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| CHANGE IS THE ONLY CONSTANT |
The Factors which would play a big role in same would be as
follows.
Companies Act 2013
It would not be wrong if I say that The Companies Act 2013
(the act) has given us the sense of good days in profession where CA’s in
practice would be required to crack the act fast and learn - unlearn many things. We may say that the act is just the tip of iceberg, the provisions of
section 185 and 186 of the act which looked simple is having different
interpretation among new and old brains and there are good takers for new
brains. It would not mean that old CA’s in practice would be written off, it is just that
the old CA’s would require new CA’s to crack the code and new CA’s would
require old CA’s for guidance and to understand the common parlance and how
things are interpreted in court of law and by statutory regularities.
The provision for rotation of Auditors would also open doors
for new CA’s to get their share provided they prove their capabilities and
provide the confidence to corporates and non-corporates, the scope is not
imaginable. Moreover the provisions of penalties and prosecution would force
the old practicing CA’s to think twice whether all the acts, standards,
guidance, notification, circulars etc. are given consideration in the audit,
which increase demand for CA’s who are updated with all these regulations.
Direct Tax Code
The direct tax code would be implemented sooner than latter
and would again open avenues in similar lines of companies act. The cracking of
code with rules and notifications would not be easy to implement and to unlearn
old provisions in short span of time, which would give edge to fresher’s in
practice with minimal work experience.
Goods and Service
Tax
The Goods and service tax would bring a big revolution in
Indirect Tax system which would be implemented in dual form but would be in
line with Value Added tax of foreign countries there-by decreasing the
cascading effect of taxation in form of Excise, Service Tax, Value added tax,
Central Sales Tax and thus lowering the price of products and increasing
consumer demands. The implementation of Goods and service tax would open a new area
of practice right from conversion of new regime of compliance. Therefore new
CA’s would be required in practice.
IND AS
The revised roadmap of IND As has been laid down and to bring
confidence of FII and to bring investment the new government would implement
IND AS at the earliest. This would again open new avenues for CA’s not only for
compliance with it but also as registered valuers and other areas of accounting
and outsourcing.
Other Factors
The growth in infrastructure and capital investment would
open new industries, increase per capital income and bring more number of
people to comply with Direct and indirect tax provisions. This would lead to
opening new venues.
The law on fraud also brings the scope in form of forensic
audits for various CA’s who are good in Data manipulation and having technical
knowledge of computer in form of ISA or other equivalent certification.
The boom in retail would give opportunities to CA who are
technology savy and open options in data analyses with SQL etc.
The above discussion holds good a very old saying, “Change is the only constant”. These few facts
give us a feeler of acche din aane wale
hain and we hope there would be more new CA’s opting for practice then
industry.
Regards
CA Vivek Agarwal
