INDIAN CHARTERED ACCOUNTANTS MEETING NEW CHALLENGES
(CA) firms have been witnessing growth of professional accounting in India and have qualitatively handled large number of audits, tax matters and consulting assignments based on their knowledge and expertise in infrastructure and professional competence.
Indian CA firms managed in terms of Indian culture and Ethos are highly ethical and ensure that financial statements once certified or audited by them are free from fraud and error
The Indian CA firms have wide geographical presence in India and overseas and are competing with international CA firms not only for large assignments but also for mid size clients. Indian chartered accounting firms have been following highest level of standards and professional competence and have made significant efforts to improve Brand India.
All major borrowers of corporate sector and banks in India, where frauds were discovered were not subject to audit by an Indian CA firm
The Indian CA firms are also being supported by a large number of corporate professionals, government officials, bankers and highly placed persons due to the effective and efficient professional services being provided by these Indian CA firms. Even a large number of international
collaborators, venture capitalists, foreign investors mandate appointment of Indian firms as auditors and for several other important assignments.
Indian CA firms guarantee and ensure that money and resources are neither wasted nor diverted or siphoned off
The Indian CA firms have been vigorously working to gain strength to meet challenges and reap new
opportunities. A large number of Indian CA firms have also established themselves at several Indian and International locations and are expanding geographically in size and in view of their commitment towards growth and prosperity of their clients. These firms have also added to their strength, number of their professional partners and other experts.
Once an Indian CA reviews financial statements or accounts, all material or potential frauds and errors are brought to light
The advent of liberalisation and now a concrete visionary action of the new government to bring in
transparency and to eradicate corruption and black money have brought the role of Indian CA firms to centre stage.
The Prime Minister Narendra Modi have called upon the nation to take a pledge to achieve major milestone and targets so as to make significant growth in next 5 years and take India to new heights by 2022, when India will be completing 75 years of independence. There are large number of new opportunities and challenges for Indian Chartered Accountants to shape India's future in the right direction including:To increase tax compliance and educate more and more Indians to be fully compliant with the tax laws.
- To implement biggest tax reforms "Goods and Service tax" in a fair and effective manner by their clients, businesses and all the stakeholders.
- Demonetisation has also brought several enquires, investigations, surveys, searches and raids. It is important to grant real justice in all these cases. Professionalism of highest order of Indian CA firm will be of biggest help and support to distinguish genuine cases.
- Benami Property prohibition law is being administered by the tax department which will severely impact spurious transactions. Already hundred of show cause notices and confiscation of properties have been initiated.
- Capital market is getting activated and is on unprecedented growth path. Merchant banking, brokerages, mutual funds, private equity funds, infrastructure fund & all latest financial products, financial structuring, corporate structuring will need CA's for their active professional hand holding support.
- Banking sector suffering from large scale nonperforming assets have brought a new challenge to manage the corporate and businesses effectively and efficiently and to bring in financial modes of sustained growth. The financial management, control, discipline and devoted austelity measures by cutting cost and improving performance are real challenging targets to be met by Indian CAs.
Indian CAs have commited to eradicate corruption and unethical practices from the financial system. A Special Action Task Force(SATF) has been constituted to run operation "Black Belt"
The Chartered Accountants also have to work as intellectuals policy makers to evolve new strategies, to maximize with compliance and to keep the requirements of filing and other procedures to the minimum.