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Managing the Auditor-Client Relationship Through Partner Rotations
While current audit standards explicitly state engagement partner tenure requirements, firms have flexibility in managing the rotation process. We conduct semi-structured interviews with 20 U.S. audit firm partners who share their experiences on topics including how they identify appropriate candidate partners and what efforts they undertake to manage relationships with clients post-rotation. We investigate firms' motivation to manage the auditor-client relationship through the lens of Social Exchange Theory (SET), and we consider how likely outcomes of this rotation process map onto regulators' intent that a newly rotated partner provides a fresh perspective to the audit. Our study informs regulators and investors about the process by which engagement partners are selected for rotation, documenting that partner assignment is typically not random. Further, our finding that partner rotation is an extended process (rather than a single discrete event) has implications for audit researchers investigating the effects of partner rotation.
Journal Article
The essential advisor : building value in the investor-advisor relationship
\"Leverage the financial services evolution to maximize your firm's value The Essential Advisor presents an insightful handbook for advisors looking to navigate the changing face of financial services. The industry is evolving, consumers are evolving, and many advisors are being left behind as old methods become less and less relevant. This book shows you how to turn this shift into a positive, by positioning your firm to maximize these new opportunities, and deliver the results and experience increasingly expected of financial advisors. You'll learn how to provide the transparency, hands-on interaction, and around-the-clock access today's clients demand, and how to consistently deliver service that robo-advisors cannot duplicate. Emerging technologies do not have to be a threat to your practice-they are tools that represent opportunities to provide greater service to your clients, and smart technology integration will be a hallmark of firms that survive the shift. This guide provides a clear vision of the future of financial services, and an indispensable management framework for maximizing your firm's future value. Advisors are increasingly confused about what clients are seeking, and clients are equally confused about what advisory firms offer that alternatives cannot. This book helps clear the air on both sides by examining the client's perspective of financial services, and helping advisors better communicate their strengths. Articulate the value of your services Leverage new technology to complement your practice Capitalize on opportunities and maximize your firm's value Position your firm to benefit from the changing consumer population Financial advisors can only grow their businesses if clients know what they do, know how to hire them, and can access them affordably. The Essential Advisor shows you to bring your firm into the future successfully\"-- Provided by publisher.
Book
Beyond the Work Product
Beyond the Work Product will prepare business attorneys (and particularly law students and new attorneys) for a successful law practice by providing a framework for effective and efficient lawyering. It emphasizes building relationships and trust with clients so that, despite the existence of less costly alternatives, they will keep coming back for more.The approach is process-focused rather than outcome-focused; it emphasizes every step of the lawyering process, not simply delivering the best work product possible. Whether you are at a big firm, a small firm, or a solo practice, approaching lawyering as a relationship-driven job will help you build a sustainable practice and even increase your enjoyment of your work.
eBook
Drivers of Antibiotic Use in Poultry Production in Bangladesh: Dependencies and Dynamics of a Patron-Client Relationship
There is increasing concern around the use of antibiotics in animal food production and the risk of transmission of antimicrobial resistance within the food chain. In many low and middle-income countries, including Bangladesh, the commercial poultry sector comprises small-scale producers who are dependent on credit from poultry dealers to buy day-old chicks and poultry feed. The same dealers also supply and promote antibiotics. The credit system is reliant upon informal relationships among multiple actors as part of social capital. This paper aims to describe dependencies and relationships between different actors within unregulated broiler poultry production systems to understand the social and contextual determinants of antibiotic use in low-resource settings.
We used a cross-sectional qualitative design including in-depth interviews among purposefully selected commercial poultry farmers (
= 10), poultry dealers (
= 5), sales representatives of livestock pharmaceutical companies (
= 3) and the local government livestock officer as a key-informant (
= 1). We describe the food production cycle and practices relating to credit purchases and sales using social capital theory.
Poultry dealers provide credit and information for small-scale poultry farmers to initiate and operate their business. In return for credit, farmers are obliged to buy poultry feed and medicine from their dealer and sell their market-ready poultry to that same dealer. All farms applied multiple antibiotics to poultry throughout the production cycle, including banned antibiotics such as colistin sulfate. The relationship between dealers and poultry farmers is reciprocal but mostly regulated by the dealers. Dealers were the main influencers of decision-making by farmers, particularly around antibiotic use as an integral part of the production cycle risk management. Our findings suggest that strategies to improve antibiotic stewardship and responsible use should exploit the patron-client relationship which provides the social and information network for small-scale farmers.
Social capital theory can be applied to the patron-client relationship observed among poultry farmers and dealers in Bangladesh to identify influences on decision making and antibiotic use. Within unregulated food production systems, strategies to promote the prudent use of antibiotics should target commercial feed producers and livestock pharmaceutical manufacturers as a first step in developing a sustainable poultry value chain.
Journal Article
The Effect of the Social Mismatch between Staff Auditors and Client Management on the Collection of Audit Evidence
This study provides both survey and experimental evidence to consider how social interactions between staff-level auditors and client management may affect staff auditors' perceptions and influence their decisions regarding the collection of audit evidence. During fieldwork, staff-level auditors have extensive interaction with client management. Survey evidence suggests that these staff-level auditors are often \"mismatched\" with client management, in terms of their experience, age, and accounting knowledge. Experimental results indicate that staff-level auditors may reduce the extent to which they collect evidence to avoid these interactions. Finally, the use of email communication with client management helped to mitigate the reduction in evidence collected caused by avoiding in-person interactions. Interestingly, when not collecting all the evidence, approximately half of the participants documented their findings in a vague or inappropriate manner, which would likely reduce the likelihood that reviewing auditors would identify a problem. Given the extent of audit evidence collected by young staff auditors, these findings have direct implications for workpaper and audit quality.
Journal Article
Auditor-Client Relationship from a Digital Context Perspective: Evidence from France, Luxembourg and Morocco
Research Question: How is audit digitalization affecting the dynamics between auditors and their clients? Motivation- Digital technology expansion seems to concern all fields including financial audit field. This fact is likely to impact different aspects in the auditor-client relationship. We have therefore chosen to explore those aspects and analyse how digital innovation is likely to impact them. Idea: The idea of the present study is to investigate whether digital technology expansion in auditing is likely to enhance the relationship between financial auditors and their clients. Data: The study used a qualitative approach based on 10 semi-structured interviews with auditors from France, Luxembourg, and Morocco. With an average answer rate of 20%, we analysed data through thematic analysis. Objective- The study aims to explore how digitalization reshapes the auditor–client relationship, with a focus on the main determinants that influence this transformation from auditors’ perspectives. Findings: The results of this study showed that the expansion of digital technology in auditing improved quality, which is one of the most important criteria generating clients’ satisfaction. Nonetheless, considering digital tools advantages in terms of remote working, we found that this expansion should not be reflected at the expense of proximity vis-à-vis audited entities. Further, we found that auditors are making great efforts to ensure security and confidentiality of their client’s financial information, which contributes to strengthen customers’ trust towards their auditors. Finally, this study showed that fixing reasonable audit fees is essential to maintain a good relationship with clients. In this context, it may be noted that these fees consider the amortization of technological investments supported by audit firms. Contribution: This study explains how digitization influences auditor-client relationship. It offers researchers and professionals valuable insights, likely to be used to enhance the comprehension of auditor-client specifics in the digital era.
Journal Article