Soon CA's will be treated as Advocate's

To remain in the market and be competitive is increasingly becoming more difficult for even a medium sized enterprise. The government regulations are so stringent, complicated and with cumbersome administrative procedures, even a brilliant entepreneur will not venture in starting a new company, however profitable, fearing the tax administration and compliance following the company.

The answer is simplication. I think so far the Government is under the impression that simplication is equivalent to tax evasion.

profession is degrading day by day

Forget Practise guys, there is no dearth of Jobs for CA in open Market with really good compensation...

'What the top members/president of ICAI doing in these regard???  Why they dont make realise to RBI/Finance Ministry, that incerasing tax audit limit & no bank audit will create unemployment in the Chartered Accountancy Profession'

Really!!!

I think may be in the short run, but cant c dis being a major factor in the long run...

ICAI- has to Take action for maintaining reputation of CA's by producing Quality CA's

moreover, Qualified Ca's also far behind in knowledge these days, even CMA's are doing well & can come equal to CA's if we d'nt responde within time.

RBI/Finance Ministry or the Industry cannot allow or make compulsory certain things just to create employment for CAs or some profession.

If they feel that excluding banks with less than 20 cr of deposits from bank audit is going to reduce their paper work and weed out unnecessary trouble, I think its a good decision.

Based on your arguement, we should not have allowed computers, mobile phones and many other things to come to India. Because typewriting companies, typists, paper companies, logistics etc must have lost out.

I also agree to Pulkits views...in future when quite a lot of things will happen automatically with the advancement of technology, the people who do things manually right now may not be required.

I would suggest that one should look at these things very positively and an alarm signal i.e. that one should aim big. Is the CA profession so much dependant on tax audit of companies less than 100 lakh turnover and audit of banks with less than 20 cr that when the limits get increased they are finished....???

If one believes that CAs are intelligent, im sure they must be able to find out better things to do than doing this work.

Infact, today if you see quite a lot of successful practising CAs no longer do this work. Some of my  friends who passed out last year and started practice also are not much keen to do such work.

Perhaps time has come,like US and CANADA ,we also need an independent financial regulatory authority because we the growth in the numbers of CA,CMA,CS it becomes increasingly difficult to manage their individual members integrity-specially for CAs (sorry to say).National Financial Reporting Authority is a step in that direction by GOVT.

Any way Indian Goverment are never known for job creation, instead they are destroyer of existing jobs. They lack a vision in terms of impact which their polices would bring in. In fact i can walk a step further and say, they are blind men even with eyes. Moral of the story is this:

DON'T EXPECT THEM TO WORK FOR INDIAN ECONOMY, PARTICULARLY THIS CONGRESS GOVERNMENT. THEY ONLY NEED LOGICOLOGISTS FOR DEFENDING OR ATTACKING SMONE....THIS IS THEIR BUSINESS...

Dear Friends,

I think majority Practicing CA's not thinking out of the box. I am remembering, one of the senior SIRC member in a conference told that, Banks are incurring around 700 Crores per year as bank audit fees and majority CA's Producing useless audit report. Now a days Core banking implemented in almost all banks, signifance of bank branch audit is reduced. No lose for a CA if the tax audit limit is increaed to 100 lakhs. 

We have lot of areas like an ocean waiting here. We have to start focus on other areas like System Audit, Management Consultancy Areas, Excise, Customs, Sales Tax, Service Tax, TDS, PF & ESI.

Don't worry my dear friends, lot of other areas waiting for us. 

Thanks

1) Net profit below 8% of turnover (extent to 100 Lakhs) -Tax Audit compulsory

2)Turnover above 100 Lakhs - Tax audit compulsory

     and cases goes out of this net  is oppurtunity cost......Why members desires to quit practice ?

Technology  will not play the role of CA...and no technology rescue a bad corporate situation after few decades too...

Here all adding some issues to ICAI to resolve but as per my opinion

Removing of Bank Audits of Bank < 20cr deposits dont have major effect on CA i practise and

for Tax audit limit increased to 100lacs may have effect up to some extent and

I agree with " Roopesh V Naik sir" comment,,,,,,,,,,

It is diversifed profession we can have lot of areas but even not this type of issuses  In near future in short term or in long term all will face some issues relating to this .So ICAI must act from now ............for giving world class importance for our chartered accountants...................

Regards,

Sri

I think most of the guys who have replied to this forum, have not considered the impact of these developments on the Chartered Accountants working in the rural areas. I think you can sense the plight of a chartered accountant who works in moffossil areas where the number of business which goes beyond the 100 lakhs mark are few. The number of chartered accountants are many. With bank audits gone, service providers small, no manufacturers only traders. How many traders want to assign system audits...he he

Now does that mean CA should not serve rural areas and migrate to greener pastures like metro city?

The situation is weak, prospects bleak my friends....

You are all talking about petty issues. Just think as a CA.

1. Sec. 44AD is there. So, how many businessmen would like to show net profit 8%. So audit is compulsory.

2. About Bank audit, ICAI persons at helm discussing the matter with concerned authorities. So just wait little more.

3. ICWAI's demand for Tax audit (44ab) is not proper. Tommorow M.Com. from Delhi University will also demand the same because he has also ADEQUATE knowledge of accounting and audit.  

4. In title of this forum, CAs are compared with Lawyers. It is not proper. There are 65 Lakh LLBs and 2 Lakh CAs with more than 5000 Law colleges.

5. Dear Mr. Tushar Chaudhary, IT audit is not meant for villages.