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Submit Your Response to SAFA SMP Survey 2013.

July, 18th 2013

SAFA SMP Survey 2013

The SAFA SMP Survey is conducted by Small& Medium Practices (SMP) Committee of South Asian Federation of Accountants (SAFA) on key issues confronting small- or medium-sized practices (SMPs) and their small- and medium-sized entity (SME) clients in SAARC Countries. The objective of the survey is to take necessary Capacity Building measures to raise the profile of SMPs at respective Institute’s level based on the finding of the survey.

Polling will close on 15th August 2013.

Fields marked with * are required

Name of Member/Firm :

Membership No/Firm Regd No. :

Member Organization :

Please answer the following multiple choice questions.

1. What is the size of your practice?*

Sole practitioner
Firm/LLP having 2-5 professionally qualified accountants
Firm/LLP having 6-10 professionally qualified accountants
Firm/LLP having 11-20 professionally qualified accountants
Firm/LLP having 21 or more professionally qualified accountants

2. What is age of your practice?*

Less than 2 years
2 years or more but less than 5 years
5 years or more but less than 10 years
10 years or more

3. In what country is your practice located?*

India
Pakistan
Bangladesh
Sri Lanka
Nepal
Maldives
Afghanistan
Bhutan

4. What is the biggest challenge faced by your small- and medium-sized entity (SME) clients? (Please rank the following in order of importance.)*

Compliance of regulation
Lack of demand for their services
Pressure to lower prices of their services
Rising costs
Economic uncertainty
Difficulties accessing finance
Competition
Attracting and retaining staff

5. What is the biggest challenge your practice is facing right now? (Please rank the following in order of importance.)*

Keeping up with new regulations and standards
Attracting and retaining new clients
Ability to adapt to changing client needs
Pressure to lower fees
Rising costs in Succession planning
Work-life balance
Attracting and retaining staff
Competition
Keeping up with new technology

6. How is your fee revenue split among the following areas? Please indicate the approximate percentage of fee revenue from each. Total must add up to 100%.*

Audit and Assurance
Taxation
Advisory services
Accounting and other non assurance/related services

7. What is the fastest growing source of revenue for your practice?*

Audit and Assurance
Accounting and other non assurance/related services
Taxation
Advisory services

8. What is the main driver of your practice's profitability? *

Acquisition of new clients
Better retention of existing clients
Increased average fee size
Reduced overheads
Better utilization of resources
Enhanced Quality of Services
Others, please describe

9. Does your practice offer a sustainability service (advice, reporting, and/or assurance etc.)?*

Yes
No, but we plan to
No, and we have no plans to

10. What is the biggest barrier faced by SMPs in fully adhering to the IESBA Code of Ethics for Professional Accountants (International Ethical Standards Board of Accountants)*

Understanding the requirements of the Code
Our jurisdiction does not use the IESBA Code
The requirements of the Code itself
The length of the Code
The Structure of the Code

11. What do you think will be the most significant issues facing the accountancy profession in South Asian Region *

Reputation and credibility of the profession
Increased regulation
Evaluate the needs of SMPs and SMEs
The Competency of Financial Statement preparers
Auditor Independence
Attracting new talent to the profession
Information technology and innovation in accounting and auditing
Corporate Governance
Issues related to audit firm rotation
Government Accounting
Sustainability and Integrated Reporting
Any other issues

12. Please provide your email address if you would like to be informed of the result of SAFA SMP Survey (Optional)

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