A short jist for comparison between Compliance & Consulting. Which will help you in differentiating between how legal legal compliances is different from consultancy provided by chartered accountant firms.

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Presented By Consulting
Team
o Nikhil Kumar Gupta
o Karuna Neupane
o Akash Agarwal

3. Compliance
SKC Meet
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VS
Consultancy

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Introduction: Consulting & Compliance :
o The word Consultancy refers to providing guidance and recommendation to
management for getting things done in best possible way and in a synchronized way
by application of personal logics and reasoning.
oCompliance refers to adhering to certain rules, regulation ,standards and other
requirements as defined .
oConsultancy can be provided in any field and has a very wide scope of services .
Where as compliance is used where we have to adhere certain laws and standards
as required by law.
oConsulting & Compliance should work simultaneously in an organisation. But
both are Independent to each other and both plays a vital role for the growth of
organisation.

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Role Of Compliance in an Organisation :
 Reduces the burden created by all the statutes and regulatory
bodies.
Provides a mandatory check on the operation of establishment.
Helps to abide by law
Helps to overcome the hurdles created by current compliances
such as Complex Income Tax Act, heavy penalty of Companies Act,
encumbered indirect taxes.
 Prevents unnecessary bribe to government officers.

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Role Of Consultancy in an Organization :
Consultancy talks about growth , profit, turnover , cost
cuttings etc.
Consultancy helps in mentoring the top level
management .Apart from only focusing on official goal it
also helps in managing personal goals.
Consultancy helps in better planning of actions
required to fulfilled long term goal.
Being at the top most level of organization as you all
know with great power comes great responsibility. So
the consultancy helps in lowering the burden.
Consultancy provides road map to organization and
provides a smoother road without bumps in achieving
the milestone .

8. o In Compliance, there is distinction of right and wrong as per law.
Whereas in consultancy, there is no concept of right, we have to use
as per situation.(Like Implementing APR formats)
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o Compliance is a First Aid vis a vis Consulting is whole body
Treatment.
COMPARISION

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o Compliance is a pre-requisite of a business organization. Where as
Consultancy is something you opt for your success.
o Compliance is a narrower limited to bare act concept whereas consultancy
being an Ocean because there is always room for development. Consulting
is a vast ocean with no fixed boundaries. There is no set of rules written
down for any task in consulting.
(No Consultancy Act ).

10. o It is like possessing a torch in the dark to find a way but when we use the
torch we have no way but to build over own way. So holding a torch in one
hand and making way from other hand seems to be a tiring yet amazing task
because there is a lot of room for work.
Sometimes this excessive room is a hurdle and sometime it’s a boom for us.
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11. Ing t
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There’s always a
deadline and time
limit in compliance.
Consultancy has not got a
time limit. Its like moving
towards your long term
goal. Deliveries depend
on your will.

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Both compliance and consultancy are inevitable for an organization.
Even if the organization wishes to grow with consultancy, steps should
be taken by fulfilling all the compliances required to provide a regular
check on organization which will equally contribute in the growth of
organization.
CONCLUSION

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