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New Services by CA
A brief summary of each services is as follows

Electronic Commerce
The growth of electronic commerce is inhibited by lack of confidence in systems. We see a series of potential projects -consumer to business, business to business, internet service providers and other services. Our service will be to develop capability to assess whether system and tools used in electronic commerce meet the defined criteria for data integrity, security and privacy and reliability. The first step which will be aimed at consumer to business segment.

Risk assessment
Entities are subject to greater risk and more radical changes in fortune than ever before. Managers and Investors are concerned about whether entities have identified the full scope of this risk and evaluates whether adequate precautions are taken to mitigate these risk. Our service is to ensure entities, identification of business risk is comprehensive and evaluates whether the entity has an appropriate system in place to effectively manage this risk.

Performance measurement
Investors and Managers demand is more comprehensive information base than just financial statements. They need a balanced scorecard. The service evaluates whether an entity's performance measurement system contains relevant and reliable measures for assessing the extent to which the entity's goals and objectives are achieved and how this performance compares to its competitors.

Systems quality
Information technology plays a vital role in supporting the activities of profit oriented and not-for-profit organizations. The growth and change that has come about as a result of these trends have important implications. IT changes have created many new opportunities for CAs in areas such as information development, information system design, information systems management and control and system evaluation.

This service will provide assurance on various aspects of quality of information system and will include branding of services for the benefit of CAs. Assurance on systems quality is also essential step to provide continued assurance on information.

Intellectual capital
This service will measure the intellectual capital by reference to agreed upon criteria for measurement and then provide for assurance on the measurement.

Continuous assurance
Investor and managers demand a more timely base information than just audited financial statements. These services will recognize that the time between the event and acting upon the information has become more compressed and therefore there is a need to provide guidance to practitioners to provide assurance on an entity's continuously disclosed information, viz. quarterly reporting etc.

Challenges facing the profession

New opportunities for the profession will pose challenges to both individual Chartered Accountants and to their professional body, the Institute of Chartered Accountants in India. The challenge for the profession as a whole, and for the different stakeholder groups within the profession, is to adopt a structure and mindset that can rapidly adapt to the changes in the profession and business community. A core skill will be change management with willingness to abandon the old and move toward the new.

CABS
CABs is the acronym for Chartered Accountants who work in the business community. However this group also includes Chartered Accountants who work in government and academic organizations.

Small and Sole Firms
This includes Chartered Accountants working in public practice, in sole practice or in the smaller firms. To date, most of these firms have operated exclusively in local markets. Approximately 34% of Chartered Accountants work in sole practices or small firms

Medium sized firms
This includes the so called 'second tier firms' . Many of these firms operate both nationally and internationally. About 3% of Chartered Accountants belong to this segment.

Large Firms
The large firms, currently referred to as the 'Big Five', all operate globally. This sector employs about 13% of Chartered Accountants

The Institute of Chartered Accountants in India - The final stakeholder group is the Institute, the professional association.

Many challenges are 'generic' in nature - they will apply to more than one member segment

Career changes mean that there is and will continue to be a lot of movement between segments by individual members;

This membership segmentation may cease to have utility in the future. Indeed, as discussed further in this report, other segmentation approaches ( area of specialization, global versus non-global business focus) are likely

Challenges for CABs employed in Business Management

The challenges reported in this section apply to CABs working as business manager, either in financial roles or general management roles.

Change management
To assist the employer organization in adopting a culture that embraces change and ensure that the resources required to manage change are available.

Global service
To ensure that enterprises access the best global services while maintaining appropriate ethical and professional standards. Thus CABs need to understand and manage:

  • The key issues driving the business
  • National and international issues
  • Globalization of taxation and corporate Law

Critical strategic management
To develop strategic thinking and management skills. To understand all the key business drivers ( not just the financial drivers) and so be in a position to provide valuable input to business

Finance administration
To reposition finance and financial administration as a forward looking strategic management function, while maintaining the probity and certainty of historical reporting.

Non-financial measures
To develop systems to measure the performance of organization on other than financial criteria (e.g. competitive performance, resource performance, process performance, environmental and other traditionally ignored criteria).

Stakeholder expectations To recognize and understand the perspective of the various stakeholders in the enterprise ( e.g. shareholders, staff, unions, governments and the community at large) and to actively ensure a balance in meeting conflicting expectations

Competencies

  • To acquire the necessary IT and forward looking strategic management skills to ensure that appropriate standards of service are provided to the enterprise.
  • To be in a position through a proper knowledge base, to demand and direct the services new telecommunications and information technology will enable.

