Practising CA at Surat
26263 Points
Joined November 2009
I am also in favour of transfer of articleship specially because there are several avenues of chartered accountancy course which are not available with one principal, I am sure.
A CA Student has to read all the subjects - accountancy, auditing, cost acccounting, income-tax, excise, import-export , project finance, information system etc...and to qualify CA; expert knowledge of these subjects are required.
But unfortunately he might be caught by one principal who is doing only traditional practice of Income-Tax.
How he will gain expert knowledge of Accountancy, Auditing and Finance etc. if he remained involved only in Income-Tax Return Filing process ?
Is it not the reason that more than 85% CA final students could not score even 50 in Accountancy in the recently declared results which is their core subject. The reason might be that their principals are not having Corporate Clients hence they are unable to apply Accounting Standards practically !
Fortunately or unfortunately; CA students don't go on strike although the same is being adopted by Medical Students at the cost of patients' health and life. Still it is surprising to note that Medical Profession is known as the most noblest profession in the world !
And .......Accounting Profession is hated all over the world !
The reason may be.........they are rude to follow the rules.
But we should not forget that the sub-prime happened in USA because they followed Rule Based Accountancy whereas India adopted Principle Based Accountancy and this is the only reason that no such irregularities happened in India to such a large scale.
If students raise their voice with the above ground which I raised in second paragraph of my views (sky colour shaded); I hope they may get positive results from the Institute.
And all this would lead to betterment of CA profession, it is my opinion.
(An auditor can give his opinion only).