Chapter 1 - Chapter 3 Flashcards
It is someone who has expertise in a specific area or areas and offers unbiased opinion and advise for fee
Consultant
What is the purpose of the CPA in engaging in MAS?
To utilize the essential qualifications it
has available to provide advice and
technical assistance which will enable
client’s management conduct its affairs
more effectively.
What are the essential qualifications of a consultant?
- Technical competence
- Familiarity with client’s finance, control
system and business problems - Analytical ability & experience in
problem solving - Professional independence, objectivity
& integrity
What is the primary purpose of MAS?
- The function of providing professional
advisory - Primary purpose is to improve client’s use of its capabilities and resources
What are the two types of encounters?
- Consultations
- Engagements
What happens during a consultation?
- Providing advice and information during a short time frame
- Information provided is orally
- Information are qualified to limitations
What is an engagement?
It is an analytical approach and process is applied in a study or project
What are the main types of consulting firms?
- IT Firms
- Accounting firms offering consultancy
- Major consulting only firms
- Independent
This type of consultant should have 3-5 years of experience and leads a consulting team. Their responsibility involves dealing with the client team and they must possess the ability to take responsibility in running small consultancy project
Senior Consultant/Managers
This type of consultant must have 5-10 years of experience and is responsible for developing firms product. In addition, they are responsible for building relationship with its client and involved in some large, complex consulting projects.
Business Development/Managers
This consultant is the most experienced
consultant responsible for the
development of the organization
and leads strategic
development.
Directors/Partners
What are the types of MAS engagements?
a) Nature of the Problem
b) Service DeliveryArea
c) Phases of the Analytical Process
d)Techniques and Methodologies Applied
e)Industry (or nature of organization)
f) Geographical Area
What are the three possible nature of the problem?
a. Corrective
b. Progressive
c. Opportunistic
This is a situation in which
conditions have worsened.
Corrective
This is an existing situation that can be
improved.
Progressive
This is a situation in which a future
opportunity exists.
Opportunistic
What are the phases of analytical procedure?
a. Identifying objectives
b. Defining the problem
c. Finding out the facts
d. Developing the solution
e. Implementing the solution
__________________ are conducted to
evaluate the effectiveness and/or efficiency of operations
Operational Audit
It is the complete redesign of a process with an emphasis on finding creative new ways to accomplish an objective.
Business Process Improvement/Reengineering
It involves developing new ways to perform existing activities and ways to stop performing non-value adding activities.
Business Process Improvement/Reengineering
This is a process through which managers
discover the nature of the competitive
environment in which they are operating.
Marketing Research
What are the types of marketing research?
- Primary Research
a. Quantitative Research
b. Qualitative Research - Secondary Research
This type of consultancy work defines the approach the business will take in order to get the customer’s attention and get them to spend their money on the business’s products or services
Marketing Strategy Development
This is any program of activities dedicated to customers about a product, their interest and encouraging informing
stimulating purchase
Developing Promotional Campaigns
This type of consultancy work involves understanding the customer’s needs through market research.
New Product Development
This type of consultancy work involves technical advice on product development
New Product Development
This type of consultancy work involves identifying and contacting suppliers of critical components
New Product Development
This type of consultancy work involves development of marketing and PR campaigns to support the launch
New Product Development
This type of consultancy work involves developing promotion campaigns to get distributors on board
New Product Development
This type of consultancy work involves financial planning and evaluation of the return on new product investment
New Product Development
This type of consultancy work involves evaluation of the business’s investment
needs
Developing Proposals of Financial Support
This type of consultancy work involves i identification of funding providers and how they might be contacted
Developing Proposals of Financial Support
This type of consultancy work involves developing an understanding of the criteria employed by funding providers and how these might be addressed
Developing Proposals of Financial Support
This type of consultancy work involves developing communications with funding
providers
Developing Proposals of Financial Support
This type of consultancy work involves assessing the firm’s human resource
requirement and identifying skill and knowledge
gaps
Staff Recruitment
This type of consultancy work involves creating advertisements to attract the right
people
Staff Recruitment
This type of consultancy work involves development assessment criteria, interview procedures and psychometric testing of candidates
Staff Recruitment
This type of consultancy work involves advice on the reimbursement packages new recruits will expect
Staff Recruitment
This consultancy services managing totality of risks-financial, operational and systems, and strategic to improve financial and business performance.
