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I shared a flat with a secondee from Denmark (Vy). Our stay in Perth has allowed us to explore some of the many sites of Perth. Here are a few we enjoyed:

  • King’s Park – one of the nicest/cleanest parks we have seen. Stop here for a beautiful view of the city and a stroll on the elevated walking bridge (Federation Walkway).
  • Fremantle – Fremantle is a hip town in Perth that has heaps of restaurants, bars and shops. We bought fruits and vegetables at the markets, went on a night tour of the Fremantle Prison and had to stop by Little Creatures Brewery for dinner and drinks.
  • Perth1Rottnest Island – About 20km from Perth, an island tour would include cycling to pristine beaches, snorkeling in clear water, and a chance to meet a few of the 10,000 quokkas that live there. The quokka is a cousin of the kangaroo and is one of the most photogenic animals on the planet.
  • Lancelin and the Pinnacles – Our first time sandboarding in Lancelin produced a few funny videos and even the best accountant wouldn’t be able to count all of the rocks at the Pinnacles.

Perth2

Perth3

  • Swan Valley – Wine tours are a must if you travel to Perth! The vineyards and wineries were beautiful and the river cruise back to the city was all smiles.

The work and the sites of Perth were new and exciting, but the people we encountered, conversations we had, and the lifelong friends and colleagues we made outweigh any of the pictures we put up on Instagram. The secondment program allowed us to step out of our comfort zones, jump into a new environment and experience a new life for four months.

By Lonnie Bloom, MBA | 609.520.1188 | lbloom@withum.com

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I’ve never really heard about Perth until getting the opportunity to live here through the HLB secondment program. Here are some things I’ve learned during my stay:

  • No tipping at restaurants – don’t expect to add an extra 20%. Tipping is not expected and there is usually no line on the receipt for it anyway.
  • The average minimum wage in Australia is over A$17 per hour (which explains why there is no tipping).
  • Crossing the street – pedestrians DO NOT have the right of way here in Perth. I’ve learned this after many honks directed towards me. Jaywalking is the only way to survive.
  • Coffee – Dunkin Donuts does not exist and Starbucks has not made its way to Perth yet. Essentially, all you can get is a “Flat White” or a “Long Black.” There’s a coffee/espresso shop on every corner in the city and the menu always looks the same.
  • The sushi is not good – they put chicken and steak in their sushi rolls and call it “gourmet.”
  • Kangaroos – Yes, there are as many kangaroos here as there are deer in New Jersey. The little ones are cute and friendly.

perth

  • The Lingo:
    • Biscuits = cookies
    • Lifts = elevators
    • Macca’s = McDonalds
    • Chips = French fries
    • Rubbish = garbage
    • Australians abbreviate everything
  • Common terms
    • Massive
    • Heaps
    • Reckon
      • (i.e., “I reckon the concert will be massive with heaps of people” – Mindy)
    • No worries
    • No stress
    • Cheers mate
  • No Australian has ever said, “Let’s throw some shrimp on the barbie.” Australians call shrimp “prawn” anyway.
  • Perth is the second most isolated city (with over one million people) in the world. The next closest city to Perth is Adelaide which is 2,138km away (approximately a three-hour flight).
  • Everything in the city of Perth closes early during the week. Most retail stores close at 5:30pm, except Friday when they are open late (9pm). Only about a year ago is when Perth started opening its stores on Sundays from 11am-5pm.

 

By Lonnie Bloom, MBA | 609.520.1188 | lbloom@withum.com

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Lonnie BloomThis summer I had the amazing opportunity to work in Perth, Western Australia for four months as a secondee for HLB Mann Judd. My role as senior auditor included planning, conducting and finalizing all aspects of new and reoccurring audits. I also assisted managers with substantive testing and additional procedures necessary to complete their jobs.

Even though I was using new audit software (CaseWare) and worked on clients in a new industry (Exploration & Mining), I felt a sense of similarity when setting up workpapers, documenting analytics and completing long checklists and audit programs. The biggest change for me was getting familiar with the exploration industry and Australian accounting standards. Some interesting facts I noted during my experience were the following:

  • Mining is huge part of Western Australia’s economy. The major commodities include Iron ore, petroleum, gold, alumina, and other various minerals
  • During the mining boom, the mining and the petroleum industry accounted for almost 90 percent of the State’s income from total merchandise exports. In 2009, the industry had a value of $A61 billion. During this time, mining companies held large amounts of cash to pay their employees and on any given mining site, janitors, cooks, and bookkeepers could easily earn over $100k per year
  • Those that have to fly into their mine site are considered Fly in Fly out (FIFO) workers. These miners would fly to their work site for the duration of their roster then fly home when they are off duty. This is typical in the mining industry.
  • The mining industry has been on the decline for the past few years due to unstable resource prices and has caused job cuts and increased unemployment rates. This has also led many companies to seek additional funding and capital raisings to continue their exploration activities
  • An entity is considered a “Mining” company when an exploration and evaluation asset has reached a point when the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. Companies that have not reached this point of technical feasibility but maintain rights to explore the land are considered exploration companies
  • Mostly all of the clients I dealt with were exploration companies listed with the Australian Stock Exchange (ASX). All of my clients were unique but generally had some similar characteristics. Some activities these companies were facing include the following:
    • Revenue – since these exploration companies have yet to “strike gold”, they only reflected minimal revenue (i.e. interest revenue)
    • Capital raisings – exploration companies listed on ASX are selling shares for pennies. It is common to see companies issue millions of shares in order to raise funds which they would use to continue their exploration. Larger companies and wealthy individuals would purchase these shares also in hopes to “strike gold”
    • Large balance sheets – money spent on these exploration sites (tenements) would be capitalized according to the standard, which would be reflected on their balance sheets
    • Impairment – exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Triggers for impairment include expiration of their rights to explore, substantive expenditure on further exploration is not budgeted or planned, or the entity has decided to discontinue operations since the exploration of specific areas has not led to the discovery of commercially viable quantities of mineral resources. Large impairments were common with my clients
    • Going concern – all exploration clients I dealt with had going concern issues. I grew used to reviewing cash flow forecasts and documenting that the companies would need to seek additional funding in the coming year in order to meet its planned exploration expenditure

Working with new faces and learning the quirks of each manager and partner reviewing your work made things interesting. HLB Mann Judd welcomed me with open arms and made me feel like I’ve been working with the team for years. I am forever grateful for the opportunity and will always remember my experience with a new firm in a foreign country.
The industry was different and the work was challenging at times, but my experience in Australia extends beyond the cubicle walls at HLB Mann Judd, as you will hear about in my next few blog posts.

By Lonnie Bloom, MBA | 609.520.1188 | lbloom@withum.com

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