International update Ed Fahey Clive Bennett
The past year
Changes in the last 12 months 128 joined MGI Worldwide 14 joined Mint Alliance was 13 left 171 firms 12 dismissed 4 new members
The alliance in 2016 90% 50% of MGI Worldwide expect to be MGI branded. now 146 firms 10%
Quality: self-assessment Color coded 1.02 Have those non-audit policies and procedures been fully documented? 1.03 Has the firm’s non-audit policies and procedures been communicated to all personnel? feedback 1.07 Do subcontractors, external consultants and freelancers have to comply with those standards? 1.09 That provide reasonable assurance that the firm has adequate client disengagement procedures in place in situations where the firm has decided to cease acting for a client or where the client has left the firm? 1.12 Considers the adequacy of the firm’s resources and expertise as part of the firm’s new client procedures? 1.15 Requires the firm to use engagement letters covering all services provided to clients 1.16 Requires the firm to use a disengagement checklist or proforma letter when clients l leave?
Network - next steps • Online training – QA, ISQC-1and audit independence • Support to firms that need help • TC will define on-site review processes for 2017 • Self-assessment questionnaire to go online
Member recruitment • Successes – New members in Canada, Oman, Egypt and Indonesia. • Challenges – Consolidation in North America and Europe – Tougher competition
Recruitment tools Video Website PowerPoint Lead generators
Branding Corporate Identity Manual
The future
Goals from 2012 strategy underway done (nearly)
Adding value How we prepared
105 replies out of 147 firms
2016 survey results Satisfaction with membership 64% Satisfied Very Satisfied 29% Dissatisfied 7% or very dissatisfied
2016 survey results We are Good or Extremely Good at Serving clients internationally (59%) Adding to firms’ reputations (61%) Delivering MGI services (70% to 90%) MGI Meetings (94%)
EC study of membership fees Possible fee models
EC study of fees - findings • Our fees are in line with our competitors • Compulsory referral fees not wanted • There is no perfect fee model – Benefits to one group always at the cost of another • 75% of members told us that our fees are OK
Adding value What are we going to do?
Adding value: focus areas • Increase Knowledge exchange • Develop business exchange • Enhance communication and branding
Increasing knowledge exchange Practise groups Transfer pricing International tax Forensic accountancy
Increasing knowledge exchange White papers
Increasing knowledge exchange Monthly webinars
Increasing knowledge exchange We need your help • Get involved in practise groups • Give and take part in webinars • Write articles and white papers • MGI Worldwide LinkedIn groups • Share what you create for internal use • Link to the MGI Worldwide website and improve your web presence
Business exchange (starting July 2016) • Business development support • Information exchange among members • Transnational opportunities • Regional opportunities
Communication • Firms’ internal marketing – Presenting to firm staff about MGI – Engagement with international opportunities – Wider attendance at MGI meetings • Better on-boarding for new members • Strengthening the MGI Worldwide brand – Consistent usage – More branded firms – Brand recognition – Thought leadership projects
Thanks!
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