BCAJ SURVEY ON IMPACT OF COVID-19 ON CHARTERED ACCOUNTANT FIRMS

The BCAJ carried out a
dipstick survey in April, 2020 to identify the challenges faced by
professionals and firms. Respondents were asked to share their perspectives,
challenges and how they are responding. 

Attributes of the respondents:

A>  Location and Presence

52% respondents had presence in
Non-Metros and about 48% in both Metros and Non-Metros.

B>  Nature of Respondents

48% respondents were proprietors,
37% were firms having up to 4 partners, 10% were firms having 5-9 partners and
5% were firms having more than 10 partners.

SURVEY QUESTIONS AND RESPONSES

1.  Have you made a systematic assessment of probable impact on the
firm?

2.  Time frame you have considered in the above assessment for impact
of lockdown / slowdown?

3.  Is downsizing of staff on the horizon or under consideration during
the next 6 months?

4.  Increments for FY 2020-21

5.  Bonuses for FY 19-20 to staff

6.  Partner and Senior Staff pay and payouts: What is the most likely
scenario?

7.  Have you considered or are already in the process of renegotiating
rent or other contracted expenses?

8.  Based on the Type of Work and Nature of Clients and assuming
lockdown and gradual lifting – do you see your firm’s cash flow:

9.  To manage Working Capital, you are likely to

10.   Do you expect some clients seeking fees reduction?