• Register
Return to: Home > News > Mid Tier > Firms need to rethink their business models, head of Swedish institute tells DFK members

Firms need to rethink their business models, head of Swedish institute tells DFK members

The Institute for the Accountancy Profession in Sweden (FAR) secretary general Dan Brännström has called on accounting firms to rethink their client offering in order to better adapt to future market trends.

"Many audit and accounting firms have been successful for a long period with traditional business models and now is the right time to review those models and come up with more modern solutions and develop new services," Brännström said speaking at DFK International annual conference.

He explained that two years ago FAR had commissioned a study into the future of the profession, and a key outcome of it was the need to differentiate services, for instance, not providing the same audit for small companies as for complex financial institutions.

As such, since January 2014, FAR as part of the Nordic Federation of Public Accountants has worked in collaboration with other institutes in the region on the development of a Nordic audit standard for SMEs.

The Standard for Audits of Smaller Entities (SASE) was published in early July of this year for consultation.

"The standard is principle based. Rather than tell the auditor how to carry out the audit, it will be up to the auditor's professional judgement," Brännström told the DFK delegates. "The audit must be very risk focused and the auditor should design the right procedures to be able to submit a report that will give the same level of assurance as an ISA based audit."

He believes that if adopted in the Nordic region, the standard could be rolled out to other countries as according to him it has already attracted interest from around the world.

DFK International executive director Martin Sharp said that while SASE is very topical for firms throughout the Nordic region, other member firms from around the world had been very interested to hear about the project.

The standard is out for consultation until 19 October 2015, and can be consulted here

Related article:

To audit or not to audit

Top Content

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.