Enhancing SMP Value Through Assurance and Practice Management

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Presentation by Sylvia Tsen, IFAC SMP Forum June 2013

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  • SMEs account for majority of private sector GDP, employment and growth
  • Enhancing SMP Value Through Assurance and Practice Management

    1. 1. Page 1 | Confidential and Proprietary InformationEnhancing SMP Value ThroughAssurance and PracticeManagementSylvia Tsen,Director, Quality and MemberRelations IFACIFAC Small and Medium Practices ForumKampala, UgandaJune 5, 2013
    2. 2. Page 2 | Confidential and Proprietary Information• Chair’s Introduction (5 minutes)– Objective– Observations– Introductions• Panelists (10 minutes each)• Question and Answer (35 minutes)– Chair and Panelists– Audience and Panelists• Concluding Remarks (5 minutes)Session Format
    3. 3. Page 3 | Confidential and Proprietary Information• Hear how standard setters, member bodies and SMPsare:– Responding to changing SME needs– Responding to increasing demand for non-audit services– Addressing practice management implicationsObjective
    4. 4. Page 4 | Confidential and Proprietary Information• SMP Quick Poll Feedback– Complexity and pace of change of regulations, in particular tax, areforemost challenge for both SMPs and SME clients– Keeping up with new regulations and pressure to lower fees are the toptwo challenges for practitioners– Fastest growing sources of practice revenue are (1) accounting andcompilation; (2) audit and assurance; and (3) business advisory– Business advisory opportunities often come from existing clientsObservations – Challenges and Opportunities
    5. 5. Page 5 | Confidential and Proprietary Information• International Monetary Fund– Predicted that between 2011 and 2015, seven of the top ten fastestgrowing economies in the world will be African countries1• Firm Leaders – International Accounting Bulletin2– “Audit and accounting side of profession has dramatic opportunities forgrowth”– “There is no lack of opportunities across service lines in Africa …”– “A large portion of this growth will be from the emergence of smallentrepreneurial business and the accounting industry will have to adapt toservice this expanding market …”1 ICAEW Economia, April 20132 International Accounting Bulletin, April 2013Observations – Opportunities
    6. 6. Page 6 | Confidential and Proprietary Information• Brendan Murtagh, International Auditing and Assurance Board(IAASB) Member• Simant Prakash, Partner Designate, RSM Ashvir• Peter Hollis, Chair, ICAEW Practice CommitteeIntroductions
    7. 7. Page 7 | Confidential and Proprietary InformationBrendan MurtaghMember - International Auditing and Assurance Board(IAASB)Enhancing SMP Value Through Assurance andPractice Management
    8. 8. Page 8 | Confidential and Proprietary InformationSimant PrakashPartner DesignateRSM AshvirEnhancing SMP Value Through Assurance andPractice Management
    9. 9. Page 9 | Confidential and Proprietary InformationPeter HollisChairICAEW Practice CommitteeEnhancing SMP Value Through Assurance andPractice Management
    10. 10. www.ifac.org

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