We recently sat down with two senior finance leaders from a large ASX-listed group to talk through their own transition from external audit into industry, from what changed to what surprised them - we've unpacked in all.
Talk us through your own transition from public practice into industry.
Between us, we spent more than 25 years in Audit & Assurance (Big 4), across both engagement and technical accounting teams before making the move into industry.
The move was driven by a desire for greater commercial exposure, ownership and depth. While audit provides broad exposure to different businesses, industries and transactions, we wanted to get closer to the decision-making process and better understand how businesses create value beyond the completion of a transaction.
One of us had always intended to move into a commercial environment, while the other knew that the Partnership pathway was not the desired long-term destination. We both enjoyed the technical side of accounting but wanted opportunities to apply it within a business rather than advising from the outside.
The transition itself was a significant learning curve. While the technical accounting skills transferred well, learning a new industry, understanding commercial arrangements and getting up to speed with how the business operated took time.
What did you underestimate and how long did it take to feel genuinely comfortable?
Learning the technical aspects of the role was relatively straightforward. The greater challenge was understanding how the organisation operates, establishing an internal network and appreciating the broader implications of decisions and recommendations.
In audit, engagements typically have a defined scope and stakeholder group. In industry, a seemingly straightforward issue can involve multiple stakeholders across Finance, Tax, Legal, Strategy and Operations, making organisational knowledge and internal relationships critical to success.
For both of us, it took approximately six to twelve months to feel genuinely comfortable in our roles. Building relationships certainly helps, but developing a deep understanding of the business and how your decisions impact the organisation takes time.
What is the biggest adjustment for an external auditor moving in-house role?
The biggest adjustment is the shift from reviewer to owner.
Auditors are trained to assess risks, challenge assumptions and review the work of others. In industry, you're responsible for forming recommendations, developing solutions and owning the outcome.
There is also a mindset shift from "the client" to "our business". You're no longer providing an external opinion; you're part of the management team and accountable for the decisions that are made.
Another adjustment is moving from breadth to depth. Audit provides exposure to a wide variety of businesses and scenarios, whereas industry requires a much deeper understanding of a specific business, industry and operating environment.
How different are the pace, rhythm and work-life balance?
The pace can still be demanding, particularly around reporting periods, major projects or transactions, but it is generally more predictable than in a public practice. Rather than moving from one engagement to another, there is typically greater visibility over priorities and upcoming deadlines, allowing for better planning and workload management.
While no role is entirely free from pressure, both of us found the work-life balance to be an improvement compared to public practice.
How much more ownership do people typically have in-house?
Significantly more. Decisions and recommendations often have a direct impact on the company's financial performance, operations and risk profile. As a result, individuals need to think more broadly than simply identifying the technically correct answer and consider the wider commercial implications for the business.
What tends to be the biggest source of frustration during the first six months?
Simply knowing who to speak to. Many new joiners underestimate how much organisational knowledge sits with individuals rather than processes. Understanding who owns what, where information resides and how decisions are made can be one of the most challenging aspects of settling into a new organisation.
This is why actively building relationships and establishing an internal network is so important during the early months.
How does career progression differ in-house?
Career progression is generally less structured and predictable. In public practice, there is often a relatively clear promotion pathway. In industry, progression is typically driven by business growth, organisational needs and the availability of opportunities.
While advancement can be less linear, industry often provides exposure to a broader range of commercial, operational and leadership opportunities, allowing professionals to build a more diverse career over time.
Interviewer's Thoughts
Moving from external audit into industry is about far more than changing employers. While the technical foundations developed in audit are highly transferable, the real transition is one of mindset, accountability and commercial perspective. Success in industry comes from embracing ownership, building strong internal relationships and developing a deep understanding of the business.
Part 2 of this interview will be published next week – stay connected and get in touch!
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