Auditing the public sector

Public sector organisations are under constant and increasing pressure to minimise financial risk while maximising resources and efficiency.

 

And like commercial business, they have to be able to stand up to rigorous external audits that ensure financial information is presented fairly and show resources are being used effectively.

 

To help them do just that, expert firms such as PricewaterhouseCoopers LLP (PwC) are frequently invited into public sector organisations.

 

“Most people don’t associate accountancy and professional services companies like ours with the public sector but it’s an important part of our business – and interesting work,” said Tamsyn Ford, student recruitment manager for PWC, who is keen to highlight the firm’s graduate programme in public services.

 

With 146,000 employed across 150 countries, PwC  is one of the world’s largest professional services firms, helping organisations measure their financial performance and improve the way they operate.

 

Their three-year graduate programme in public services combines studying for the Association of Chartered Accountants exams at college with on-the-job training within the public sector.

 

“One of the attractions of working in public sector assurance is that the clients are so diverse. One week you could be auditing a local authority, the next you could be reviewing the controls in an NHS Trust,” said Ford.

 

“The people I’ve spoken to in public services assurance say they really enjoy having such a broad variety of clients. And there is a feel-good factor – they know they are making a difference to people’s lives by helping to ensure public services are delivered effectively.”

 

Currently there are a significant number of people on the programme who worked previously in the public sector and looked to PwC for a career change.

 

But any graduate can apply for the 70 placements – and it doesn’t matter when you graduated. The subject of the degree is not important as long as it is a 2.1 and the applicant has a good set of A’Level grades and at least a 280 UCAS tariff or equivalent.

 

People who work in assurance start by getting to know the company or organisation, finding out what they do and how they do it, and what they plan to do in the future. This information is put together to establish what risks the organisation faces, if they are being addressed and the impact on the accounts - so being good at interviewing and having strategic vision is just as important as being able to number crunch.

 

Ford explained that assurance goes far beyond the numbers. “From early on, you'll be exposed to a variety of projects,” she said. “You could be working on a key client audit, helping a financial director address specific issues on their agenda, conducting a due diligence review or advising on the different options for a complex transaction.”

 

In the first few years, those on the programme divide their time between being out at a client's site and going to college to study for professional exams.

 

Clients could be right next to the office, or they might be 150 miles away. This means that travel is a big part of a career in public sector assurance. Clients change every few weeks and this means working in different locations and with different teams, ensuring variety.

 

Ford said: “It can be tough and the training for professional exams is intense - your social life may suffer for a while, not least because of the two to three hours' homework you get each night. This means it's crucial to keep up with the learning by revising and getting help if you need it. It also means your technical expertise will be on a steep trajectory.”

 

It all may sound daunting to a new recruit but firms like PwC invest heavily in training, coaching and supporting their staff, not only in the first three years of their graduate programmes. The company has consistently been named The Times Top 100 graduate employer

 

“It’s not just about learning technical skills. Yes, you need those to become a chartered accountant, but it’s also about coaching and feedback. It’s a very supportive environment here,” said Ford.

 

“There’s a whole range of softer skills and exposure you get by working for a large organisation like PwC.”

 

Once the graduate programme has been successfully completed, the graduate trainee becomes a qualified chartered accountant.

 

“You can either stay within public services or move across to be trained in the other areas of our business such as tax, advisory, and actuarial. You will have a fulfilling career with a competitive salary in one of the UK’s most prestigious firms,” Tamsyn concluded.