Department of Accounting Education

Mabini Street, Tagum City

Davao del Norte
Telefax: (084) 655-9591, Local 116

Personal Characteristics Sufficient Relevant Data

Planning Supervision
Professional Behavior Understanding with client

Big Picture in Focus: ULOb. Describe the Organization and

Management of the MAS Practice.

Metalanguage
For you to demonstrate ULOb, you will need to have an operational understanding
of the following terms below. Please note that you will also be required to refer to
the previous definitions found in ULOa section.
1. Partners, Principals, Directors. This individual is typically the most
experienced highly paid professional and is normally responsible for the
successful completion of engagements, dealing directly with clients and for
selling work.
2. Senior Managers, Managers, Supervisors. These individuals perform week-
to-week management of the engagements and are responsible for identifying
new client prospects and assisting in the sales process.
3. Senior Consultants, Seniors. These individuals typically have 2 or 3 years of
consulting experience and are capable of supervising the daily work of the
younger staff.
4. Associate Consultant, Staff. These individuals usually have less than 2 years
of consulting experience and may have been hired directly out of graduate or
undergraduate school.
5. Business plan. It is written summary of what the consultant hopes to
accomplish by being in business and how to organize the resources to meet
his/her goals.

Essential Knowledge
To perform the aforesaid big picture (unit learning outcomes), you need to fully understand
the following essential knowledge laid down in the succeeding pages. Please note that you
are not limited to exclusively refer to these resources. Thus, you are expected to utilize other

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

books, research articles and other resources that are available in the university’s library e.g.
ebrary, search.proquest.com etc., and even online tutorial websites.

1. DEVELOPING MAS PRACTICE

If one wishes to be a consultant, he or she must first assess his or her own talents and
expertise. In addition, one needs to review his or her communication skills, both oral
and written; sales ability; ability to focus on a project and carry it to conclusion and
ability to maintain objectivity. One must also evaluate his or her business and
professional judgment.
The scope of a consulting practice is defined by the expertise and experience of the
consultant within the practice. This can be technical consulting in
1.a) engineering
1.b) industrial management,
1.c) marketing,
1.d) business management, or
1.e) financial areas.
To be successful, it is extremely important to recognize the firm's background and
expertise so that the scope of the consulting practice can be well defined for proper
communication to the potential clients. The firm should not "over sell" these abilities or
accept work outside the firm's capabilities.
Prior to entering into a consulting practice, the prospective consultant should conduct
market research to identify opportunities in the marketplace.
This will specifically involve
1.i study of the listings of management consultants.
1.ii survey of local CPA firms to determine which are offering consulting services.
1.iii determination of possible oversaturation of consultants in one's specialty
area.
1.iv identification of new services that may provide a competitive edge.

Although economic statistics and financial information concerning consulting practices

are not readily available, most of this information may be obtained from word of mouth
discussions with other consultants and knowledge of the local marketplace.
Quite frequently, a consultant gets started when his or her clients indicate that they
would like to use his or her talents as a consultant. This limited number of clients will
provide a sufficient base for the individual to get started and maybe even keep busy
started on a full-time basis.
In any case, a practice development program needs to be initiated to target potential
clients. Market research is important both for the new firm and established consulting
practice. Every practice needs to have a continual flow of work and steady stream of

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

new opportunities and new contracts. Some effort has to be made to reach out, contact
potential clients and make them aware of one's consulting services.
Equipped with necessary information, one needs to establish an operating plan for the
practice - that is, to set goals and objectives. These goals and objectives should
include
o a desired income level,
o potential clients, and
o strategies to obtain those clients.

Based on the services one proposes to provide, the types of potential clients that could
benefit from those services and the potential amount of work, the practitioner can now
identify staffing requirements and financing needs.
To develop a meaningful and worthwhile network, the practitioner must establish
quality contacts and educate the network as to the type of services he or she offers.
If one has built a quality network, some contacts will continually refer work to the
practitioner. These productive contacts develop and grow based on a solid personal
relationship and the consultant's commitment to providing excellent service.
Building a successful network requires keeping the practitioner's name in front of
clients and contacts. This can be done through client newsletters, articles, seminars,
entertainment, or even periodic phone calls. In any event, there need to be consistent,
intermittent reminders to the network about the consultancy firm and its services.

