What are ways we auditors can add value to the client? Help me feel better about my job.

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Not be an idiot manager who overaudits nonsig areas.

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Quit.

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Your job isn't to add value to the client. It's to add value to your firm. Start doing that instead.

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Tough to add real value, as audit is a compliance function. Other than the value of "being in compliance with laws and regulations", you'll find it tough to add any other value other than telling the client what they're doing wrong and being unable to help them fix it.

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PwCs value proposition is hilarious once we tell them how many revenue samples our nonstat spits out. Clients love triple digits.

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The compliance function in itself does add value to the market as a whole. People trust financial statements, which is key for a financial system to operate effectively. People need to be able to trust financial information of companies when making investment decisions, and in that way auditors add large value to the public at large. It's often difficult for the individual company to see that as "value add" rather than a "compliance cost", however.

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Although we are not allowed to design the clients controls / processes, I've asked probing questions during walk through meetings or through discussions that has led to them bettering their process. Our findings brig a lot of value. Whenever we find a control deficiency, it highlights an area for the client to improve.

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Inform the client they are underestimating their revenue and overestimating their tax expense.

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Smoke weed or get drunk

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EY3 My point is that so often staff get bent out of shape because they have this idea that audit is just a compliance activity that can never add value and they can't be 'excellent' at. If they want so badly to improve processes and/or financial metrics they can usually start with their own team.

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Staff and Seniors are the most in the details. That means they have the most chances to come up with things that can improve margin, customer service, audit quality. Bringing those up to your superiors is how you can go above and beyond.

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PwC has a "value proposition" that it delivers to clients with engagement letters that covers what the firm believes it's "value add" is. Most of it is BS, but you can at least get a feel for what "value add" the firm is trying to sell clients on. I imagine other firms might have something similar. Give it a read if you can find it.

@PwC4 agreed there is some value added, but very rarely is it of significant value to the business. Not being able to help remedy a significant issue found is a big detraction. The company now has to go out and pay another consultant huge sums to fix the issue or commit internal resources. For what the auditors charge, if there was no compliance function, you can be certain that no company would pay those rates just for someone to find an issue and then not help them fix it.

@EY2 that is actually a really stupid comment. Although these firms have to go through an audit, they don't have to do it at EY. Customer service and value added services are essential to the customer experience. If you have a client that wants to continue because they are getting the most from your services vs elsewhere then you are adding value to your firm.

^Hits the nail on the head. Audit is a much needed and required compliance service. It's extremely important to the capital markets. It's never going to be viewed by clients as a large value add. If you want clients to be happy you're there and see you as value add then go into advisory or consulting.

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