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CA.KEMISHA SONI

CA.KEMISHA SONI. Organized By. Women Members Empowerment Committee And Hosted by Jaipur Branch of CIRC of ICAI Feburary 11th ,201 7. Agenda. Industry v/s Practices Challenges in Professional Practice Practice Improvement Areas Role of ICAI

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CA.KEMISHA SONI

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  1. CA.KEMISHA SONI

  2. Organized By Women Members Empowerment Committee And Hosted by JaipurBranch of CIRC of ICAI Feburary 11th ,2017

  3. Agenda Industry v/s Practices Challenges in Professional Practice Practice Improvement Areas Role of ICAI Future of the Profession - Network, Merging, Corporate form of Practice

  4. Initial/StartupPeriod • Job Satisfaction • Job Security / Recession • Remuneration/Professional Fees • Personal recognition / Branding • Sharing of Knowledge • Scalability • Succession

  5. IMPORTANT INDICATORS MEMBERS

  6. MEMBERS AS ON 01ST APRIL 2016

  7. Women Participants Bridging the Gap Women represent only 59,119 are women members. Need to increase the attraction, recruitment, and retention of women in our profession, as we have strength of female ICAI students : Need to develop best practice models that can be used to support the industry in developing successful relationships that will positively impact the representation of women in the sector

  8. Finding Time – The 80:20 Rule How do we find time for these new opportunities when our hands are full with our existing clientele? The answer is simple. Apply the Pareto’s Principle or the 80:20 Rule

  9. Finding Time – The 80:20 Rule In our understanding of the client structure of a CA firm, we find that 80% of the clients, take 80% of our time and contributing to 20% of our fee component While the remaining 20% contribute towards 80% of our fee collection What if we can take spare some time from the 80% clientele category?

  10. Challenges in Professional Practice Retaining clients – especially those clients growing big Need to upgrade knowledge (CPE) Peer Review/FRRB/Disciplinary proceedings accept lower fees & delays in payment No Time for Introspection of fees / own finances

  11. Challenges in Professional Practice Fear of losing work ( results in low fees & client insolence) Greed to increase volume of work at any cost Inadequate training in fees charging matter and past precedence of older firms Rapidly increasing costs (Availability of low paid staff - Articles, B.Com, etc. is reducing rapidly) Inadequate Projection of services Rendered ( Value of assuring no material mis-statement, or of no major non-compliance in Taxation is not adequately projected)

  12. Challenges in Accounting Profession Professional are expected to be confident communicator. Posses good teamwork and leadership sk Manage roles that ranges from traditional audit, risk management and financial reporting, to more strategic and analytical roles, along with assessing the impacts of sustainability and new regulation complexities. Cont…..

  13. Practice Improvement Areas Plug Revenue Leakages (Certification, Oral advisory on phone / meeting etc.,) Make Products of Services (Preparation of Manuals, Company Formation, Compliance audits, etc.) Systemize work procedures in writing Do Proper Client Appraisal- whether he/shehas the ability & willingness to pay proper/ reasonable fees

  14. Practice Improvement Areas Job assignment should be clear to the CA and the client by documenting it in the quotation / engagement letter to avoid unpleasant expectation gaps. Quote fees for work only after proper analysis of work, time & man power required In case of new work/ large work, take advance payment/ installment of fees as the work progresses Project : Rendering Personalized Service with a more broader exposure covering Audit, Income Tax , Service Tax , VAT etc)

  15. Examination Department EXAMINER OF ANSWER BOOKS - At least 4 years standing Rs.110 for Final, Rs.85 for Inter, Rs.55 for sectional paper in Inter OBSERVERS DURING EXAM DAYS - 2.5 years standing - during CPT, Inter and Final exam Rs.1500 plus conveyance per day

  16. PQ Courses and Certificate Courses Service tax Valuation Cooperatives & NPOs Alternate Dispute Redressal Anti Money Laundering IFRS Faculty Certificate Courses Post Qualification Courses • International Trade Law • WTO • Insurance & Risk Management • DISA

  17. Honorarium • CERTIFICATE COURSE • Around Rs.1,000-Rs.3,000 • per hour & generally • for 6 hours • 8-10 batches conducted • every year depending • on takers • One can also act as Paper Setter and Examiner in the Examinations conducted arising out of above • PQ and Certificate Courses • Around Rs.6000 – • Rs.1000 for paper setting • Rs.50-Rs.100 for Examiner

  18. Professional Opportunities In ICAI • As an Researcher • Teaching & Writing Assignments • Journal Publication • Technical reviewer

  19. Articles – Rs.5000/ Published Article • Technical Review of Articles – Rs.1500 /Article • Provide Case Laws – Rs.750/ Case Law • Verification of Journal despatch at Mumbai – Rs.7500 to a Selected Firm • Legal verification of Documents submitted to Registrar of Newspapers once a year – Rs.3000 Journal

