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A Chartered Accountant may start professional practice as a proprietor or join any existing firm as a partner or paid assistant.

A Chartered Accountant has been entrusted with substantial responsibility under various legislations such as the compulsory audit of the accounts of all companies, banks, cooperative societies, stock brokers, big income-tax assesses, large bank borrowers, etc.

A Chartered Accountant also provides compilation and review services as and when required by enterprises.

A Chartered Accountant also acts as a business advisor by providing all kinds of services including the preparation of financial reports, helping the business to secure loans, preparing financial projections showing how the loans will be repaid, and determining the viability of the business.

As a tax advisor, a Chartered Accountant helps businesses and individuals to comply with tax laws and represent his clients before government agencies.

Opportunities available to Chartered Accountants - Part 1

A. New opportunity of Chartered Accountants as an Insolvency Professional

Functions and responsibilities as a Insolvency Professional include:

  1. Managing multiple locations of registered/corporate & branch offices and operating units,
  2. Making over of the management of the company, control and custody of the assets of the corporate debtor,
  3. Receiving and processing claims
  4. Tackle legal issues, including proceedings in National Company Law Tribunal (NCLT),
  5. Prepare periodic reports for NCLT & Committee of Creditors (CoC),
  6. Identify prospective resolution applicants,
  7. Provide data rooms, get due diligence organised, evaluate Resolution Proposals,
  8. Meet with the Creditors in CoC apart from attempting to evolve a consensus on resolution proposals, etc.

B. OPPORTUNITIES IN CORPORATE INSOLVENCY AND RESTRUCTURING

Chartered Accountants may find opportunities within the ambit of IBC are:

  1. Assisting IP in preparing for pre-CIRP preparation.
  2. Reviewing the various risks involved in restructuring.
  3. Developing risk mitigation strategies.
  4. Working out a detailed bankable financial structure of the business.
  5. Working out a detailed plan for restructuring the business from all angles.
  6. Assessment of distressed assets, cash position, due diligence and turnaround feasibility.
  7. Advice on optimum utilisation of resources.
  8. Corporate Applicant Insolvency.
  9. Assessing Cross Border Insolvency transactions.
  10. Representation before the Debt Recovery Tribunals particularly after notification of individual/firm bankruptcies.
  11. Representation before the NCLT or NCLAT, High Courts or Supreme Court
  12. Negotiating settlements.
  13. Advisory in relation to a merger or acquisition or takeover.
  14. Advisory services to management on an on-going basis.
  15. Bankruptcy of Personal Guarantors, Firms and Individuals.
  16. Handling the Liquidation Process.
 

C. OPPORTUNITIES AS A REGISTERED VALUER

Ministry of Corporate Affairs (MCA) has also opened a new domain for professionals called Registered Valuers.

Chartered Accountant having at least 3 years’ experience after possessing required qualification.

Valuation is required in many contexts including investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability, and in litigation.

D. OPPORTUNITIES AS A CHARTERED ACCOUNTANT IN BLOCKCHAIN ECOSYSTEM

1. Audit of Smart Contacts

Contracting parties may want to engage an assurance provider to verify that smart contracts are implemented with the correct business logic. Professional Accountants could verify the interface between smart contracts and external data sources that trigger business events. Future auditing standards and auditing guidance may need to contemplate this technology and thereby bring clarity to the role of the professional accountants in those scenarios.

2. Service Auditor of Consortium Blockchain

Prior to launching a new application on an existing Blockchain platform or leveraging/subscribing to an existing Blockchain product, users of the system may desire independent assurance as to the stability and robustness of its architecture. Instead of each participant performing

their own due diligence, it may be more efficient to assign this task to a Professional Accountant to achieve these objectives.

 

3. Central Access Granting Administrator

Permissioned Blockchain solutions may benefit from a trusted, independent and unbiased third party to perform the functions of a central access-granting administrator. As a trusted professional, a professional accountant is capable of carrying out this responsibility.

4. Arbitration Function Business arrangements

This function is analogous to the executor of an estate, a role typically filled by various qualified professionals, including professional accountants. Participants on the Blockchain may require this type

of function to enforce contract terms where the spirit of the smart contract departs from a legal document, contractual agreement or letter.

E. Under Information Technology, various Audits and Reviews are to be undertaken by the Chartered Accountants

  1. Financial Audits or Reviews
  2. Operational Audits
  3. Department Reviews
  4. Information Systems Audits
  5. Integrated Audits
  6. Investigative Audits or Reviews
  7. Information Security
  8. Business continuity management
  9. Mobile
  10. Cloud
  11. IT risk management
  12. Program risk
  13. Software/IT asset management
  14. Social media risk management
  15. Segregation of duties/identity and access management
  16. Data loss prevention and privacy

Disclaimer: The information contained in this article is based on knowledge obtain from ICAI Publications. It is provided for general guidance to the intended user. I recommend that professional advice is necessary before taking any action on the basis of the article provided.


 

Published by

CA RAKESH ISHI
(Self employed)
Category Professional Resource   Report

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