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“Chartered Accountants” an expert in the field of Accounts and Audit!  Does this Statement suits the CA’s these days, Very difficult question to answer, Right?

1. The Fundamentals (Basics)

Even having such a vast and comprehensive syllabus students who have passed CA final Exams are not able to answer the questions which are aimed at testing their fundamentals. They are not even well versed with the basic Accounting Standards 1, the time you ask them the fundamental accounting assumptions they give the answer stating Prudence, materiality and substance over form. Many of them just mix the assumptions and consideration points.

A candidate goes for the interview in Manufacturing Company and he does not able to give the items of Cost sheets to the Interviewer. But if you see the marks which he has obtained in the Advance Management Accounting (CA Final Costing) is more than 60 (who gets 60 plus marks are treated as Experts in that subject by ICAI and Exemption is given). If a Candidate who have passed the CA exams with exemptions in a particular subject and he is not able to answer the basics of that subject does he deserve to be called as an Expert in that subject even after getting exemption?

2. So called Articleship (Back Bone of CA Profession)

ICAI has made Articleship mandatory for all the students who have cleared one group of intermediate (earlier IPCC) and it’s for 3 years.  Now the very question is does this serve the purpose?? Many students have opted to dummy articleship due to very lengthy time duration and also various torture given to CA Articles by their principles. To stop this institute has brought new regulations of transfer which has almost made impossible to take transfer after 1 year of articleship, which has not proved to be vital step to stop Dummy Articleship.

Also there are various suggestions given to ICAI to make Articleship optional for those students who wanted to work in industry after becoming CA it will be at par with various developed countries like US Canada where articleship is optional and made mandatory to those who wanted to Practice in future. But its unheard by the Institute yet, I think ICAI should consider the same so that number of Dummy articleship will be reduced.

3. Profit Centre Vs Cost Centre

There is always a comparison between CAs and MBA’s and asking the question who is better among both, CA or an MBA. Here I am talking about MBA’s from reputed Institute. Can we compare CA with MBA’s   I think we can’t. MBA’s are profit Centre they generate Income for the company but CA’s are Cost Centre they are never income generating ones. A company or an organization keeps CA only for statutory compliances and its mandate by law. Then why would companies pay CA’s more they won’t. I think ICAI should bring something in their curriculum so that CA’s in large become a profit centre rather than a cost centre. Already implemented courses like GMCS, Orientation, ITT should be conducted in effective way so that students develop their soft skills and help to inculcate managerial attitudes in their character and personality. These courses are not being conducted in the spirit in which they should be conducted.    

4. Conclusion

I think ICAI should think about the issues mentioned above and bring out the first stage blue print to make CA Profession really be “A Partner in nation Building” and measure the growth and development at stages. If the Institute doesn’t keeps a check on the quality of CAs then the value of CA’s in market will become more worsen. This is very evident from the campus placement for last 5 attempts that the demand of CA is diminishing even there is lots of jobs available in the market


 

Published by

CA DHANANJAI KUMAR
(Audit Executive)
Category Career   Report

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