structure models and maximising the benefit of technology are two
key themes in a new guide for small- and medium-sized practices
(SMPs) being developed by CPA Australia.
The guide, which is being created for International Federation
of Accountants (IFAC) members, will cover a range of strategic and
operational topics to help firms practise in a safe, profitable and
professional manner, the institute said.
An earlier report by CPA Australia, Firm of the Future,
revealed that increased compliance and regulation as well as a
difficulty in recruiting and retaining professionals were some of
the challenges affecting SMPs around the world.
The guide is also designed to assist SMPs in developing nations.
CPA Australia has been working with professionals from many
developing nations in the Asia-Pacific region through its
international partnership programme for the past two years. The key
challenges they have found affecting SMPs and professionals in
those nations include independence, lack of guidance on standards,
too much or too little regulation and a culture of poor internal
controls.
Key themes
• Articulate the current and future challenges for
SMPs
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By GlobalData• Examine current and future practice structure models
• Examine current and future practice management trends,
strategic planning and the development of key performance
indicators
• Review issues relating to recruiting, developing, managing and
retaining staff, and developing a people strategy
• Focus on building and growing a sustainable practice
• Explore the current and future impacts of technology and
mechanisms
• Develop client relationship management systems for SMPs
• Develop knowledge and risk management systems for use within
SMPs
• Highlight the need to examine succession planning issues
associated with a practice
