What Does an RSM Audit Associate Do?

RSM is a global professional services firm that provides audit, tax, and consulting services to businesses and individuals. They have offices in over 120 countries and employ over 43,000 people.

An Audit Associate at RSM is responsible for performing audit procedures to ensure that financial statements are accurate and in compliance with applicable accounting standards. This includes planning and executing audit engagements, preparing financial statements, and providing recommendations to clients. Audit Associates must have strong analytical and problem-solving skills, as well as excellent communication and interpersonal skills. They must also be able to work independently and as part of a team.

RSM Audit Associate Job Duties

An RSM Audit Associate typically has a wide range of responsibilities, which can include:

• Assist in the planning, execution and reporting of audit engagements
• Develop an understanding of the client’s business operations, processes, systems, and internal controls
• Identify potential risks and areas for improvement within the organization
• Analyze financial statements and other documents to ensure accuracy and compliance with applicable laws and regulations
• Prepare detailed reports on findings and recommendations
• Participate in meetings with clients to discuss audit results and provide guidance
• Monitor progress of audit engagements and report any issues or delays to management
• Assist in developing and maintaining relationships with clients
• Maintain up-to-date knowledge of auditing standards and best practices
• Ensure that all work is completed in accordance with professional standards and deadlines
• Provide support to senior staff members as needed
• Perform additional duties as assigned by management

RSM Audit Associate Salary

The salary of an Audit Associate at RSM is determined by a variety of factors, including the individual’s experience, education, and performance. Additionally, the location of the position, the size of the client, and the complexity of the assignment can all influence the salary offered. RSM also considers the current market conditions and the competitive landscape when determining the salary for an Audit Associate.

• Median Annual Salary: $64,874 ($31.19/hour)
• Top 10% Annual Salary: $79,200 ($38.08/hour)

RSM Audit Associate Job Requirements

To be hired as an Audit Associate at RSM, applicants must have a Bachelor’s degree in Accounting or a related field. Additionally, applicants must have a minimum of one year of experience in public accounting, preferably in an audit role. Candidates must also have a CPA license or be in the process of obtaining one. RSM also requires that applicants have strong communication and problem-solving skills, as well as the ability to work independently and as part of a team. Knowledge of Generally Accepted Accounting Principles (GAAP) and auditing standards is also necessary. Finally, applicants must be able to work in a fast-paced environment and be willing to travel as needed.

RSM Audit Associate Skills

RSM Audit Associate employees need the following skills in order to be successful:

Audit Reports: An associate might be responsible for writing audit reports, which require attention to detail and the ability to communicate complex information in a clear and concise way. An associate might also be responsible for reviewing and editing the work of other auditors.

Accounting Software: Accounting software is a necessary skill for an RSM audit associate. This software is used to record financial data and create reports. The ability to use accounting software is a necessary skill for an RSM audit associate because it allows you to complete your work accurately and efficiently.

Financial Audits: Financial audits are the primary responsibility of an RSM associate. They may be responsible for auditing a company’s entire financial system or a specific aspect of it. The ability to understand financial data and apply it to a company’s operations is a crucial skill for an RSM associate.

Data Analysis: Data analysis is the ability to interpret information and draw conclusions from it. As an audit associate, you may be required to analyze financial data and make conclusions about the company’s financial health. Data analysis can also be useful when evaluating the results of an audit to determine if the company is following regulations.

Internal Controls: Internal controls are the processes and procedures that a company uses to ensure that they are complying with regulations and maintaining accurate records. As an associate in an audit team, you may be responsible for evaluating a company’s internal controls and ensuring that they are sufficient.

RSM Audit Associate Work Environment

RSM Audit Associates typically work in an office environment, although they may travel to client sites to conduct audits. They typically work 40 hours per week, although overtime may be required during peak periods. The job can be stressful, as it requires a high level of accuracy and attention to detail. Audit associates must also be able to work independently and as part of a team. They must be able to work with a variety of people, including clients, colleagues, and supervisors. They must also be able to work with tight deadlines and be able to handle multiple tasks at once.

RSM Audit Associate Trends

Here are three trends influencing how RSM Audit Associate employees work.

The Changing Audit

The audit process is changing rapidly, and RSM Audit Associates need to stay up-to-date on the latest trends. Automation and data analytics are becoming increasingly important in the audit process, as they allow for more efficient and accurate audits. Additionally, new technologies such as blockchain and artificial intelligence are being used to streamline processes and reduce costs.

Audit associates must also be aware of the increasing focus on non-financial information, such as environmental, social, and governance (ESG) issues. Companies are now expected to provide detailed reports on their ESG performance, which requires a different approach from traditional financial audits. As such, audit associates must understand how to assess these metrics and ensure that companies are accurately reporting their ESG performance.

