Company of the Week: A day as an Assurance Associate at EY
This week four young professionals from EY share their stories from behind the scenes with us. Here comes the first one!
This September morning the work day of a second year associate auditor starts at the client’s office at 8.30 am. As their office is located a bit far away from the city center, I take my car. At the destination I meet the rest of the assurance team – partner, manager and senior associate.
We start the day with a meeting with the client’s management. With the lead of partner, we discuss the recent circumstances of the company, major changes in the industry and the market as well as the new challenges the client has met. We also discuss the questions the client has prepared for us; especially the differences between FAS and IFRS reporting are on the agenda.
The magnitude of the business of our client has increased significantly from the previous year and their business processes have changed due to a business deal made in the beginning of the year. Our purpose today is to go through the new sales processes, i.e. we need to understand from which transactions the revenue of the company actually consists of. My responsibility is to understand the sales process of a separate business unit. I go through the whole process from the customer contracts and pricing policy to delivery, sales invoicing and revenue recognition with the unit’s sales manager and company’s business controller.
After lunch, I concentrate on analyzing the sales process and the controls related to it. As we have a control strategy in our audit, we continue by testing these controls. For this we have modern audit systems and tools we can use to handle and analyze the data we get from the client. In the late afternoon I quickly check my email and the situation of my other projects. As there are many ongoing projects at the same time, a proper planning and organizing are in a key position.
Today I have to leave a bit earlier from the client because I have a team planning event at EY Töölönlahti office concerning another client of mine. In this meeting we discuss the recent topics and establish the overall audit strategy. Moreover, before I go home I have a quick meeting with an EY tax advisor as he seems to be in the office as well. Our team had questions regarding tax-deductible items so we go through these issues together.
For one day there is quite a lot to do but after a seven week summer holiday and working with great colleagues I have energy to work a bit longer during the wintertime. As an auditor you get to learn from your client companies’ businesses and the critical changes in the different industries. At the same time, you work as a professional partner for your client by being one step ahead of the newest standards and guidelines.
Master’s degree from Aalto University School of Business in 2015 (accounting)
PS: The application period for the EY Experience trainee program is coming soon (19.9.-9.10.) – see a list of all the open positions and apply at ey.com/fi/careers.