What Do BIG 4 Auditors Actually Do? (PwC, EY, Deloitte, KPMG) 

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Glad it helped Matt!

Awesome! That's great to hear John - let me know if you have any other questions, I'm more than happy to help!

Nice video. Not an auditor myself. However, I have been working with KPMG auditors recently. I guess in this case you would call me the client. Now that I have watched the video I understand their role better, and how these consultants may be able to help us.

Thanks Gary - glad you enjoyed it!

Boss man, get back to USM.

Glad you enjoyed it! Let me know if there are any specific videos you'd like to see!

Haha, glad you enjoyed it!

Thanks, glad you enjoyed it!

Thanks Davos. Of course, what an oversight - It may be the fact I dislike controls with a passion! If you're after more content, I’ve just launched my new website/newsletter which will be packed full with even more insider tips and knowledge. I've also opened up my diary if you had any questions you wanted to talk about over a video call. Check it out 👉 www.jsalberts.com/

Hi Tina, great to hear from you! That sounds like a great idea, let me put it on the list 😃

Glad you liked it Beth!

Can you elaborate more on test of controls?

@@Komdwy For example, bank reconciliation is an internal control to ensure accuracy of records and could also detect fraud. To be effective it should be done periodically and reviewed by a senior. A test of control would be to check the reconciliation reports, that they are duly signed by an appropriate employee and were indeed done periodically. Other example, hierarchical usernames and passwords is an internal control. Simply logging in as a junior and trying to change supplier or employee bank details would be a test of control. If the system allows it then the control is ineffective. External auditors design tests of controls because if they determine the company has a robust control system, then they can get away with less work testing the actual statements (substantive testing). The good thing is that control testing can be done during year, while substantive testing has to be done after year-end (financial statements must already exist to test them). So in a way control testing lets you anticipate / distribute some of the workload before year-end. But all the external auditor cares about are risks of misstatements in the financial statements, they don't really care about business risks. Profit or loss, happy or unhappy customers, the external auditor doesn't care as long as the statements are correct. (I'm simplifying a bit, there is the going concern thing, but you get me.) So they don't do extensive control testing, they do just enough for their own benefit. Internal auditors on the other hand are working for the benefit of the company and try to mitigate all risks (both misstatement and business) and most of their job is control design and control testing.

@@counterleo Thank you very much dude. Audit is an amazing and interesting domain. I haven't beem in an audit company for a year and i really miss it..

Thanks mate!

Glad you enjoyed it James! Let me know if there is anything else you'd like to see.

@@JamesAlberts One suggestion I have would be on ACA exam strategy and work life balance

@@Finance-Thinking sounds good, I’ll whack it on the list!

There's a variety of factors to choose from - mainly experience of auditing similar companies!

Thanks, Saurabh, I'm glad you enjoyed it!

Been learning from you since day 1 mate.

Absolutely. Microsoft excel is one of the main tools auditor use

Exactly