February 2014 - RSM Thailand

February 2014
Eye
RSM
A monthly newsletter connecting
the partners and staff of all RSM
member firms
RSM Eye | June 2012
Contents
Jean Stephens: RSM’s Olympic Team Spirit
RSM Tax Leadership Group Meeting 2014
Global Engagement Leaders begin ‘Action
Learning’
RSM Experts on... Bring Your Own Device
NEW - TALKING POINTS: ‘The Mini-Bond
Market in Italy’
Bob Dohrer: The whole is greater than the
sum of its parts
IFRS Webinar: Financial instruments under
IAS 39
Interview: Harley Dou, CEO of RSM China
Consulting
Award Winning Tax Services
Update on RSM International Board of
Directors
News in Brief
Quote of the month
“The most important thing
in the Olympic Games is not
winning but taking part; the
essential thing in life is not
conquering but fighting well.”
Pierre de Coubertin
Front cover image: Iurii Osadchi / Shutterstock.com
This image: Mikhail Kolesnikov / Shutterstock.com
RSM Eye | February 2014
Message from
Jean Stephens,
Chief Executive
Officer
Global Executive
Office Team
Jean Stephens, Chief Executive Officer
Bob Dohrer, Global Leader - Quality & Risk
Kevin Chowdhay, Senior Manager - Technical1
Mark Pullen, Senior Manager - Technical
Tessa Rowland, Technical Manager, Training & Member Support2
Belinda Freeman, Risk Advisory Services Manager
RSM’s Olympic Team Spirit
William Cheng, Financial Controller
Watching the winter games in Sochi, one could not help but be reminded of
the importance of determination, stamina, hard work and belief in oneself
and those around you - for the Olympian’s this includes their teammates,
their support network, and of course, their country’s proud sports fans.
Gillian Hawkes, PR & Communications Manager
The amateur athletes that we have seen on our TVs over the last few weeks
are not used to limelight and fame and those who made it to the podium
will have become superstars overnight. But, I highly doubt that becoming
a national celebrity would have been at the forefront of their minds
during the many months and years of training and discipline that they and
their support teams would have been through. Nevertheless, the fame is
unavoidable and when the victorious athletes go back to their day jobs,
they will no doubt be thinking more about winning their next competition
than their new found fame.
Valerie Cunningham, Assistant - Technical Team
We want RSM to be famous for providing the highest possible level
of service to our clients. To achieve this we must have individual
determination but we must also work as a team - using each other as a
support network and drawing on each other’s expertise and strengths,
across all of the areas of our businesses, to achieve our common goals.
2013 brought challenges to us all. Yet despite these challenges we have
remained committed to being the highest quality network. We maintained
our ranking as the 7th largest global network, our international referred
work figures are the highest they have ever been with good growth across
the globe and initiatives such as Connected for Growth, the European
Business Awards, RSM Academy and RSM ITax Academy are going strong.
Growth, for the sake of growth, would be easy to achieve. We could add
member firms in every country around the world, target smaller local
clients and lower our rates and profitability to an unhealthy state. But this
of course is not what it means to be an RSM member, nor is it what we want
to be famous for.
As we set focus on meeting our targets for 2014, and continue to work
towards our vision of being #1 in our chosen markets, let’s stay determined,
continue our hard work, remember the teams around us. And above all
keep in mind what we want RSM to be famous for, using our Olympic spirit
to be world champions.
Rebecca Williams, Corporate Designer & IT Co-ordinator
Ellen Costa, Manager - Corporate Development
Sarah Watson, Project and Event Co-ordinator
Katy Triggs, Administrative Support3
Emma Hillyard, Referrals Database Administrator4
Bella Ong, Finance Assistant
T +44 (0)20 7601 1080
F +44 (0)20 7601 1090
E [email protected]
Regional Leaders
Africa - Clive Betty
T +27 11 329 6000
Asia Pacific - Neil Hough
T +61 3 9286 8162
Europe - Robert Coles
T +44 (0)20 7601 1097
Latin America - Brendan Quirk
T +1 312 805 0481
Middle East & North Africa - Bassam Dahman
T +967 1 442 184
North America - McGladrey International Office
T +1 312 634 3400
Based in Singapore
Tuesday, Wednesday, Thursday only
3
Tuesday and Wednesday only
4
Monday to Thursday only
1
2
Connected for Success
Focus on...International Tax
RSM Tax Leadership Group Meeting
6 – 7 February 2014, London
On 6 and 7 February 2014, the International Tax
Leadership Group came together for a two day meeting
at the Executive Office in London. The meeting was
attended by Rob Mander (RSM Bird Cameron), Jeff
Seidel (McGladrey), Rudolf Winkenius (RSM Netherlands),
Francesco Gerla (RSM Italy), Jorge Pérez (RSM Torrent
Razzetto), Thomas Lübbehüsen (RSM Germany), Jean
Stephens and Caroline Walenkamp (RSM Netherlands).
