Careers In PWC Audit Field: Challenges And Opportunities

Key challenges faced by the accountancy profession today and what is the impact for PWC for the same

Describe a situation when you made a significant contribution to the success of a team. What did you do and what was the outcome?

This study basically focus on a company named PWC (Pricewater cooper corporations) which are supposed to provide professional services to other companies for a price. It is one of the Big 4 in the auditing companies along with Delloitte, Ernst &Young, and KPMG. These four compete with each other as far as auditing is concerned.

This report put emphasis on the career which are possible with PWC and how far efforts can be made to provide additional facilities to its employees so that they feel comfortable working in the firm.

The accountancy profession has several key challenges in today’s world that is likely to disappear as the economic crisis is sooner to solve out because the toughest years have passed on and some of the key challenges are given below with proper justification:

• Issues related to employment, has become a challenge for the accounting profession as because the number of jobs are lesser as compared to more number of deserved candidates which make it difficult specially for the middle aged group to search for the relevant jobs.
   
• Recession has affected a large chunk of people as because the amount of stress that can viewed in the private firm make the employees have a direct impact on health which have an adverse effect in the near future.
   
• Further challenges can be seen as for the demand to adapt for new career which are not acceptable for all during the training sessions.
   
• One of the challenge which these accountant face is the their life is less stable and uncertain which make them insecure about the job so they need to be more effective in enhancing the adequate skills which are required.

In the above figure, it is clear that how PWC has an impact on the various business activities that has an effect on the financial performance. The employees, suppliers , shareholders, communities as well as government has a direct impact on the running of the PWC business activities and any change in the system can bring innovation in the entire performance of the company.

Several impacts can be noticed in the work culture of PWC which has various key challenges as an accountancy profession in the present world.

Social Impact related to how well the firm can interact with the shareholders of the company whose money is invested in the respective company. PWC is a company who are socially feasible as it is a big brand whose main aim is to provide professional services to its client base.

Environmental Impact means that PWC also take care of the various environmental issues so that the customers remain confident in trusting the brand in terms of attaining to the services which are rendered to them.

Tax Impact means PWC indulge in various tax practices which are directly related to the government interventation and will have an overall impact on the financial performance of the business enterprise.

Economic Impact means how PWC contributes to the GDP growth by way of providing professional services by way of fees which includes the profits, exports, intangibles and other investment pattern which will possess as a key challenge in the accounting profession.

Three reasons to choose a career in PWC as in the field of audit and the role it need to be performed in the job

The impact which will have on PWC is that they believe in recognizing the potential of the deserved candidates in the audit field. As PWC is all way related to people as well as knowledge based organization, whose main work is to render the professional services to other companies across the globe.  A total impact was recognized for the first time in the year 2013 which had an affect related to the commitment level of the client which was discussed in the report on sustainability.

Integrated thinking is a concept that has a direct impact on PWC which helps in building a familiar environment where all are free to share their views and opinions for the smooth functioning of this business enterprise. It was noticed that this company has an impact of over 4.12 billion which is almost 62% as case of revenue in the new framework. The reporting pattern was changed into three parts including the direct, induced as well as indirect which gave rise to impact on an overall basis of 76%.

The career was selected at PWC in the field of audit as because PWC deals with the audit profile and also it is considered as the BIG 4 in the auditing field. In this company, one can get hold of the annual accounts and to identify the operational weaknesses which directly is related with the financial risks.

Once a career is start up with PWC, then it is easy to go for any financial as well as non financial sector because this company will provide a ground where opportunities will be given to showcase the talents and be creative in its own way in both the national as well as international terms. The role of the auditor will be to deal witnh the annual accounts of the company. As a fresher, one will not be left alone with such a difficult task; it is always possible to take the help of the team members who are more experience in the audit field.

More reasons to choose this auditing field by this company will be they provide extensive development as well as learning programmed environment which will motivate the employees to work more. It has to be kept in consideration those high attractive packages with the additional facilities of car, laptop, pension benefits which make a fair decision to choose this career in this company which is one of the best in providing professional services to its customer base.

Description of a time when a relationship was built in order to achieve an outcome and the learning that was grabbed during undertaking the audit work on behalf of the clients at PWC

While the audit work has to be maintained in PWC, it was noticed that there were several learning outcomes that is required in order to maintain relationship. It was noticed that there was always a need of audit which has a direct connection with the accountability of various party including the companies, charities as well as government. The audit is needed by parties to check on the reliability as well as credibility which are required on a voluntary basis.

Another time which was noticed to look at the audit matter will be the subject matter that is required to be more concise which will include remoteness, which should be more significant in nature. It was also recognized that the audit should be conducted in an independent manner which should fulfill all the constraints that will have all the findings which will be needed in the field of auditing.

Evidence has to be verified in order to conduct a research on the subject matter which will help in the investigation in the report. It can be noticed that auditing is not possible if proper evidence cannot be obtained in the perfect frame of time.

There are various steps needed to be implemented which will affect the decision making process to solve the current scenario and the time which will be required in order to have a clear idea of the solution in the most effective manner and the steps are as follows:

• The first step will be the identifying the issues relating the problem and people will have variety of opinions which need to be taken proper consideration listing the issues as far as identification of interest is all about.
   
• Another step which is needed to be followed in order to solve the problem will understand the interest which can even signify the best solution which can have an overall impact on this company’s policies and rules.
   
• Possible solutions needed to be listed so that the problem can be solved in a very short span of time. In this step, various brainstorming sessions can be created which will help the employees to understand the drawbacks and make ways to solve it in the most efficient manner as teamwork.

There were many situations that were noticed while working at PWC so that to attain to the future goals as well as objectives of the business enterprise. One of the basic requirements will be to understand the end goal which is required in the project proposal. Because it depends on the individual decisions that will lead to confusion as many people will engage their mind set to solve a specific problem. Collaboration can lead to identify the role in clearer vision because it is imperative in nature and more often this situation occurs while working in the auditing work.

Communication made a vital contribution in order to solve various problems and it also helps in building a positive relationship between the people working in the PWC. The past records should be viewed by the auditors in order to make a critical analysis on the future prospect which will be more valuable to attach the relevant documentation.

Conclusion

The entire study was all about the PWC and its career option in the auditing field. There were several facilities which the employees gain by getting role as a auditor in the firm. While working, it can happen that various problems may rise in case of decision making, then these should be very wisely solved by considering the various steps of implementation which has been discussed in this study with proper justification.