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What is an audit?

An audit is defined as 'an examination of financial statements or records to ascertain the validity and reliability of information’. But what does this actually mean and why do we do it?

Every organization we work with, such as companies, not for profit organizations and public bodies, will prepare financial statements in order to see how much profit or loss they are making, and to keep track of their assets and liabilities. The people preparing these accounts usually work for the company, sometimes in management, but they don't necessarily own it. It's the shareholders who actually own the company who will seek assurance. They want to be satisfied that management has been running the company as they say they have, and that the financial statements they have produced are a fair reflection of what's going on.

What is it we actually do as auditors?

PwC’s Audit and Assurance services are focused on the specific needs of our clients. We support them so they can provide quality information to the capital markets and their other stakeholders. We start by spending time getting to know the company, finding out what they do and how they do it. We also want to know what they are planning to do in the future. We put all this information together to establish what risks the organization faces, see if these risks are being addressed, and decide how they might impact their financial statements. All this work occurs before we even have proper access to their accounts, so our interviewing and strategic vision needs to be just as good as our technical accounting skills.

Once the client has prepared the financial statements, we come in and scrutinize the numbers, analyze the financial statements to see if they make sense, checking them back to other supporting evidence and making sure that everything that should be included has been.

These two roles of risk assessment and financial statement analysis utilized by PwC provide you with the skills required to execute an audit effectively.

What will you do day to day?

In the first few years, you will divide your time between being out at a client's site as part of the audit team, and attending our UFE Preparatory Program for your professional exams.

At client
Our aim is that you experience a wide variety of industries and a diverse client base. With PwC’s wide range of clients, there may be the opportunity to travel around Canada, or even internationally. Once at the client, you will be part of a team, which means working with, and learning from, highly experienced industry-focused professionals. Teamwork is a vital part of auditing as you will continually be changing clients and audit teams. PwC also values coaching and you can expect a fair bit of coaching in your first years with PwC which will help you to succeed.

At the UFE Preparatory program
The UFE is one of the most challenging examinations of your professional career. The good news is that the PwC UFE program enables you to continually learn and spend time building friendships and contacts with colleagues. However, it can be tough and the training for professional exams is intense — it tests almost 4 years of schooling! PwC’s UFE Preparatory Program includes an extensive program of training and education for the CA Designation exams. The program provides a number of resources to candidates, which include Professional Instructors, Markers, and UFE Mentoring. The firm is committed to the success of its staff and provides continuous support during the exams. Furthermore, there is an extensive network of people available to provide guidance and abundance of UFE material available to each student. As a determined student, the UFE program will prepare you to succeed on the UFE exam.

What do you get out of a job at PwC?

Our investment in training is one of the most obvious reasons that our graduates get so much out of their jobs. Not only do you study for an internationally respected business qualification, you also receive excellent development opportunities every day. You will have the chance to work with top-level clients, adding valuable experience to your learning as well as your whole career.

The skills you'll develop include, but are not limited to, people management, project management, technical skills, business awareness, coaching and mentoring skills, analysis, early responsibility and high-level communication skills gained through contact with senior PwC and client staff.

What opportunities are available?

As you begin your career you'll gain exposure to different industries, clients and working practices. You will see how a range of organizations operate from within, and develop a real understanding of the issues faced by management teams all over the world. This broad exposure builds on the foundation of your professional qualification to make you a confident, well-rounded business advisor. The resulting variety of opportunities open to you in Audit and Assurance is enormous. Which direction your career takes is up to you.