2. ORGANIZATION OF MAS DIVISION

Management advisory services of an accounting firm may be rendered by a man who
is primarily an accountant or by a specialist. A firm with large clients may find it
necessary to train some of its accountants as specialists in MAS or to engage men
with experience and training in engineering, marketing, economics, EDP, psychology,
etc. A consulting firm should periodically assess its needs with respect to in-house
knowledge and skills. Upon comparing the knowledge and skills held by its current
consultants against its needs, the firm can determine the extent of its deficiencies.
Should such deficiencies exist, a consulting firm can apply these approaches.
2.0.1) It can employ additional consultant with adequate knowledge and skills, or
2.0.2) It can undertake a variety of staff development activities that are intended to
endow the presently employed consultant with needed knowledge and skills.

2.1. Staff Pyramid and Fee Structures

A simple approach in staffing a consulting practice is to break the practice into
pyramids of from five to fifteen people. Depending upon the practice specialty and the
particular firm's philosophy, the size but usually not the structure of the pyramid may

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

vary. A graphic depiction of the consulting pyramid is shown in the next page (Figure
1).
Each pyramid is built around a partner, principal or director. In large practice, there will
be multiple pyramids. The numbers in the pyramid refer to the typical number of
personnel at each level (per pyramid).

Figure 1. Staff Pyramid

2.1.1. Partners, Principals, Directors

The top of the pyramid contains the partner, principal or director. This individual is
typically the most experienced highly paid professional and is normally responsible for
the successful completion of engagements, dealing directly with clients and for selling
work.
Principal activities of partners include performing practice planning, administering and
developing practice, consulting with top-client managers, approving engagement
reports, and managing client crises.
On certain occasions, a consulting firm may determine that its practice requires
additional strength at the partner level. One such occasion could arise if the gap
between services to be offered, and the ability to offer them, is so great that recruitment
at lower levels cannot be expected to produce the desired results.
In the event that a new partner is to be recruited, the principal consideration must be
the external reputation of the candidate as a highly competent consultant. The firm
should proceed cautiously, since the recruiting process is extremely involved. In
addition to the candidate's reputation for competency, the recruiting firm should
consider his or her probable (1) remaining period of useful and productive service to
the practice and (2) compatibility with the existing practice and current partners.
2.1.2.Senior Managers, Managers, Supervisors

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

The next tier of the pyramid is made up of senior managers, managers, and
supervisors. These individuals perform week-to-week management of the
engagements and are responsible for identifying new client prospects and assisting in
the sales process. Principal activities of managers include planning engagements,
evaluating consultants, supervising consultants, writing proposals, reviewing working
papers and reports, consulting with client managers, and serves as expert in one or
more applied knowledge areas.
Many consulting firms recruit for their practices mainly at the manager classification
level. Their reasoning is that a manager is likely to be of worth from the beginning,
since his or her personal competence will usually determine the success of individual
engagements. A firm that intends to recruit a manager will probably seek the following
attributes:
2.1.2.1. Previous successful consulting experience
2.1.2.2. Previous successful middle and top management experience
2.1.2.3. Specialized or advanced knowledge in major areas where the recruiting
firm's practice has identified needs
2.1.3. Senior Consultants, Seniors
The third tier of the pyramid is made up of senior or senior consultants. These
individuals typically have 2 or 3 years of consulting experience and are capable of
supervising the daily work of the younger staff. They possess the right combination of
experience and dedication to complete different projects with limited supervision.
Seniors are normally in short supply in most firms.
2.1.4. Associate Consultant, Staff
The final layer of the pyramid consists of young or new staff. Depending upon the firm,
these individuals usually have less than 2 years of consulting experience and may
have been hired directly out of graduate or undergraduate school. Some firms require
prior business experience, while others prefer to train their own personnel and hire
some undergraduate students.

