How to Hang on to Your Audit Clients

Source: What I've Learned So Far

Following are excerpts, reproduced with permission, from a recent blog post by Jean Caragher.

“Auditing Your Auditor,” the cover story of the April 2010 issue of CFO, highlighted examples of fee negotiations and audit fee benchmarking opportunities for CFOs. What are the marketing implications for CPA firms?

• Client loyalty isn't what it used to be. Ensure client satisfaction with a formal client satisfaction program.
• Help your clients operate more efficiently so you can offer a more competitive fee.
• Be sure your clients receive attention from partners and managers.
• Provide your team with adequate training to run the audit at optimum efficiency and reduce risk.
• Consider negotiating additional services within the audit fee so the client feels it is getting more bang for its buck.
• Analyze new and lost clients, lost proposals, and client fee negotiations from the past two years. Who were the prior auditors of your new clients? Which firms did your lost clients and prospects select? What impact has fee negotiation had on your revenue?

CFO provides an audit-fee benchmarking tool at www.cfo.com/fees.

For the complete article, click here.

From What I've Learned So Far, the blog of Jean Caragher, president of Capstone Marketing, www.capstonemarketing.com, June 27, 2010, “Auditing Your Auditor: Marketing Implications.” Visit http://www.capstonemarketing.blogspot.com.