The Chartered Accountant

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