Consultants Corner January 2015 - New Year Edition

Consultants’ Corner A Bi-Monthly e-Journal from

Issue 92 | Pages 1– 12

What’s Inside......

Murali’s Musings

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2014 A Quick Recap

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2015 New year celebration

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January 2015- New Year Edition

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Consultants’ Corner

Murali’s Musings Murali R S Managing Director MaGC

Resolving New Year Resolutions!

Every new-year is welcomed with fun-fare and expectations. As we grow older each year seems to move by faster. And every year begins with greater expectations, and the year that comes by may or may not fulfil all our dreams. This keeps on repeating every year…and the time rolls on.

Life seems to be a path of expectations and experiences, the former very big and the latter not as expected. So we seem to do most of the things ‘expecting’ something favourable to happen. Most people, when I ask about this – how much of their expectations have been fulfilled – do not give a very clear answer they always say ‘somewhat’ and followup saying ‘we cannot expect all that we expect to happen’.

Most of the time the difference between expectations and reality is “action”. The action that is needed to achieve what we want is not taken and we expect that things to happen on their own. So resolutions end up in dissolutions!

Action is the need of the hour. God is supposed to help people who help themselves. This means that if you help yourselves God’s support will be available. We are so lackadaisical that we want everything to happen by itself. All that we do is just to intend or to expect.

It is interesting to note that most of the expectations is from others around (family and friends) and from nature (it has to rain!); never too much on ourselves – but we want all the good happening to us.

Each one of us feel that if we do not harm others by words or by our explicit actions we are good people and we develop all the logic in the world to support this argument. So a person who is very inefficient and good for nothing in an office gets convinced that he is a good person.

He does not realize that his inabilities and inactions actually harm the entire organization. This again happens because he expects everybody to understand him; not only that but also adjust with him. A real tall order of expectation!

It is nice to have some new year resolutions to get in to mainstream of our life: getting up early, being systematic, doing yoga, eating healthy food, learning something new, etc. but all these need to begin with us.

We as individuals have to gear up and start working to reach our own expectations. Otherwise they will all remain ‘great expectations’.

Let us make certain resolutions for 2015 and also stand by them by working every day towards them! Happy 2015!

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Consultants’ Corner

ISO Implementation at MaGC MaGC formally adopted the ISO Manual and Procedures on 23rd October 2014. Mohanty and Babu Rajendra Prasad were identified as the Management Representatives for implementing ISO in MaGC. Praveena was nominated as the ISO Internal Auditor.

Study circle meetings were held on 3rd and 25th November 2014 for familiarizing all MaGCians on the ISO Manual. A preliminary audit of ISO implementation was taken up in December 2014. A new discussion forum has been started on 29th October 2014 for discussing various issues relating to the implementation of ISO at MaGC. All MaGCians can view the discussions and participate by clicking here.

Corporate Social Responsibility As part of MaGC’s Corporate Social Responsibility, a website for Srilakshmi Hayagriva Trust, an NGO working on education for poor and deprived kids based in Chennai was designed by MaGC team comprising of Ashok, Kishore and Mahesh. This website went live from 1st January 2015. Apart from designing the website, MaGC is also helping the trust in updation and maintenance of the website.

The website address is http://www.srilakshmihayagrivatrust.org/.

mymagc.in mymagc.in is an exclusive MaGCians website which was launched on 11th July 2014. Employee details like Pay Slips, Leave Status, contact information, HR policy and circulars can be accessed by MaGCians by logging into this website. Key feature of this website is a Discussion Forum where views and comments on various topics are discussed actively by MaGCians.

The website address is mymagc.magc.in

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January-May

Consultants’ Corner Study Circle Presentation at MaGC 1.

Padmaja J conducted a session on “Nine Money Personalities” on 20th January 2014.

Karthik M V & Mahesh at the Davanagere Taluk Panchayat office from 26th to 31st May 2014 as part of the TP Accounts Manual Pilot Project

Presentation by MaGC team to the delegation from Bhutan on Financial Reforms in urban local bodies on 20th February 2014.

Local Fund Audit Department - Audit Manual Presentation at Commissionerate of Municipal Administration by Kishore

MS- Excel Training at MaGC Bengaluru office was held on 29th and 30th March 2014. Mr. G Karthikeyan facilitated the training with his expert and insightful knowledge on MS- Excel.

The first MaGChai pe Charcha was held at the Bengaluru Office on 28th March 2014.

MaGChai pe Charcha is an informal forum to discuss the ongoing projects and ways to improve skills and knowledge base among the team members

Flow Link Systems Human Resource Manual Presentation at FLS premises in Coimbatore by Murali

April

Consultants’ Corner

Chess Tournament at MaGC Bengaluru office from 1st January 2014 to 19th April 2014

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June-July

Consultants’ Corner Karthik M V gave a guest lecture on ‘Altman Z Score’ at the Acharya Bangalore Business School, Bangalore on 17th June 2014

Due Diligence and Valuation project for a residential school in Kothagiri, Nilgiris was done by MaGC Team comprising Suresh, Praveena and Vinod

Ashok with Director General Department of Public Accounts, Bhutan as part of “Peer Review of Financial Rules and Regulations” project in July 2014

Suresh has undergone The Social Accounting and Audit (SAA) Master Class training, a two day training programme conducted by the Centre for Social Initiative and Management (CSIM) and Loyola Institute of Business Administration (LIBA) as part of initiative by Social Audit Network (SAN), India. The course is a preliminary course leading up to the Certification as an accredited Social Accountant which enables Suresh to offer solutions to clients in Social Accounting and audit.

