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How to create a unique service offering for audit clients

Capitalise Apr 24, 2023

Since the FRC's Revised Ethical Standard was published in late 2019, auditors have been required to become more conscious of the non-audit services which they can offer their clients and how to charge for them.

The overarching principles of integrity, objectivity and independence prevent an audit firm from offering management accounts services or having any influence where it may be perceived that they are supporting directors with management decisions. There are further specific requirements for those audits of public interest assurance engagements (or PIEs) of which the definition has become broader.  

Larger regional or medium sized accountancy firms may have a small number of PIE audits, but the majority of audits will not be. For these non-PIE clients, differentiating your offering as an auditor is becoming more difficult, especially as the price at which an audit can be carried out means fees are inevitably increasing. 


In this blog, we’ll walk you through how you can offer new services to support your audit work, whilst remaining within the regulations.


Planning your audit work

Capitalise for Accountants includes access to our award-winning technology and the Monitor dashboard which includes public data from Companies House and Experian.  

Access to this information allows you to:

  • View an historical overview of the business including the high level revenue, profitability and balance sheet data, especially useful for a new client to the firm
  • Review your clients’ credit rating and recent payment performance trend to consider any going concern risks
  • Check for any Monitor insights around liquidity such as ‘Insufficient cash to meet short term liabilities’ which may also raise going concern issues


If the business has a Capitalise for Business subscription, there is the option to use this tool to view the credit scores of the customers they are tracking and identify any potential bad debt risks. 

Sharing data and reports

Differentiating your offering as an auditor could include routinely sharing an annual report of publicly available data for that company. This would not infringe on the overarching principles included within the Ethical Standard.

There are two versions of a “Capital Report” available through Monitor.  One is using publicly available data only.  The alternative report includes further insights from financial data, available if your client has cloud accounting and you have connected that data to the platform. 

Introducing access to credit and capital tools

Making referrals to clients is still possible for audit clients and does not fall under the prohibition of auditors making management decisions. 

Capitalise for Business is powered by Experian and allows businesses to:

  • Track their own credit score 
  • Understand the risk factors affecting their score, allowing improvements to be made, giving them access to better supplier terms and lower interest rates. 
  • Monitor the live credit score of key customers and suppliers

In addition, companies can check what funding they could afford using the Funding Calculator, instigate funding applications for their own borrowing requirements and start a Credit Improvement case. 

Auditors can ensure their clients receive a discount on their subscription instead of the audit firm accepting any commission. 


Where next?

When the market is so competitive, providing a unique service offering is important.

If you would like access to these tools to power up your audit service, please speak to Alex Clark, at alex.clark@capitalise.com or call 07893945351. 

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