Auditing companies do more than inspect financial records. They also conduct in-depth, survey-based market research and offer analysis. And some of their findings are provided free of charge.
Some of their motives for doing this are altruistic, others are competitive. It’s a way to stay ahead of the pack or to stand out from a sea of competitors. The sharing of knowledge-based findings is also a way to change the business environment and promote more transparent markets.
“We, as a global company, are interested in sharing our expertise and knowledge in the market,” said Olga Danchenkova, senior public relations specialist at the Kyiv office of Ernst & Young, one of the so-called “Big Four” auditing firms. “Firstly, it once again shows our competency in different industry sectors. Secondly, it’s part of our global knowledge-sharing strategy.”
Ernst & Young, for instance, publishes up to 20 different quarterly global market surveys. In times when knowledge is power, their findings could help businesses stay one step ahead of competitors. The surveys cover virtually every sector of the global economy from consumer products and financial services to real estate, oil and gas and others. Available on ey.com, online users can also subscribe to e-mail alerts by completing the web form, “Connect with Us.”
Although local Ernst & Young surveys aren’t so frequent, they are of particular value for those interested in Ukrainian market trends. But knowledge of Ukrainian is necessary if someone wants to know, for example, how the hotel market in Kyiv changed after the Euro 2012 football championship.
In the case of such sector studies, the auditor plays an invaluable role of an impartial i who collects information about specific organizations under extensive confidentiality clauses, and then distributes the results of a statistical analysis to participants. Thus, a bank wishing to learn if it pays its employees more or less than the competition, but that does not want to share its information, can simply participate in a study and compare the wages it offers to an industry average.
Perhaps the best example of exclusive local research is Ernst & Young’s survey of salaries and compensation in Ukraine. General salary overviews come out every quarter and at the end of the year. This information is not free, however. Surveyed companies can purchase the survey findings’ basic package at a discounted 1,140 euros. Firms that didn’t take part in the study can buy this information in parts or in whole for as high as 5,160 euros.
Ernst & Young is also known for its annual study of best employers in Ukraine. It is based on a poll of students and candidates with work experience and shows which Ukrainian companies offer the best work conditions.
Additionally, subscriptions are available for Ernst & Young’s local newsletters on recent developments and legislative changes in taxation, customs regulation, labor law and migration, as well as real estate trends and fixed assets. Newsletters are available in two languages, Ukrainian and English.
Another “Big Four” auditing company, Deloitte, offer dozens global industry and news releases on its website. Each year, its experts complete a global ranking of the 500 largest companies in Central and Eastern Europe by revenue. Ukrainian companies have been listed in this study for the sixth consecutive year.
Deloitte traditionally measures consumer confidence before the New Year and Orthodox Christmas holidays in Ukraine. It measures how much money Ukrainians are willing to spend and what kind of presents to buy.
“This research targets retailers to help them prepare for seasonal winter holidays, the most important time for them,” said Olga Shamritskaya, Deloitte’s senior manager in Ukraine. “At this time sales increase and it’s very important to provide consumers with everything they need.”
Deloitte also accepts orders to conduct surveys of certain economic sectors or changes in legislation.
KPMG, another giant auditor, for the second time presented its Private Banking in Ukraine survey. It studies how Ukrainian banks use private banking, provides portraits of their clients and defines market leaders. A disadvantage is that this report is available only in Russian.
“Big Four” auditor PwC also conducts many global and local surveys. Its CEO Survey provides the opinions of top managers of the biggest companies in the world, including Ukraine, on the prospects of the global economy. Its results are presented at the economic forum in Davos.
Paying Taxes, a global research of tax systems in 185 countries, is done by PwC, World Bank and International Financial Corporation. PwC also prepares a separate report for Ukraine in its Global Economic Crime Survey.
All PwC surveys are free of charge and can be found on its website. An exception is its Paywell Ukraine survey which studies the labor market and salary levels in Ukraine. But in contrast to Ernst & Young, PwC gives the price for this research only to potential clients.
Kyiv Post staff writer Oksana Faryna can be reached at [email protected].
