The M&E industry is increasingly demanded by today's consumers who are very enthusiastic, and highly demanding to deliver & consume content based on media, context, schedule, and preferences. The media interaction is growing strongly and Internet is the key to both the growth and development of the industry.
The Media and Entertainment industry exclusively nourishes innovation. This eminently creative industry nurtures talent and allows people interested in communication to combine their love for this industry with creativity and originality. This industry is offering jobs roles like prosthetic artist, roto artist, storyboard artist, etc., which are completely based on ingenious thinking. This industry is a boon to people who are innovative as well as possess excellent communication skills.
Traditionally the M&E industry has been a productive industry following technology innovations and consumer demands. By its inherent nature, the industry is extremely dependent on markets, cultures, languages and consumer segments. We have, however, witnessed content that have bridged not only the language barrier, but also worked across segments internationally. M&E is also unique due to its psychological, emotional and aspirational appeal to its customers. Quality and acceptance hence become extremely subjective to each individual.
This industry runs hand in hand with technology. Every job or position in this sector, including primary positions like lighting technicians have a great amount of technological interaction. This leaves people working in this industry with great opportunities to experience new and innovative technology. This constant interaction that one can have with technology is one of the biggest perks that the Media and Entertainment industry offers. Thousands of youngsters are seeking jobs in this sector, merely for this reason. This industry, being one of the few sectors which introduces jobs with latest technologies, is now creating several jobs in the spaces of VFX, Animation, Graphic Designing, Rotoscoping, etc
Advances in technology have helped content creators eliminate the middleman and push their work directly to consumers across a variety of platforms.
Our team helps entertainment companies to figure out how to diversify and compete on smaller scales and helps to turn to digital advances for entertainment, news, and business, etc., which translates to major opportunities for businesses.
Here are some of the key questions we aim to give answers to:
- Completeness – Are all the rebates returned to the client? Are there any rebates received by the agency that have not been communicated to the client?
- Accuracy – Are the rebates provided to the client as per the terms in the vendor agreement?
- Timeliness – Are the rebates communicated to the client on time? Are the rebates utilized by the client on time?
- Validity – Do the supporting documents provide adequate assurance on actual transactions?
- Transparency – Are there any arrangements that exist between the agency and vendor that are not communicated to the client? Does the agency demonstrate initiative in providing the client with sufficient information on the rebate process?
A financial media audit must be undertaken on a regular basis to ensure that there is maximum financial transparency between an advertiser and its agency. In a media marketplace that is becoming more and more opaque, sadly it has never been more important for an advertiser to safeguard its media investment and guarantee contractual financial compliance on behalf of the agency. Only a financial media audit can do this.
We at PSC conduct financial audit of media & entertainment company which involves:
- Validation of Accredited in business valuation (AVB) calculation and return including discounts, rebates, and other agency benefits such as free space
- Client-Agency-Suppliers Invoice reconciliation
- Verification of correct charge of commissions & discounts
- Analysis of payment terms & cash-flow
- Audit of unbilled media accruals
- Verification of appearance
- Agency remuneration reconciliation
Undertaking these tests as part of a financial media audit will go a long way to ensure transparency and better ongoing financial practice.