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Research on Management of Revenue and Risk after Combination:the Case of Crowe Horwath

Author: WangYanYu
Tutor: LiuXueHua
School: Ocean University of China
Course: Accounting
Keywords: merger integration industry specialization customers choose qualitycontrol audit risk
CLC: F233
Type: Master's thesis
Year: 2013
Downloads: 2
Quote: 0
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Abstract


Accompanied by the implementation of the strategy of "bigger and stronger", combination is chosed by many firms as the way of rapid growth. Studies on combination not only relate to the inspection of the quality of existing firms combination, provide referencees for policy regulation, but also give a guideline for future combination,timely adjust discovered problems and eventually ensure the real stronger based on the bigger scale. Studies on reasons and influences of accounting firms merger have formed a certain accumulation, but the direct study of integrated effect of firms merger is not a lot, and is mostly concentrated on the point of systems. This paper intends to analyze the implementation effect of the integration management based on the observable data, and examines whether the combined firm realized effective integration and scientific development.This paper uses the method of case study, based on data and text instructions of the accounting firm of Crowe Horwath, analyzes the differences of revenue and risk management before and after the combination. With different analysis indicators, this paper separately proposes several assumptions of revenue and risk management, and then examines them according to the observable data. The writing structure is broadly organized as follows:First of all, make a summary of domestic and foreign papers in the related fields, such as the merger motivation, the effect of merger and the integration after a combination, and then select the implementation effect as the basic point of this paper. Secondly, analyze the history of Crowe Horwath, and pay attention to the trend of dominant merger outcomes. Thirdly, simplify the changes of benefits and risks into the revenue growth and the more rigorous risk control in the standpoint of accounting firms. With five assumptions, this paper examines the integration effect of Crowe Horwath in a full range. They are the whole audit income, the structure of audit income, the caution about customer chosen, the CPA detection risk and the results of audit risk control. Finally, make a summary of the experience and deficiencies unfolded in the merger of Crowe Horwath, and make suggestions for future improvement according to these.In conclusion, we should rationally treat the sudden increase in the overall level of income after the combination. With larger scale, doubled staff, doubled income and ranking boost, the accounting firm rapidly increases its popurlarity in the industry. However, the long-term development depends on whether such a large framework could get the support of core strength. Industry specialization is the most direct and useful way. Before the merger, the firm should have a general understanding of the internal and external industry expertise of the merging parties, and try to make integration along the industry lines. After the merger, the accounting firm should pay attention to the existing industry expertise, ensure that the original dominant industry is not lost and then focus its resources on the development of potential expertise of industry. When it comes to risk management, the accounting firm should promptly establish unified customer management system at the beginning of combination, and improve the quality assessment method for new customers, especially judge the potential risk of new undertaking ST customers prudently. At the same time, control the risk caused by rapidly increased customer scale is also important. For the existing customers, risk assessment is also essential. The accounting firm should eliminate the potentially higher risk clients and try to achieve unified management of the risk level of customers after the merger. With control on quality of customers, the firm should strengthen integration of CPA detection risk, too. Business and CPA exchange between branches is necessary, and differences on risk control implementation effect between Branches should be concerned, so that the conbination firm can achieve substantial integration in both systems and resources. In addition, when the firm expanded the scale, the effect of signal transduction mechanisms is strengthened. Audit failure will play a more important role. It means the accounting firm should be in a more independent and objective stance to maintain sufficiently cautious opinions-issued attitude. Bigger is not the purpose, specialization and scientific development is the essence.

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CLC: > Economic > Economic planning and management > Accounting > Accounting Organization and system
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