Furthermore, the Executive Office team including Bob
Dohrer, Mark Pullen, Robert Coles, Rebecca Richards
and Rebecca Williams attended parts of the meeting
to discuss various matters such as the 2014 Global
Inspection Programme, regional activities, PR and
marketing and IT.
The objective of the meeting was to set the framework
for the growth of the international tax service line
by RSM member firms and to build on our already
very strong position as the 6th largest tax provider
worldwide. The group discussed the resources, structure
and objectives that are required to generate a greater
level of international work for RSM member firms and to
build the RSM brand such that it is known for its strong
capabilities in providing international tax services. In
other words, ‘Making RSM famous for tax’.
The agenda included the following topics:
•
Strategic objectives and steps – analysis of required
structure, resources and funding
•
Strategy map – assessment of current and required
international tax skills and regional capabilities
•
Clients and targets – growing the international tax
work of the RSM network
•
People – building international tax expertise within
RSM (e.g. RSM ITAX Academy)
•
Quality Assurance & the 2014 Global Inspection
Programme
•
Industry specialisations and focused service
offerings
•
Branding and marketing
The meeting recognised that international clients are
demanding a higher level of quality tax services that
requires RSM member firms to increase their specialist
skills and work more closely together to deliver
international solutions to these clients. This includes
marketing and PR activities, training initiatives and
business development planning to be clearly focused on
target areas where RSM member firms can take market
leadership roles to maximise our collective international
strength in tax services.
The detailed recommendations and outcomes of
the International Tax Leadership Group meeting
will be presented to the RSM International Board of
Directors meeting in March 2014. After which, further
communication to member firms will follow.
Caroline Walenkamp
RSM International Tax Leadership Group Manager
[email protected]
L:R - Caroline Walenkamp, Francesco Gerla,
Rudolf Winkenius, Rob Mander, Jorge Perez,
Jeff Seidel. Above - Thomas Lübbehüsen
Connected for Growth
Global Engagement Leaders begin
‘Action Learning’
2014 sees the ‘Action Learning’ phase of the Connected for Growth project begin. This article provides an update
on what this involves, how RSM’s Global Engagement Leaders (GELs) will be working and the kind of support and
encouragement they will need from you and your firms.
Senior
executive
support
and active
involvement
An action learning process is a learning-whilst-doing process.
Using a key, live business issue, solutions are worked on, leadership
is developed and then the solutions are implemented.
During the process the GELs will receive guidance and mentoring,
enabling them to develop as effective international team leaders.
This group is made up of high-value, high-performing professionals
and they (and us) have high expectations of this collective group as
they work together in this programme.
So, what will they be doing?
The GELs will be working on a
nominated target account, drawn from
the Global 250 Target list. Over the
next 12 months they have a series of
objectives to reach. During Q1 they will
be developing a Target Account Plan.
Then, in the following quarters, they
will lead engagement teams across the
world, as they develop relationships
within the target account, build potential
solutions whilst identifying short term
wins, and then create proposals to win
strategic bids.
All in all, a great deal of work and
effort and so it is worth reminding
ourselves why we are doing this: our
commercial markets are changing, as is
our profession. Clients are consolidating
professional suppliers, seeking
global, often cost-based solutions to
their needs. This gives them global
consistency, reduces their risk, whilst
Induction
programme
(4 days)
Business and
communication
skills, plus a case
study, to introduce
core skills and
tools/processes
Implementation
and follow-up on
business results
and embed
learning
creating cost advantages due to contract
scale.
Our profession is already combining and
consolidating to meet these trends. We
must therefore be at the forefront of
these markets, growing our presence
and increasing our market penetration.
