What is the difference between consulting and advisory?

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Consulting means youre doing something that adds value. Advisory means you're testing SOX controls. 😂

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Only in KPMG does Advisory mean "testing sox controls". Why, you might ask!

Because its KPMG my friend

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These are all bad answers. First off, it depends. Generally consulting means management consulting: helping to solve high level problems like growing top line, expanding into new territories, launching a new product, implementing a new acquisition...etc.
Advisory is essentially everything else that isn’t audit or tax but still accounting related. I’m in KPMG’s Deal Advisory group which encompasses FDD, technical accounting, corporate finance, risk assurance...etc

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Spelling and number of syllables. That’s about it.

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FDD, corporate finance, technical account groups, infrastructure groups, valuation groups...etc have nothing to do with day-to-day operations.

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Not accurate ^

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In my experience consulting seems to be more high level strategic work, where advisory is more helping with the day to day operations

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KPMG2 - I thought EY4's response was pretty similar to yours.

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All of these answers are opinions and based on how each respondants' respective firm uses the term. My answer (see first post) is the most accurate as it is based on objective facts. I win. Post closed.

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Exactly the same thing

What about tax advisory?

No difference.

@kpmg2 yeah idk what these other people are saying. You are correct

@ey2 I’m under risk advisory and I’m solely doing SOX control testing. Seems like EY and KPMG are on the same side. Of course there are other advisory here but putting IT audit under advisory simply offends me...

Risk & Financial Advisory, never touched SOX and never will

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