Presentation by Sylvia Tsen, IFAC SMP Forum June 2013

1. Page 1 | Confidential and Proprietary Information
Enhancing SMP Value Through
Assurance and Practice
Management
Sylvia Tsen,
Director, Quality and Member
Relations IFAC
IFAC Small and Medium Practices Forum
Kampala, Uganda
June 5, 2013

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. Page 3 | Confidential and Proprietary Information
• Hear how standard setters, member bodies and SMPs
are:
– Responding to changing SME needs
– Responding to increasing demand for non-audit services
– Addressing practice management implications
Objective

4. Page 4 | Confidential and Proprietary Information
• SMP Quick Poll Feedback
– Complexity and pace of change of regulations, in particular tax, are
foremost challenge for both SMPs and SME clients
– Keeping up with new regulations and pressure to lower fees are the top
two challenges for practitioners
– Fastest growing sources of practice revenue are (1) accounting and
compilation; (2) audit and assurance; and (3) business advisory
– Business advisory opportunities often come from existing clients
Observations – Challenges and Opportunities

5. Page 5 | Confidential and Proprietary Information
• International Monetary Fund
– Predicted that between 2011 and 2015, seven of the top ten fastest
growing economies in the world will be African countries1
• Firm Leaders – International Accounting Bulletin2
– “Audit and accounting side of profession has dramatic opportunities for
growth”
– “There is no lack of opportunities across service lines in Africa …”
– “A large portion of this growth will be from the emergence of small
entrepreneurial business and the accounting industry will have to adapt to
service this expanding market …”
1 ICAEW Economia, April 2013
2 International Accounting Bulletin, April 2013
Observations – Opportunities

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 Committee
Introductions

7. Page 7 | Confidential and Proprietary Information
Brendan Murtagh
Member - International Auditing and Assurance Board
(IAASB)
Enhancing SMP Value Through Assurance and
Practice Management

8. Page 8 | Confidential and Proprietary Information
Simant Prakash
Partner Designate
RSM Ashvir
Enhancing SMP Value Through Assurance and
Practice Management

9. Page 9 | Confidential and Proprietary Information
Peter Hollis
Chair
ICAEW Practice Committee
Enhancing SMP Value Through Assurance and
Practice Management

10. www.ifac.org