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Anyone in the accounting or auditing field...I could do with a bit of advice

24 replies

foxinsocks · 30/08/2007 09:50

I'm a qualified CA but from a country abroad.

Essentially, I haven't worked for 6 years but have kept my CPD up. Have been keeping one eye on the job market for the last couple of months in the hope that something would come up.

Nothing has turned up that would have worked and I was going to give up looking till January because from now onwards, dh is very busy at work and will be travelling loads (meaning I'd end up sorting out all the childcare + starting a new job and I thought the conditions would therefore be less than ideal, even though we could really do with the money!).

And then all of a sudden, I've had 2 offers and now I'm panicking a bit .

One is in a sector I've worked loads in but is at FD level. All my post qualification experience is in auditing and fraud - I've never done straight accounting. I told this to the company but they were still keen because I'm qualified in the country where their head office is based and because they work in the sector where I have the most experience (and also, the current FD has had to go due to a minor fraud, hence their being drawn to my control driven background). The job sounds perfect (in terms of conditions, it's a bit of a long commute though) but I am utterly utterly utterly terrified that I would not have the expertise to do the job (I just cannot tell how much of this fear is plain fear of going back to work or rational fear because I don't have the expertise to do it iyswim).

aaaaaaaaaargggggggggghhhhhh

you see, I think the old me would have jumped at this challenge and would have relished it. The new-far-too-used-to-being-with-the-kids-me is worried that I'll be sitting in a board meeting and getting asked complicated questions about accounting treatments and all I'll be able to recall are the ingredients for a victoria sponge.

OP posts:
CantSleepWontSleep · 30/08/2007 10:05

Heck no-one else will ask you complicated stuff as they know they wouldn't understand the answer anyway!

It sounds like the job was made for you (though I do understand your concerns - I never wanted to be an FC/FD for similar reasons).

At the end of the day, what's the worst that can happen?!

What is the second offer?

foxinsocks · 30/08/2007 10:11

second offer is to work as the accountant for a property developing company (why am I getting accounting offers?!). This job would be more flexible but would pay less and almost certainly (I imagine) be more hassle. I got on well with head honcho but I know his type - he's very demanding and I can see he would expect me to have everything at my fingertips. I've got no experience in this sector and I think my tax knowledge would have to be tip top to do the job (have a feeling he'd want me to advise him how best to minimise his tax bill etc. and my only experience of tax in this country is personal tax iyswim).

OP posts:
CantSleepWontSleep · 30/08/2007 10:14

You're getting a/c offers because those are what's available in the market!

Yes, def go for the first offer then.

So, when do you start?

foxinsocks · 30/08/2007 10:16

lol - don't (runs away and hides)

potentially, I could start next Wednesday (aaaaaaaaaaaaaaaaaaaaaaaarghhhhhhhhhhhhhhhh) but I haven't sorted out the childcare. Have a meeting on Tuesday with the global FD who is very keen on me doing it (aaaaaaaaaaaarghhhhhhhhhhhhhhhhhh).

Will you come and hold my hand ?

Do you think I'll get fired if I burst into tears on the first day?

OP posts:
CantSleepWontSleep · 30/08/2007 10:27

Well obv I would, but I'll be busy sunning myself in France, sorry .

I think best to start soon, so that you don't have weeks of anguish and dread about it first.

I presume that you at least have some vague idea of what you will do for childcare? How old are dc?

I think if you cry on the first day you have 2 options..either say that you are missing dc and hope for understanding, or claim that you are wearing new expensive waterproof mascara and want to ensure that it is worth the money!

CountessDracula · 30/08/2007 10:30

Foxy
Go for option 1
you will be fine

It is always terrifying starting a new job but remember, they are after you because of your control background and they are fully aware you have never worked in-house are they not?

Also what do you have to lose? You will gain loads of useful experience, they know they will have to make allowances for your lack of experience in certain areas. If you hate it you can leave and you are back where you are now, non?

Hurlyburly · 30/08/2007 10:31

Jump in. Do the hard job - you like the people better - that's always the best indicator.

Come on in. The water's lovely.

