Page 73 - Memoir

RETROSPECT AND PROSPECT

WT I understand a number of corporations prefer lower spendings in professional
services including accounting and auditing. It may be wishful thinking, yet I
believe it is feasible for these corporations to allow the accounting / auditing
firms to adjust their fees on a reasonable level. This would help these
professional firms to achieve a reasonable profit, which would in turn give
them incentives to maintain their workforce and uphold their quality of
services.

I think accounting and auditing firms with a global vision should take the

advantage to utilise a lower cost on human resources in some less developed
countries to perform the services. Meanwhile, an auditing firm shall reform
and establish an internal framework and auditing software to streamline the
audit workflow, thus increase efficiency and lower overall costs. In addition,
specific accounting and auditing firms may fortify their image by providing
excellent and value-added services, thus the clients find it worthwhile to pay
an additional fee.

The above suggestions would lead to more challenging management issues

like handling long-distance workforce, but it may be worth the effort. The
accounting and auditing firms must work hard and continue to innovate and
strategise.

JY
Thank you for sharing your experience and insights. We wish your future
participation and advice would further guide and enlighten us.

Photo was taken at
HKSC anniversary
dinner in 2019. JY
and WT sang the
song “My Way”

(From left) JY and WT

邱在光合伙會計師行有限公司六十週年 C K Yau & Partners CPA Limited 60th Anniversary 69