The Connected for Growth programme
is our collective strategic response
and our first group of GELs are the
pathfinders for our new processes, tools
and behaviours.
How can you help?
In order to develop and win these Global
250 target accounts the GELs are deep
into Q1 objectives and they will need to
work together with member firms to
draw upon local support and insight.
GELs will be in contact with member
firm International Contact Partners,
and will be looking for local information
and input into the target client(s) they
are working
on. If you are
asked to assist,
Q1:
Q2:
Q3:
Q4:
Build the
Build
Develop
Win bids
make sure
account plan
relationships
solutions
(deliver value)
you respond
(know your client)
(find opportunities)
(create value)
positively to
Connected for Growth tools and processes used and refined throughout
these requests
and provide
Action learning based, with real target clients
the appropriate
answers and
RSM and mentors providing learning, advice and support
input.
Each GEL has a 360 assessment at the start with a Personal Development
Plan and regular feedback on performance against the plan
Action learning GEL objectives
Business issue
that requires
learning and
change
Work on real
business issues
and strategic
opportunities
Leadership
development
through
coaching and
teamwork
Coming next….
As we have been working through
the Global Engagement Leaders
Programme, it has become clear that we
also need Regional Engagement Leaders
to support the targeting and winning of
global accounts at regional or national
levels and to provide insight into those
accounts.
For the smaller member firms, this is
your route to being part of our global
solution and our global client wins. The
Leadership Team of the Connected for
Growth project (Robert, Neil and Keith,
details as listed) will be looking for
nominations for these key roles over the
next few weeks and training will take
place between April and July across the
USA, Asia Pacific and Europe.
And finally!
We are beginning to focus on the next
cohort of Global Engagement Leaders,
whose programme will start in October
2014. Again, if you wish to nominate
people from your firm, please contact
one of the leadership team below.
Meanwhile, if you are approached, please
assist our first group of GELs with their
targeting. Get involved and help them to
help us all to be successful by building
our position as a global solution provider
to top-tier, international clients.
Robert Coles ([email protected])
Neil Hough ([email protected])
Keith Wallace ([email protected])
Connected for Success
Focus on...Risk Advisory
RSM Experts on... Bring Your Own Device (BYOD)
Over recent years, and especially during 2013, the acronym ‘BYOD’ has been mentioned with increased frequency.
This article explains BYOD, why it is garnering so much attention, and the potential areas of risk to consider.
BYOD is an Information Technology
acronym that stands for ‘Bring
Your Own Device’. It applies when
an employee utilises their personal
device, be it a smartphone, tablet
or personal laptop, to access their
organisation’s network, data and
systems. It is this access that poses
threats to information security.
The above threat exists because the
personal device being used by the
user to access the organisation’s
network and the data stored therein
is just that, a ‘personal’ device. It is
owned by the employee and not the
organisation, and the organisation has
no control over how, where, when or
by whom the device is used.
It is common to assume that this
does not apply in your member firm,
or clients’ business, because staff
do not use their personal laptops to
perform work related tasks or access
the company’s network. But BYOD
stretches beyond laptops to smart
phones and tablets and other devices
that can connect to the internet.
One of the most common forms of
unmanaged BYOD usage is access
to corporate email accounts from
personal devices. A user may not
think that this is a problem. Consider,
however, the confidentiality and
sensitivity of the information
communicated via email, and what
the consequences would be if that
information got into the wrong
person’s possession. In addition, other
scenarios to consider are:
•
Do employees utilise their
personal mobile devices to access
the companies Wi-Fi network?
Examples of such usage may
be for remotely accessing
the organisation’s server or
downloading or updating
applications.
•
Is the information stored on their
device encrypted?
•
Is Bluetooth left on or used on
devices?
•
re devices set up to require
A
secure authentication? (i.e. a pin
code or password)
•
Is there anti-virus applications
installed on employee devices?
If an employee’s personal mobile
device is lost, stolen or even hacked
the security of the data stored on
these devices as well as the security
of the network connections to
corporate and private networks is
compromised.
NEW - TALKING POINTS
‘The Mini-Bond Market in Italy’
The latest edition of Talking Points, written by Andrea
Tuccio, Managing Partner, RSM Italy Capital Markets is
now available on rsmi.com. Read and share with your
clients digitally and on social media.