Global Risk Management Solution
This consultancy service involves services related to mergers, acquisition, divestitures, joint ventures, spin-off and strategic alliance
Transaction Services
In this consultancy service, CPA’s provide financial, economic and strategic
advice to companies with complex business problems and disputes.
Financial Advisory Services
This consultancy service involves management advisory services related to
partnership between the public and private sectors in delivering infrastructure and services or privatization
and project finance
Project Finance and Privatization
This consultancy service involves guiding clients through complex business
transaction such as acquisition or divestiture of investment, debt structuring and finance-raising, entry to major stock exchange, mergers.
Valuation Services
This consultancy service is a service where CPA’s provide services to troubled business by emphasizing on the implementation and rationalization and recovery programs designed to rebuild value.
Business Recovery Services
This consultancy service involves environmental analysis, real estate investigative services, damage, disputes,
financial construction investigative services, economic and analysis.
Dispute Analysis and Investigations
This consultancy service involves helping the client understand and manage their
business risks relating to implementation and use of technology
Computer Risk Management
This consultancy service helps assist clients in prioritizing their needs, identifying
the right software and tailoring it to meet their specific requirement.
Application Software Selection and
Implementation
What are the traditional areas of expertise for CPA firms?
- Auditing
- Accounting system design and installation
- Income tax work
What are the common roles in consulting firms (in ascending order of seniority)?
Analysts
Consultants
Senior Consultant or Manager
Business Development Managers
Director or Partners
These are services provided by an independent accounting firm that can be described as the function of providing professional advisory (consulting) services
Management advisory services
The primary purpose of these services is to improve the client’s use of its capabilities and resources to achieve the objectives of the organization
Management advisory services
A management consultant is hired for at least four valuable reasons:
- Independent viewpoint
- Professional advisor and counselor
- Temporary professional service
- Agent of change
What are the six dimensions of management services engagements?
- nature of the problem
- service delivery area
- phases of the analytic process
- techniques and methodologies applied
- industry (or nature of organization) to which the client belongs, and
- geographical area(s) where the engagement take place
The analytic process in a consulting engagement includes:
- Identifying the objectives
- Defining the problem
- Finding out the facts
- Developing the solution
- Implementing the solution
This is one of the broadest project types. This is a phrase often encountered in businesses that have ambitions to grow and develop. A project of this type is a great opportunity. It offers the consultant a broad remit to contribute to the development of the business.
Business Development
In process reengineering, a business process is diagrammed in detail, questioned and then completely redesigned to:
- eliminate unnecessary steps
- to reduce opportunities for errors
- to reduce costs
This has sometimes been described as taking a blank piece of paper and starting from scratch to design a business process.
Reengineering
A _________________ is information collected for the specific project.
primary research
_________________ provides answers to questions when those answers need to be expressed in statistical or numerical form. It aims to answer the ‘how much, how often and how many’ questions that managers pose.
Quantitative research
_________________ provides answers to questions that do not demand a quantified answer. It provides the insights that answer managers’ ‘who, what and why’ questions.
Qualitative research
A ______________ research is based on information that has been collated earlier for reasons other than the project at hand.
Secondary research
A ________________ defines the approach the business will take in order to get the customer’s attention and - critically - get them to spend their money on the business’ products or services.
marketing strategy
A ________________ is any program of activities dedicated to informing customers about a product, stimulating their interest and encouraging purchase.
promotional campaign
This represents a complex project that draws in most, if not all, of the firm’s functions, This is often undertaken by interdisciplinary teams, which cut across departmental boundaries.
New product development
What are the types of clients served in MAS?
- Contact clients
- Intermediate clients
- Primary clients
- Unwitting clients
- Indirect clients
- Ultimate clients
This client is the person, who first approaches the consultant and proposes that the consultant addresses a problem or issue on behalf of the organization
Contact clients
These clients are members of the organization who become involved in the consulting project. They will work with the consultant and provide information. They will sit on meetings and influence the way the project unfolds.
Intermediate cliens
These clients are members of the organization who will be affected by the intervention of the consultant. They do not initiate the project and have no direct or formal control over it. They are not aware that they will be affected by the project.
Unwitting clients
These clients are members of the organization who will be affected by the intervention of the consultant and who are aware that they will be affected. However, the consultant is not aware that the project will have an impact on them. These clients may feel cither positive or negative about the consultant’s intervention. They can be very influential behind the scenes
and, unbekaown to the consultant, can facilitate or hinder the progress of the
project.
Indirect Clients