Billing Rates
The typical range of billing rates of the four pyramid levels are as follows:
Level 1 P6,000 to P12,000 per hour
2 P3,600 to P 6,000 per hour
3 P2,000 to P 3,600 per hour
4 P1,200 to P 2,000 per hour
These billing rates are normally adjusted annually when promotions are given and
salaries are changed. Within each pyramid level there may also be multiple billing
codes relating to salary and experience levels.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

2.2. Defining the Target Level of Competence of Management Consultants

Consulting competence is the ability of a consultant (e.g. management services
practitioner with an accounting background) to deliver specific agreed-upon consulting
services to a client on a profitable time-and fee basis observing professional
standards.
The four major factors that must be considered when defining the target level of
competence are
2.2.a. Scope of Practice Area
2.2.b. Service Variety
2.2.c. Client Requirements
2.2.d. Service Delivery Capability

DISCUSSION:
2.2.1. Scope of Practice Area
A consultant who desires to grow should take the following steps:
2.2.1.1. Review the economic region in which the consulting firm draws, or
expects to draw, most of its clients.
2.2.1.2. Inventory the services required by the existing client, and in most cases,
by the clients the consultant would like to add (e.g. related to audits,
reviews and tax planning).
2.2.1.3. Select services from this inventory that will be provided.
2.2.1.4. Acquire the competence needed to provide the selected services.
2.2.1.5. Notify clients and potential clients that the consulting firm is able and
willing to perform the selected advisory and consulting services.

2.2.2. Service Variety

The range of services that consultants typically provide is extremely broad. Most
engagements, however, would fall into one of the following categories:
2.2.2.1. Planning, control and reporting systems
2.2.2.2. Operational computer system analysis, design, implementation and
evaluation
2.2.2.3. Specialized technical services such as advice on new laws, entering
international markets or keeping abreast of new economic or technical
development. Specific services such as acquisition, mergers,
divestitures, economic and feasibility studies, management audits,
market analysis, etc. might also fall into this category.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

2.2.3. Client Requirements

In reviewing client requirement, the consultant may assess the following questions:
2.2.3.1. Will a fully implemented service (e.g. a system or recommendation) be
turned over to the client ready for use? If so, these services will require
more care, organization and attention to detail than other services
2.2.3.2. Will the service require changes or adaptation? If so, the client must be
told explicitly what to do in order to realize the service benefits.
2.2.3.3. Does the client belong to an industry with special characteristics or
problems? If so, the service must be designed to produce satisfaction in
such situation.
2.2.3.4. Does the client have special financial or growth problems? If so, the
service should not aggravate these problems or be ineffective in their
presence.

2.2.4. Service Delivery Capability

Service delivery is the application of consulting skill and without this, even high levels
of knowledge and understanding cannot be put to effective use for clients
In delivery services, the consultant undergoes the following phases:
2.2.4.1. Setting objective, identifying problems and needed services, predicting
specific expected benefits from these services, and gathering essential
facts pertaining to the problem and means of delivering the services.
2.2.4.2. Adapting and beginning the services that are to be the principal
deliverables from the Engagement.
2.2.4.3. Implementing these services to the client's satisfaction.
2.2.4.4. Evaluating the results in operation, in order to determine the extent to
which the anticipated benefits were received from the services.

3. MANAGEMENT OF MAS PRACTICE

3.1. Steps in Starting the MAS Practice
CPAs have been providing management with advice and technical assistance for as
long as the accounting profession has existed. But as businesses grew in size and
complexity, the demands of clients for outside professional help also increased
significantly. A number of accounting firms realized that they now have to offer
management services on a systematic, organized basis.
A CPA who would want to start the MAS practice formally may follow these suggested
steps:
3.1.1. Determine and make a list of services that one can truly offer with a
confidence of competence to perform.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

3.1.2. Review a client list classified by industry, size, etc. and prepare a
package tailored to fit the firm's competence and a particular type of
clientele. "Initial package" usually consists of services that are closest to
the conventional accounting function such as budgeting, financial
planning situation analysis (mergers, make or buy decisions, etc.) cost
systems or studies and system design and installation, office
management and equipment.
3.1.3. Prepare a line-up of MAS Personnel. In the selection of the staff, the
following sources may be considered:
i. Accounting firm's own staff (usually audit staffmen who had lost
interest in the audit work but who have the technical
qualifications, personalities to do MAS work).
ii. Experienced specialists (engineers, management consultants)
from outside the firm either on a full-time and permanent basis or
part-time basis.
iii. Referral by other CPAs.
3.1.4. Seek out advisory engagements.

