Increasingly, audit services UAE are also offering consulting services to their clients. These services help the company identify opportunities and develop strategies to mitigate risks. For example, an auditing firm can provide an overview of the internal accounting system and recommend changes to streamline operations. If you run an audit firm, here we will discuss what services you can offer to your clients.
These firms offer advice that is specific to the business:
Another way to attract clients is to offer advice specific to the business. For example, an auditing firm might recommend that a manufacturing client streamline its production process. This advice could include streamlining processes and utilizing employees more efficiently. Similarly, an auditing firm might recommend that borrowers utilize bulk raw materials to maximize profits.
Regardless of the reason, the auditing firm must show the company’s management that there is value in its services. This includes the benefits to the company and lenders and the indirect benefits. An auditing firm can use its national presence to help the company identify opportunities. For instance, an auditing firm with an office in a foreign country can help the company navigate regulatory compliance issues.
They review the financial statement:
The auditing firm should show that it can reduce the time managers and owners spend reviewing financial statements. This can be achieved through preparing supporting schedules and account analyses. This does not lessen the auditor’s responsibilities but can help reduce the time spent on the audit.
An auditing firm can assist the company with its capital restructuring:
In addition to the above, an auditing firm can assist the company with its capital restructuring. This can involve analyzing the company’s current and prior financial statements. It can also oversee a complete overhaul of the internal accounting system. The auditor can analyze the company’s cash management procedures and creditor relationships during this process.
The Institute of CPAs has established guidelines for auditing firms providing consulting services. These guidelines include ensuring that a firm member returns from a previous engagement. They also require the firm to encourage a good relationship between the staff and the client personnel.