The Chartered Accountant
The Chartered Accountant
The Chartered Accountant
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Preface<br />
DECEMBER 2008 1046 THE CHARTERED ACCOUNTANT<br />
Icai news<br />
Changing Profile of Profession in Context<br />
with Member Firms<br />
Last Date of Submission: 15 th December, 2008<br />
<strong>The</strong> advent of globalization and its consequent ramifications<br />
are making a subtle transformation in delivery mechanism<br />
of the professional services. World over and more<br />
importantly in the emerging economies, one sees an innate<br />
desire to march toward being bigger. This becomes crucial<br />
in context of professions like accountants which traditionally<br />
have been sole-practitioners or as small firms with limited<br />
number of partners. While there can be no ground<br />
to make a case for stating that such firms are inhibited on<br />
competency framework; at the same time the on-going reforms<br />
and with the limited liability partnership Act in offing<br />
with and the users of services also looking for one stop<br />
solution on various professionals issues; it makes a cogent<br />
ground to draw up synergistic relationship to Grow bigger.<br />
When we talk of growing big in context of professional<br />
service providers it could be in the form of consolidations/mergers<br />
amongst individual firms, collaborating with<br />
others and alike, in order to gain professional competencies<br />
needed in the market domain.<br />
<strong>The</strong> Institute in order to have an insight into the structural<br />
dynamics of the profession is coming out with survey to<br />
have the perspective of its constituent member firms as to<br />
their vision on the emerging paradigm and structural issues<br />
relating to profession. It is also a fact that the traditional<br />
role of an accountant has now broadened to encompass<br />
a wide variety of services. This along with the changing<br />
profile of market needs and a renewed thrust on the reporting<br />
requirements has brought into a new set of compliance<br />
procedures. <strong>The</strong> compliance systems, while being<br />
regulatory in nature have their developmental aspects as<br />
well which in process of such compliance, hones up the<br />
quality of professional work.<br />
<strong>The</strong>re is no hard core definition of a small and medium<br />
practitioner however, traditionally in context of a market<br />
like India, small firm would typically signify and create perception<br />
of have less than 5 partners and would have smaller<br />
number of employees and gross receipts of say Rs.50 lakhs<br />
which again may vary depending upon the demographic<br />
profile of the firm.<br />
<strong>The</strong> issue of new trade order and increasing competition<br />
from the overseas firms is also a factor which is receiving<br />
2 CPE<br />
Hours<br />
the attention of the developing economies world over. <strong>The</strong><br />
importance of the members being equipped with relevant<br />
dexterity and augment and strengthening the financial and<br />
infrastructural capabilities are being seen as the key drivers<br />
for the growth of profession.<br />
This exercise may be attempted by any of the active<br />
partners of the firm. However, multiple responses<br />
from same firm filled by individual partners will also<br />
be accepted.<br />
<strong>The</strong> ongoing structural ramifications in accounting profession<br />
taking place world wide would influence the profession<br />
and possibly need a sustained response on on-going basis;<br />
such issues being of nature which warrant due positioning<br />
to be undertaken for the benefit of the membership<br />
at large. <strong>The</strong> issues being timely and requiring threshold<br />
reaction are thus needed to be addressed at a shorter notice<br />
and hence there is a need for the response of membership<br />
to such structural factors.<br />
In order that the ICAI comes to know of the practitioners<br />
perspective/its members in regard to the issues of growing<br />
big and the modalities thereof in the changed market scenario<br />
would request its member firms to spend some time<br />
in responding to the questionnaire below <strong>The</strong> response<br />
would be kept totally confidential and would not be used<br />
for another perspective other than to assess the current<br />
trends for taking future positions if so warranted. . It may<br />
also be added that the response stated herein would entitle<br />
the member for CPE credit of 2 hours.<br />
<strong>The</strong> questionnaire consists of 46 Questions divided into<br />
five sections as:<br />
Question 1-11 General Information about your<br />
firm<br />
Question 12 -17 Financial Information about your<br />
firm<br />
Question 18 -19 Perception on being in Industry visà-vis<br />
Practice<br />
Question 20 -28 Information on Firms performance<br />
Question 29 - 46 You and ICAI<br />
While answering the questions, please make sure that your<br />
replies reflects your individual views as partner/proprietor<br />
on behalf of your firm.<br />
<strong>The</strong> last date for submission of the filled-up questionnaire &