This, of course, should be done within the bounds of the Code of Ethics. Leads to
management advisory clients can come from an outright request for advice by the
client to a rumor that a business is in trouble. The CPA can capitalize on his audit and
tax engagement. Mention can also be made of the CPA's availability for MAS work in
his audit letter of engagement. Use of letters and brochures to inform present clientele
is also allowed.
The basic characteristics and qualifications of a CPA firm form a sound basis for the
development of the management advisory services portion of the CPA's practice. The
CPA's review of the many aspects of an organization's operations gives him the
opportunity to know the weaknesses and strength of the business firm. This is the
reason why members of the business community seek his advice on business matters.

3.1.a. Sources of MAS Engagements

The primary source of MAS engagements is the audit client of the CPA In the course
of his examination of a client's financial statements, the CPA reviews many aspects of
an organization's activities and procedures and thereby obtains first-hand knowledge
of the problems confronting management. The CPA may therefore be engaged by the
audit client to conduct a more thorough and in-depth analysis of the problem and to
make constructive suggestions to solve the problem and improve the operations of the
company. Other possible sources of MAS clients are:
3.1.a.1 Referrals from other CPAs.
3.1.a.2 Referrals from audit clients.
3.1.a.3 Referrals from businessmen.
3.1.a.4 Referrals from financial and government institutions.
3.1.a.5 Referrals from legal and other professional firms.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

4. PROBLEM AREAS IN RENDERING MAS BY AN INDEPENDENT ACCOUNTING

FIRM
The potential problem areas that may arise in connection with rendering MAS by an
independent accounting firm are:
4.1. Questions as to the effect of the practice of MAS on the firm's
independence. Agreement should be reached as to the relationship that
MAS work will have on the audit work. It is important to remember that
decision making is the responsibility of the client's management and the
MAS man's function is solely advisory. The principle of independence
that applies to an audit engagement also applies in the practice of MAS.
4.2. Development and maintenance of a high level of competence in MAS. A
policy should be established for resolving the problem in the event of
disagreement between an MAS partner and an Audit partner as to
whether appropriate competence exists in the firm. Also, provisions for
the staff's continuing education program should be made.
4.3. Questions of what fee to charge. A clear policy should be established
with respect to the fee structure and the reasoning behind the same
should be understood by the entire firm.
4.4. Question of AUDIT-MAS cooperation in obtaining engagements. Efforts
to be made to obtain MAS engagements and the cooperation to obtain
MAS engagements and the cooperation to be expected of audit partners
and staff should be clearly defined.
4.5. Question of regular communication between the MAS function and the
rest of the firm.

5. FINANCIAL MANAGEMENT OF AN MAS PRACTICE

A consulting practice is a business and, like all businesses, must have financing.
Financing can be provided by capital invested by you or the initial group of consultants
or by funds borrowed from banks and others. The following are the initial and basic
capital requirements.
5.1. Working Capital
This will be used to pay monthly operating expenses such as salaries of
consultants, rent, supplies, utilities, secretarial services, etc. This will be needed
to fund accounts receivable that represent time billings to client. It is prudent to
have working capital for at least three to four months expenses. Also, many
consultants obtain retainers at the beginning of a consulting assignment to help
finance the burden of monthly expenses. Care, however, should be exercised
to avoid a "financial trap" where funds are received and spent before the work
is actually performed.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

5.2. Office facilities and equipment requirements

Since consultancy is a business activity, this means that the consultant should
establish a professional and business like image for the basic business
operation through stationery utilized, telephone answering procedures
employed, quality of typed material that is presented to client. A practical option
for a start-up firm is leasing an office in a professional suite that provide many
facilities including secretarial service, copy machine, telephone answering, etc.
As the practice grows, the next step is leasing office furniture, employing
permanent secretary/receptionist, multiple employees and other consultants.
Each of these steps requires a business decision as to the viability of the
practice and the capacity to handle the additional overhead expenses.
Of prime concern to one's consulting practice are the costs of operation and
cost of equipment and facility requirement because they have a long term
impact on the practice profitability.

