Thursday, October 15, 2009

CA PROFESSION: INITIATIVES FOR PROFESSIONAL OPPORTUNIIES

The Indian industry and service sector has shown impressive recovery and the capital market is towards new take off. The growth of the Indian economy as well as the international economy has
started regaining momentum. In this backdrop, it is important to prepare the profession of Chartered
Accountants to reap the increasing opportunities knocking at the door. The following important initiatives are required to be taken at the level of institute and the profession:

  • Undertake comprehensive branding of CAs
  • Organize campus interviews for placement and employment of chartered accountants in industry and service sector in a more planned and effective manner.
  • It is important to leverage various centers of excellence, education forums and professional development forums of the Institute and the profession to further enhance and update the specialized professional skills with enhanced presentation and communication profile of chartered accountants to enable them to reap the opportunities which they duly deserve.

It may be necessary to have a structured institutionalized mechanism to support the
members willing to establish themselves as practicing professionals and to provide them hand-holding support and guidance as well as opportunities.
  • A large number of employers in large scale as well as in medium scale are looking for proactive chartered accountants to man various strategic positions. It is important to provide a link and channelize skilled chartered accountants to these positions in the varied sectors of accounting, auditing, taxation, compliance, finance, knowledge process outsourcing (KPO) and commercial functions besides middle level and top level management positions.
  • A large number of newly qualified and experienced chartered accountants wish to establish as practicing professionals in view of increasing requirements from potential clients arising out of the economic growth. It may be necessary to have a structured institutionalized mechanism to support the members willing to establish themselves as practicing professionals and to provide them hand-holding support and guidance as well as opportunities.
  • To provide more and more opportunities for impalement of chartered accountant firms towards various opportunities being created in the public sector and in the government sector.
  • The government should consider appointment of auditors by regulators like RBI, SEBI, TRAI, MCA and ICAI in companies in which public is substantially interested either as joint auditors or as special auditors. This will also improve corporate governance.
  • The present system of inviting tenders by various government and semi government bodies and institutions is not working effectively and appropriately. It is important to provide for certain minimum level of professional fee based on number of hours. The tendering may be restricted to obtaining  technical bid and the government and semi-government organizations may offer a reasonable remuneration based on the fee scale recommended by the Institute of Chartered Accountants of India rather than on the basis of L-1 (lowest price offered).
  • The voluntary bodies of chartered accountants need to play a proactive role to harness the increasing professional opportunities for members in industry and members in practice.
  • While a special emphasis and support is required to younger professionals and sole proprietary firms, it is also important to strategize build up of strong mid size and large size firms to cater to the increasing requirements of large scale sector.

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