Need to change for betterment Overhauling in Companies bill, 2011, New Schedule VI, Service Tax Regime, Competition

Act, IFRS, DTC, GSTetc. These challenges demand reorientation in the approach and attitude of the professionals It is rightly said that the illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn, and relearn and the same holds true for a professional. Business are growing , he kirana shops we have faint memories of have now been replaced by the one stop shops big malls catering the needs of all customers at one place the corresponding growth in infrastructure and working is required for professional service providers. The dynamic environment ever-changing laws, require a true competent CA to be well responsive to the changes, being prepared and have in depth knowledge on of the subject so as to get an edge over his counterparts.

Sector wise opportunities for Chartered accountants.

BANKING SECTOR With the era of new age banking, following the concept of anywhere anytime banking facilities, centralized processings solutions, scope of work for a CA in the field of banking has not just modified and expanded but reframed as well. With more of system oriented operations the scope of traditional and routine banking activities like statutory audits, revenue audits...etc will decline, and the concepts of DISA i.e. the system audits will take a lead. With the mechanism of transparency and real time processings due diligence will take a lead role, areas like risk audit, credit appraisals, stock audits, due diligence reportings, etc has definitely widen the areas of working for us professionals like us. INTERNATIONAL TAXATION Physical proximities and geographical disparities are just on the maps to be seen and felt, in real the world has become one, and so integrated the world economy. Cross border treaties and political and economical integrations have redefined the financial world as well. Will all together new GLOBAL laws and protocols. With India heading its journey from a developing to developed country, it is sighning various treaties with different counties across the globe. This is further complimented by the ICAI sighning agreements and MOU with different accounting and financial bodies of these countries for increasing the areas of practice for a professional. This also entitles the ICAI to stress more of such exposure to CA students during their article ship. The complete and overall knowledge of these treaties and agreed clauses needs to be paid attention in order to avoid double taxation provisions and penalties. In order to make these international transactions more lucrative as a professional area to be practiced concepts of DTAA and transfer pricing are been implemented and updated for the smooth governance of international transactions. IFRS is another step towards economic/financial globalization, an effort to harmonize the accounting standards of the books of accounts for the world at large. INSURANCE SECTOR Insurance is one such upcoming sector which will never see a decline, with RISK becoming the most often things of ones life, business, health and growth, an insurance cover is always required to manage your difficult times, which are not in your control.CA can play a vital role as advisors to their clients about the various policies and plans which not only helps you face the tough time but also proves to be a means of tax planning and fund management. With IRDA realizing the growing risk factor and importance of insurance the traditional insurance plans are now being replaced by more secure, guaranteed assurance plans. Unique policies like key man insurance are another hot cake areas for professionals to practice in corporate..CA can be at their best with providing risk advisory, actuary, investigation and arbitration services.