The threat posed by a BYOD culture
can be managed by an effective
BYOD policy which includes adequate
controls for the securing of mobile
devices.
For organisations that allow the
practice of BYOD, it should be noted
that although the organisation does
not own the personal devices that
may be used by the employees, it
does not mean that they have no
control over the access that these
devices have to the organisation’s
data. Organisations can implement
a BYOD policy that makes the
implementation of security controls,
such as those listed, on these personal
devices a requirement for access to
an organisation’s network, data and
systems.
Failure by organisations to consider
the impact of unmanaged BYOD
usage and the absence of an effective
BYOD policy can pose a significant
threat to an organisation’s sensitive
data and its networks.
This article was written by Thilen Pillay,
Manager - Risk Advisory Services at RSM
Betty & Dickson (Johannesburg)
[email protected]
Bob Dohrer
The whole is greater than
the sum of its parts
I am always fascinated with how each
of our RSM member firms provide
outstanding client service; the
recent award wins highlighted in this
newsletter are a testament to this.
There is however, a very significant
facet of client service where, as
a network, we cannot exceed the
expectations of member firm clients
while maintaining the high quality
that we demand of ourselves without
following one consistent way of doing
business. That facet of course is in
delivering audit services to globally
active clients.
Historically, creating a true single
global network methodology was a
significant challenge. This challenge
existed until a rigorous high quality
set of international auditing standards
was established by the International
Audit and Assurance Standards Board
(IAASB). International Standards
on Auditing (ISAs) has become the
globally accepted audit framework for
almost all countries around the world;
even auditing standards for non-listed
company audits in the United States
are converged with ISAs and are only
modified in response to differences
in custom, culture or law in the US.
While the ISAs form the foundational
framework for conducting audits
around the world, some countries
augment the ISAs to add (but not take
away from) the core requirements of
the ISAs in response to local statutory
and regulatory environments. It
is logical then that the RSM audit
methodology is fully compliant with,
and based on, the ISAs and is the
glue that binds RSM member firms
together.
Providing audit services to global
clients in today’s world is increasingly
complicated. In response, member
firms can become tempted to
‘adapt’ or ’modify’ our RSM audit
methodology to address cost or other
client relationship issues at the local
country level. With this temptation
ever-present, it is very important to
remember, however, that our member
firms serve global clients, not an
accumulation of multiple ’local clients’.
The only way for RSM member firms
to be recognised as a cohesive high
quality network is for all member firms
to commit to our global RSM audit
methodology, policies and procedures
as member firms have agreed to in
their RSM membership agreements.
Notwithstanding the importance of
providing audit services in a cohesive
manner using the RSM global audit
methodology, it is also important that
we as a network remain nimble and
responsive to changing environments.
What does this mean? It means that
we need the input and feedback from
all of our member firms with respect
to developments at the local level
and other thoughts member firm
personnel may have about what works
well with our methodology and where
we could improve the methodology.
So let us all focus on providing
audit services using the RSM global
methodology (which is based on
international standards, not on the
standards of any one particular
country) and through this commitment
we will advance our reputation as
a cohesive, high quality network.
To adapt a quote from Aristotle to
our RSM world, “the whole (RSM)
is greater than the sum of its parts
(individual member firms).”
Bob Dohrer
Global Leader - Quality & Risk
RSM Executive Office
[email protected]
IFRS Webinar: Financial instruments under IAS 39
This month’s IFRS webinar, presented by Ian Charles, Emile Woolf International, focuses
on Financial instruments under IAS 39.
The accounting for Financial Instruments continues to present challenges to preparers
and auditors alike. This important webinar will cover the breadth of the subject, without
going into too much depth, ranging from scope, through recognition/derecognition and
measurement models, and the treatment of embedded derivatives. It will conclude with
an explanation of impairment and hedging. PRESENTER: Ian Charles, Emile
Woolf International
DATE: 27 March 2014
TIME: 8am and 4pm BST
CONTACT: Sarah Watson
[email protected]
RSM Eye speaks to Harley
Dou, Director of RSM China
Consulting about overseas
projects, the reopening of
the IPO market in China
and the effects of the 2014
economic reforms.
