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Competencies |
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To acquire the necessary IT and forward looking strategic management skills to ensure that appropriate standards of service are provided to the enterprise. |
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To be in a position through a proper knowledge base, to demand and direct the services new telecommunications and information technology will enable. |
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Professional standards - To ensure professional standards are maintained despite cost pressures on service deliverers. |
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Challenges to CABs as Individual(2.2.5) |
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Change management - To adopt a culture that embraces change and to commit the resources required to manage change (on-going training, specialization). |
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Chartered Accountant qualification - To maintain the relevance and value of the Chartered Accountant qualification given the following changes in the business environment. |
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The trend for businesses to seek guidance from among a wide range of advisers on: |
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Stakeholder value creation |
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Strategic direction |
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Risk management |
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Knowledge management |
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The increasing range of global and cost effective service offering made available by: |
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New entrants/competitors |
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Specialists |
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IT based business applications |
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Competencies - To acquire and maintain a high level knowledge and skill base given the following trends in the market place: |
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Demand for extensive corporate knowledge |
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Demand for strategic planning skills and a pro-active approach to management |
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The increasing global activities of business |
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The diminishing traditional accounting and auditing roles |
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The expectation of high level technology skills |
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The opportunity to lead the process of information management and evaluation |
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Challenges for Small and Sole Firms(2.2.6) |
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Change management-To adopt a culture that embraces change and to commit the resources required to manage change (at the ownership, structural and operational levels). |
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Traditional accounting services - For small practices to address the static growth in their traditional markets by specializing, collaborating and growing. |
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Competition - To compete effectively against the increasing and cost driven competition by non-accounting firms in traditional markets. |
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Information technology |
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To resource and develop the IT knowledge and applications essential for practice development. |
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To utilize IT to overcome some of the structural problems facing small firms |
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On-going professional development - To overcome the difficulties in maintaining the increasing knowledge and developing new relevant skills. |
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Succession Planning - To create and realize the practice's goodwill and so ensure that financially acceptable retirement options will be available. |
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Retain Client Base - To grow with clients, match their needs and so retain a growing client base. |
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Staffing - To compete against the benefits offered by large firms ( on-going training, career opportunities etc.) in the market for high quality staff. |
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Challenges for Medium Sized Firms(2.2.7) |
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Change management - To adopt a culture that embraces change and to commit the resources required to manage change (at the ownership, structural and operational levels). |
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Specialization - To obtain competitive advantage via specialization at an industry level, in a functional area or in a niche market. |
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Marketing approaches |
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To customize or tailor solutions. |
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To develop a detailed understanding of clients' business and industry. |
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Resources |
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To ensure access to capital is available for IT and infrastructure. |
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To acquire and retain the human resources needed to develop new products and services. |
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Overseas markets - To develop the strong international links required to compete internationally and to operate as part of a consortium locally. |
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Large firms - To recognize the increasing threats and opportunities that will occur as large firms become global service providers. |
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Marketing partnerships |
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To form profession-wide and/or international co operatives to fund he development and marketing of new services. |
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To maximize brand equity via the formation of multi-disciplinary business alliances. |
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Challenges for Large Firms(2.2.8) |
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Change management - To adopt a culture that embraces change and to commit the resources required to manage change (at the ownership, structural and operational levels). |
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Risk management - To manage the liability and risk inherent in entering new markets and providing new services. |
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R & D - To fund or undertake research and development for new products and services. |
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Ownership & Control - To continue to meet professional standards and adhere to legislative requirements (e.g. attestation) under new market conditions such as changed ownership/control of firms and entry into new markets. |
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Globalization - To enter into new markets as stakeholders, to operate globally across legislative boundaries and to reconcile different national regulatory issues. |
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Human Resources - To create a common culture that integrates the different cultural intellectual frameworks within the global organization. |
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Technology - To resource adequately the development and management of technology needed to benefit clients, staff and firm. |
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Competitive advantage - To meet the increasing expectation of clients including the expectation for added value in the services provided. |
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Challenges for the Institute(2.2.9) |
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Change management - To adopt a culture that embraces change and to commit the resources required to manage change (at the structural and operational levels). |
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Education - To ensure the educational processes of the Institute: |
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Attract candidates from diverse cultural and academic professional ackgrounds |
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Emphasize finance and capital markets and telecommunications nd IT |
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Support specialization |
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Incorporate general management education and the creation of hareholder value |
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Reflect best practice status in sourcing educational products |
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Continue to incorporate core accounting skills |
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Enable reciprocal membership with other leading accounting nstitutions |
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Enable participation globally |
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Use the most appropriate delivery technology |
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Achieve the goals of 21st Century |
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Specialization - To promote and support specialization throughout members' careers. Organizational change - To initiate a process of organizational change with priority given to : |
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Becoming a pro-active knowledge-based institution |
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Adopting a more flexible, innovative and responsive organizational culture |
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Improving efficiency and service delivery |
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Monitoring the needs of disparate membership groups and addressing the needs of individuals members |
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Developing strategic alliances with other Indian accounting bodies |
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Working more closely and effectively with other Indian professional organizations. |
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Ownership - To develop guidelines on the ownership of firms, access to capital and distribution of profits that balance contemporary commercial needs and professional standards and to allow multi-disciplinary practices. |
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Globalisation - To lead the process of globalization of business and the profession by: |
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Working with government on the international harmonization of taxation and corporate laws and standards |
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Developing associations with professional and associated organizations Internationally |
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Fostering networking of members |
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Chartered Accountant positioning - To secure member loyalty and improve the market recognition of Chartered Accountants by: |
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Promoting the core values of Chartered Accountants (especially about independence and ethical standards) |
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Promoting the blend of technical and business skills possessed by Chartered Accountants |
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Promoting Chartered Accountants' skills in new services and performance measurement |
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Promoting specialization |
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Leadership - To provide leadership in the development of |
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New services (e.g. assurance services) to be offered by members |
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New performance measurers (e.g. measures linking financial and non financial information) |
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New standards for new service |
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Relationships with other professional and business associations |
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Advocacy - To demonstrate a leading advocacy role with national and international governments and regulators on all issues affecting the profession, including legal liability, competition and the development of new services. |
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Volunteer resources - To ensure sufficient volunteer resources will be available to support Institute activities. |