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Question: Dave Czarnecki is the managing partner of Czarnecki and Hogan, a medium-sized local CPA firm located outside of Chicago. Over lunch, he is surprised when his friend James Foley asks him, "Doesn't it bother you that your clients don't look forward to seeing their auditors each year?" Dave responds, "Well, auditing is only one of several services we provide. Most of our work for clients does not involve financial statement audits, and our audit clients seem to like interacting with us."
a. Identify ways in which a financial statement audit adds value for clients.
b. List other services other than audits that Czarnecki and Hogan likely provides.
c. Assume Czarnecki and Hogan has hired you as a consultant to identify ways in which they can expand their practice. Identify at least one additional service that you believe the firm should provide and explain why you believe this represents a growth opportunity for CPA firms.
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In order to discount the free cash flows to the firm in the DCF valuation model, you need to compute the weighted average cost of capital (rwAcc).
Develop an analysis model that will support pivot table analysis using RFM techniques. Use no more than five quintiles to cluster the ticket data.
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Investment projects should never be selected through purely mechanical processes. Managers should ask questions about the positive net present value (NPV). Good managers realize that the forecasts behind NPV calculations are imperfect.
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