Can GGI Successfully Participate in a Cross-Border Audit Tender Process?
By Anders Hübertz Mortensen and Mads Anker Jensen, Dansk Revision Randers
During the autumn of 2018, one of our clients asked us if we could facilitate an audit tender for them. Their current solution in Germany and Switzerland was, for a number of reasons, unsatisfactory, due mainly to the fact they did not feel anyone had taken the responsibility as group auditor. This made the yearend process slow and frustrating. For historical issues, our firm has a strong position in the group. They still wanted our company, Dansk Revision Randers (Denmark), to be the auditor for the Danish entity but wanted a change for the rest.
We assisted the client in their quest. They had the following main criteria:
- Highly competent solution,
- Agreed timeline to be kept, and
- A one-stop solution.
They demanded that the auditors should be able to work together and be part of the same alliance. Often clients think being part of the same alliance means having the same name. This raised the question: Can GGI members successfully participate in a cross-border audit tender process? From a “keep the client” perspective we were of course mostly interested in working with GGI member firms. This was for two reasons. We wanted to test if we could make a group audit solution within GGI and we felt that the chance of losing the client on a long-term basis would be lower. However, we also needed to ensure a solution that fulfilled the other criteria. After careful consideration we suggested some possible candidates to the client. The suggested candidates were:
- Baker Tilly in Germany and Switzerland
- Grant Thornton in Germany and Switzerland
- nbs partners in Germany and Mattig-Suter und Partner in Switzerland – the GGI solution.
The tender process ran for about three months, to the beginning of December. During the tender process, the GGI member firms made the best offer to the client, from a financial perspective but, more importantly, they also seemed genuinely interested in the client and invested time instead of just sending a PowerPoint made up of a standard solution. What was interesting during the process was that the client felt they received the same treatment from the two GGI firms which they received from us. In Dansk Revision, our core values are “Presence”, “Professionalism” and “Commitment” and this is also what the client felt they received when dealing with Boris Michels from nbs partners and Norbert Valis from Treuhand- und Revisionsgesellschaft Mattig-Suter & Partner. Both had a very proactive and professional approach and the joint bid from the two companies was absolutely competitive compared to the other tenders, not only in pricing but, more importantly, in meeting the client’s needs.
So, the answer to the question is YES. GGI can successfully participate in a cross-border audit tender process. We will not hesitate to refer tenders to other GGI member firms in the future.
Anders Hübertz MortensenDansk Revision Randers, more than 30 offices throughout Denmark
T: +45 89 12 50 00
Dansk Revision Randers is a traditional audit and accounting firm with 100 dedicated employees. It is an independent business advisor and consultant for small- and medium-sized, as well as larger entities, servicing them on a cost-effective basis. The firm has both national and international clients within a broad range of sectors and offers services ranging from personal, corporate, and tax advisory to payroll, accounting and audit.
Anders Hübertz Mortensen is a partner of Dansk Revision Randers and a Danish Chartered Accountant. His focus is on M&A and providing a one stop solution for primarily owner managed businesses.
Mads Anker JensenDansk Revision Randers, more than 30 offices throughout Denmark
T: +45 89 12 50 00
Mads Anker Jensen is a manager in the audit department and has great experience in providing cross border services.
Published: Auditing, Reporting & Compliance, No. 01, Spring 2019 l Photo: Jeff Whyte - stock.adobe.com