TUACC philip feb 2012

Twitteren tijdens dit Tuacc evenement? #tuacc


Gouden kans Gouden kans Nederlandse auditaanpak:Nederlandse auditaanpak:waar zitten waar zitten sweet spotssweet spots??

Tuacc Busy Season Break event

Philip ElsasComputationalAuditing.com

Afas Theater, LeusdenAfas Theater, Leusden February 29, 2012February 29, 2012


Artikeltje in AccountantArtikeltje in Accountant

● Wie heeft 't niet voorbij zien komen?Wie heeft 't niet voorbij zien komen?● Gideon Volkers had nog 'n vraagGideon Volkers had nog 'n vraag

Artikeltje in AccountantArtikeltje in Accountant

● Wie heeft 't niet voorbij zien komen?Wie heeft 't niet voorbij zien komen?● Gideon Volkers had nog 'n vraagGideon Volkers had nog 'n vraag


Identify newIdentify newvalue-adding servicesvalue-adding services

● vertrekken vanuit de vertrekken vanuit de pullpull,, en wel de en wel de owner-ordered pullowner-ordered pull● business case, business case, sweet spotssweet spots● wie staat er goed opgesteld?wie staat er goed opgesteld?

Identify newIdentify newvalue-adding servicesvalue-adding services

● vertrekken vanuit de vertrekken vanuit de pullpull,, en wel de en wel de owner-ordered pullowner-ordered pull● business case, business case, sweet spotssweet spots● wie staat er goed opgesteld?wie staat er goed opgesteld?


● Owner-ordered auditing addresses Owner-ordered auditing addresses understatement of profitsunderstatement of profits:: whether revenues are understated and expenses are overstated whether revenues are understated and expenses are overstated As an owner you want assurance that management, who you entrusted your money, is not making profits while keeping parts of it unstated, since profits are the basis of your dividends and stock quotation

● Management-ordered auditing addresses Management-ordered auditing addresses overstatement of profitsoverstatement of profitsAs management you want to attract investment capital by increasing your credibility that the profits you state are all real, not overstated, and so you hire the independent auditor to provide this assurance

● Management's illegitimate interest Management's illegitimate interest ── overstating or understating overstating or understating profits profits ── determines the direction of the audit from a market-driven determines the direction of the audit from a market-driven value-adding perspectivevalue-adding perspective


Owners

Management

Potential Owners

Owner-ordered audit: to check management

Management-ordered audit: to attract new investors

to increase credibility that profits aren't overstated

to increase credibility that profits aren't understated

Money-inflow for management

maximize equity

Money-inflow for owners

long-term ROI


Franchisor-FranchiseeFranchisor-Franchisee

WaardekringloopWaardekringloop InternationalInternational


Franchisor/owner-Franchisor/owner-ordered auditing is not a nicheordered auditing is not a niche

● 20-25% of economy, incl. dealer networks 20-25% of economy, incl. dealer networks & being at the receiving end of royalties& being at the receiving end of royalties● go vertical-by-vertical in the market placego vertical-by-vertical in the market place

Franchisor/owner-Franchisor/owner-ordered auditing is not a nicheordered auditing is not a niche

● 20-25% of economy, incl. dealer networks 20-25% of economy, incl. dealer networks & being at the receiving end of royalties& being at the receiving end of royalties● go vertical-by-vertical in the market placego vertical-by-vertical in the market place


““What's in it for me?”What's in it for me?”

● franchisorfranchisor● franchiseefranchisee● auditor, audit service providerauditor, audit service provider● educators: train-the-trainers & roll-outeducators: train-the-trainers & roll-out● tax and bail-out payers & tax and bail-out payers &

tax office tax office (internal revenue service)(internal revenue service)

““What's in it for me?”What's in it for me?”