Hurlyburly · 30/08/2007 10:32

BTW on the second option - which you are less attracted to - as would I be because property companies are a bit dull - surely all you would have to do to minimise the tax bill is take advice?

jura · 30/08/2007 10:34

This reply has been deleted

Message withdrawn at poster's request.

foxinsocks · 30/08/2007 10:35

I have vague ideas (about childcare) but the major complicating factor is dh going away as if he was around, he could do drop off at school in the morning. Without that, I need to organise for the kids to go to breakfast club at school but TYPICALLY, I can't organise this (or even find out if there are places) till they go back to school which is on errr next Wednesday (oh dear). It really isn't worth us getting a nanny because both children are at school and when dh is around, he can do the whole of Monday and half of Tuesday.

The reason they are keen on me is (a) I don't want to do it full time and they want someone who is qualified but happy to do less than full hours (they have told me, if I start early, I can spread the hours over the week so that I can leave at 2ish to pick up the kids) and (b) I have worked as the global FD's boss in a formal life so I am fondly remembered.

But that was when I was actually working and I knew what I was doing.

I think I'm just plain horrified that I might screw up such a good opportunity but also frightened (properly frightened!) that I really won't be able to do it.

OP posts:
Hurlyburly · 30/08/2007 10:38

You'll be fine. The very fact that you are thinking broadly about the scope and shape of it all means that you have a proper grasp of the job. Natural to be nervous.

You have all their goodwill and a flexible employer. JUMP IN NOW!

Hurlyburly FCA

CountessDracula · 30/08/2007 10:39

The Group FD at my company came in straight from being an auditor! He is fine. It can be done

If you don't try it you'll never know, you can't not take a job on the basis that you might fuck it up! You almost certainly won't.

CountessDracula · 30/08/2007 10:40

Esp if you already know someone.

CantSleepWontSleep · 30/08/2007 10:40

Oh it sounds just wonderful fis! How lovely to have such a flexible employer. Bit of a bugger re finding out about breakfast club - do you know who runs it so you could give them an informal call?

foxinsocks · 30/08/2007 10:40

thanks everyone - posted that before you all posted!

yes, I've done forensic accounting before - was mainly doing internal audit stuff.

Before I stopped working in the UK, IAS was being talked about but for some reason, it was already starting to be used in the country where I qualified. I do need to have a quick read through those. I found an Advanced Accounting text book (a UK one) and had a quick read but was quite surprised when I got to the chapter on cost because the only method we were allowed to use abroad was Historic Cost so was amazed at the discussion on current cost etc. as we were never allowed to use these methods!

OP posts:
foxinsocks · 30/08/2007 10:46

have no idea about the breakfast club but will try and collar appropriate person on Wednesday

thanks everyone - I just have to find a teeny bit of confidence and GET ON WITH IT (aarrrghhh).

OP posts:
CountessDracula · 30/08/2007 10:48

are you forrin fox?

soapbox · 30/08/2007 10:54

FIS - take it from me - the number of FD's these days who are close to the accounting standards side of the job are few and far between!

Use the advisors (auditors and tax advisors) to provide you with the detail you need - along with plenty of assistance with interpretation - it is afterall what their technical departments are for.

In terms of the actual debits and credits bit of the job - the most tricky bit of that is getting happy with the accounting system and how it operates - which will be no challenge at all to you!

Other than that it is just really measurement issues (provisions, income accruals, any thing held at Fair Value) that you need to get au fait with. Not sure what the industry is - and therefore how complex this might be - but if it isn;t a financial services client then I doubt there will be much that is too challenging for you on that front.

You will be fine - just go for it

soapbox · 30/08/2007 10:55

Oh - and find out what GAAP they use and I'll recommend the best texts for you

jura · 30/08/2007 10:57

This reply has been deleted

Message withdrawn at poster's request.

foxinsocks · 30/08/2007 11:00

I am sort of half forrin I suppose. Started off school here and finished it abroad and went to university/qualified abroad. Have been back here for 7/8 years now.

thanks soapbox (and everyone else) - it sounds reassuring when I read your posts . Perhaps the terror is coming from being out of the field for such a long time!

OP posts:
foxinsocks · 30/08/2007 11:04

aah good point soapbox. I'll ask on Tuesday. I'm assuming they use IFRS because that's what they'll use in the head office country but I'll find out.

OP posts:
soapbox · 30/08/2007 11:07

A lot of subsids are still using UK GAAP even where the parent uses IFRS - mainly for tax or distributable reserves issues. So you might need both

bossykate · 30/08/2007 11:15

what soapbox said! go for it! congratulations

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