Pros
Excellent learning experience, continuous exposure to latest standards, and variety of industry sectors and focus areas. Great career prospects at KPMG or outside after becoming manager (that is if you paid attention, know your stuff and weren't just coasting or sleeping through engagements and trainings).
Cons
If you're a senior rank female with children, be prepared to deal with ultra senior male executives without children. These executives do not understand the last thing about work and life balance and run their own lives and departments accordingly. It takes all kinds of people to make the world go round I guess- but perhaps individuals like this have too narrow of a life experience to run entire offices. Insane hours during busy season. Too many chiefs and not enough indians. Poor supervision of audit managers abusing power (e.g. blaming the lower level team members for late audits, when the managers are at fault for late reviews, starting late, poor planning, poor coaching). I've seen all kinds of crazy cases, as a supporting manager, when the team was allowed to leave the office at 4AM only to be called back for a 7AM meeting the same day. On the projects where I was the manager in charge we did stay late (more often than I would like) during busy season, but I never broke the abuse limit, regardless of project financial priorities. Huge turnover - constantly have to educate new green people at lower ranks. Don't get me wrong, I love working with new people, as long as they are not in charge of executing my projects every time and every project. Ignore ratings that say KPMG is in top 5, 10, 20 in various surveys or whatever other paid-for number for work life balance. These ratings are meaningless and are likely purchased. As mentioned above, some managers at the SVO (Silicon Valley) Audit Practice feel OK asking you to stay until 4AM and come back at 7AM same day or equivalent during busy season. Your mileage may vary.