● franchisorfranchisor● franchiseefranchisee● auditor, audit service providerauditor, audit service provider● educators: train-the-trainers & roll-outeducators: train-the-trainers & roll-out● tax and bail-out payers & tax and bail-out payers &

tax office tax office (internal revenue service)(internal revenue service)


Internal Revenue ServiceInternal Revenue ServiceThis quote is taken from a training course "programmaboekje van de Vaktechnische dagen van de Belastingdienst" of the Dutch equivalent of the US Internal Revenue Service, from September 2011,that starts with the recently adopted focus on their efficiency opportunties to rely on the franchisor for inspecting the franchisees: "Franchiseketens - Menno van Doorn, EDP-auditor bij Belastingdienst/Zuidwest

Het idee ‘franchising’ is inmiddels deels uitgewerkt in een project waarin een verkennende analyse is uitgevoerd naar de wijze waarop franchiseorganisaties functioneren. Daarnaast wordt per franchiseketen vastgelegd in hoeverre de bedrijfsvoering van de franchisenemer beheerst wordt door de franchisegever, uitgedrukt in een ‘CAB-score’. Hieraan is te zien of—en in hoeverre—beheersingsactiviteiten die eenfranchisegever uitvoert, ons als Belastingdienst zekerheid kunnen verschaffen over de juistheid [expenses] en volledigheid [revenues] van de aangiften van zijn franchisenemers. Op deze wijze kan het toezicht—met diverse gradaties van efficiëntie, van werkbesparing tot HT—worden uitgeoefend op ca. 800 franchiseketens in plaats van ca. 40.000 zelfstandige ondernemers (ca. 10% van het MKB in Nederland). Daarnaast zijn er intermediairs en adviseurs die zich specifiek richten op franchising en daarbij gebruik maken van certificering. Door hier bij aan te haken kan het toezicht nog efficiënter worden vormgegeven."


US-based investorsUS-based investors

● mobile killer app: smart close-to-real-time mobile killer app: smart close-to-real-time business relation franchisor-franchiseebusiness relation franchisor-franchisee

● on the outlook for more Dutch auditors:on the outlook for more Dutch auditors:● in franchisor-franchisee settingsin franchisor-franchisee settings● using sell-side to buy-side top-cycleusing sell-side to buy-side top-cycle● with international component to the dealwith international component to the deal

US-based investorsUS-based investors

● mobile killer app: smart close-to-real-time mobile killer app: smart close-to-real-time business relation franchisor-franchiseebusiness relation franchisor-franchisee

● on the outlook for more Dutch auditors:on the outlook for more Dutch auditors:● in franchisor-franchisee settingsin franchisor-franchisee settings● using sell-side to buy-side top-cycleusing sell-side to buy-side top-cycle● with international component to the dealwith international component to the deal


and more, if you're not in franchisor...and more, if you're not in franchisor...

● China: on the outlook for alternative audit China: on the outlook for alternative audit approach, one million auditors, appreciate approach, one million auditors, appreciate ownership-orientation and high yin-yang ownership-orientation and high yin-yang quality of top-cycle,quality of top-cycle, Fou-Khan Tsang & Fou-Khan Tsang & Yao-Hua Tan, Canada & US are exportingYao-Hua Tan, Canada & US are exporting

● educational materials, model-basededucational materials, model-based

and more, if you're not in franchisor...and more, if you're not in franchisor...

● China: on the outlook for alternative audit China: on the outlook for alternative audit approach, one million auditors, appreciate approach, one million auditors, appreciate ownership-orientation and high yin-yang ownership-orientation and high yin-yang quality of top-cycle,quality of top-cycle, Fou-Khan Tsang & Fou-Khan Tsang & Yao-Hua Tan, Canada & US are exportingYao-Hua Tan, Canada & US are exporting

● educational materials, model-basededucational materials, model-based


Franchisor-FranchiseeFranchisor-Franchisee

WaardekringloopWaardekringloop InternationalInternational

if not you, who?if not now,

when?

TUACC philip feb 2012

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