5.3 Revenues and Expenses of Management Consultants

Net service fees represent the peso value of what has been sold to the client
or what will be received as revenue. If the staff is fully utilized or there is 100%
professional's time chargeable to a client engagement, it could mean a very
profitable operation. Net service fees are determined by subtracting from gross
fees (total chargeable hours worked by a professional times his or her billing
rate) the allowance, fee adjustment or write off. The allowance percentage is
normally in the 12% to 16% range and would ultimately depend on effective use
of the staff.

5.4. Billings and Collection

One of the most important considerations in a consultancy practice is how
professional fees are to be established. Some consultants bill services on an
hourly basis, while some on a daily, or per diem basis. Some consultants add
out-of-pocket expenses directly chargeable to the client to the bill while others
absorb their expenses. Staff billing rates are often a multiple of the salary paid
to the employee. Multiples of 2.5, 3 and 3.5, the actual hourly rate of pay, are
very common.
Another billing approach is on a project basis. Here the foe is determined for
the project and the work is completed with a reasonable time. No matter what
the method of billing, time keeping is of prime importance. There should also
be an appropriate mix between practice development and productive
chargeable time.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

Follow-up on unpaid invoices is important. Statements should be sent as a

reminder of outstanding invoices. Aggressive invoice collection is important to
cash flow and survival of the practice.
The following illustrative income statement of a small consulting practice will show the
normal sources of revenues and expenses.

AFC Consultancy Services

Income Statement
For the year ended 2010
Gross services XX
Less: Allowance XX
Net services
Direct operating expenses XX
Professional staff salary and bonus XX
Office staff salary and bonus XX
Other direct expenses (supplies, travel, etc.) XX
Total XX
Contribution to general overhead XX
Less: General overhead XX
Pensions XX
Group life and medical insurance XX
Rent XX
Depreciation and amortization XX
Stationery and office supplies XX
Subscription and services XX
Staff training and education expense XX
Professional membership dues XX
Interest XX
Taxes XX
Other administrative expenses XX
Total XX

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

Net income XX

5.a. Preparing a Business Plan for MAS Practice

5.a.1. Why Prepare a Plan?
Most consultants prefer to be a consultant first and a business owner second. But
planning and good management skills are vital to business success. Those who do
not plan run a very high risk of failure.
A business plan is written summary of what the consultant hopes to accomplish by
being in business and how to organize the resources to meet his/her goals.
Having clear goals and a well-written plan aid in decision-making. With a business
plan, the consultant has some basis and a standard comparison to use in evaluating
alternatives presented to him/her.
A business plan establishes the amount of financing or outside investment required
and when it is needed. It makes it much easier for a lender or investor to assess the
consultant's financing proposal.

5.a.2. Format
The business plan format normally consists of four parts: the introduction, the
business concept, the financial plan, and the appendix.
The plan starts with an introductory page highlighting the business plan. The business
concept, which begins with a description of the industry, identifies the consultant's
market potential within the industry and outlines the action plan for the coming year.
The financial plan outlines the level of present financing and identifies the financing
sought. This section should be brief. The financial plan contains pro forma (projected)
financial forecasts. These forecasts are a projection into the future based on current
information and assumptions. The appendix section contains all the items that do not
naturally fall elsewhere in the document, or which expand further on the summaries in
the document. These might include a personal net worth statement and a statement
of accounts receivable.

Self-Help: You can also refer to the sources below to help you
further
*Agamata, F. T. (2012). Reviewer in management advisory services. Manila:
GIC Enterprises & Co., Inc.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

*Bobadilla, D. (2015). Comprehensie reviewer in management advisory

services. Manila, Philippines: Lares Bookstore.
*Bragg, S. M. (2011). The controller’s function: The work of the managerial
accountant (4th ed.).New Jersey: John Wiley & Sons.
*Cabrera, M. E. (2009). CPA reviewer :Management advisory services (2009
ed.). Manila: GIC Enterprises & Co.
*Cabrera, M.B. (2011). Management consultancy. Philippines: GIC
Enterprises & Co., Inc.
*Jackson, S. R.(2009). Managerial accounting: A focus on ethical decision
making ( 5th ed). Mason, OH: South – Western Cengage Learning.

