Chartered Accountants Profession: The profession is probably passing through its best period, and will only shine more in future. Chartered Accountants are most professional among all profession in Finance, Taxation and Accounting Professions. We will analyze the strengths and weakness of this profession, from academic and professional view. Institute Of Chartered Accountants was formed as per rule of parliament and runs the course. The course on average takes 5 years to complete. The opportunities to Chartered Accountants is endless in Finance and Non-Finance Markets. Its correctly said that Sky is the limit for chartered Accountants.
Strenghts of Chartered Accountants Profession
Articleship: Every student doing Chartered Accounting Course has to undergo Practical Training under existing Chartered Accountants. This training not only develops a Professional Attitude, but also gives them insight of profession.
General Knowledge of Businesses: As a student would have done Audit of at least 25 companies, he would have a general idea how each industry works. Many time clients wonder how Chartered Accountant understands the requirement of their clients so fast, well a good articleship is the reason for this.
Theory knowledge: A student reads at least 50 kg of Books till he becomes chartered Accountant. And the knowledge they get is not at basic level but the knowledge is of advance level. So a chartered Accountant is best option for any of your requirement relating to direct Taxes, Indirect Taxes, Accounting, Labour Laws, Company Laws, Information Technology Law, Management Consultancy, Business startup etc.
Field level Knowledge: It not that Chartered Accountant have only theory knowledge, they are the best persons to lead on field for their expertise area. Chartered Accounts cannot represent their clients in Court for Taxation Matters, but their Expertise knowledge is sought by their client in proceedings. Chartered Accountants are the main advisories to lawyers relating to taxation matters.
Responsibility: Every Chartered Accountant has to register with Institute of Chartered Accountants(ICAI) to Practice, and rules laid by ICAI are really very strict. So if you appoint a chartered Accountant never doubt his Integrity and Confidentiality. Integrity and Confidentiality are the basic professional requirement as per ICAI. And also ICAI have other very strict Ethical and Professional Requirements.
Weakness of Chartered Accountants Profession
Dummy Articleship: Dummy articleship is a big problem nowadays. Dummy articleship is not new but it has increased drastically, hype created by coaching centers that CA is a very tough course made the students to sit and study in Home and Coaching centers. Dummy articleship can assure a good Examination Results but will never make a Good Chartered Accountant. And the most sad part is that even Son/Daughter of some Chartered Accountants are doing dummy articleship.
Corruption: Corruption has ruined the pureness of this profession; most of the Chartered Accountants do is the roll of a broker. A broker that settles matter between their clients and Tax Authority. And doing this unethical work no professional talent is required but only contact are required. And fresh chartered Accountants who want to start a good practice are not much successful. However some firms work ethically and have succeeded. Every year you can read the news in papers that Chartered Accountant arrested for bribing tax Officers!
Communication: This is one of the most serious concern for chartered Accountants. There are people who compare CA’s with MBA’s, and CA beats MBA in all areas except Communication. Companies who hire CA’s form campus also complains of lack of communication skills. Though ICAI has taken some measures to improve the communication skill of Chartered Accountants like GMCS, Residential Program etc., but these programmes are still to show the results.
Competition: Indian Chartered Accountants profession lacks fare competition. We hardly find any chartered Accountant firm which handles the clients or at least their business in an innovative way. Unlike international counterpart Indian CA are never seen participating in innovating the Accounting Arena. Whether its offshore audits or onshore audits, all business methodology are always initiated by International Accounting firms and than outsourced to India. However nowadays even Indian Firms are doing business in innovative way but they are very few.
Posted 4 years ago by Prakash mehta
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