Networking and Professional Opportunities for Chartered Accountants

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    18-Aug-2015

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<ol><li> 1. NETWORKING AND PROFESSIONAL OPPORTUNITIES CA ANKIT PANKAJ SANGHAVI PANKAJ P. SANGHAVI AND CO. CHARETERED ACCOUNTANTS </li><li> 2. SPECIALISATION PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 3. CONTINUOUS UPGRADATION OF KNOWLEDGE PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 4. MULTI DISCIPLINARY SERVICES PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 5. GLOBALIZATION PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 6. OTHER FACTORS IMPERATIVENESS OF TECHNOLOGY RISK MANAGEMENT SERVICE ORIENTATION NEED FOR SCALE UP PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 7. 1975 1990 PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 8. NETWORKING Networking is an association of different Firms / Members who identify a common name [ Brand ] and adopt collaborative approach yet retain their own identity and ownership of individual practices. The individual participants continue to manage their own practice but, adhere to the standards established by the Network. They share common practices,PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 9. FORMS OF NETWORKING Means a network registered with ICAI Objective is to use collective resources of the affiliates Formal Means a practice to refer professional work by a firm to one of its associate / affiliates Objective is not to pool in their collective resources Referral PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 10. REQUIREMENTS. . . Name of the Network: No compulsion of a distinct name Use &amp; Affiliates in place of &amp; Co. /&amp; Associates Application to be made in Form A Registration: A Formal Network needs registration Application in Form B No requirement of registration for Referral Network PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 11. . . .REQUIREMENTS Consent of Client: Consent to be obtained by the Network from the client to engage an affiliate in discharging the professional assignments Byelaws: A Frame work of Internal bye laws of the network is required for Networks requiring registration PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 12. GROUNDWORK . . . A common Vision of the Firms / Individuals coming together Network Philosophy The Mission should be defined Common Agenda Code for Success Ethical Guidelines A common Brand Name Branding PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 13. . . . GROUNDWORK Ensure continuity of the network. The Network should not belong to any one Institutionalization A formal Structure should be formed. Network Structure Detailing the terms of the Network Profit Sharing Methodology Defining the role of everyone involved Roles and Responsibilities PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 14. OPERATIONAL PROTOCOL . . . Avoid creating immovable properties Use Client delivery trackers Define Cost Allocation PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 15. . . . OPERATIONAL PROTOCOL Knowledge Sharing through Database Common Pool for Research HR Processes to be put in place since inception PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 16. MEETING OF MINDS . . . No ambiguity with regards to Key areas of such as Sharing of Profits, Roles, Responsibilities etc. Power Centre to be identified. Total power should not rest with single partner/individual Committees of Partners to be formed with ultimate powers resting with the entire Partnership Continuity and Succession plans to be put into place PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 17. . . . MEETING OF MINDS Norms of admission of new partners to be defined The process to be followed in case of retirement of partner to be identified and documented Control on Partner Costs Administration of the Firm should be carried out through a committee of senior partners. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 18. NETWORKING DETERRENTS . . . Finding the Right Fit Lack of Vision Trust PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 19. . . . NETWORKING DETERRENTS Reluctance to share Specialization Fear Conservative Thinking PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 20. KEY SUCCESS FACTORS. . . The Networking Firms Mission, Vision, Values, Leadership Alignment, and Goals supporting the desired changes should help to formalize and make permanent the new ways of doing work Finding the Right Fit Lack of Vision Trust Reluctance to share Specialization Fear Conservative Thinking PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 21. SUMMARY . . . Develop a Vision Identify Firm / Firms for Networking Meeting of Minds PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 22. . . . SUMMARY Common Goals Agreement Trial Period PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 23. PROFESSIONAL OPPORTUNITIES PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 24. MANAGEMENT CONSULTANCY The Goal of a Management Consultant is to make the flow of processes, information and funds which support the highest visibility and efficiency across the value chain, transparent to users. It's all about getting the right information, in the right format to the right person, at the right time, at the pace business demands. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 25. ERP IMPLEMENTATION ERP Solutions that are custom-built to suit the needs of all enterprises and each individual within. Its comprehensive, enterprise specific solutions enable businesses to outclass competition through highly competent operations and par excellence performances at all levels. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 26. ACCOUNTING AND COMPLIANCE To provide consistent, repeatable single solution approach that integrates all the business processes operating across different locations and functions. This ensures that operational information produced locally; from forecast to financials, cascades upwards into a single consolidated view that accurately reflects the organization's performance. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 27. FINANCIAL MANAGEMENT AND ADVISORY Financial Management may be defined as the Art and Science of Managing Money There are various range of services as a Financial Consultant : - Structuring Fund Requirement plan for meeting Project needs - Monitoring and Reviewal of Sick units - Business and/or Financial Restructuring - Merger and Acquisitions - Working Capital Management - Fund Syndication - Transaction Management PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 28. VALUATION The dynamics of an economy is compelling business enterprises to tap capital market and/ or private equity investors; to venture into acquisitions, restructuring, strategic alliances; to offer stock options for retention of intellectual capital, etc. All these endeavours raise a very crucial issue of determining the value of anPANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 29. INTERNAL AUDIT Internal Audit is the continuous and critical appraisal of the functioning of an enterprise relating to its Profile, Processes, Practices and Planning. The Internal Audit process adds value and improves the efficacy of the enterprise's business operatives. It analyses, evaluates, and recommends the measures to enhance business value and bolster the overall governance structure; strategic risk management and internal control system of the enterprise. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 30. TAX ADVISORY AND REPRESENTATION As an Individual taxpayer, Corporate or Trust, the financial affairs ought to be managed both, Tax effectively and in compliance with the Law. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 31. MANAGEMENT AUDIT Management Audit is a process of critical monitoring and examining the conduct of business from Management level to the Shop level, in order to ascertain whether sound management prevails throughout the organization, thus facilitating the most effective relationship with all its stakeholders or the governing authorities and the most efficient and seamless functioning of Business processesPANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 32. COMPLIANCE AUDIT Continuous Changes are making Statutory Codes increasingly complex and incomprehensible, and are thus increasing the risk of making expensive mistakes. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 33. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li><li> 34. PANKAJ P. SANGHAVI AND CO. CHARTERED ACCOUNTANTS </li></ol>

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