Pros
Less formal work environment - good for fostering closer personal relationships with colleagues & bosses
Managers and most seniors are willing to teach junior staff - conditional on them having the time to do so
Ability focused - the better you perform, the faster you learn & go up
Cons
Seniors are often too busy and cannot teach junior staff in detail
Juniors are increasingly thrown into the deep end with no meaningful support - training provided does not effectively address the issue as insufficient time is provided to learn & ongoing jobs will often interfere with the training - do your training and cannot finish your task, or do your task and don't learn anything from training, pick your poison
Possible toxic interaction with managers and seniors - depend on your luck, some senior/manager/partner are very particular, audit work is already difficult enough, but they want to up the difficulty somemore
Lack of staff - paid for 40 hours of work but expected to give 80. Will hear stories from management on how there is lack of resources and everyone expected to slash, job resources may be slashed by 20%, but no corresponding 20% increase in salaries for the team who pick up the slack, only higher recoverability and higher bonuses for management.
Unsustainable resource allocation model - half the time the feasibility of completing audit work is based on the premise of working interns like full time associates but with 1/3 of the salary, unfair to the team as interns lack technical knowledge and unfair to the interns who are treated like slaves
Toxic clients all around - either efficient but no manners, or nice but slow to provide PBC, and in some cases, slow and insufferable