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The ideal client a firm engaged in accounting and consultancy services would consider to advice would be a banking institution, preferably Barclays bank. A banking institution because banking basically deals with accounts which needs a lot of consultancy, accuracy and high standards of operations .Specifically, Barclays bank is considered in this case because of its establishments and popularity when it comes to the kind of customers it serves and the kind of services and products it offers. For instance, it extends a number of products and services to their customers such as credit cards, insurance, loans, mortgages, wealth management and investment services.
Given the above client, there are a number of services and products that a firm can offer. To start with are the advisory services. This may include advice on revenue recognition, compensation arrangements, fair value assessment, financial market and impact of income tax on the business. This will help the client to manage risks, grow innovatively and reduce cost.
The other service that the firm can extend to this client is the assurance services. These are services that have to do with financial reporting, auditing of accounts for the purpose of identification and management of risks and informing them of the international financial reporting standards and how they can improve on communication and change management knowledge. However, for the firm to be effective in the provision of this service, it needs to take note of two things; (Alvin, 2003) points out that it is important to obtain an understanding of the clients business and industry and also the effects of information technology and e-commerce on the audit process.
The firm can also extend tax services to the client such as tax compliance and ability to meet deadlines. It can also assist in legal matters as pertains taxation, tax calculation and changes in taxation procedures. This will enhance the client’s ability to manage risks associated with taxation.
Though the client is a well established financial institution, it is currently affected by stiff competition due to its comparative disadvantage when it comes to interest rate on credit .It has higher charges which discourages the customers from borrowing hence poor returns on their products.
In conclusion therefore, it is important to offer the client with relevant and reliable services that will enhance his or her growth and development REFERENCE
Alvin A. Arens, Auditing and assurance services: An integrated approach, Ninth Edition (upper saddle River, Nj: Prentice hall.2003 pp 765)
