit depends to a substantial degree on the honesty and transparency of the management of the companyy being audited"

So an auditor auditing a company with crooked management relies on the crooks to give a clean audit report - B******s

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