Our latest Spotlight is on Advanced Audit, an accountancy practice based in Ecuador that specialises in financial account preparation, auditing, advisory, and consulting services. Audit Managing Partner, CPA. Carlos E. Orellana I.,Msc. answers our questions.
What is the future for your profession?
The future of our company and the professionals that make it up is to reach the market of financial entities, especially the Closed Complementary Pension Funds that are regulated by the Superintendency of Banks.
What is your growth strategy?
Our main growth strategy is constant support to our clients, not only providing external audit services, but also increasing the financial advisory service, accounting outsourcing and internal audit.
Where do you see your firm 5 years from now?
We want to position ourselves as a medium-sized firm recognized nationally.
What is your biggest challenge?
The biggest challenge is competing with well-known firms by achieving a position in the market.
What percentage of your work is international?
Currently, it is minimal because the companies that have hired us with relationships abroad have been short-lived. We hope that with the relationship we currently have with BOKS International this will increase.
What business advisory services do you offer?
External audit, Internal Audit, Accounting outsourcing, Special procedures, financial and tax advice.
What was your main driver for being part of BOKS International?
Obtain international representation to expand the market in which we operate.
Where do you see BOKS International 5 years from now?
We hope that the alliance will grow by having new members in other countries where it is not currently located.
How would you describe your typical client?
In Ecuador, a company can only be audited for a maximum of 5 years. Therefore, for the external audit service there cannot be a typical client due to the legal obligation to change. Our typical client comes more along the lines of financial advisory and internal audit. These clients are mainly in the automotive line and vehicle financing.
How do you target clients who are looking for international services?
For now, we have not had this request through our mail. We hope that these service requirements come from the alliance we have with BOKS International.
Do you specialise in a particular sector or service?
Automotive Sector, Financial and Closed Pension Funds.
