Nexia International
Accounting Firm Management and
Decision Making in a Partnership
Structure
22 September 2011
Henry Tan
Nexia Asia Pacific Chairman
Nexia China Chairman
Nexia TS Singapore Managing Director
Nexia International Board Member
Partners Meeting Agenda
• Apologies
• Confirmation of Minutes of Meeting held on Wednesday 25 August 2011;
• Matters arising from the Minutes:
(Refer to Matter Summary attached)
• Practice Quality Matters
• Strategic Matters
• Business Development Matters
• Operational matters
• Financial Review (Per reports)
Report as Tabled
– Collection
– Approval of Budgets
– Billings
Partners Meeting Agenda
• Partner Responsibility Reports
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Managing Partner & Nexia Report
Executive Group Report
HR & Staff Report
Tax Department Report
Audit Department Report
Advisory Department Report
Managers & Supervisors Report
Practice Quality Department Report
Training Department Report
IT Report
Private Client Report
• Nexia International Matters
Partners Meeting Agenda
• Staff Award / Promotions
• New Wins / Losses / Potentials
• Board / Partnership Matters
– Rules Changes
– Election of board / partners
– Memorandum & Association
– Internal Audit Findings
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Other Matters
Executive Committee & Partners Function
Partners – develop, cultivate and reap rewards of his professional expertise using
resources made available by the firm.
Executive Committee – setting objectives, organising the business, communicating
objectives, measuring performance and take necessary corrective action.
Executive Committee Functions/Responsibilities - Specific
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Allocates responsibilities to partners
Strategic planning
Business plan
Budgets
Talent Management
Partners Functions/Responsibilities - Specific
DECISION MAKING
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Making sound business decisions by securing relevant information and identifying key
issues; committing to action after considering all facts, including resources, constraints,
organisational values and longer-term implications
BUILDING STRONG CLIENT RELATIONSHIPS
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Developing the Firm’s profile and reputation by consistently building and projecting
strong professional and personal credibility with clients; delivering a superior client
experience
Partners Functions/Responsibilities - Specific
APPLICATION OF EXPERTISE
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Understanding, applying and developing one’s expertise in order to deliver a
consistently high standard of service to clients and colleagues
ADHERING TO QUALITY STANDARDS & THE FIRM’S VALUES
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Behaving consistently and with clear personal values that align with those of the Firm;
maintaining professional requirements to ensure quality and compliance
Partners Functions/Responsibilities - Specific
LEADERSHIP
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Creating and communicating a compelling vision for the Firm and inspiring others to
work towards this vision; modeling the Firm’s values and influencing others to achieve
success
COACHING/DEVELOPING OTHERS
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Providing timely coaching, guidance and feedback to help others excel and achieve
their objectives; planning and supporting the development of individual’s skills and
abilities so that they can fulfill current and future role requirements more effectively
Partners Functions/Responsibilities - Specific
INTERPERSONAL DIPLOMACY
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Using a variety of interpersonal skills to build strong and sustainable relationships
with others; develops an environment of trust and promotes teamwork
COMMERCIAL & STRATEGIC THINKING
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Demonstrating sound financial management; identifying, developing and converting
opportunities and ideas into positive business results through leveraging market
intelligence and strategic networks
Partners Functions/Responsibilities - Specific
MANAGING THE PRACTICE
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Managing the activities of the Firm; promoting and ensuring the viability
and sustainability of the Firm
BALANCING WORK & LIFE
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Implementing strategies and behaving in ways that help Partners to deal
effectively with work demands and to enhance their productivity, creativity
and overall well being
Allocation of Responsibilities
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Personalities of Partners
Skills
Best Person to Fit the Job
By Business Lines
By Industry Groups
By Functions
Member of Sub Committees eg. Personnel, Quality Control, Ethics, IT etc.
Various Roles in Firm
Senior Partner
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chairing partners’ meetings
resolving conflicts and disputes
principal ambassador for the Firm with the outside world and professional bodies
Managing Partner
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managing the firm can become a fairly full time occupation
governance or constitutional set-up
position may be held for between two and five years
need for re-election
personal qualities key determinant
considerable risk in giving up his client base
Various Roles in Firm
Staff Partner
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overseeing all human capital, talent management and staff matters
Risk Management Partner
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complies with regulatory requirements certain professional standards
quality control procedures
Various Roles in Firm
The following roles are ordinarily not partners:
COO
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for the daily operation of the partnership
reports to the highest ranking executive ie. managing partner
CMO
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executive responsible for various marketing activities in Firm
Various Roles in Firm
CFO
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day to day liaison with the firm’s bankers
proper financial recordkeeping
accurate and timely financial and other management information
responsible for IT and operations support as well
Department Leader
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responsible for function of each business line eg. Assurance Leader, Tax Leader
etc
Key Role of International Contact Partners
To Ensure
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Connections in all major financial centres
Seamless advice from people used to working together
Cost-effective services
Consistent high quality around the world
Proven track record
Communication with members in over 100 countries
International Contact Partner need to Know Nexia
International Resources eg. Publication
Nexia Global
Insight
Response to EC
Green Paper
Global Mid-Cap
Markets Outlook
Corporate
Brochure
International
Tax Handbook
Nexia 2010
IFRS Guide
IFRS Link
Tax Link
Salaried Partners vs Equity Partners
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Different models exist
Generally, equity partners has certain profits sharing
Buying in of firm equity vs no goodwill
Regional Chairman, Asia Pacific
For any enquires:
Henry Tan
Nexia TS
Tel: +65 6536 5466
Email: [email protected]
Flora Luo
Nexia China
Tel: +86 21 63906000
Email: [email protected]