Myth busting CA profession
The profession of a practicing Chartered Accountant is having a romance with Taxation (pun unintended), since its inception. In early days of our Independence, tax rates were very high and there was a dire need for professionals like CA for tax planning. But, 60 years hence, the CA is still viewed as a Tax consultant and expert. Taxation, though influences Management decision making even today, is not the sole criteria to start, shut or run a business. There are other areas where a CA proves to be of vital importance. There are a galore of untapped areas waiting there in the wild to be harnessed, especially in a cities like Belgaum, Kolhapur etc. The object of this write up is to break a myth or two about a CA and make the general public aware of the type of services a CA is equipped to provide. The various areas, which are illustrative only, where a CA can be helpful are:
- Information System Audit: In this techonology era, a CA well equipped with IT skills (and it is part of the CA curriculum!), combined with his indepth knowledge of internal controls, can help Management to strengthen their IT structure to protect their organisation’s assets.
- Internal Audit: Adds value and improve an organisation’s operations. It is a valuable addition to an Enterprise’s internal control. Includes Management audit, Operational audit, Compliance audit etc.
- Consultancy and Advisory services: In the areas of Foreign Trade Policy and procedures; setting up or developing 100 % EOU, SEZ, etc; compliance with various national rules and regulations including but not only restricted to Taxation like FEMA, labour laws etc; Finance Management and many other multifarious areas.
- Corporate Governance: Design code for the same, design Risk Management framework, Internal control framework
- Business valuations: like for Mergers and Acquisitions and takeover of another business.
- Forensic accounting: Which deal with Financial Fraud detection and investigation, misappropriation of assets, conflict of interests where a CA acts as a financial detective.
- ERP implementation and design: where a CA is an indispensable professional who can be relied right from the system design stage upto post-implementation.
- Various Audits: Environment Audit, Health and Safety Audit, Business Process Modeling and many many others.
- Knowledge Process Outsourcing (KPO)
The above are a few areas which I can muster up at the time of this writing. The sheer scope of services provided is breathtaking.
Aspiring and existing CAs should aim at providing such services and not only restrict to Taxation and traditional audits.
The business community, irrespective of size or nature, who avail the services of a CA or not at present, should view the above services provided by a CA as a value addition and indispensable and benefit from the same.