Opportunities and Strategies When Facing the Challenges

Despite the difficulity that bumiputera and non- bumiputera faced, there are always
oppotunities and strategy that firm can handle it.

One of the strategy is encourage better use of information to support good decision-making.
This is the keys to meeting the challenge of delivering effective and efficient public services
in a fiscally constrained environment is to get better information about performance and then
use that information to make better decisions and hold people accountable. As public entities
look for ways to cut costs, it is more important than ever that they have the information
necessary to inform those decisions.

Moreover, to overcome this issue one of the strategies is to need merges of small firms. A
merger is more than merely an agglomeration of two or more firm. The successful merger of
the firm with another practice results in a potential benefit of scale, access to new markets and
niche services. If the firm run a small practice, merging with a larger firm expands client base,
bringing more money to firm and the other partners. If the firm plan to acquire a small CPA
firm, the opportunity to bring on board income-producing partners and other talented staff is
another advantage and reason to merge.

However there also have opportunities when facing the challenges. One of the opportunities is
new area of auditing. There are many field in the area of auditing such as enviromental
auditing. The definition of environmental audit is the examination of the correctness of
environmental accounts. The objective of environmental auditing is to control the costs
incurred on procuring the natural resources and to ensure that they have been properly
classified. It also to ensure that the natural resources are utilised for industrial development
and for national progress.

The other field in new area of auditing is cost audit. The definition of cost audit is is an audit
process for verifying the cost of manufacture or production of any article on the basis of
accounts taking into consideration utilisation of material or labour or other items of costs,
maintained by the company. Their objective is to detect any error or fraud that might have
been done intentionally or otherwise.

Futhermore, the challenges opens an opportunity for small to medium-sized auditing firms to
become specialists. In this way, smaller auditing firms can develop the expertise of their
auditing staff around the accounting and business practices of the specialized industries or
particular types of clients, as knowledge-sharing can be more successful when it is naturally
more targeted.