Information about the ICAI Networking Platform and Professional Opportunities available for a Chartered Accountant apart from the Traditional Practice areas

1. NETWORKING AND
PROFESSIONAL
OPPORTUNITIES
CA ANKIT PANKAJ
SANGHAVI
PANKAJ P. SANGHAVI AND
CO.
CHARETERED
ACCOUNTANTS

2. SPECIALISATION
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

3. CONTINUOUS UPGRADATION OF
KNOWLEDGE
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

4. MULTI DISCIPLINARY SERVICES
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

5. GLOBALIZATION
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

6. OTHER FACTORS
IMPERATIVENESS OF TECHNOLOGY
RISK MANAGEMENT
SERVICE ORIENTATION
NEED FOR SCALE UP
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

7. 1975 1990
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

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

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

10. REQUIREMENTS. . .
Name of the Network:
No compulsion of a distinct name
Use “ & Affiliates” in place of “& Co. /& 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

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 Network’s requiring registration
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

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

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

14. OPERATIONAL PROTOCOL . . .
Avoid creating immovable properties
Use Client delivery trackers
Define Cost Allocation
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

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

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

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

18. NETWORKING DETERRENTS . . .
Finding the Right Fit
Lack of Vision
Trust
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

19. . . . NETWORKING DETERRENTS
Reluctance to share Specialization
Fear
Conservative Thinking
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

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

21. SUMMARY . . .
Develop a Vision
Identify Firm / Firms for Networking
Meeting of Minds
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

22. . . . SUMMARY
Common Goals
Agreement
Trial Period
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

23. PROFESSIONAL
OPPORTUNITIES
PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

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

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

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

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

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

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

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

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

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

33. PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS

34. PANKAJ P. SANGHAVI AND CO.
CHARTERED ACCOUNTANTS