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    so im applying for internships with accounting firms and i need help on a question.

    how does serives such as tax, auditing, consulting and corporate finance add value to clients?

    i dont really understand the question tbh

    i no what each dep does quite well, but cant see how they add value, any ideas. :confused:
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    tax- advises on schemes to minimise tax liability

    audit - ensures accounts are true and fair and that mgt are running the firm properly

    cf - helps to arrange mergers, acquisitions and finance
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    Tax also can perform audits of Tax balances (Deferred Tax, CT liability). They also perform tax computations which essentially involves looking at which costs are allowable/disallowable for tax purposes.

    Allowable = can be deducted from profit before tax => less tax liability

    Disallowable is the opposite.

    Whilst the primary aim of the audit is to provide an opinion on the financial statements, audit can involve looking at internal controls and seeing how management have (or have not) implemented them and report to audit committee/directors/shareholders/management their findings.

    Auditors can also make recommendations on improving business processes or ensuring a company is aware how it can be more compliant with appropriate regualtions (UK GAAP / IFRS).

    Maintaining a good audit relationship can potentially bring in more lucrative non-audit work. Which will be benficial for both the firm as well as the client!!
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    thanks u guys
    the application is tricking cos they give u 100 or 200 words to write about the four areas and how they benefit the firms clients
    so is it like a trick question, do all services benefit the customer through customer loyalty?
    how does good tax benefit ones clients, i think im missing the key point
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    (Original post by wilma flintstone)
    thanks u guys
    the application is tricking cos they give u 100 or 200 words to write about the four areas and how they benefit the firms clients
    so is it like a trick question, do all services benefit the customer through customer loyalty?
    how does good tax benefit ones clients, i think im missing the key point
    Tax in particular? While straightforward compliance work may not at first appear to be especially value-adding (there is usually a 'right answer' for a given set of circumstances), it's often the first step in identifying ways in which clients can save tax. With appropriate structuring, the level of tax suffered by a business (in normal trading, in one-off transactions or otherwise) can often be reduced in ways that non-specialists would not usually be aware of. Also, managing correspondence with HMRC appropriately can reduce a company's risk profile, making enquiries (tax investigations by HMRC) less likely.

    There's more than this, but that should give you something to go on...

    Edit: Just to add in case you're not aware, actually working out a business's tax liability is not necessarily a straightforward task. Compliance work in itself is beneficial as it's something that a lot of businesses will not be able to do in-house.
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    not tax in particular, all 4 services
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    ahhh! this application sucks...has anyone been on the deloitte internship, what did you do?
    im guessing the basics, but any one have any ideas?
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    (Original post by wilma flintstone)
    thanks u guys
    the application is tricking cos they give u 100 or 200 words to write about the four areas and how they benefit the firms clients
    so is it like a trick question, do all services benefit the customer through customer loyalty?
    how does good tax benefit ones clients, i think im missing the key point
    It's not a trick question. They just want to know if you have researched enough into all the service lines that they provide.

    I was not on Deloitte internship but I did get through to the AC (which I didn't go to) so they must think my app was alright.
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    (Original post by verticalforce)
    It's not a trick question. They just want to know if you have researched enough into all the service lines that they provide.

    I was not on Deloitte internship but I did get through to the AC (which I didn't go to) so they must think my app was alright.
    lol how come you didnt go for deloitte in the end?
    i have its just making sure i explain it perfectly in one sentence. like for example how does one describe corporate finance and its benefit to its clients without listing all the services within it. corporate finance is a large department, so im finding it difficult to describe it in one sentence.:eek3:
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    (Original post by wilma flintstone)
    lol how come you didnt go for deloitte in the end?
    i have its just making sure i explain it perfectly in one sentence. like for example how does one describe corporate finance and its benefit to its clients without listing all the services within it. corporate finance is a large department, so im finding it difficult to describe it in one sentence.:eek3:
    Err... it doesn't have to be in one sentence, pretty sure mine didn't anyway...

    Already got an offer from EY at the time and it was exploding, and didn't like the date/timeframe for the Deloitte internship.

    Wasn't impressed either with how they handled my application. Made me wait for months before deciding to do away with first round interview and fast tracked me straight to AC.
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    (Original post by verticalforce)
    Err... it doesn't have to be in one sentence, pretty sure mine didn't anyway...

    Already got an offer from EY at the time and it was exploding, and didn't like the date/timeframe for the Deloitte internship.

    Wasn't impressed either with how they handled my application. Made me wait for months before deciding to do away with first round interview and fast tracked me straight to AC.
    ah cool, so what did u do at EY, did u like it?
    can i ask you how could would describe corporate finance?
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    Side note: good to see people are inclined to give advice on A&F thread; some other on TSR seem to just belittle everyone. (Even if they do sometimes as q's tht require a quick google)
 
 
 
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