You are the Director of RSM China
Consulting. Can you tell us a little about
your background and how you got to
where you are today?
I used to work within the Big Four
consulting practices in China (KPMG
Consulting, Deloitte Consulting and IBM
Consulting). At the end of 2009, I left
the KPMG consulting team in Beijing
and started my own advisory business.
After two years, at the end of 2011, we
merged with RSM China Consulting, and
I took over the CEO position.
I think the most important thing
to achieve success in the Chinese
domestic consulting market is to have
the right platform to do business.
Joining RSM China (now Ruihua
China CPA) and the RSM International
network, provides a great support
to RSM China Consulting’s practice
and provides us with the opportunity
to develop our business both
domestically and across borders.
RSM China Consulting works closely with
Taiwan and Hong Kong. Are there any
other markets with which you will be
collaborating over the next few months?
The United States, Australia and
Germany are future target areas for
us, as more and more of our clients are
putting their interests and development
focus into these markets.
Over 80% of your team have overseas
experience. How important do you think it
is to work in a different country?
I think it is very important to have
overseas experience on a consulting
team. This brings a good understanding
of other markets as well as knowledge
of the experiences of Chinese
enterprises and overseas companies
who have expanded over the past few
years or even decades.
I therefore encourage and support our
team in gaining overseas experience
through communications and project
work.
RSM China Consulting has served over
200 listed companies in the last two
years. In which ways, and to what extent,
will you be affected by the recent official
reopening of the IPO market in China?
We are one of the top choices of
service providers for internal control
compliance for local listed or pre IPO
companies. We will work closely with
Ruihua China CPAs as they are in a
leading position and I expect them to
remain there for the next few years.
We will also put more and more effort
into building our long-term relationship
with the Chinese SEC to continue our
business development with these local
listed companies.
Chinese politicians have announced some
extensive economic reforms for 2014.
What is your take on these and which
elements do you believe will drive the
most change?
The business structure of some
monopolised industries will be broken,
although still within a certain limit.
This will result in increased M&A both
domestically and internationally. This
will also lead to more challenges and
changes to our profession. Reforms in
SOE and changes in industrial structure
upgrades will be the two leading drivers
based on my observation.
What is the most valuable lesson you
have learned in your career?
Be patient, think big, and details
determine the result.
Harley Dou
RSM China Consulting
[email protected]
Award Winning Tax Services
Congratulations to the partners
and staff at
Congratulations to the partners
and staff at
RSM DTM Hungary
RSM Bird Cameron
for being chosen as the winner of
the 2014 Corporate INTL Global
Award for ‘Tax Advisory Firm of
the Year in Hungary’.
for winning the BRW Client Choice
Awards for Best Tax Provider
(and... Best Western Australian firm
and Most Cost-conscious firm).
In addition... Congratulations to RSM Kwang-I Earnest - voted the Corporate Finance
Accountancy Firm of the Year in Taiwan in the Corporate INTL Global Awards 2014
Update on RSM International Board of Directors
Following nominations from the regions, and after due consideration and ratification by the Board of Directors, we
are pleased to advise Guillermo Erhard has been re-elected for another three year term. Many thanks to Guillermo
for his continued leadership. In addition, following nominations from the regions, and after due consideration and
ratification by the Board of Directors, we are pleased to announce the following new members of the Board:
Jim Mulqueen, Republic of Ireland
Dr. Warner Popkes, Germany
Wesley Figueira, Brazil
(Nominating by Europe for threeyear term ending 31 December
2016)
(Nominated by Europe and
completing Chris Merry’s term
ending 31 December 2014)
(Nominated by the Americas
and completing Robert Zittrer’s
term ending 31 December 2014)
The RSM Board of Directors would also like to extend its sincere thanks and appreciation to Rudolf Winkenius,
RSM Netherlands for his five years of dedicated service on the Board. Rudolf is now an active member of RSM
International Tax Group. Thank you Rudolf!
News in brief
You!
If you have news you would like to share with the
network, please send your news In brief article to
[email protected].
Indonesia launches Forbes Ad campaign
RSM AAJ Associates has launched a
long running advertising campaign
in Forbes Indonesia. Following
positive results from the 2013
campaign, the firm will continue
advertising through 2014.
The full page advertisements will
run in each month’s print edition.
