Auditors during the busy season can easily spend sixty or more hours per week combing through data, searching for anomalies, and ultimately preparing reports that highlight their findings to a client.Depending on the engagement, assurance work generally staffs younger personnel to handle the lion’s share of the research, which is then reviewed by seniors or managers and ultimately signed off by a partner before the findings are presented to a client.You might be thinking at this point, “Which group is right for me, Assurance or Advisory?” Well, they are significantly different from one another.This section is specific to Ernst & Young, but more than likely holds true for other firms in the Big Four.
I must confess, however, that this outlook reflects how I feel today, which wasn’t always the case.
These “service lines” then roll into four major divisions which are: Assurance, Transaction, Tax and Advisory. The new regulation will have a significant impact on these companies for obvious reasons.
It may be a “bad luck” scenario for companies, but it could be a “big opportunity” for their professional advisors.
The first division we’ll take a look at is “Assurance”. Assurance mainly encompasses classic audit services, including financial audits.
Assurance is a very mature service offering with very well structured methodologies and reoccurring annual audit business; it holds the top spot in terms of the most annual revenue generated for the firm.