Increasing Emphasis on Technology Skills

As the audit industry continues to evolve, there is an increasing emphasis on technology skills. RSM Audit Associates must be able to use data analytics and other digital tools to identify potential risks and opportunities in their clients’ financial statements. They must also have a good understanding of cloud computing and cybersecurity protocols to ensure that client information remains secure.

In addition, RSM Audit Associates must be comfortable with using software such as Microsoft Excel and Access to analyze large amounts of data quickly and accurately. As the demand for these skills increases, it is important for RSM Audit Associates to stay up-to-date on the latest technologies and trends in order to remain competitive in the job market.

Growing Importance of Data Analytics

Data analytics is becoming increasingly important in the audit process. As organizations become more data-driven, auditors must be able to analyze large amounts of data quickly and accurately. This requires a deep understanding of data analysis techniques such as predictive analytics, machine learning, and artificial intelligence.

Audit associates must also understand how to use data visualization tools to present their findings in an effective manner. By leveraging these technologies, audit associates can identify potential risks and opportunities that may have been overlooked by traditional methods. Additionally, they can provide valuable insights into the financial health of an organization.

Advancement Prospects

As an audit associate, you will be expected to gain experience in the field and demonstrate your ability to work with clients. With experience, you may be promoted to a senior associate position, where you will be responsible for managing a team of associates and leading the audit process. With further experience, you may be promoted to a manager position, where you will be responsible for managing a team of auditors and leading the audit process. With even more experience, you may be promoted to a partner position, where you will be responsible for managing a team of auditors and leading the audit process.

Interview Questions

Here are five common RSM Audit Associate interview questions and answers.

1. In the past year, what have you learned professionally that has surprised you?

This question can help the interviewer get a better sense of your professional growth and development. It also helps them understand what you value in terms of professional development. When answering this question, it can be helpful to mention something that has helped you grow as an auditor or even as a person.

Example: “In my last position, I was surprised by how much I enjoyed working with clients. I had always been more comfortable behind the scenes, but when I started working with clients directly, I realized how rewarding it is to see their excitement about our company’s services. Now, I try to make sure I spend at least some time each day talking to clients.”

2. Explain some ethical challenges you have experienced as an auditor.

This question can help the interviewer understand how you handle ethical challenges in your work. Use examples from past experiences to explain how you handled these situations and what steps you took to ensure they did not happen again.

Example: “In my last role, I was auditing a company that had recently undergone some major changes. The company’s new management team implemented several policies that were different than those of the previous administration. One policy change involved the way the company calculated its revenue. This change resulted in an increase in revenue for the company, which led to higher profits. However, this change also meant the company would have to pay more taxes.

I explained to the company that it needed to report its revenue according to the previous standards until the end of the fiscal year. If the company reported the increased revenue, it would be paying more taxes than it should. The company agreed to follow my advice, and we worked together to find a solution.”

3. When was a time you failed to meet expectations?

This question can help employers learn about your ability to take responsibility for mistakes and how you’ve grown from them. When answering this question, it can be helpful to mention a time when you learned something new or improved upon an aspect of your work that helped you meet expectations in the future.

Example: “In my first role as an RSM audit associate, I was tasked with reviewing financial statements for a client’s annual report. After completing my initial review, I noticed some discrepancies between the company’s balance sheet and income statement. I immediately notified my supervisor, who then informed our client. The client explained they were aware of the discrepancy but had already fixed it before we discovered it. My supervisor praised me for noticing the mistake and reporting it so quickly.”

4. Tell me about a time when you had to push back on a client.

This question can help the interviewer understand how you handle conflict and disagreements. It can also show them how you use your communication skills to resolve issues with clients or other stakeholders.

Example: “In my last role, I had a client who was very adamant about their financial statements. They wanted us to report certain expenses as revenue, which would have been against GAAP standards. I explained why this wouldn’t be possible, but they insisted that we could do it. I told them that if they insisted on reporting these expenses as revenue, we would no longer be able to work for them. The client eventually agreed to our terms.”

5. How would you handle an aggressive manager?

This question can help the interviewer assess your ability to work with challenging personalities. It also helps them determine how you would handle conflict in the workplace. When answering this question, it can be helpful to mention a specific situation where you had to deal with an aggressive manager and how you handled it.

Example: “I once worked for a manager who was very demanding and often yelled at employees when they made mistakes. I learned that he was just stressed out from his job, so I tried to make sure he always knew about any projects we were working on or anything we accomplished. This helped him feel more confident in our abilities as employees and reduced his need to yell at us.”