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Out of periods

The more I stay in private, the more I realize how much auditors waste time on certain things - like out-of-periods, for example. At the end of the day, unless it rises to the level of a restatement, or affects a measure that investors/analysts care about, these out-of-periods are really just not worth the amount of time spent. Sure it's a requirement, I get it; but there's so much more value that the auditors can add instead of wasting time on these matters. And then they'd have to consult up the chain, and that's a few more people wasting time when everyone knows the ultimate decision is that most of the time, they don't rise to a level of restatement.

Comments

Auditor's roll cannot be ignored in a company as they are caretaker of the finance and this is the reason that it is mandatory to appoint an auditor in a company. They play vital role in decision making related to finance.
Anonymous said…
I agree that auditors are key to ensure reliability and accuracy of the financial information of a company, and in my personal experience, they have helped us more than once correcting some mistakes and enhancing procedures but, the rotation between auditing firms, (every two or three years you have a bunch of young guys/girls from a different Big4 learning about our company from scratch and asking for a lot of information in different formats) generates an extra workload that is not always welcome.
Thanks for keeping up the blog.
Anonymous said…
Hi, any updates on your new life? Do you miss the hectic auditor life?

We miss your posts.

Hope you are doing fine.
Anonymous said…
Agree with the previous post - I am still checking this blog regularly in the hope of new posts.

I discovered this blog before I joined one of the big 4 and have since moved to private.

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