Let’s Check
Questions:
1. What are the important qualifications that MAS personnel should possess?

2. Why should a consulting firm periodically assess its personnel requirements?

3. How can a consulting firm solve the problem of personnel deficiency?

4. Describe the basic approach in organizing the personnel in the MAS division.

5. Describe the responsibilities of the following consultants.

a. Partners or Principals
b. Managers
c. Senior Consultant
d. Associate Consultant

6. Discuss the major factors in defining the target level of competence of MAS
personnel?

7. What are the basic steps in starting a consultancy practice?

8. What are the sources of MAS engagements for a CPA?

9. Discuss the problems that are encountered by consultants in their practice.

10. What are the advantages of preparing a business plan for MAS practice?

Let’s Analyze
Questions:

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

1. The most important factor is selecting an engagement team is to assign

consultants:
A. with a prior experience in the client's industry.
B. with a combination of skills and experience in various business functional
areas as well as in different industries.
C. with the appropriate skills, experience and types of thinking to deal with
the clients problems.
D. who are likely to employ different approaches to problem solving such
as highly imaginative thinking, or unusual skill in the interpretation and
use of financial and statistical data.

2. The primary purpose of management advisory services is

A. to conduct special studies, preparation of recommendations,
development of plans and programs, and provision of advice and
assistance in their implementation
B. to provide services or to fulfill some social need.
C. to improve the client's use of its capabilities and resources to achieve
the objectives of the organization.
D. to earn the best rate of return on resources entrusted to its care with
safety of investment being taken into account and consistent with the
firm's social and legal responsibilities.

3. Which of the following contains the best statement on how an accounting firm
should apply the concept of competence in serving clients?
A. If the firm is not reasonably competent to undertake a particular
engagement, it should employ a specialist on a temporary basis.
B. The firm should accept only those engagements which it is qualified to
undertake and asking personnel qualified to give effective service in
solving the particular problem or problems involved.
C. The firm should occasionally accept engagements outside the scope of
its regular services and then collaborate with outside specialists on such
engagements.
D. If the firm does not have men on its professional staff who are reasonably
competent to solve a client's problem, it should ask the men to equip
themselves for the task by study, consultation, or other means.

4. A CPA should reject an MAS engagement if

A. It would require him to make management decisions for an audit client.
B. His recommendations are to be subject to review by the client.
C. He audits the financial statements of a subsidiary of the prospective
client.
D. The proposed engagement is not accounting-related.

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

5. Before entering a consulting practice, the prospective consultant should

conduct market research to identify opportunities in the market place. This will
involve the following except
A. Study of the listing of actively practicing management consultants.
B. Survey of local CPA firms to determine which are offering consulting
services.
C. News release (one-full page) in Philippine Daily Inquirer about the
opening of the consultancy firm.
D. Identification of new services that may provide a competitive edge.

6. This individual is normally responsible for the successful completion of

engagements, dealing directly with clients and for "selling" work or consultancy
services.
A. Senior managers
B. Senior consultants
C. Partners
D. Supervisors

7. Factors that must be considered when defining the target level of competence
of management consultants include the following except:
A. scope of practice area.
B. client requirement.
C. service variety.
D. investment required.

8. Consultants could trace most of their current engagements to the following

sources except
A. speeches in professional and business organizations.
B. referrals from clients.
C. advertisement in TV, radio, and newspaper.
D. books written

In a Nutshell
Based on the topics discussed in this ULO, state what you have learned from this
lesson.

I have learned that …

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 Department of Accounting Education
Mabini Street, Tagum City
Davao del Norte
Telefax: (084) 655-9591, Local 116

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Q&A Lists
Do you have any questions?
Questions/ Issues Answers
1.
2.
3.

Keyword Index

Partners
Principals Seniors Consultants
Directors Seniors
Senior Managers Associate consultant
Managers Staff
Supervisors Business plan

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