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Background: Family firms have a strong impact on the world’s well-being, in terms of social stability, international wealth creation, and global development. Advisors appear essential to ensure the family firms’ prosperity and success, representing a potential source of advantage. There are several types of advisors working for family firms. Our study focuses on formal advisors (i.e. professionals, legally hired and paid by family firms), that either provide process or content advisory. Process advisors focus more on family dynamics and processes (e.g. relational and emotional aspect), while content advisors provide strategic services and specialized knowledge. Research Purpose: To understand how the approaches of advising family firms differ among formal business advisors.Research Problem: When advising family firms, two main type of issues can emerge. Soft issues regard personal and relational features, like emotions, while hard issues are emitted from the business, and are related to profitability and finance. In our critical literature review, we identify a gap in the existing knowledge regarding how advisors deal with soft issues when advising family firms. Although the unique characteristics and issues of family firms lead them to seek for specialized advice, they seem to be dissatisfied with the advisors’ ability to address soft issues. On the other side, content advisors show frustration in dealing with them. Research Questions: (1) How do content advisors perceive and address family firms’ soft issues? (2) How do process advisors perceive and address family firms’ soft issues? Method: Ontology – Relativism; Epistemology – Social constructionism; Methodology –Exploratory Qualitative Interview-based Study; Data collection – In-depth Interviews; Sampling – Two Purposive Criterion Samples of Content (i.e. accountants) and Process Advisors (i.e. family business advisors) (seven respondents each one); Data Analysis – Content Analysis (creation of a tree-diagram based on codes, sub-categories, categories, main categories)Conclusion: We develop a model describing how content and process advisors perceive and address soft issues, pointing out the identified differences in their approaches. Furthermore, our results suggest the existence of two level of soft issues, which adds new insights to the existing academic knowledge. Managerial Implications: We develop six main managerial implications for both content and process advisors, which we recommend as inputs facilitating the advisors’ work with family firms.

El presente trabajo de investigación tiene como objetivo determinar el impacto financiero de la aplicación los conceptos de la NIA 315 (Identificación y valoración de los riesgos de incorrección material mediante el conocimiento de la entidad y de su entorno) en el proceso de otorgamiento de créditos en las cajas municipales en la Provincia de Barranca, durante el año 2017. Para el desarrollo del presente trabajo, hemos realizado una investigación mixta (cuantitativa y cualitativa). Para la primera metodología se utilizaron la herramienta de Encuestas con Escalas y el Análisis de Casos, para la segunda metodología se utilizó las Entrevistas a Profundidad. Para validar nuestra hipótesis general e hipótesis específicas, se han realizado trabajos de campo en las principales cajas municipales de ahorro y créditos localizados en la Provincia de Barranca, a las cuales se realizaron encuestas a los asesores de negocios y, además, se contactó y realizo entrevistas a profundidad a expertos en el sector microfinanciero. Finalmente, se realizó un caso práctico para evaluar el impacto financiero de la presente investigación. De los resultados analizados se llegó a la conclusión de que las prácticas de la NIA 315 generan un impacto financiero positivo en el proceso de otorgamiento de créditos. / The objective of this research is to determine the financial impact of the application of the concepts of the IAS 315 (Identification and assessment of material misstatement risks through knowledge of the entity and its environment) in the process of granting loans in the municipal funds in the Province of Barranca, during the year 2017. For the development of this investigation paper, we have conducted a mixed research (quantitative and qualitative). For which we used the Surveys with Likert Scales and the Case Analysis, while for the qualitative work we used the In-Depth Interviews to experts in the Field. To validate our general hypothesis and specific hypotheses, fieldwork has been carried out to the main savings and credit local savings banks located in the Province of Barranca, to which business advisors were surveyed and, in addition, experts were contacted. The microfinance sector, to which it was interviewed and finally, a case study was carried out to evaluate the financial impact of the present investigation. From the results analyzed, it was concluded that the practices of IAS 315 generate a positive financial impact in the process of granting loans. / Tesis