NEWLY ANNOUNCED:
RSM World Conference - Barcelona
Forbes is well known globally in
business communities and the
Indonesia version is also formatted
in English. The campaign is aimed at
raising awareness of RSM amongst
mid to high level personnel from
multinational companies, benefitting
both Indonesia and RSM in other
countries.
8%
The RSM Executive Office has great pleasure in announcing the 2014 RSM
World Conference will be held in the beautiful coastal city of Barcelona,
Spain at the W Hotel from 28-31 October. The agenda is currently under
consideration and our goal is to ensure the conference is an exceptional
event which contributes to the success of our firms in serving our clients, our
network in terms of global positioning and ourselves as leaders.
Preliminary information has been sent to managing partners. Please speak to
your ICP/MP for further information.
RSM World Conference 2014
28 - 31 October
Contact: Sarah Watson
[email protected]
2014
DATES FOR DIARY
Due to a change in Vietnamese
Government Licensing regulations
the RSM Asia Pacific Conference has
changed location from
Ho Chi Minh City, Vietnam to
Brisbane, Australia
7 - 9 May
Contact: Lynnette McGowan
[email protected]
RSM MENA Conference
RSM Latin America Conference
Dubai, UAE
Cancun, Mexico
21 - 22 May
2 - 4 June
Contact: Joelle Moughanni
[email protected]
Contact: Brendan Quirk
[email protected]
IIA International Conference
- London, July 2014
The IIA (Institute of Internal Auditors) Annual Conference is to be
held in London this year - a real opportunity for RSM to showcase
the quality work we offer to our clients. The first keynote speakers
have recently been announced including Alastair Campbell, former
communications strategist for Tony Blair, and Michael Woodford,
former president and CEO of Olympus turned whistle-blower.
RSM supports this event through sponsorship and welcomes the
opportunity to meet new and existing clients who will be attending.
Themed ‘Time to Make the Connection’, the 2014 International
Conference positions members as a vital component of a far
reaching network of professionals. If you are interested in attending
as part of the RSM team, please contact Belinda Freeman in the
Executive Office ([email protected]).
NEW PUBLICATION:
RSM Latin America Tax News
Following the success of the RSM Europe Tax Centre of
Excellence Tax Alert, RSM Latin America has issued the
first edition of their regional Tax News alert - in English
and Spanish.
This new publication is in digital format and can
be shared with clients and contacts. Look out for
updates on RSM Twitter and RSM LinkedIn groups. The
publication can also be downloaded from www.rsmi.
com.
If you would like to contribute by writing an article
please contact:
Caroline Walenkamp ([email protected])
IFRS Foundation Conference 2014
London | 23 - 24 June
As part of our sponsorship, all delegates from RSM member
firms will receive a 30% discount (Euro 400) on the
registration fee if registered before 4 April 2014. Please
contact Sarah Watson ([email protected]) for more
information.
2014
DATES FOR DIARY
RSM Academy
RSM Europe Conference
Eindhoven, The Netherlands
Bucharest, Romania
15 - 20 June
30 June - 1 July
Contact: Sarah Watson
[email protected]
Contact: Hannah Thomas
[email protected]
RSM World Day
18 September
Contact: Gillian Hawkes
[email protected]
50
Celebrating
years
1964 - 2014
RSM turns 50!
Coming next month in RSM
Eye, detailed plans for RSM’s
50th Anniversary year and
how you can get involved.
Get ready to celebrate!
Next issue
The next issue of RSM Eye
will be published in March
2014. If you have any news
or information that you
would like to include in this
newsletter, please contact:
Gillian Hawkes
RSM Executive Office
11 Old Jewry
London EC2R 8DU
+44 (0)20 7601 1832
[email protected]
RSM is the brand used by a network of independent accounting and advisory
firms each of which practices in its own right. The network is not itself a
separate legal entity of any description in any jurisdiction.
The network is administered by RSM International Limited, a company
registered in England and Wales (company number 4040598) whose
registered office is at 11 Old Jewry, London EC2R 8DU.
The brand and trademark RSM and other intellectual property rights used
by members of the network are owned by RSM International Association,
an association governed by article 60 et seq of the Civil Code of Switzerland
whose seat is in Zug.
© RSM International Association, 2014