Now that you understand the demand from the client side, let’s take a look at the delivery or firm side.
Firms as you might expect are structured in such a way as to meet client demand.
When I received answers to my inquiries from people in the profession, many of whom continue to this day to be my friends, I was intrigued.
Now, imagine twenty (random number) other practices such as PAS which falls under the RAS umbrella. Now once again try to imagine ten or so other service lines like RAS with once again a bunch of sub-service lines such as PAS. New practices form and old practices consolidate just about every year. Here’s an example: Imagine for a moment that a new regulation to govern “Wall Street” firms is passed and will be enforced in one year’s time.
These groupings also vary from country to country and region to region depending on client demand in that particular geography. This is a possible scenario, I might add, given today’s market conditions.
Advisory, on the other hand, is more similar to a classic management consulting mold.
It is not nearly as consistent as Assurance work, but it is one of the fastest growing offerings within the firm.