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Sample Assignment on Auditing

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Added on  2021-05-27

Sample Assignment on Auditing

   Added on 2021-05-27

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1AuditingRunning head: AuditingAuditingAuthor’s NameInstitutionSupervisor’s NameCourse
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2AuditingExecutive SummaryThe worldwide leading audit firms are known as the “big four” among which the company Deloitte ranks first according to the reports of 2017in terms of revenue (Statista, 2017; Deloitte, 2017a). The services provided by the Deloitte are consulting, tax, risk management, audit, and financial advisory (Deloitte, 2018b). On the other hand, Lodha & Co is a “non big four” audit company that provides all types of services such as assurance, management consultancy, corporate advisory and tax (Lodha & Co, 2013). The paper discusses about the differences between the above two companies in respect to services, market, customers, revenue, employees and staffs, outcomes and the marketing strategies. In order to gain adequate knowledge, the study has focused on using secondary data. Hence, it can be stated that there are differences in the way they operate.
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3AuditingAuditingIntroductionThe study intends to compare Deloitte a company founded by William Welch Deloittein 1845 in the UK. The company is considered to be leading among the “Big 4” audit companies in the world as the reports presented by Statista in 2017. Additionally, Deloitte provides huge service network of professionals in the world (Statista, 2017a). On the other hand, Lodha & Co a “non-Big 4” was established in the year 1941 in India and its offices are in various parts of India. The firm includes total of 16 partners and has employed experiencedchartered accountant, company secretaries, management graduates, and cost accountants (Lodha & Co, 2008).Comparison between the Two CompaniesServices RangeDeloitte with an experience of more than 150 years provides its services in 150 countries along with regions. This helps the company in making a real difference with their commitment in services. It is observed that approximately 245,000 individuals are employed by the company for providing the services related to tax, financial advisory, legal, and audit. The financial services of Deloitte include securities and banking, investment management as well as insurance (Deloitte, 2018). On the other hand Lodha and Co has an experience of 76 years. Additionally, the range of services it provides is such as Assurance, tax, management consultancy and corporate advisory. In case of assurance, the services provided are tax audit, statutory audit, investigative audit, compliance audit, concurrent audit, due diligence reviews,internal management of audit advisory services, and Adaptation of financial report in arrangement with US GAAP / IFRS. Furthermore, in case of corporate advisory, the range of services covered are valuations, joint ventures, debt restructuring, project advisory, corporate restructuring, and M&A advisory(Lodha & Co, 2013).
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4AuditingGeographical CoverageDeloitte was the first professional audit firm, which was established in Middle-East and is successfully running after 1926. In 15 countries, Deloitte has 26 offices and is associated with minimum of 3000 directors, partners, and staff. It operates on a worldwide basis and operates in over 150 countries namely Australia, Algeria, Austria, Bahrain, and Belgium among others. Headquarter of Deloitte is located in London, UK. It has various offices in different parts of the world. This includes Oslo, Mexico City, Copenhagen, Vienna,Los Angeles, Budapest, Parramatta, and Seoul. Deloitte offices are also in India’s major citiessuch as Bangalore, Chennai, Delhi, and Hyderabad among others (Deloitte, 2018a). On the contrary, the geographical area served by Lodha & Co at a domestic level includes i.e. India includes cities such as Kolkata, Hyderabad, Chennai, Jaipur, Mumbai, and New Delhi. In addition, the company also has expanded its business in countries such as Dubai, Shanghai, Singapore, and the US (Lodha, 2017).Total Staff and employees According to Statista (2017), the total staff and employees of Deloitte was recorded tobe263,900 at the end of 2017, which increased as compared to the previous year of 2016, accounting for 244,400 (Statista, 2017). In case of Lodha & Co, the total number of staff of included over 3700 direct associates along with more than 1600 engineers over. The companyfurther comprise experienced management professional, which is accounted to be more than 200 and has more than 140 architects as well as designers. In addition, the company has 700 employees with respect to its sales and marketing. Furthermore, Lodha & Co has 300 representatives for customer care services (Lodha, 2017).
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