Mangalore, Sept. 10
CHARTERED accountants should try to focus on non-exclusive areas such as business processing outsourcing and management consultancy services, said Mr T.N. Manoharan, Vice-President of the Institute of Chartered Accountants of India (ICAI).
He was inaugurating a national seminar on `Fiscal and allied laws', organised by the Fiscal Laws Committee of ICAI and the Mangalore branch of the Southern India Regional Council of ICAI, here on Saturday. Mr Manoharan said, "The cake is much bigger in these areas, and there is enormous potential for CAs to exploit them." Citing an example, Mr Manoharan said it is essential for an Indian company to comply with the US GAAP (Generally Accepted Accounting Principles) norms, if it wants to list in the US. The accounting standards of the Indian company should be translated into those of the US. In such a situation, CAs can play a prominent role.
Stating that the CA has not remained a "glorified book-keeping clerk," he said some of the best-paid Chief Financial Officers of Indian and foreign companies are CAs. This indicates that there is good scope for CAs in emerging non-exclusive areas too. The ambit of the chartered accountant professional is widening, and the audit of the Central Excise will be handed over to CAs, he said.
CA Amendment Bill: Mr Manoharan said the Chartered Accountants Amendment Bill was before the Group of Ministers (GoM).
The GoM is meeting in New Delhi on September 12. The Bill proposes to amend the constitution of the Central Council of the institute and the scheme for education of CA students.
Curriculum revision: Mr Manoharan said the curriculum for CA students is under revision. The new curriculum will be market-driven and the duration of the training will be reduced. At present, a student has to undergo practical training for five-and-a-half years to become a professional CA.