On Becoming a Big 4 Audit Partner

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This was left as a comment to an article here, but I didn’t want it to get lost in the shuffle. It gives good insight on becoming a partner at a Big Four firm.

I joined PwC as a director, with explicit expectations that I’d have a leadership role building a new consulting practice. Along with that, I was told I could make a run at partner if my sales numbers were good. Even when the leadership role and the new practice never materialized, I had great numbers and terrific reviews.

After over a year of solid performance and high praise, I found out only by chance that the partnership isn’t an option for me because of my age. Of course this came as a shock. When I asked about my only other option for advancement, the Managing Director role, a partner told me it has similar revenue targets as the partnership but with greater risks. Continue reading

Should Big 4 Audit Firms Release Their Financial Statements?

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final4A few months ago,  a committee advising Treasury Secretary Henry Paulson on the “state of auditing” recommended that Big 4 audit firms be required to submit audited financial statements to the Public Company Company Accounting Oversight Board (PCAOB). It’s suggested that the firms be required to report their financials in accordance with Generally Accepted Accounting Principles (GAAP), and that those results be made public. Continue reading