Transcript Regional Report and Closing Remarks Mr. Foong Daw Ching
Regional Report and Closing Remarks Mr. Foong Daw Ching, Regional Chairman, Asia Pacific
Asia Pacific Conference Melbourne 2011
Baker Tilly International - Regional Objective
To be the premier professional services network of independent firms within the Asia Pacific region : 1.
Maintaining our “top 10” positioning in local markets 2.
3.
4.
5.
Ensuring our branding and brand awareness is continually promoted and invested in Adopting consistent business processes and tools for seamless client service Maximising all collaborative opportunities, whilst promoting a sharing and friendly environment Maximising key international business opportunities
Outline
Regional report summary SWOT findings Conference wrap-up and learnings The year ahead
APAC Regional Report Summary
APAC region predicted to be fastest growing to 2014
(source: Economist Intelligence Unit)
Adoption of the global strategy, supporting key areas of position, brand, consistency and collaboration Network has coverage in all key business markets within region aud-IT roll-out so far in Singapore and Hong Kong. A number of firms committed to implement aud-IT in 2011/12 Continued development of English proficiency Development of regional training programmes supported by all members
APAC Regional Report Summary
Referrals need to increase. 6 months to Dec 10 vs. same time last year down approx 10%
(2010 figure still to be finalised)
4 regional committees currently meeting: audit, tax, corporate finance and risk advisory Increased efforts and focus on business development initiatives and opportunities Extranet to undergo changes to better suit the needs of member firms Communication around the region to be strengthened and increased, via tools such as bi-monthly newsletter
SWOT Findings – Internal
Strengths “Top 10” global positioning Strong HQ support Willingness to share Commitment from all firms to the network Globally recognised and wide coverage Weaknesses Lack of consistent audit methodology Low referrals around region Lack of critical mass in some firms Regional brand awareness
SWOT Findings – External
Opportunities International BD Disenchanted ex-Big 4 clients and staff Centralised training & adoption of aud-IT New industry depth & specialisation Consistent practices Threats Losing key firms Failure to standardise Do not invest and innovate our practices We do not share Firms who are locally focused
Conference Wrap-up and Learnings – How do we Internationalise our Practice?
APAC economic outlook looks buoyant Right time to be actively pursuing international work, collaboratively If we invest in ourselves, we will invest in each other Firms must continue to build critical mass Importance of consistency and sharing Challenging, yet concise roadmap to collaboration in US strategy
Investing In Our Clients’ Needs Volkswagen Example
We Must Be Ready To Receive Referrals
• • • • • •
Members must prepare themselves:
Staff who can speak English answering phones Be prepared to assist in the smooth transition of subsidiary clients to other members Business email to be used (not hotmail or gmail addresses) Voice-message boxes not ideal and must be checked regularly Member website to be kept up to date with correct information Members must be responsive on calls for assistance regarding client matters. Must be a priority
The Year Ahead – 2011/12
Focus on international opportunities and increase regional referrals Increased focus on building consistent work practices in all firms Increase levels of intra-firm Asian secondments Changes in the audit market with impacts of new standards (ie ISA600) Maintain aud-IT implementation schedule
The Year Ahead – 2011/12
Managing Partners meeting in Taipei, 21-23 July, hosted by Baker Tilly Clock & Co.
World Conference, Hawaii, 3-9 November, hosted by Accuity LLP 2012 Asia Pacific Conference to be hosted by Baker Tilly A&C, Vietnam
The Year Ahead – 2011/12
Visitation schedule for regional chairman and regional executive: Regional chairman Regional executive China, India, Japan, Taiwan, Hong Kong, Malaysia, Australia India, Bangladesh, Nepal, Pakistan, Taiwan, Hong Kong, Macao, Korea, Thailand, Philippines, Vietnam
Final Thoughts…
Think bigger You have friends Contribute for the greater good Challenge yourself to look beyond borders Seek guidance or assistance when required What do your clients need?
We are currently living in the right region for growth and business opportunities The “ball is in our court”