CAPITAL MARKET AND MUTUAL FUNDS In Todays times it is the capital market which is running the actual economy of the country the sensex acts as a parameter of a countries growth and progress .the biggest example being country like CHINA which has become the second largest economy of the world and HONGKONG which has become the worlds busiest IPO destinations after the world largest IPO of agricultural bank of china. Being masters of finance and players of numbers there is no limit to mint money for CAs as research analysts, advisors, merchant bankers, credit raters, portfolio managers, investment advisors, hedgers, auditors, IPO managers and graders, mergers and acquisition experts, brokers, independent arbitrators, ombudsman and fund managers. Broking is one such field which is solely run by eminent chartered accountants. Almost all big broking houses are owned and controlled by CAs throughout the country. Fields of derivatives, currency, commodity, ETF and upcoming areas like carbon credits trading provides a wide area of consultancy and advisory services for chartered accountants. With SEBI, Banks and stock exchange having made mandatory provisions of internal audits, ISA audits, statutory audit, due diligence, net worth and credit worthy certifications for exchange, depositories, brokers, sub brokers.etc, this acts as another area that can be explored by professionals. SEBI in order to enhance the quality of financial reporting done by listed entities proposed to create a Qualified Audit Report Review Committee (QARC) represented by accounting regulator ICAI and stock exchanges. The committee would process qualified annual audit reports filed by the listed entities with stock exchanges and reports where accounting irregularities have been pointed out by Financial Reporting Review Board of the Institute of Chartered Accountants of India (ICAI-FRRB).If ICAI-FRRB opines that the qualification is justified, SEBI may mandate a restatement of the accounts of the entity and require the entity to inform the same to the shareholders by making the announcement to stock exchanges. With changes like these in place by the regulatory bodies Chartered accountants should feel the change in the direction of winds and pull up their socks to move ahead with these potential opportunities. CAG AND PSU AUDITS CAG and government audits is one such area which is of huge potential, which scams like 2G and common wealth, the government has to realize their accountability towards the country and its citizen for all its expenditures and plans with the citizens funds. In order to bring more transparency with governments accounts pressure for more exhaustive government and PSUs audits will increase and so does the scope for we CAs to enter. PROFESSION Vs BUSINESS The law and acts of the country have treated business and profession as two separate entities and have entitled them with different rights and duties and have also made different parameters to govern them. it is the objective of business, i.e profit maximization only that makes it different from profession. A professional can is limited by boundaries of ethics both moral and professional, which he needs to abide by. The CA act prohibits a CA to undergo his profession and business simultaneously in order to protect its quality and specialization. The professional are entrusted with the huge responsibility of standards of integrity, independence, confidentiality and value addition while undergoing their jobs coz it is their duty to uphold the trust the stake holders put in them in taking their decisions based upon our certifications.

NGO SECTOR CONSIDERING THE TUFF ECONOMIC SCENARIOS PREVAILING IN THE COUNTRY charity plays a vital role. With more and more corporate increasing their interest in the formation of NGOs via section 25 companies, societies and trust .we chartered accountants are blessed to be the part of one such profession where we can mint money with charitable works as well. The very idea of conceptualization of an charitable organisation makes a scope of professional expertise for a CA. with formation of a company and registration of NGO to the drafting of its byelaws and rules and regulations for the smooth governance of the organisation are the areas of professional expertise. Monitoring and evaluation of the charitable ways and means of the institute further expands the scope of a professional even after the registration till the institute is live. NEW DESIGNATION AND OPPORTUNTIES The most deserved designations in any corporate are being enjoyed by the fellow members of ICAI, as CEO, CFO, Dr Finance..Etc. Another vital role played by a CA is as the chairmen of the audit committee which acts as mandatory provision by SEBI and company law. An Audit Committee is a key element in the Corporate Governance process of any organization. The emergence of corporate governance, which refers to the establishment of a structural framework or reforming the existing framework to ensure the governing of the company to best serve interests of all stakeholders, is a vital concept which has become indispensable in the present capital market state of affairs so as to safeguard the interest of stakeholders. The Board of Directors of a company is responsible and accountable for sound financial reporting. The Audit Committee being a sub-group of the full board is enshrined with the responsibility of monitoring the process supporting responsible financial disclosure to ensure better corporate governance. The chairman of audit committee is required to maintain his ethical standards as auditors and should be present and actively involved in the preparation, examination and finalisation of the accounts of the organisation with full transparency and due diligence. OPPORTUNTIES IN SPECIALIZATION In this era of sea changes and reformation of almost every tradition law be it service tax and excise with GST, income tax with DTC, accounting standards with IFRS DTC, IFRS, New schedule VI, New company bill..etc one can mint money like anything by becoming the master of one and acting as a specialist to that problem. It is the specialist who can urge to charge special fees. People these days like to approach and consult and pay for the specific queries which are best answered by its experts CHALLENGES OF BLACK MONEY Being CA we are always questioned and visioning between a thin line of difference between tax evasion and tax planning. It is the CA duty to be aware of the various provision of the act which is being made in order to felicitate an assesse but never should he undergo practices of tax evasion coz he needs to act as a watchdog to society to follow the rules and provide consult for the compliance of the same. It is for every professional to beware that the both at the institutes level and the countrys level there are provisions of strict disciplinary and criminal penalties and punishments that can be levied for any activities like corruption, money laundering, tax evasion...etc CHALLENGES OF UNEMPLOYMENT Vs UNEMPLOYBILITY There is a thin line of difference which one needs to understand between unemployment and unemploybility. The problem in todays world before a CA is not unemployment but of unemploybility that is causing trouble .i.e the professionals are jobless due to lack of changed orientation and in depth training in new scenario as industry demands

