Skip to main content

Inventory

Inventory...the one part of our job that is actually tangible, literally. How does it work? Well, we usually send out a staff associate to do a "sample count", i.e. counting a sample of the company's inventory and matching it to what the company has a listed in its count sheet. And then we look at their count sheet, select a sample, and make sure that it actually exists on the floor. Obviously, the procedures differ by firm. But man, do we count some weird shit sometimes. People have counted gold bars, sushi, oil, massage chairs, semiconductors, vegetables, dangerous biochemicals, gym equipment..shit, I can go on. We've walked into warehouses, freezers, shipyards, etc. etc. etc. It's fascinating, and I kinda like it, just because you get to see what exactly the company sells and how the whole inventory process works.

This is also a complex audit account, one that the senior auditor usually works on (not the count), and boy, it is a pain to audit. I'd rather count than audit inventory.

Comments

jaycee05 said…
My prof's favorite story of inventory counting was at a time when she was sent out to count caskets at a funeral home. lol. We did an audit spoof video as a project for her class and our imaginary client was a sperm bank. We used vanilla flavoured yogurt for our "samples" XD
notfordisplay said…
that's funny, ah the stuff you can pull in college. Miss those days.
I counted false teeth a couple of years ago for a company that made them for dentures and bridges. They had "standard" issue teeth in all shapes, sizes, and yes colors and then they did customized teeth if you wanted to pay more.

Another fun one was Kroger (the grocery store). I was counting food on the shelf while people shopped. It was quite frustrating to count the item and then compare to the sheet and find out you were off and it was because someone just put a can in their shopping cart.

Popular posts from this blog

career progression

"What can you tell me about the different possible tracks a person would take at the Big 4 in regards to tax vs. audit? Is there a difference in career progression among the two specialties? How about career potential? Workload?"

Loaded question. In terms of career potential, they're both pretty potent. Audit leads you to controller/accounting manager/ VP - accounting positions at companies if you choose to quit. Tax can lead to tax manager positions at various companies/firms..to help them minimize taxes and exploit tax loopholes. It's a pretty important position in many companies...I'm not an expert on tax careers though, so you might want to ask somebody in a tax related position.
In terms of career progression, it's the same as audit...start off as a staff associate...move to senior..manager..snr mgr..partner.
In terms of workload, my friends in the tax department seem to work two busy seasons...in the fall and in the spring. So I think they work more than i…

Boomerangs

As a big four employee, lately, I've been hearing a lot about "boomerang" employees. Those who, for some reason or another, decide that leaving work when the sun is still out is not for them and alas, return back to the firm. Yes, the grass is not always greener on the other side, however, is this trending upward or about the same as it always has been? I think, also, that the firms really do a good job in highlighting those that do choose to return to make it appear more common than reality. Can you please speak about how you've seen the trend of "boomerangs" amongst the big 4? 

Good question. A boomerang, as the commenter pointed, is one who quits a big 4 Firm and then decides to return (or boomerang) back to the Firm after getting a taste of work life in the non-public accounting world.
I have seen a few return this past summer, but didn't really notice a trend until you mentioned it. It's definitely been higher than past years, but not enough to s…

auditing vs consulting

I was wondering if you could break down the career opportunities in auditing and consulting (in a big 4). I know that consulting pays more in a big 4 and has more interesting work, but it seems that auditing has extremely good exit opportunities (Financial controller, CFO etc). Any thoughts on which is better in the long run?

Well there's different consulting services offered by public accounting companies - the most popular being IT consulting and risk consulting. There are also other consulting services offered, but these two hire the most. Do they pay more? Yes, but not by much. Not enough for you to say: Shoot, the $$ is a huge reason for me to move over. Is the work more interesting than audit? Yes. You're actually looking over a company's processes and telling them what to do instead of what not to do (audit). Everyone I know who's made the switch likes it waay better than audit.
In the long run though, choosing audit vs consulting really depends on what you want t…