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International update Ed Fahey Clive Bennett The past year Changes - - PowerPoint PPT Presentation
International update Ed Fahey Clive Bennett The past year Changes - - PowerPoint PPT Presentation
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
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Changes in the last 12 months
13 left 12 dismissed 14 joined Mint Alliance 4 new members 128 joined MGI Worldwide was 171 firms
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90% 10% The alliance in 2016
50% of MGI Worldwide expect to be MGI branded.
now 146 firms
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Quality: self-assessment
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? 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?
Color coded feedback
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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
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Member recruitment
- Successes
– New members in Canada, Oman, Egypt and Indonesia.
- Challenges
– Consolidation in North America and Europe – Tougher competition
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Recruitment tools
Video PowerPoint Website Lead generators
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Branding
Corporate Identity Manual
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The future
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Goals from 2012 strategy
underway done (nearly)
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Adding value How we prepared
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105 replies
- ut of
147 firms
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2016 survey results
Satisfaction with membership
Satisfied Very
Satisfied
Dissatisfied
- r very dissatisfied
64% 29%
7%
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Serving clients internationally (59%) Adding to firms’ reputations (61%) MGI Meetings (94%) Delivering MGI services (70% to 90%)
2016 survey results
We are Good or Extremely Good at
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EC study of membership fees
Possible fee models
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- 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
EC study of fees - findings
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Adding value What are we going to do?
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Adding value: focus areas
- Increase Knowledge exchange
- Develop business exchange
- Enhance communication and branding
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Increasing knowledge exchange
Practise groups
Forensic accountancy Transfer pricing International tax
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Increasing knowledge exchange
White papers
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Increasing knowledge exchange
Monthly webinars
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Increasing knowledge exchange
- 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
We need your help
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Business exchange
(starting July 2016)
- Business development support
- Information exchange among members
- Transnational opportunities
- Regional opportunities
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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
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