  20. Quality Review Board • Review of Financial Statements • Very rich experience in Audit • Rs.1.5 Lakhs per Review

  21. Technical reviewers of Financial Statements • Having rich experience in Audit • Honorarium Rs.10,000 per Annual Report & 3 hours of CPE Financial Reporting Review Board

  22. Board of Studies • Review of study material - Rs.100/page & Rs.150/page of addition suggested • Faculty in GMCS classes and orientation programmes - Rs.750 to Rs.1500 per 90 minutes • Visiting faculty in IT labs run by Board of Studies • Video lecturing to students of CPT, Inter & Final – Rs.4000-Rs.6000/hour • Articles in students newsletter - Rs.2,500/ published article • Review of Article to be published in students’ Newsletter - Rs. 1000

  23. Other Avenues • One can act as resource person in Study Groups • Faculty for in-house Executive Development Programmes • Basic draft of Technical Publications on varied subjects – Rs.25,000 to Rs.60,000

  24. Honorarium CERTIFICATE COURSE Around Rs.1,000-Rs.3,000 per hour & generally for 6 hours 8-10 batches conducted every year depending on takers • One can also act as Paper Setter and Examiner in the Examinations conducted arising out of above PQ AND CERTIFICATE COURSES • Around Rs.6000 - Rs.1000

  25. Initiatives AND DEVELOPMENTS ICAI has launched an e-Booklet of useful information for our young members whether in practice or in service Link up of professional opportunities with various certificate and post qualification courses…. ICAI has Formed Insolvency Professionals of ICAI Empanelment of professionals with MCA as Mediator or Conciliator under Section 442 of The companies act ,2013

  26. Direct Tax International Taxation Double Taxation Avoidance Agreements (DTAA) Transfer Pricing Taxation Compliance Review Tax Deducted at Source (TDS) / Tax Collection at source (TCS) - Compliance Review Appellate work Advisory

  27. Indirect Tax Consultancy in Service Tax VAT GST Management Audit / Review under the aforesaid laws for assuring proper compliance / utilization of credits , etc

  28. Auditing and Assurance Services Internal Audit -- Internal audit functions under various laws e.g.SEBI,IRDA,XBRL,IFC Statutory Audit Services e.g. under IT act,Co-operative Societies,NBFC,Mutual funds,Insurance co.,Banks,Companies act etc Speciality audit services e.g. social audit,enviromental,shipping,Dot com co,ISO 9000-policy,procedure,process,records, CSR Forensic audit Stock Audit System Audit

  29. Consultancy under various laws Labour Laws Real estate regulation Act Benami Bill Insolvency laws Information tecnology and Cyber laws Law relating to Real estates Intellectual Property Right law LLP Right to Information laws XBRL Law relating to SEZ etc.

  30. Consultancy under various laws Competition laws Due deligence Consumer Protection laws Corporate laws Law relating to Charitable Institutions Law relating to Non Banking Financial Institution Securitization Laws Legal Documentation under Private Equity

  31. Professional Opportunities in Arbitration 1.Drafting of Arbitration Agreement 2.Representing either of the party (plainant and defendant) to the dispute in the arbitral proceedings 3. Assisting Arbitrator in drafting arbitral award 4. Assisting both parties to go to Court of Law 5. Assisting in preparing submissions to arbitrator 6. Member of Arbitral Tribunal Indian Council of arbitration:http://www.ficci.com/icanet/ Indian Institute of Arbitration & Mediation:http://www.arbitrationindia.com/ NSE and BSE

  32. Professional Opportunities in RTI Maintenance of records (Sec 4 (1)(a)) Preparation of details of publication(Sec(4((1) (b)) Audit on compliance of legal issues Establishing internal controls Monitoring and sending progress reports at regular intervals

  33. Professional Opportunities in Drafting Documents for Formation of an Entity - Partnership Deed; MOA/ AOA; Trust Deed Wills Business Agreements – Arbitration;Joint Venture;Foreign Collaboration; Franchisee; Research & Development;Technology Sharing Agreements Property Agreements - Transfer Deed; Lease Agreement; Gift Deed of Property; Construction Agreement; Rent Agreement;Sale/ Purchase Agreement; Agreement to Sell; Relinquishment Deed; Mortgage Deed Power of Attorney Affidavits Documents relating to Intellectual Property - Patent and High Technology Agreements;Licensing and Franchise; Consulting and Know-How Agreements; Software Development Agreements

  34. Professional Opportunities in Drafting Banking Documents - Bank Guarantee;loan agreements / lease deeds;overdraft agreements Export/Import documents – Letter of Credit; Agency Agreement; Documents for obtaining EXIM finance Documents relating to Labour Laws and Service Laws Documents relating to Insurance Documents relating to Public Interest Litigation, Environmental Issues etc. Documents Relating to Private Equity and SME ListingForm of Funding - Business Plan;Term Sheet; Warranties and Indemnities; Disclosure Letter;Shareholders' / Investors' Rights/ Subscription Agreement Documents relating to Cyber Law

