Jump to content


Photo
- - - - -

Where to get experience with "publicly traded companies"

SOX404 publicly traded SEC Fortune500

  • Please log in to reply
1 reply to this topic

#1 mlwl8521

mlwl8521

    Member

  • CPAnet Member
  • PipPip
  • 11 posts

Posted 01 January 2014 - 02:01 AM

I work at a local firm and audit small nonprofits/governments.

 

Whenever I look at the job postings for the Fortune 500s, I keep seeing the same buzzwords in the qualifications: SOX404, SEC Filings, Publicly-traded companies, Big 4 experience etc

 

I'm guessing that no Fortune 500 is going to hire me until I get some experience doing external audits of publicly-traded companies.

 

My question is WHERE CAN I GET THAT FIELD EXPERIENCE?

 

 

 

1. How many publicly traded companies are there in the USA? I'm guessing it's about 4000? Am I to take it that all publicly traded companies require the same filings and thus give auditors the same type of high-value experience?

 

 

 

2. What percentage of those publicly traded companies are being auditted by one of the Big 4 at this time? I know the answer is high, but it's not 100%

 

 

 

3. Of the leftovers, who is getting those?

 

http://www.insidepub...top100_2013.pdf

 

For example, this sheet shows that CliftonLarsonAllen is ranked #10 in the USA. Are the Clifton recruiters going to tell me that they audit public companies and then when I get there, I find out their entire firm only has 1 engagement a year with a Fortune 1000? Links would be helpful

 

Ultimately, it only makes sense for me to join a firm that where every auditor is virtually guaranteed field time with public companies.



#2 Virgil-redux

Virgil-redux

    Advanced Member

  • CPAnet Member
  • PipPipPip
  • 259 posts

Posted 02 January 2014 - 11:43 AM

"Ultimately, it only makes sense for me to join a firm that where every auditor is virtually guaranteed field time with public companies."

Even at a Big 4 it's not 100% guaranteed, so I'd stop focusing on that as a requirement. But if you're a high performer, then you'll have some leeway on getting that SEC client experience you're looking for.

"Am I to take it that all publicly traded companies require the same filings and thus give auditors the same type of high-value experience?"

I'd say no on this. It depends on the client. Some clients are pretty vanilla and only issue 10ks, 10qs, 8ks, and every once in a while will issue new stock. Others have many acquisitions, spinoffs, etc. which would translate into more experience for the auditor. If a company is looking for that type of experience, then that's what they'll value. So it's generally good to have many types of learning opportunities like IPOs, clients with lots of activity, etc.

However, at the end of the day, that kind of specialized knowledge is an added bonus, and most big 4 or other auditors with public experience can be competitve.


"My question is WHERE CAN I GET THAT FIELD EXPERIENCE?"

Relax. Any big 4 or large regional firm (think BDO, Mcladrey, or GT) can give you that type of experience. Just be proactive in how your career transitions. Real Estate, for example, is not necessarily the best industry to go into if you want SEC client experience. Oil and Gas, Airlines, large multinational banks, etc. are all examples of industries which SEC client experience is more common.





Also tagged with one or more of these keywords: SOX404, publicly traded, SEC, Fortune500