In our times before say 30 years the Final CA Result CA pass out percentage was 5 to 7%. At that time, it was explained that the CA pass out must be restricted so that one the quality of the work to be maintained and two to supply number as per the requirement of the economy. So, at that time we were tested at Inter level as well as Final Level. The ICAI is the only monitoring agency for the work of its members. This is continued for some years which to my mind has created a shortage of professionals in the economy. So, though we pass out with the stringent system as an individual the CA will be doing the work of all other assignments other than certification till he gets the cork where the CA to sign. I remember after my five years of practice I got a stock audit in the year 1992 when I was FCA. But we survive because of work of Filing of Returns of Income Tax, Sales Tax, Writing of Books of accounts, minutes of the society, and such type of ancillary work was looked after by majority of the initial young professionals, so there is 70% of the work available which does not required certification.
Then to my mind it was decided that this system of testing the student at each level does not help as in all other professional courses the entry is tough but once you get through the entry, you are becoming the said degree of the professional is course is easy and you are reasonably assured that you will be able to complete the same. So, Foundation Course and IPC Integrated Professional Competence is introducing as entry level once you pass IPC then you should have to be reasonable assurance to become CA. But it was not so still the percentage of passing of Final CA is low.
In our times Inter CA we are specifically told that the level of knowledge should be reasonable working knowledge of the subject in the syllabus and in Final CA we should acquire an Expert knowledge of the subject as such there is no stringent entry concept.
To my mind during the last decade of the around 10 to 15 years, the big chunk of the work other than certification, audit and assurance services has gone out of the CA reach due to scarcity of the CA professionals either development of software's, or by reducing the compliance work which otherwise done by Commerce professionals other than CA. So now if at all you become CA there is less scope for getting the auditing and assurances services as well as other assignments done by software reducing the number required to carried out manually.
In Today's time our profession is controlled, judge, monitored by various agencies like MCA, Taxation authorities, SEBI, NFRA, CAG including the ICAI. So, we members are constantly watched for our services every now and then. We are also made liable for the prosecution for our fault as well as fault of the clients if he says, he has done with our advice. As such there is little possibility of doing something wrong intentionally by our discipline members of the ICAI.
It just reminds me, that I am having Driving License of the four-wheeler 10 years back, the same was renewed at schedule time. I was given the practical test, written test, and pass out for the eligibility of holding the Driving License. The RTO authority has sanction and renewed time to time. I read all the rules required to drive the car on road at the time of getting the same. But till today I am not assuring that I know 100% of the Rules and Regulations of the Motor Vehicle Act, and other Laws governing the Driving License. But I never drive the car as unable to get the requisite confidence to drive though able to manage with the Honda Activa for which I am seen as expert to drive. Still, I will be able to manage my activities well with the confidence in the vehicle I have.
In the same way, I think there are various agencies to monitor the acts of a CA profession including ICAI. In today's time, it is difficult to do the things itself that is our regular professional work of auditing assurances and taxation to survive forget doing anything wrong or otherwise negligence in the professional duty. If it is so, it will be no harm to become more CA in the market to do at least the balance assignments which otherwise be taken over by other professional like M.B A. Specialized Graduates in Banking Finance & Insurance & other non-monitored professional courses. Even if CA do such assignments, he is more efficient and ever monitored by the ICAI for his Professional Conduct and Ethics.
In view of above, I think the time has come where CA Final results should be more and higher pass out percentage. We can test their competence at Inter level but not again and again. If one, clear his Inter there should be reasonable assurance that he should get a degree of CA. This is also required because most of the Final CA Students are working in their respective organizations on salary basis and have face exceedingly difficult time to get the holidays to study for their attempts of Final CA. If some of them are married, then they have written off their options of becoming CA in their lifetime as they are under double burden. I think we should not smash their chance to be a CA for the lifetime for controlling the results gain and again.
It was also observed, in the cases of our Final CA students, who have joined services with the private banks, and organizations as well as the Chartered Accountants firms after completing their practical training and some additional experience with the Firms, they get their salary/remuneration less by 20% to 30% only because they have not cleared their Final CA, though they render the services at least equal to those who pass out the Final CA.
I think the time has come where we should be liberal in the pass percentage of the Final CA exam. In case some more expert skills are required, ICAI should introduce GMCS Level 1, Level 2 and passing of Eligibility test to obtain the COP. The UDIN structure that is now well established, will give the necessary authentication also.
My humble request to ICAI, derive some formula, whereby the students who have passed their FC/PCC, IPC, completed their Articles Assistant services for three years deserve to become CA. This may not look like a mercy petition in my heart I think they have this much right. They should not regret at the last stage to be enrolled in the CA course for their lifetime.
Hope ICAI will do the needful.
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