MaGC team headed by Murali attended the MacMillan Woods regional conference on 18th and 19th July 2014 at Bangalore

Kishore enjoying an off day during his Financial Advisory project for IST Egypt in July 2014

August-September

Consultants’ Corner Karthik M V and Ashok attended the meeting of the “Committee on Accounting Standards for Local Bodies of the ICAI” via teleconference on 13th Sep 2014. Karthik presented MaGC's review points on the ASLB - 'Presentation of Budget Information in Financial Statements'.

Gopal and Ashok attended a study circle training on 'Rent a CFO - Practitioners' Perspective' at ICAI Bangalore on 17th September 2014.

A two day workshop on 'Implementation of Accrual Accounting in ULBs'was held on Aug 25th and 26th at Bangalore. The workshop was jointly organized by the MoUD - GOI, ICAI, KUIDFC and the Fiscal Policy Institute. Ashok made a presentation on 'Understanding financial statements under

Murali addressing participants at a seminar on municipal finance for a Sri Lankan delegation organized by the Centre for Budget and Policy Studies at Bangalore on 19th September 2014

Murali handled a programme on Cutting Edge Budgeting at a Capacity Building Workshop for SMEs in Singapore. The programme was attended by 32 participants. The programme gave the participants insights into good practices in budgeting and hands on experience on using budgeting tools.

Study Circle Presentations August and September 2014 1.

during

In-house training on “Business Valuation” on 28th August 2014 by Kishore

2. “Teachers and Guru” on 05th September 2014 by Murali 3. “Peer Review of Financial Rules and Regulations” on 11th September 2014

by Ashok

MaGC shareholders attend the Annual General Meeting held at MaGC Chennai office on 8th September 2014.

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October-November

Consultants’ Corner Ashok was empanelled with Regional Centre for Urban & Environmental Studies, Lucknow, in the Category of Double Entry Accounting System with effect from 19th November 2014.

Murali was empanelled in the UNDP-UNEP Poverty Environment Facility's roster of consultants in the area of Public Financial Management and Budget Process with effect from November 2014.

Mohanty and Prasad attended a one day Faculty Development

Programme on “Introduction to Mediation and Moderation Analysis" at R V Institute of Management, Bengaluru on 29th November 2014.

Study Circle Presentations during October and November 2014 1.

“Process Audit” on 19th November 2014 by Praveena

Hearty Congratulations to:

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Murali and Kishore for their certification in Business Excellence for Consultants from SPRINGS, Singapore.

Praveena who became a Certified Six Sigma Green Belt from the Indian Statistical Institute, Bangalore Padmaja for successfully completing 'Master of Financial Analysis' (MFA) from ICFAI University, Tripura.

Vijay, Praveena, Shrikanth Maiya and Karthik M V for your contributions to the MaGC Quality Manual naming contest

2. “Road Ahead ” on 21st October 2014 by Murali

Ayudha Pooja celebrations at MaGC Bengaluru and Chennai office on 01st October and 02nd October 2014 respectively

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November-December

Consultants’ Corner

MaGC Team pose for a photograph with the client during their visit to CARE Group, Vadodara in November 2014

Murali interacting with the clients during an informal training session at CARE Group, Vadodara in November 2014

MaGC team comprising of Kishore, Ashok and Karthik M V pose for a group photograph with other MacMillan Woods delegates during the Training on Valuation of Companies programme conducted in Hyderabad on 18th and 19th December 2014

Click on the image above to watch videos on the Training Sessions held by MaGC Team in Hyderabad

Ashok made a presentation on 'Implementation of Modern Accounting System in Urban Local Bodies - Implementation Issues' at a Two-Day Workshop on ‘Improvement of Accounting and Implementation of Double Entry Accrual System of Accounting in Urban Local Bodies’ organised by the Ministry of Urban Development in collaboration with the Committee on Accounting Standards for Local Bodies, The Institute of Chartered Accountants of India at the Regional Centre for Urban & Environmental Studies, University of Lucknow on 28th November 2014

December

Consultants’ Corner MaGC Bengaluru team during their two-day outing to Murudeswara, Kolluru, Idagunji on 13th and 14th December 2014

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December

Consultants’ Corner

New Year celebrations at MaGC Bengaluru Office on 31st December 2014

Our Mission is to apply our professional capabilities with a holistic approach for the happiness of clients, through values and social commitment.

Editorial Board

Contact

Mr. C S Suresh, Executive Director Mr. Ashok Rao, Executive Director

Editors Mr. Karthik M V, Consultant

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