ACA training with our London office audit department
ACA training is highly varied and demanding and the training scheme has no ‘typical’ day. Nevertheless, we have tried to give you an overview of your training and an idea of the type of work you can expect to be involved in at the different stages of your studies.
There are three components to training in the London and Nottingham audit teams;
The most obvious element is the need to study for and pass the professional exams. The firm provides full support, study leave and tuition costs, for the first attempts at all the exams and assessments that go towards the Institute of Chartered Accountants in England and Wales (ICAEW) qualification. With first time passes it takes three years to complete your studies. Tuition is given by one of the leading external providers.
We also provide practical training internally. Immediately on joining us you receive two weeks of training in accounting, our business language, and in auditing. This lays the foundation for your first year’s practical experience.
A year in the life of an audit trainee
By the end of your first year you can expect:
- to have worked in audit teams of up to 10 people, assisting more senior members of staff on several different clients of varying sizes in a range of sectors; and
- to have liaised internally with fellow trainees, seniors, managers and partners, as well as externally with client staff from junior accounts assistants through to owner managers and directors.
We train together for another week going in to the second year. This training extends your audit skills and looks forward to the days when you will begin to supervise newer students.
By the end of your second year you can expect:
- to have been involved in all the component parts of an audit and completed some audit assignments in full, from beginning to end;
- to have been the main point of contact with clients;
- to have been involved in explaining to more junior members of staff what work needs doing and the purpose of that work; and
- to have assisted more senior members of staff with technical queries.
In the run up to your third year we have further courses, learning how to use our financial reporting software, more advanced aspects of auditing and how to manage an audit team.
By the end of your third year you can expect:
- to have run large audits and been the main point of contact for clients both on site and in the office, with responsibility both of your own work and the ‘project management’ of co-ordinating with managers to ensure that jobs are adequately resourced and tasks are completed on time;
- that you will almost certainly have been involved with the same client more than once;
- that you will be developing your commercial acumen and skills and have a greater understanding of why some businesses succeed and some do not; and
- that you may have also been involved in some corporate finance transactions such as an initial public offering, raising new funds or mergers and acquisitions.
Typical Audit clients will be limited companies, quoted groups (including multinationals), owner-managed businesses and large group companies.
For more information on the ACA syllabus, please visit the ICAEW website: www.icaew.com/students
When people think of training, the work experience, with its on-the-job learning, can be overlooked. But actually seeing clients’ businesses first hand, and benefiting from the advice and guidance of more senior staff as you serve those clients, is more important to your professional development than any amount of class room time. And we think the work experience here is pretty good.