Audit Careers


Published on

An overview of the Audit Industry for careers in 2010.

  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide
  • SOX 404 IFRS AS% Proxy compensation disclosure PCAOB …. Sounds busy! Silver lining to thepost Enron reforms and regulatory pressure , it is almost near guarantee of employment for anyone here in this class
  • Ironically, the same regulatory pendulum that caused finance folks so much professional grief could now affect their job security as it swings the other way. The SEC The Treasury Secretary and yes the FASB have been loudly promising to battle “complexity” in financial reporting. In light of these concerns and a potential recession ? Experts predict GREAT job security for you all
  • Trends are hard to quantify , it appears that off shore locations are often captive, as opposed to outsourced entities. Nonetheless- collectively they represent a skill creep that keeps American finance workers on edge.
  • Audit Careers

    1. 1. Your Career in Auditing Mary Anne Burke
    2. 2. Create positive change <ul><li>Look at your company’s armor </li></ul><ul><li>Empower your IA career </li></ul><ul><li>Audit Makeover </li></ul><ul><li>Be proactive </li></ul><ul><li>Get management buy in </li></ul><ul><li>Longevity </li></ul>
    3. 3. Developing Talent <ul><li>Take a long term view </li></ul><ul><li>Keep staff challenged and grow professionally </li></ul><ul><li>Rotational programs </li></ul><ul><li>Encourage cross training </li></ul><ul><li>Career planning sessions </li></ul><ul><li>Mentoring </li></ul>
    4. 4. Retention and Corporate Culture <ul><li>Collaborative, supportive team players </li></ul><ul><li>Desirable place to work </li></ul><ul><li>Provide interaction with management </li></ul><ul><li>Personal contributions and success of the business </li></ul><ul><li>Encourage networking </li></ul><ul><li>Give employees more responsibility </li></ul>
    5. 5. The art of possibilty … <ul><li>Unique </li></ul><ul><li>Industry credentials and certifications </li></ul><ul><li>Education advancement </li></ul><ul><li>Various soft skills and characteristics </li></ul><ul><li>Flexible solutions </li></ul><ul><li>Sustainable goals </li></ul><ul><li>Continuous improvement </li></ul><ul><li>Guiding and integrating the autonomous but interconnected work of highly skilled people. </li></ul>
    6. 6. What is the Persuasive evidence? <ul><li>First:   Companies are now gaining insights that managing talent within the auditing world is critical to the long term success for their companies. </li></ul><ul><li>    Companies need to be more responsive: and to maintain and keep their investments i.e. people.  </li></ul><ul><li>People are a company's most cherished intellectual asset.  </li></ul><ul><li>Success begins, and gains momentum. </li></ul>
    7. 7. What is the Persuasive evidence? <ul><li>Second:   It is essential that the global skills inventory of the &quot;best and the brightest&quot; be challenged.  </li></ul><ul><li>We must constantly ask ourselves: </li></ul><ul><li>“ What can we do to improve the audit industry and to improve our own career?”   </li></ul><ul><li>As we all know ‘one person can make a difference’. </li></ul>
    8. 8. What is the Persuasive evidence? <ul><li>Third:   There is a shortage of talent.   </li></ul><ul><li>Noted is the high ethical standard we place on the industry. </li></ul><ul><li>The key to success is in the fabric of our people.  </li></ul><ul><li>One of the most important things I tell my clients is once we hire an audit professional we need to boost the long term employability – to keep skills, and share knowledge.  </li></ul><ul><li>This is the basis on which the IIA and ISACA builds &quot;sharing knowledge&quot;.  </li></ul><ul><li>Sharing the knowledge is what it is all about </li></ul>
    9. 9. <ul><li>We all need to sharpen our skills and ‘audit our own careers’  </li></ul><ul><li>“ Do what you do best’ !  </li></ul><ul><li>Let’s reflect on the conclusions of our establishment </li></ul><ul><li>There is a message to share in my work </li></ul>Persuasive evidence
    10. 10. Designing a Career in Auditing is <ul><li>Time consuming </li></ul><ul><li>A badge of honor </li></ul><ul><li>Gratifying </li></ul><ul><li>Uncertain </li></ul><ul><li>Exciting </li></ul><ul><li>A learning experience </li></ul><ul><li>Positive </li></ul><ul><li>Complex when dealing with </li></ul><ul><li>scheduling conflicts, and travel </li></ul><ul><li>People skills </li></ul><ul><li>Discipline </li></ul><ul><li>Vision: knowing what you want …and being able to attain it </li></ul><ul><li>Momentum / Cyclical </li></ul><ul><li>Timing </li></ul><ul><li>Challenging </li></ul><ul><li>Rewarding experience for all </li></ul><ul><li>Critical to your success </li></ul>
    11. 11. Challenges of Developing a Global Workforce <ul><li>Changes in demographics </li></ul><ul><li>The demands of Gen Y and X </li></ul><ul><li>Increasing diversity </li></ul><ul><li>New technologies have eliminated barriers of distance, time, boundaries. </li></ul><ul><li>Changing risk profile </li></ul><ul><li>Are we hiring the right skills for the task? </li></ul>
