The Chartered Accountant

More documents

Recommendations

Info

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 &
& is 15 th December 2008. Icai news Members are requested to respond to the below questionnaire either electronically on the homepage of institute’s website www.icai.in or submitted in physical form so as to reach us by 15 th December 2008 to: Secretary, Perspective Planning Committee The Institute of Chartered Accountants of India Post Box No. 7100, Indraprastha Marg New Delhi – 110002 Questionnaire: GENERAL INFORMATION ABOUT YOUR FIRM QUESTION.1 Are you a a) Sole proprietor b) Partner c) Executive at CA firm d) Others, please specify___________ QUESTION.2 You have been in practice for a) Less than 3 years b) 3 years to 5 years c) 5 years to 10 years d) 10 years to 20 years e) Above 20 years QUESTION.3 Your age is a) 21-25 years b) 25-35 years c) 35-40 years d) 40-50 years e) Above 50 years QUESTION. 4 Are you a) Male b) Female QUESTION.5 You reside at a) Metro cities (Delhi, Mumbai, Kolkatta ,Chennai, Hyderabad, Bangalore) b) Non-metro cities c) Town QUESTION.6 As on 01-04-2008, you are partner/ executive of firm consisting of a) Proprietary firm b) 2 partners c) 3-5 partners d) 6-10 partners e) 11-20 partners QUESTION. 7 Your firm specialized in (Kindly provide % of total assignments) a) Accounting _____ b) Internal audit _____ c) Statutory audit _____ d) Concurrent audit _____ e) Indirect taxation _____ f) Direct taxation _____ g) International taxation _____ h) Insurance _____ i) Risk Management _____ j) Merger and Acquisitions _____ k) Management Consultancy _____ l) Others, please specify___________ QUESTION.8 (i) Your majority clients are (kindly give % of total clients and % of gross receipt) % clients % receipts a) Individuals including proprietary concerns _____ _____ b) Small Enterprises _____ _____ c) Medium size industries _____ _____ d) Large industries _____ _____ e) Multinational Corporates _____ _____ Comments, if any ______________ (ii) Your Major Clients are from (kindly give % of total clients and % of gross receipt) % clients % receipts (a) IT Sector _____ _____ (b) Banking _____ _____ (c) Financial Services (Insurance, Lending, Mortgaging etc) _____ _____ (d) Manufacturing _____ _____ (e) Services _____ _____ (f) Engineering _____ _____ (g) Public Sector Units _____ _____ (h) Others, please specify __________________ QUESTION.9 Had you previously been in employment? THE CHARTERED ACCOUNTANT 1047 DECEMBER 2008
Page 1 and 2:
Volume 57 No. 06 December 2008 THE
Page 3 and 4:
EDITORIAL BOARD EDITOR-IN-CHIEF CA.
Page 5 and 6:
DECEMBER 2008 946 THE CHARTERED ACC
Page 7 and 8:
own residential Centre of Excellenc
Page 9 and 10:
READERS WRITE DECEMBER 2008 950 THE
Page 11 and 12:
ICAI President CA. Ved Jain address
Page 13 and 14:
956 DECEMBER 2008 THE CHARTERED ACC
Page 15 and 16:
ACCOUNTING covered by forward excha
Page 17 and 18:
Page 19 and 20:
profit and loss account and the bal
Page 21 and 22:
consonance with the Standards presc
Page 23 and 24:
When the power to make rules is lim
Page 25 and 26:
A. Facts of the Case 1. A private l
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Now if we apply these probability c
Page 33 and 34:
Residential Status DECEMBER 2008 98
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42: DECEMBER 2008 992 THE CHARTERED ACC
Page 43 and 44: DECEMBER 2008 994 THE CHARTERED ACC
Page 45 and 46: CUSTOMS I. Circulars 1. Circular No
Page 47 and 48: Appellant/assessee is a multi-state
Page 49 and 50: that the penalty proceedings under
Page 51 and 52: order shall consider whether the di
Page 53 and 54: Facts of the case: Shri Bharat D. B
Page 55 and 56: DECEMBER 2008 1008 THE CHARTERED AC
Page 59 and 60: forcing otherwise healthy banks to
Page 61 and 62: The real question is, given the rec
Page 63 and 64: etained in LLP Bill - 2008 and some
Page 65 and 66: If the partners do not execute the
Page 67 and 68: of Accounts and a Solvency Statemen
Page 69 and 70: Section 57 of the LLP Bill provides
Page 71 and 72: e converted into a LLP by following
Page 75 and 76: y misrepresenting their earnings. I
Page 83 and 84: US$ Million USD 48.86 48.68 48.83 S
Page 85 and 86: 1. What are my professional objecti
Page 87 and 88: The Committee for Members in Indust
Page 89 and 90: ) 25-35 c) 36-45 d) 46-55 e) 56-65
Page 91: & Icai news If yes, which areas ___
Page 95 and 96: & a) Yes b) No Comments, if any ___
Page 97 and 98: & Comments, if any_________________
Page 99 and 100: IASB Exposure Drafts on: Icai news
Page 101 and 102: Icai news NEW PUBLICATIONS From the
Page 103 and 104: Icai news OFFICE OF THE COMPTROLLER
Page 105 and 106: Icai news Requirements The student
Page 107 and 108: ��
Page 117 and 118: (This Accounting Standard includes
Page 119 and 120: counts the nominal amount of the in
Page 121 and 122: accounting treatments set out in pa
Page 123 and 124: inspection are complete. However, r
Page 125 and 126: (This Accounting Standard includes
Page 127 and 128: Some loans may be interest-free or
Page 129 and 130: Standard for Local Bodies: (i) Inte
Page 131 and 132: the business, to an entity’s abil
Page 133 and 134: l Ensuring employees are properly t
Page 135 and 136: own legal counsel as to whether a c
Page 137 and 138: cial statements (in other cases tho
Page 139 and 140: Legal or Regulatory Restrictions on
Page 141 and 142: strategies, and the related busines
Page 143 and 144:
Entities A35. In the case of audits
Page 145 and 146:
with governance is not adequate and
Page 147 and 148:
in the preparation of financial sta
Page 149 and 150:
asis but, in the auditor’s judgme
Page 151 and 152:
further into the future, in conside
Page 153 and 154:
Introduction 1. The purpose of this
Page 155 and 156:
DECEMBER 2008 1110 THE CHARTERED AC
Page 157 and 158:
Introduction 1. The purpose of this
Page 159 and 160:
for which controls are being assess
Page 161 and 162:
erised applications or over the ove
show all

The Chartered Accountant

Create successful ePaper yourself

Delete template?

Save as template?