Wednesday, September 16, 2015

CA ELECTION- CAST YOUR VOTE CAREFULLY in view of challenges before CA profession

The election to the Council of the Institute of the Chartered Accountants of India- Central Council and Regional Councils has been notified and are scheduled on December 3, 2015 and Dec 4, 2015. These elections are very important for Chartered Accountants Community as a whole including members in practice, members in employment as well as members in Industry/ Businesses.The Chartered Accountants will decide their own future by carefully casting their vote in view of mounting challenges in front of profession of Chartered Accountants:

  • Credibility: The credibility of Chartered Accountants is being questioned with ulterior motives, referring to some exceptional cases. 
  • Employ ability: The opportunities for young Chartered Accountants for employment need substantial expansion and growth. The initial salary levels for Chartered Accountants were at a minimum of `50,000 per month about seven years ago with salaries ranging upto ` 40 lakh per annum. How we can bring similar recognition and demand for Chartered Accountants is a very crucial challenge.
  • Senior Chartered Accountants are facing a similar challenge of employ ability and adequate compensation comparable to their counterparts in other professions. Career options are limited. 
  • Bank Audits: The members of bank branches subject to annual audits have been reduced by about 80% in recent past, at the instance of Reserve Bank of India and Indian Banks’ Association. Absence of centralized appointment is adversely impacting small and medium practitioners and especially those who are not well connected in spite of being highly capable.
  • Allotment from Panel: The number of allotments from various panels has reduced significantly. No significant additional panel has been added during the last 5 Years in spite of large need of MNREGA, Governmental Departments, Panchayats, Local Bodies, World Bank Assignments, Forensic Audits, CBI Panel Railways,Electricity board and Insurance company being the potential opportunity. 
  • Tenders : The tendering system by Government, Public Sector Units and a large number of other institution have brought in ridiculously low level of fee with negative value addition, adversely impacting quality and respect of the profession.  

  • Competence: The education and training system needs a deep visionary overhaul. The practical training needs to be connected to the examination and marks. ICAI needs to provide high quality cost effective education to all the students. The current dependency on private coaching classes has derailed the directions and quality, in the absence of active guidance and hand holding at the level of the institute. The capability of the Central Council and Regional Council to address challenges and visionary planning depends on very careful selection of Regional Council Members as well as Central Council Members besides Branch Officials.
  • Examination: The examination levels have significantly improved recently. The practical aspects of the profession need to be linked to the examination to make it more effective. The current expectations of the businesses and society have to be built in the examination system.
HOW TO ELECT: The Central Council of the Institute, particularly few of the members among the council have contributed very significantly to visionary growth and address some of the challenges.
The members may consider following:-

  • It is very important to vote even if you are busy. Travel Plans, professional meetings and various personal engagements need to be planned with a commitment to definitely vote.
  • To select the right candidate ' the following important aspects may be considered
  • Past Performance- Please ask for specific contributions not positions alone.
  • Concrete vision and commitments on specific challenges and issues.
  • Professional Competence and Experience Professional Exposure and understanding of key professional issues is a must
  • Academic Performance 
  • Personal Integrity, commitment to ethics and credibility.
We need to emphasis on the fulfillment of the objectives of the Institute i.e. the core competence vis-a-vis the competency and the dedication of elected members to achieve the same. The glory of the Institute can be restored by visionary contribution by membership at large, not a chosen few. The direction needs to be independent. The mess created in the past needs to be looked into. The elected members should be sufficiently experienced and mature, who work with total dedication and independent of any influence. It is important that personal relationships and professional commitments do not over impact the decision. OUR FUTURE IS CRUCIAL WE NEED TO DECIDE DILIGENTLY



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