Presentation on Global and Regional Trends and Development Impacting SMPs Naba Krishna Muni, FCMA ICMA Bangladesh

Source: Report on SAFA SMP Survey, 2013 Strengthening SMPs in South East Asia: A Way Forward Capacity Building through training and education Providing infrastructure & funds at cheaper rate Understanding needs & expectations about SMPs from Institutes Publishing research based publications for SMPs Arranging hand holding exercise for SMP development by 4 big firms Source: Report on SAFA SMP Survey, 2013

Average Firm Size Practice – SAFA Region Sole Practitioner = 55% Having 2–5 Practitioners = 31% Having 6–10 Practitioners = 10% Having 11–20 Practitioners = 2.57% Having Above 20 Practitioners = Less than 1%

Challenges Faced by SMPs – SAFA Region Compliance of regulation = 27% Economic uncertainty = 21% Pressure to lower prices/fees = 14% Competition = 11% Rising costs = 8% Difficulties accessing finance = 3% Lack of demand for services = 2% Others = 8%

Challenges Ahead for SMPs – SAFA Region Attracting/Retaining New Clients = 23% Pressure to lower fees = 19% New regulations & standards = 18% Competition = 12% Retention of staff = 9% Ability to adapt to client needs = 5% Work-life balance = 5% Keeping up with new technology = 3%

Significant Issues for Accounting Profession – SAFA Region Reputation & credibility of the accounting profession Increased regulation – Money laundering & Combating financing of terrorism Evaluate the needs of SMPs and SMEs The competency of financial statements preparers Auditors’ independence Attracting new talents in the profession Innovation in accounting and auditing – ICT Corporate governance Audit firm rotation Government accounting SUSTAINABILITY of SMPs/SMEs

Sustainability Model for SMPs INSTITUTIONAL PROGRAMMATIC FINANCIAL

SMPs Sustainability Mission/ Vision/ Planning Clients Vision Mission Goals Strategic Plan (3-5 years) Business Plan (1 year) Institutional Strengthening Activities Program Activities Finance Activities Clients

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