Digitisation in Audit-Related Consulting
New business models for audit firms
In a jointly released white paper, the market research and consultancy firm Lünendonk & Hossenfelder and CP Corporate Planning AG have been considering the effects of digitisation on audit and consulting firms.
How is digitisation affecting the audit, tax and management consulting market? Can digital business models and technologies permanently alter a consultancy’s DNA and the range of services it offers? And how have the demands of its customers changed? These questions have been looked at in the complimentary Lünendonk®white paper on Digital Transformation in Audit-Related Consulting. The white paper provides initial answers to the questions raised by digitisation as well as offering some guidance.
The audit sector is evolving
“As a consequence of various external factors, such as mandatory audit rotation for companies and the increasing level of competitive dynamics in relation to the audit, the sector has been going through a process of change for several years,” observes Mario Zillmann, Partner at Lünendonk & Hossenfelder. “That is why many audit firms have started to concentrate more on the management and IT consulting business. But it is also the relentless pricing pressure in the audit sector that is driving the trend towards setting up consulting teams.”
Simone Doerfner, Member of the Executive Board of CP Corporate Planning AG, adds: “The trend away from individual solutions and towards standardisation and unified platforms offers new income models to the consulting sector. Cooperating with technology providers speeds up the implementation of projects while creating all kinds of opportunities to benefit from economies of scale.”
The white paper is available in German to download free of charge at www.corporate-planning.com/digitalisierung-beratung.