INFRASTRUCTURE and GEOGRAPHICAL SPREAD The permanent solution will be to develop the infrastructure and create more employment opportunities. Multidisciplinary Partnerships and firms which provide a complete business solution to the client are the need of the hour, joining hands with Cost Accountants, advocates, CS and other professionals whose services are required in the general course of business operations makes the firm professionally advanced and they are preferred by the multinational clients. Experts from different fields , Transfer Pricing, FEMA, IFRS etc. Although size has no correlation to quality but is of relevance to scale up to the growing economic needs and globalised competitive market. Therefore, Indian professionals need to match upto the expectations of the service seekers both in the Indian as well as in the international arena. Geographical spread to reach out to cater to the needs of the clients having regional or national presence; they ought to invest in infrastructure; they should also be prudent and proficient in billing the value for their services without underselling them; and, above all, they need to cherish and uphold values and ethics. public practice. Wide area coverage and Pan India Presence. Generally, infrastructure takes a back seat and it is a no priority item for many Indian professional firms. This mindset should drastically undergo a change. Every firm should aspire to have stability in the place of operation and allocate a percentage of earnings every year for acquiring adequate space besides procuring modern gadgets and tools. Further, every firm should spend in installing and documenting systems, procedures and controls to secure and enhance operational efficiency. Knowledge database should be developed leading to industry wise specialisation and also in select areas like transfer pricing. In the light of various reforms and legislations in the offing, such as convergence with IFRS, XBRL implementation, Direct Tax Code, Goods and Services Tax legislation and a new Company Law, appropriate investment in software solutions and tools, books and periodicals, equipments of latest technology assumes greater significance. HIGH MORAL and DTANDARDS To discharge our duties with integrity, independence, excellence, accountability, transparency, accuracy, to remove all kinds of misappropriation, mismanagement is a CAs job. A Professional awakening is proposed and required to enhance our position and utility to our clients, society, the international community and also to expand to reach out to new dimensions and match the global parameters. UPWARDS GRAPH:ROAD AGEAD Accountancy profession has been and will always be a critical factor in Indias economic growth provided it doesnt losses its essential nature, spirit, values, excellence and ethics. The proposed Companies Bill has given greater emphasis on the independence of the auditor. The convergence of accounting and auditing standards with global standards is a compulsion in the era of globalisation. As more and more Indian companies are expanding their international operations, acquiring companies outside India, the auditing and accounting standards should be uniform India is a preferred destination for foreign investors. The Institute fine-tunes and upgrades the training programmers of the future CAs keeping in view the future challenges, faced by the profession. The profession should prepare itself to play a pro-active and dynamic role in Indias growth and become a world class independent and competent professional.. The profession should redefine its role as a watchdog of public expenditure and investments.

CONSULTANCY Earlier the need of a CAs services arose only once the business reached a certain reasonable level of operation, while today since the inception of the business idea itself the scope of a CAs services commence.. Chartered Accountants contribute to the growth of the nation in numerous areas like accountancy, direct taxes, indirect taxes, company law matters, strategic decision making, international business and taxation, project finance and many more Regulatory matters. A CA should aim at being a part of the decision making process instead of merely providing inputs for decision making. Adjusting to the market-driven demand instead of regulation-driven demand without in compromising professional ethics and integrity. BILLING STANDARDS: Do not undersell yourself, a professional who renders services backed by knowledge, values and competence always does the billing for commensurate value with absolute confidence unmindful of losing the client. Do not demand for greater value for services, but commands respect and credibility. Negotiation Skills, presentation skills, linguistic skills, and technological skills are different for different service providers and thats where services of specialized professionals are required With these summarized scope of upcoming areas and trends the ICAI is right with his VISION 2030 to become the worlds leading accounting body .a regulator and developer of trusted and independent professionals with world class professional competencies in accounting, assurance ,taxation ,finance and business advisory services.