When i was hired, i was processed through as a New Hire and sent to a room they called "The Bull Pen." The Bull Pen is where you went and waited to get assigned to an auditing engagement. I observed the other unassigned staff there reading, talking, or sleeping. This is where the aid of my mentor paid off. He told me not to waste my time in the Bull pen but to go to the library and study the Certified Public Accountant's examination. I informed the Human Resources Department where i would be if they needed to contact me.
It takes a while before you get assigbed to an auditing engagement. When you are furst hired it seems nobody wants you. I went to the library everyday until i would get an assignment. There were only two other men in the library also studying for the professional test we would all take in the future. It was not unusual to have twenty staff members in the Bull Pen. However, of this number only three including me went to the library. In the years to come, one of we three would become a Partner, the other a Manager, and me who became a Senior Auditor. The Manager and i eventually left the firm and went to clients of the firm as Controllers.
One day while in the library a Partner came in and asked me what i was doing. He wanted to know why i wasn't in ths Bull Pen with the other unassigned stuff members. I told him i didn't want to waste my time. I'd rather study for C.P.A. examination. This must have impressed him because i started getting odd jobs at ths firm. One such job is very memorable. Memorable because it changed my attitude about tge importance of all jobs, regardless of how unimportant it may seem.
While i was in the library one day a Manager asked to talk to me. He took me to a large file room that was filled with Annual Reports for the firm's clients. He told me to file them alphabetically by client and put them in chronological order. Here comes the word of wisdom from this Manager to me. He said,"This seem like a menial job to you, but how you approach it will determine if you have what it takes to succeed in the firm. No assignment is too small ir unimportant."
In a big firm like PEAT new hires get many menial jobs but havs to approach evert assignment as if the firm's existence depends on how well they perform. This advice has benefited my overall career. I approach every challenge as if my life depended on it.
That fall and winter i was assigned as a Staff Auditor to work in thd firm's second largest client. I also learned the Manager of this engagement was tough on Junior Auditors. He was very serious on how he approached many aspects of his life. I was told that many of the new men who worked for him did not survive at the firm. If he gave you a bad Performance Review the chances were good that you would be asked to resign.
Here is where my luck started to show at this firm. I was assigned to veryfying the payment of vendor's invoices. Usually all you do is verify the invoices properly approved for payment, our client was not taking advantage of the discount. After they were approved they went to the Cashier's Office for payment. Upon further investigation i observed after the invoices were approved for payment, they waren't segregated by invoices available for discount and invoices without a discount. You can see where i am going with this one. This was a major company which processed thousands of vendor's invoices ob an annual basis. The invoices with discounts were commingled with all bills.
Bills were processed on a first-come-first served basis. This method of making payment did not permit the client to take the discounts available to them. I discussed this finding the firm's Manager. He verified my findings. We went to the Treasurer's Office and recomnended changes to the bill paying process. The Treasurer was thankful and embarassed at our findings. He changed the system immediately, whereby invoices with discounts were given the highest priority for payment. There was no way to estimate how many overpayments were made. I guess we could say,"Better late than never."
My boss was happy with my findings. It was a feather in my cap. Read on; it gets better concerning what i discovered during this audit.
When talking to an employee in this company's Freight Department i noticed a drawer that contained what looked like unused but valid passenger tickets. These tickets were actually valuable. If somebody stole these tickets they would be as good as cash. I recommended an inventory be made of these tickets and that they be put under dual control: to access the tickets two people would have sign for them. The changes were made immediately. We have no idea how many tickets could have been stolen and converted into cash. Again, " better late than never," and another feather in my cap
There were other weakness in this company, but i am not going to mention them. But finding these weaknesses were used to put more feathers in my cap.
You may ask yourself what have these stories to do with "Miracles, Luck or What?" My firm had been auditing these clients for many years but failed to identify the weaknesses during previous year's audits. They were just waiting for me to find them. I don't consider myself very bright but, boy, was i in the right place at the right time. I received an excellent Performance Review, which led to a good raise and a promotion.
The following year i was again assigned to the same client. We also had a new Partner, a new Manager, and a senior in Charge assigned to this engagement. It was very lucky the new Partner was also the firm's Senior Partner. My Performance would be evaluated by the firm's boss.
My position was the Second in Charge after the Senior Auditor. This individual was not only bright, but he was also the most polished professional i have ever met. So, i was lucky to be involved with the firm's Senior Partner and a Senior Auditor who was on the fast track to becoming a Partner. These individuals had the power to make or break me depending on my performance. I must have impressed them because we were early into the audit when the Senior Audit was offered a position as treasurer of a major transportation company. He accepted the offer, and he recommended me to the New Senior Partner to take his place. The Senior Partner accepted his recommendation. I become the Senior Auditor for the firm's second largest client. Thankfully i met the firm's expectations in me.
I did very well at PEAT while i worked there. Eventually because of my experience with the aforementioned client the firm recommended me to be Controller of another major client. This part of my career development will be discussed in the next chapter entitled "Into the Corporate Jungle"
