Global accountancy firms develop ‘one-stop service’ consultancy roles for changing technology, emerging markets and integrated strategies

As China’s business and financial landscape continues to evolve, the major global accountancy firms also find their own role and responsibilities changing. They still, of course, provide all the essentials in terms of audit, compliance, internal controls, and risk management.

But as the operations and ambitions of clients become more complex, it is also important to play the part of all-round business consultant, ready to leap in with advice and solutions on anything from regulation and investment options to emerging technology and overseas tax regimes.

“Chinese companies, in the course of their globalisation, require a wide range of professional advice and support,” says Eric Tong, audit and assurance partner for Deloitte China. “In that regard, we have switched from being just auditors and now need a whole spectrum of skills, knowledge and service offerings to help clients cope with an increasingly complex business environment.”

In particular, he notes the rise of data analytics as a tool with the potential to overturn the usual corporate approach to sales, marketing, staffing and much else. When analysed effectively, big data reveals trends, patterns and connections, especially relating to human behaviour and interactions, which can change the direction or focus of a business.

“With access to this type of data, offering insights into things like customer purchasing and seasonal variations, we can help clients make better strategic decisions,” Tong says. “Technology is causing disruption in many different industries and changing the way we approach our assignments.

Streamlined data-entry processes and specialist software is one aspect, but it also means we can provide value-added services for clients facing new challenges with blockchain, cloud computing, digital strategies and cyber security.”