ACCOUNTING IN BUSINESS

Accounting in Business



Accounting in Business

Introduction

Each company has its own secret, their style of doing business that somehow distinguishes the company from others, and that is the secret behind seven seals. To succeed in business and without a secret a company cannot survive, because if, sooner or later the competitors will solve the secret and calculating style of doing business and for that you have to defend yourself against their own weapons and continuous improvement in their working style.

Management consulting services is the only way which aimed at improving the efficiency of firms, companies and organizations. This paper will focus on the importance of management consultancy arms and how exactly do these consultants help their clients along with offering benefits to solve problems. Beside this, it will also focus on whom service are better professional accountants or management consultancy arms.

Discussion

Big Four Accountancy Firms

Big Four are the world's largest companies that offer auditing and consulting services to the public and private companies.

PricewaterhouseCoopers (PricewaterhouseCoopers)

Deloitte (Deloitte)

Ernst & Young (Ernst & Young)

KPMG (KPMG)

Below is a staff “big four” and proceeds according to the latest available data:

Company

Revenue

Number of employees

Year

PricewaterhouseCoopers 

$ 29.2 billion

169 000

2011

Deloitte Touche Tohmatsu 

$ 28.8 billion

182 000

2011

Ernst & Young 

$ 22.9 billion

152 000

2011

KPMG 

$ 20.6 billion

137 835

2010

Before Enron scandal, there were five large firms which were used to call the Big Five. Arthur Andersen who handled Enron case was separated from the assurance and joined Deloitte & Touche, after spending a period of time Arthur Andersen left the group (Big Four & Leading, 2012, pp. N/A).

Enron has become the first and the last series of accounting scandals which has engulfed the accounting industry in 2002. This has affected U.S. industry at large offering serious consequences. The application of international accounting standards from the International Accounting Standards Board was due to the Enron scandal. These standards are located in London and are practices more in United Kingdom than to those of Americans. They are often invoked by those who note the relative stability of British accounting system (which was renovated after the scandals of recent years of 1980 and early 1990). It invokes an accounting reform of those which solve more fundamental problems seen in capitalism or economics, and seek a social or environmental accounting.

Services by Big four Firms

The big four accounting firms are currently providing the perfect role for companies and business. They have been offering professional and financial services. These services comprises of:

Audit & Assurance

Tax system

Turnaround

Corporate Finance

Forensic Accounting and Fraud Investigation

Temporary employment opportunities contract /

Services Offered

Deloitte: Knowledge and Communication

The skills and qualities that Deloitte is related to the ability of logical thinking, accuracy, timeliness, fairness, and legal and administrative knowledge are essential for the proper, fair and efficient conduct of the audit. One might add here the ability to in-depth analysis of the problem that has been considered with the causes and possible consequences.

Deloitte provides:

Audit (audit)

Financial advice

Tax advice

Consulting

Risk Management

Deloitte provides a full range of services enforcement designed to help customers meet their changing demands. We offer businesses the means economic tested so they can ...