  35. Related Websites Plain English Courses http://www.plainenglish.co.uk/training/online.html http://www.wordcentre.co.uk/ http://www.clarity.com.hk/

  36. AVENUES OF WORK FOR CHARTERED ACCOUNTANTS IN SERVICE GOVERNMENT DEPARTMENTS Chartered Accountants can hold top ranks in various Central/ State Government Departments. Can act as treasurer, auditor, senior financial officer, negotiator, financial management officer, policy maker and financial analyst.Can act as advisors to State/Central Governments. PUBLIC SECTORS Banks, Financial Institutions and Insurance Companies have a large intake of our members.Can work in areas like Audit, accounting, tax, management & computer consulting, mergers, acquisitions, bankruptcy, fraud investigation, personal financial and estate planning. CO-OPERATIVE SECTOR Can be appointed in the top/ middle level management in co-operative banks , regional rural banks, multi- state co-operative societies and state co-operative societies.

  37. Financial And Management Services CA’s can play invaluable role in assisting business organizations to utilize resources effectively, increase their goals and objectives, as management consultants. Value Added Services Chartered Accountants can provide their services in the areas of risk management, fraud and forensic accounting, performance measurement services, business performance improvement and enterprise governance etc.

  38. Information Technology And Computer Software Related Services The areas where a Chartered Accountant can practice and specialise are: System Development Life Cycle Information Security Performance measurements and monitoring Emerging Standards E-Governance

  39. Enterprise Resource Planning (ERP) There is going to be a great demand for functional and strategy consultants, whose number at present is far below the surging demand. Past experience make implementing ERP a fantastic challenge for the solution provider, the implementer and primarily, the organisation. With sound financial domain knowledge, good analytical skills, logical thinking and process understanding, a CA would be able to ideally plug into this position as an ERP Consultant. Types of Services provided by CA’s Pre ERP implementation Business Process Reengineering exercise ERP Readiness assessment Strategy setting and roadmap Product selection & implementer Master Data Migration Organization structure definition etc.

  40. Others A new area of professional service is the provision of composite service to small scale and tiny sector, consisting of preparation of project reports, setting up of accounting systems, book keeping, finalisation of accounts, Accounts and Audit Manual etc.

  41. NGO Sector There are nearly 1.2 million Non-Profit Organisations (NPOs) in the country and this sector offers challenging and rewarding opportunities to accounting professionals in particular. NGOs are increasingly taking the services of accounting professionals for various crucial functions, including external auditors, internal auditors and advisors. NGOs have begun to view Chartered Accountants as pathfinders rather than faultfinders.

  42. Insurance Insurance business is offering exciting new opportunities to the CA’s.The emerging sector has thrown open challenging jobs for the Chartered Accountants in the Finance, Risk Management, Planning and Operations functions in Insurance Companies. Types of Services provided by CA’s Risk Assessment of operational concerns Creating an audit framework Defining a risk management framework which includes mgmt of Information security, Data privacy & Business Continuity concerns & actioning the same Compliance with regulations & legal requirement. Communiation of Compliance requirements to the Organisation etc.

  43. Agricultural Financing & Marketing With the ever-increasing focus on rural development, agricultural financing & marketing has come in sharp focus particularly after corporate sensed big business scope in rural India. It is time that Chartered accountants can join the action in the arena of agricultural financing and related issues in a more vigorous and profitable manner.

  44. Emerging Opportunities For Chartered Accountants Knowledge Process Outsourcing (KPO) The work to be performed in the KPO industry is of a specialised nature. CA’s with considerable exposure to trade & industry together with accounting & auditing hold an advantage over professionals from different backgrounds. Types of KPO Services provided by CA’s Business & Technical Analysis Legal Services Assets Record keeping & verification Taxation Consultancy Data Analytics Research & Development

  45. International Accounting Firms for Outsourcing Professional Opportunities

  46. International Firms 1. Name of Service Provider - BLITA International URL - www.blita.com Features /Services - A. Global Accounting Outsourcing B. International Tax Services Tax Advisory Services International Incorporation Services 2. Name of Service Provider - MAZARS URL - www.mazars.com Features /Services - A. Accounting Outsourcing B. Financial Reporting Audit & Advisory Cont……

  47. C. Tax Services D. Legal Services E. Actuarial Services F. Consulting G. Financial Advisory Services 3. Name of Service Provider - BKR International URL - www.bkr.com/ Features /Services - A. Independent Accounting and Business Advisory Firms

  48. Indian Firms 1. Name of Service Provider - SKP Group URL - www.skpgroup.com Features /Services - A. Business Advisory B. Transaction Advisory C. Taxation Services D. Finance and Accounting E. Governance , Risk and Compliance F. Corporate Services Cont……

  49. FUTURE OF THE PROFESSIONICAI’S INITIATIVES FOR CAPACITY BUILDING Networking Merger Corporate form of practice

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