    12. 12. Empower Your Audit Career Today <ul><li>Attend networking groups </li></ul><ul><li>Listen carefully </li></ul><ul><li> Update your resume </li></ul><ul><li> Hear with your eyes </li></ul><ul><li>Find a mentor </li></ul><ul><li>Share your knowledge with others </li></ul><ul><li>Mentor others </li></ul><ul><li> </li></ul><ul><li>Sharing is power </li></ul>
    13. 13. Empower Your Audit Career Today <ul><li>Think and Listen more carefully than ever before </li></ul><ul><li>Share your energy and your knowledge </li></ul><ul><li>Make interviewing part of your every day communication </li></ul><ul><li>Teach others about what you have learned here at U of MD </li></ul><ul><li>Be proud of you and your auditing career </li></ul><ul><li> People around the world depend on you </li></ul>
    14. 14. Global trends in covering international operations
    15. 15. The talent war has gone global—and so have talent shortages
    16. 16. BRAIN POWER
    17. 17. Rock Star Status ! <ul><li>Situation </li></ul><ul><li>Task </li></ul><ul><li>Action </li></ul><ul><li>Results </li></ul>
    18. 18. “ IMPORTANT Essential skills” <ul><li>Being viewed as a leader </li></ul><ul><li>Extensive travel to see operations </li></ul><ul><li>Truly understand the business strategies, grasping the business challenges and analyze business processes. </li></ul><ul><li>Determining the skill set you can offer - testing, assessment, guides OR practical and accurate planning based on judgment </li></ul>
    19. 19. Different career paths <ul><li>Industry: SEC and non SEC req’s </li></ul><ul><li>Governmental: req’s </li></ul><ul><li>Consulting : req’s </li></ul>
    20. 20. Choices <ul><li>Operational </li></ul><ul><li>Financial </li></ul><ul><li>Information Technology </li></ul><ul><li>Fraud </li></ul><ul><li>ERM </li></ul>
    21. 21. The government agencies with the highest rates of job satisfaction <ul><li>1. Office of Management and Budget </li></ul><ul><li>2. Nuclear Regulatory Commission </li></ul><ul><li>3. NASA </li></ul><ul><li>4. National Science Foundation </li></ul><ul><li>5. Justice Department </li></ul><ul><li>6. State Department </li></ul><ul><li>7. National Credit Union Administration </li></ul><ul><li>8. Social Security Administration </li></ul><ul><li>9. U.S. Agency for International Development </li></ul><ul><li>10. General Services Administration </li></ul>
    22. 22. Results-Oriented Resumes <ul><li>Contact Information </li></ul><ul><li>Executive Summary </li></ul><ul><li>Experience </li></ul><ul><li>Key Accomplishments </li></ul><ul><li>Education </li></ul><ul><li>Professional Associations, Board Affiliations, Awards and </li></ul><ul><li>Publications </li></ul><ul><li>Languages </li></ul>
    23. 23. The interview <ul><li>Demand for salaries ; balancing perception with reality and expectation </li></ul><ul><li>Pulse of the industry </li></ul><ul><li>Commitment </li></ul><ul><li>Preparedness </li></ul><ul><li>Sustainability of your career with the company, agency, firm, organization </li></ul>
    24. 24. <ul><li>What do you know about our company? </li></ul><ul><li>Before you go into the interview , you want to research the company so you know as much as possible about its products , size, quarterly revenues , image, reputation, management , history , philosophy , goals, problems, </li></ul><ul><li>and competitors . Communicate that you have made a conscious choice to target this company because of the great things that you know about it. </li></ul>“ Be prepared for questions”
    25. 25. IMPORTANT <ul><li>Well educated </li></ul><ul><li>Well certified </li></ul><ul><li>Strong prior experience </li></ul><ul><li>Industry certified </li></ul>
    26. 27. Networks and Social Media <ul><li>Facebook </li></ul><ul><li>Twitter </li></ul><ul><li>Linked-In </li></ul>
    27. 28. Knowledge is power … <ul><li>Certified Public Accountant ( CPA ) </li></ul><ul><li>Certification in Control Self Assessment ( CCSA ) </li></ul><ul><li>Certified Internal Auditor ( CIA ) </li></ul><ul><li>Certified Information Systems Auditor ( CISA ) </li></ul><ul><li>Certified Bank Auditor ( CBA ) </li></ul><ul><li>Certified Computer Professional ( CCP ) </li></ul><ul><li>Certified Financial Services Auditor ( CFSA ) </li></ul><ul><li>Certified Gov’t Auditing Professional (CGAP) </li></ul>
    28. 29. Key Success Factors for Today’s Auditors <ul><li>1. ID Behavioral Competencies </li></ul><ul><li>2. Utilize behavioral interviewing skills </li></ul><ul><li>3. Be a S.T.A.R. </li></ul><ul><li>4. Determine the essential skills </li></ul><ul><li>5. Be an “A” Player </li></ul><ul><li>6. Demonstrate Personal Integrity </li></ul><ul><li>7. Leadership can always be improved upon </li></ul><ul><li>8. Be a team player yourself and surround yourself with team players </li></ul><ul><li>9. Exercise Operational Efficiency </li></ul><ul><li>10. Be prepared for any question you may be asked </li></ul><ul><li>11. Think ahead and anticipate that changes will and do occur </li></ul><ul><li>12. Value Ethics </li></ul>
    29. 30. THANK YOU FERGUSON & BURKE Retained Executive Search People are your most valued asset to your company 703.360.2323 800 .401.2323 [email_address]