Future of CA Profession
The Chartered Accountancy profession is in a state of stupendous change over the next decade.
With large cross-border transaction place, there would be a complete transformation of the services rendered by a Chartered Accountants. The way forward for the accountancy profession is to open up worldwide and thereby there would be free movement of professionals across the globe.
This profession is especially very suitable to all those who want to earn good money in the limited time they want to spend on the profession. Moreover, it is a profession which has gained rich respect in the society. The student doesn't have to study for long years but just four years with graduation. Little sincerity and focus can bring lifetime career of progress, good earnings and respect.
The progression of accountancy would see the following changes in the year to come.
1) Accountant in business: Accountants in business will transform themselves to advisors and strategists. The knowledge of finance, account regulatory and legal framework would make the accountant in business a very valuable asset to drive the business. The accountants of future would steer companies as Chief executives Officers (CEO), Chief Operating Officers (COO), Chief Strategists & Chief Financial Officers (CFO), etc.
2) Consultancy Service: The practice of accountancy would and tax related service to consultancy services. Consultancy would be rendered in various spheres like strategizing business, reorganisation, restructuring, raising finance, public offering, acquisition of business, mergers & amalgamations, cross-border investments in business, structuring deals, strengthening controls in business etc.
3) Networking: Networking of firms both international and domestic would be the order of the day. This would help firms to pool their resources effectively without giving up their individuality. Successful networks over a period of time would facilitate consolidation of firms.
4) Small and Medium Practices: They render services to small and Medium Enterprises (SMEs). The SMPs would have to invest in infrastructure. Human resources and research in order to cope up with the increased activity. The SMPs will gradually grow bigger and would eventually transform themselves to large practices.
5) Standards: The accounting and auditing standards would be global standards and there would be a complete convergence of these standards. This will facilitate free movement of the capital cross-border. This will give comfort to readers of Financial statement on the benchmark applied and there would be uniform standardization of Financial Statement and quality of audit
6) Board of Directors: The chartered accountants would play a very important role in the governance of companies both domestic and foreign. Their role as independent directors would be more focused who would able to add value to the decision-making process in view of skill set and vast experience.
7) Government Accounting Public Sector: The accounting of nations, states and cities will undergo a drastic change. The government jobs are also of a great requirement of these professionals.
8) Rural Economy: The rural economy will harness the benefits for growth and development. This in turn will transform the agriculture sector which will become more organized. The rural economy will open up a great opportunity for accountants.
(The article is written by Sonu Gupta Director GM Education)