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Need for Change in Perspective for Professional Practices

Need for Change in Perspective for Professional Practices. CPE Seminar Organize by Committee for Capacity Building of CA Firms and Small & Medium Practitioners Saturday, 11 th August, 2012. Kshitij Patel Partner Manubhai & Company. Present Scenario Statistics.

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Need for Change in Perspective for Professional Practices

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  1. Need for Change in Perspective for Professional Practices CPE SeminarOrganize by Committee for Capacity Building of CA Firms and Small & Medium Practitioners Saturday, 11th August, 2012 Kshitij Patel Partner Manubhai & Company Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  2. Present ScenarioStatistics CA in India : 1,70,000 approx. CA in industry : About 92,000 CA in practice : About 78,000 Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  3. Present ScenarioStatistics Out of CA in practice : About 78,000 35,000 Sole Practitioners 43,000 14,532 firms Average : 2.96 partners per firm Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  4. Present Scenario Statistics Firms All India Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  5. Present Scenario Statistics Firms Western India Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  6. Present Scenario Dependent on Statues for work • The Companies Act 1956 • Statutory Audit • The Income Tax Act, 1961 • Tax Audit • Certifications / Reports - 195/80IA/80IB/10A/10B/115JB etc • Transfer Pricing • The VAT Act • Audit • NBFC / RBI • Certifications / Reports Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  7. Present Scenario Other work • Representation on Direct and Indirect Taxes • Project Finance and other financial matters • Valuations • Mergers/Acquisition • Concurrent Audits • Accounting services • Back office operations Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  8. Warning – RBI • RBI announcement in March 2012 which was subsequent revised • Branches with advances above Rs. 20 crores will be subject to statutory branch audit • Logic behind this thinking was the cost involved • For instance SBI has around 3625 branch auditors. Punjab National Bank has 1300 branch auditors. All this compared to private sector banks which have only one statutory central auditor. • Also when you compare the auditor fees public sector banks- SBI for instance pay as much as Rs 124 crore as auditor fees compared to Rs 2 crore which ICICI pays to it's auditors. • Due to the efforts of our Council Members this circular was changed subsequently . However we must take this as a warning to change our strategies. Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  9. Need of the Day CHANGE OR PERISH Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  10. Why Change • Expectation Gap – Society and Professionals • Expecting Value Addition • Expectation of Foreign Investors’ Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  11. Change WHO MOVED MY CHEESE - By Spencer Johnson CHANGE HAPPENS : They keep moving the cheese ANTICIPATE CHANGE : Get Ready for the cheese to move MONITOR CHANGE : Smell the cheese often so you know when it is getting old ADAPT TO CHANGE QUICKLY : The Quicker you let go of old cheese the sooner you can enjoy the new cheese. CHANGE : Move with the cheese ENJOY CHANGE : Savour the adventure and enjoy the taste of new cheese BE READY TO CHANGE : They keep moving the cheese QUICKLY AND ENJOY IT AGAIN Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  12. Flat world THE WORLD IS FLAT It was Nostradamus, who was the first to visualize a global economy Technology, Innovation and Adoptability has attracted all business establishments to expand their horizons beyond national borders. This has helped professionals to have a level playing field in providing services to clients across the globe. With this evolution the WORLD has become FLAT in its true sense, GEOGRAPHY has virtually become HISTORY Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  13. Road Ahead • Adopt to the change • Out of the Box thinking • Change in Attitude and perspective • Adapt to new technologies • Capacity building and networking to provide one shop stop services • Education and Training • Creating Resources Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  14. Road Ahead • Move from Statutory Dependent Role to Business Advisory Role • Move towards new areas of practice like Management Consultant, Internal Audit, Risk Assessment and Mitigation, Due Diligence, Corporate Governance, Arbitration, Insurance Advisory, ERP implementation etc which provides value addition to clients. Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  15. Road Ahead - Summary To apply best business practices, quickly implement innovations, put insight into action, provide perspectives on value creation, create and develop a truly congenial human resource environment and encourage to change before change is thrust upon, are the basic philosophies which needs to be applied. Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  16. Quote Whoever desires constant success, must change his conduct with the times. - Nicolo Machiavelli Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  17. Contact Kshitij Patel Partner Manubhai & Company Email : kshitij@manubhaico.com Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

  18. Thank You Need for change in Perspective - Kshitij Patel Partner Manubhai & Co.

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