Impact Of Chartered Accountant In Indian Economy

Impact Of Chartered Accountant In Indian Economy

Impact of Chartered Accountant in Indian Economy ďƒ˜ One of the most sought after as well as the most elite professionals in India are Chartered Accountants. ďƒ˜ India needs about 10,000 fresh CAs every year.

CAs rule the 21st century ďƒ˜ Commerce and trade have got a boost in the 21st century, and only Chartered Accountants can control the matters related to them. ďƒ˜ So there is an increasing demand for CAs.

We need CAs to conduct all kinds of business ďƒ˜ The country is currently witnessing the introduction of innovative financial instruments, and CA profession is in the forefront in the initiation of these financial products. ďƒ˜ Business promoters and owners employ CAs to conduct their business.

They play different roles ďƒ˜ They play a prominent role in corporate governance, risk management, financing and taxation. Private companies and MNCs hire them. ďƒ˜ The requirement of CAs has remained steady despite witnessing a sea change in global trade systems and practices.

Formulate financial statements ďƒ˜ For corporate audits CAs constitute the first layer of vigil mechanism. Before placing financial statements before the general public they are audited by CAs.

Help the government in revenue collection  With regard to accounts and audit CAs are considered the most competent persons.  All the government audits, be it Service Tax audit, Income Tax audit, forensic audit or CAG audits, almost all of them are conducted by CAs.  Hence they help the government to find fraud in revenue collection.

Main consultants of SMEs ďƒ˜ The main consultants of SMEs are CAs. They consult them not only in their day to day operations but also on legal matters as well. ďƒ˜ CAs often provide valuable suggestions to help them grow. CAs closely watch the growth of many businesses and have experience of audits of many entities.

Helps in tax planning ďƒ˜ For tax planning most companies take help from CAs. With proper planning they will be able to use their hard earned money in growing the business.

Can help in curbing black money ďƒ˜ By analysing the correct profit, and making clients aware of laws and regulations CAs help in curbing black money.

They wear many hats ďƒ˜ In the Indian economy CAs play many roles. Although the above mentioned services are what CAs are mostly known for, they also play other roles. ďƒ˜ CAs have proven that they can be successful entrepreneurs, investors, ministers, CEOs, lawmakers, CFOs, Bankers and what not.

In demand for various management advisory services ďƒ˜ In the Indian economy CAs are doing varied management advisory services. ďƒ˜ They are doing strategic planning to determine suitable acquisition criteria, conducting feasibility studies, developing negotiating strategies and many more.

The impact of chartered accountants in Indian economy is huge. For a professional chartered accountancy course visit Virtus Academy, is the one of the best CA coaching center, providing CA coaching classes in coimbatore and chennai.