CA profession offers great opportunities to students

Source: The Hitavada      Date: 24 Jun 2018 10:38:07


 

Business Bureau,

“THE Institute of Chartered Accountants of India (ICAI) is following a continuous process of attracting some of the best talents available in the country towards its CA course. The opportunities are huge. There is a big requirement for highly qualified financial experts like CAs in every sector of the economy. The introduction of the Real Estate Regulatory Authority (RERA) and the Goods and Services Tax (GST) has opened up various challenges in the form of compliances. Professionals are required to overcome these challenges thereby opening up great opportunities for CAs,” said CA Sandeep K C Jain, Chairman of WIRC of ICAI while speaking at a press conference on the sidelines of the ‘All Vidarbha Conclave’ organised by the Nagpur Branch of WIRC in the city on Saturday.


The institute followed a vision of ‘Excellence, Independence and Integrity’. The CA course was one of the toughest courses to crack. The students pursuing CA course had to follow a code of conduct and the way they behaved in public. They were looked upon with great respect in the society. CAs had always contributed towards the development of the country and were partners in nation-building. CAs from India were in high demand in various countries and were known for their faith, financial intelligence and advisory capacity, he said.


The revolutionary indirect tax system, the Goods and Services Tax (GST), which was introduced on July 1, 2017, would contribute to the expansion of the economy and the overall growth of GDP.


“GST is an evolving process and most of the glitches will be resolved over a period of time. People are facing difficulties in following the compliances and not in understanding GST. Practical problems are being solved by giving suggestions to the GST Department on daily basis. GST, being a new law, will initially be a challenge to the people. The whole world is complimenting the Government of India for implementing the GST system with multiple tax slabs in the country,” he said.


The chartered accountants were opposing the Government’s move to introduce a new regulatory body -- National Financial Reporting Authority (NFRA) -- arguing that they already had a monitoring mechanism -- Central Disciplinary Committee in place to regulate and manage their members against lapses in auditing and accounting standards, Jain said. “We have the ability to monitor our members in an effective manner. There will be duplication of various processes due to which CAs are opposing the setting up of NFRA,” he said.


The Central Disciplinary Committee took legal action, carried out investigation and initiated penalties on members found guilty. All the case proceedings were recorded and transparent. The proceedings were done with great care and the time required to finalise a case had drastically come down compared to a few years ago, he said.


NFRA’s draft rule are being closely scrutinised by the ICAI Council members. “There will be two parallel regulatory authorities doing the same kind of work due to which we are opposing the NFRA,” he said.


Present were CA Kirit Kalyani, Secretary of Nagpur Branch, CA Abhijit Kelkar, Regional Council Member, CA Umang Agrawal, Chairman of Nagpur Branch, CA Purushottam Khandelwal, Secretary, WIRC, CA Suren Duragkar, Vice-Chairman of Nagpur Branch, CA Julfesh Shah, Member of CSR Committee, New Delhi, CA Swapnil Ghate, former Chairman of Nagpur Branch, CA Sanjay Agrawal and others.