Assurance, Advisory and Tax
a) Assurance
Assurance services can be defined as independent professional services that improve the quality of information, or its context, for decision makers. It usually forms one of the core businesses for accounting firms which offer non-biased assurance services to ensure that organisations are able to obtain the most reliable strategic information to aid them in their various business decisions. Accounting firms provide assurance on their clients' performance through opining on clients' financial statements. They also help clients improve external financial reporting and adapt to new regulatory requirements. A reputable firm will be held in high esteem for its ability to evaluate business risk at both local and global levels, implement solutions that are tailored to manage risk and enhance shareholder value. Firms also need to be able to embrace technologies that are focused on the needs of clients. Typical areas of service that assurance provides are:- Audit
- Accounting and Regulatory Advice
- Attestation services
- Initial Public Offerings and cross border offerings
- Systems and Process Assurance (SPA)
Entering the job
Generally, to enter a leading international accounting and advisory services firm such as PricewaterhouseCoopers in its various professional divisions, you would need to have strong academic results (eg a first and upper second honours degree), with a preference for accounting, finance, IT or business fields. Big accounting firms usually sponsor fresh graduates to become professionally qualified. Individuals keen to utilise both their IT skills and audit knowledge should look for a career within SPA. You will have the opportunity to evaluate the effectiveness of clients' information processing controls across the industries and business process cycles. In this area, you will be challenged with issues that require your ability to integrate business/finance knowledge with IS/IT. You will also have the exciting opportunity to work with a wide range of IS/IT systems environments that is the centre of the corporate information bank eg the SAP, PeopleSoft, Oracle, mainframe, midrange, LAN/WAN and client server environments.b) Advisory
Advisory services can be broken into various areas, for example: transactions, performance improvement and crisis management. Within transactions, teams work on mergers and acquisitions (including financial and operational due diligences), capital markets transactions and valuing, negotiating and structuring of deals. They also assist with divestments and develop exit strategies. Under performance improvement, advisory services help clients improve their performance. Consultants use their understanding of finance, risk management/compliance, IT systems, operations and human resources to help clients identify and implement cost savings initiatives, improve management and control, identify and manage risk and improve quality. Advisory services are also important in crisis management. Here, stakeholders are assisted to realise their investments through liquidations, divestments and optimal exit. Advice is given on how best to arrest deterioration of value and build a platform for recovery through restructuring, financial monitoring, business review and receiverships. Independent monitoring of disbursements and utilisation of funds raised under private debt securities is also provided. Other services include financial, economic and statistical services relating to litigation or alternative dispute resolution forums, serving as expert witnesses and conducting fraud and forensic (including electronic) investigations.Entering the job
Among the qualities most desired in graduates are: strong academic performance and technical knowledge, good communication skills, high initiative and passion for the job, ability to thrive in a stressful and challenging environment etc. Most firms will provide intensive training as well as personal development courses, and it is not uncommon for capable individuals to be posted to different departments to obtain a good grasp of the operations of the various sub-divisions. Many top firms also provide internship, vacation training, and industrial training programmes for undergraduates to obtain practical work experience. This is a good stepping stone towards establishing a future career in the company upon graduation.c) Tax
When companies and their management teams make major business decisions, tax consultants help them make the right ones. They provide solutions to questions such as: "How do we minimise tax costs?""How do we claim tax deduction for this payment?"
"How do we manage our cross-border transactions in a tax efficient manner?" By understanding what drives business decisions, tax consultants use their wide knowledge of tax and their experience to inject creativity into solving complex and often cross-border business problems. Services include anything from straightforward preparation of tax returns to representing a client before the government tax agency. Tax consultants are usually involved at the heart of transactions such as mergers, acquisitions, or the establishment of new operations abroad. As such, areas of a business that subscribe to tax advisory services can include customs and duties, sales tax planning, mergers and acquisitions, various tax compliances such as property and payroll etc, among others. Here are some of the areas in which tax services can add value to clients:
- Corporate tax compliance and advisory
- Personal tax compliance and advisory
- Mergers and acquisitions
- Finance and treasury
- Transfer pricing and investigations
- Indirect taxes
- Human resource advisory
- Japanese business consulting
- Emerging markets
- Online tax service
