Clients to Pay for Second Audits
Electronic Accountant Online (08/18/00) Vol. 92, No. 9 p.114; Block, Sandra

In the most recent edition of Accounting Today, Barry Schimel describes ways accounting firms can get involved in new fee-generation areas. Schimel, who advises firms on how they can earn greater profit by repositioning themselves, explains that second audits are a great way to create more profits. He writes, "It is actually possible to sell a second audit for more than the price of the first audit if it is repositioned." Schimel points out that while first audits look at a company's current financial condition and report on areas in which sales fell, second audits can show potential future positions by highlighting missed business opportunities, and they can also clarify why sales dropped in specific areas.

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