Despite client, but it will help locate areas in

Despite the
challenges, I am very thrilled with how much I benefited from this class and
how useful this material will be for me, in both my personal and professional
life. As an incoming associate at a public accounting firm, I will continue to
pursue the traditional framework and integrated framework to measure firm
performance. This process will include looking at profitability and accounting
ratios to find how PwC is performing compared to their competitors, operationally
and financially, and examine how profitable each client engagement is for the
firm. Also, when determining if PwC should take on a new client, I will have to
examine not only accounting profitability, but shareholder value creation and
and economic value creation to evaluate the financial health of that firm to
see if they would be a risky client or not. This screening process of potential
new clients will also include using balance scorecard questions to examine how
that company is viewed by customers and shareholders, their core competencies,
and how they create value. The answers to all these questions will not only
determine if PwC should audit that client, but it will help locate areas in the
financial statements that pose risks of material misstatement and help
determine the best testing of controls for the audit team to conduct.

Additionally, I
will continue to pursue the external analysis ideas that we discussed because
planning for audits will require me to look at the PESTEL Framework and Five
Force Model to determine the financial strength of the client, their strengths
and weaknesses, and major threats that could affect their future operations.

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For example, if I were auditing a big bank and I knew that interest rates
increased greatly in the last year, I would expect that bank’s profitability to
increase since higher interest rates typically bring in more revenue for banks.

Additionally, if I move into the consulting field in the future, I would also
want to study an internal and external analysis of the client’s industry to
formulate the best strategies for that company moving forward. In addition, I
will most likely be auditing corporations that will engage in vertical and
horizontal integration, mergers and acquisitions, and diversification, so
understanding those topics will help make me a more efficient auditor.

I will also reference
the Capstone simulation from this class because I learned many techniques about
running a business that will help me not only in enhancing my audit and
consulting work at PwC, but help me work better in a group of people and make
strategic decisions if I ever have my own business. I believe that the Capstone
and Compxm not only strengthened my knowledge in finance, but allowed me to
explore and understand important strategies behind research and development,
human resources, marketing, production, and quality management. Finally, the
case assignment we did in class increased my analytics skills, as well as
verbal and oral presentation skills.

2.         Compared to my answers from my first reflection paper, I noticed
a lot of similarities related to what I thought I would get out of this course.

I was correct about learning how to effectively collaborate as a team to share
ideas and learn with others, voice my opinion, and effectively distribute the
work. Additionally, I believe that this course did in fact culminate my
education at Isenberg by allowing me to build on a lot of concepts from
introductory courses. Before this assignment, I knew only the basics about
marketing, quality management, and production, but thru each simulation, I was
able to take notes and analyze each round to determine effective strategies for
each of these fields. Additionally, now I do feel more comfortable with how to
effectively position a business for success because each round I learned from
our team’s strengths and weaknesses and the performance of our competitors, in
order to understand how markets work.

Some major
differences I noticed from my first response is my contribution to the group. Since
I ended up working mostly on marketing and production, I wasn’t able to provide
as much of my finance and accounting background as I thought I would; however,
during the case presentation, I was able to incorporate some of that knowledge
into the analysis we did of McDonald’s. I believe that I ended up contributing
the most with my organizational skills by always trying to plan ahead of time
and making sure that my group gave themselves plenty of time to finish
everything. I also ended up contributing a lot of my communication and teamwork
skills by collaborating with everyone in our group to make sure we were always
on the same page and make sure that everyone’s voice was heard so we could
learn from each other. Additionally, I think that I contributed a lot of
support to my group by being flexible and offering to help with additional
tasks when my group needed it.

As far as my
general education courses, I was correct in predicting that my economics
classes would help me when analyzing our McDonald’s case study and the success
of our company. My writing and communication classes related to this course
played a large role than I thought because I frequently had to speak in front
of groups to effectively communicate my point, and convey that point with a
succinct, concise analysis in verbal and oral form. Also, the presentation
skills relating to hand gestures, posture, and effective PowerPoint strategies
from my Management Communications class helped me feel more confident and
comfortable presenting and creating effective presentations for this class. Overall,
this course was a great experience and I got a lot of insightful knowledge out
of it.