360 degree view of relationships
As a result of the European Union Audit Reform, certain audit firm clients in the European Union are now required to tender audit work periodically and change auditors completely after a number of years. While the European Union has promoted one set of rules, each member state may have its own, more restrictive regulation, which can complicate how firms best optimize client relationships. Additionally, each entity may adopt a more restrictive viewpoint of tendering and rotation. Appropriate data must be tracked and made available so that planning can occur to balance revenue, partner rotation, and staff assignments.
Our solutions assist firms align multiple independence and risk considerations, such as partner rotation with audit tendering requirements, which increases the probability for client retention. By combining the various regulatory requirements together, data is tracked at each entity within a client family tree. Complex rules are converted into actionable insights to the individuals that need to understand the data. By creating transparency across a network of member firms, audit firms make better decisions to protect their business and increase revenue.
By using the applicable components within the Kingland Platform, public accounting firms are able to capture this key information and apply appropriate rule sets. With the information captured and rules applied, audit firms can optimize their client service approach by leveraging the regulatory regime to their benefit. For instance, you can plan partner rotation activities to ensure that you have the right individuals engaged to either retain the audit or transition to non-assurance services. Further by mashing up your staff assignment data, you are able to see skill set and team bandwidth challenges, uncover opportunities to leverage staff members on other accounts, or win business with other firms where staff are pre-positioned. In the end, your ability to plan ahead and see the entire relationship through time enables transparency across your network of member firms - driving better client relationships, higher levels of revenue, and more efficient operations.