Professional standards
To ensure professional standards are maintained despite cost pressures on service deliverers

Challenges to CABs As Individuals

Change management
To adopt a culture that embraces change and to commit the resources required to manage change (on-going training, specialization)

Chartered Accountant qualification
To maintain the relevance and value of the Chartered Accountant qualification given the following changes in the business environment

The trend for businesses to seek guidance from among a wide range of advisers on

  • Stakeholder value creation
  • Strategic direction
  • Risk management
  • Knowledge management

The increasing range of global and cost effective service offering made available by

  • New entrants / competitors
  • Specialists
  • IT based business applications

Competencies
To acquire and maintain a high level knowledge and skill base given the following trends in the market place:

  • Demand for extensive corporate knowledge
  • Demand for strategic planning skills and a pro-active approach to management
  • The increasing global activities of business
  • The diminishing traditional accounting and auditing roles
  • The expectation of high level technology skills
  • The opportunity to lead the process of information management and evaluation
Challenges for Small & Sole Firms

Change management
To adopt a culture that embraces change and to commit the resources required to mange change ( at the ownership structural and operational levels)

Traditional accounting services
For small practices to address the static growth in their traditional markets by specializing collaborating or growing.

Competition
To compete effectively against the increasing and cost driven competition by non-accounting firms in traditional markets

Information technology

  • To resource and develop the IT knowledge and applications essential for practice development
  • To utilize IT to overcome some of the structural problems facing small firms

On-going professional development
To overcome the difficulties in maintaining the increasing knowledge and developing new relevant skills

Succession planning:
To create and realize the practice's goodwill and so ensure that financially acceptable retirement options will be available

Retain client base:
To grow with clients, match their needs and so retain a growing client base

Staffing
To compete against the benefits offered by large firms ( on-going training, career opportunities etc) in the market for high quality staff.

Challenges for medium sized firms

Change management
To adopt a culture that embraces change and to commit the resources required to manage change ( at the ownership, structural and operational levels)

Specialization
To obtain competitive advantage via specialization at an industry level, in a functional area or in a niche market

Marketing approaches

  • To customize or tailor solutions
  • To develop a detailed understanding of clients' business and industry

Resources

  • To ensure access to capital is available for IY infrastructure
  • To acquire and retain the human resources needed to develop new products and services

Overseas markets
To develop the strong international links required to compete internationally and to operate as part of an consortium locally.

Large firms
To recognize the increasing threats and opportunities that will occur as large firms become global service providers

Marketing partnerships

  • To form profession-wide and / or international co operatives to fund the development and marketing of new services
  • To maximize brand equity via the formation of multi-disciplinary business alliances
Challenges for large firms

Change management
To adopt a culture that embraces change and to commit the resources required to manage change ( at the ownership, structural and operational levels)

Risk management
To manage the liability and risk inherent in entering new markets and providing new services

R & D
To fund or undertake research and development for new products and services

Ownership & Control
To continue to meet professional standards and adhere to legislative requirements (eg attestation) under new market conditions such as changed ownership / control of firms and entry into new markets

Globalization
To enter into new markets as stakeholders, to operate globally across legislative boundaries and to reconcile different national regulatory issues

Technology
To adequately resource the development and management of technology needed to benefit clients, staff and firm

Competitive advantage
To meet the increasing expectation of clients including the expectation for added value in the services provided.

Challenges for the Institute

Change management
To adopt a culture that embraces change and to commit the resources required to manage change ( at the structural and operational levels)

Education
To ensure the educational processes of the Institute

  • Attract candidates from diverse cultural and academic professional backgrounds
  • Emphasize finance and capital markets and telecommunications and IT
  • Support specialization
  • Incorporate general management education and the creation of shareholder value
  • Reflect broker of best practice status in sourcing educational products
  • Continue to incorporate core accounting skills
  • Enable reciprocal membership with other leading accounting institutions
  • Enable participation globally
  • Use the most appropriate delivery technology
  • Achieve the goals of 21Century

Specialization
To promote and support specialization throughout members' careers

Organizational change
to initiate a process of organizational change with priority given to

  • Becoming a pro-active knowledge-based institution
  • Adopting a more flexible, innovative and responsive organizational culture
  • Improving efficiency and service delivery
  • Monitoring the needs of disparate membership groups, and addressing the needs of individuals members
  • Developing strategic alliances with other Indian accounting bodies
  • Working more closely an effectively with other Indian professional organization

Ownership
To develop guidelines on the ownership of firms, access to capital and distribution of profits that balance contemporary commercial needs and professional standards and to allow multi-disciplinary practices

Globalisation
To lead the process of globalization of business and the profession by

  • Working with government on the international harmonization of taxation and corporate laws and standards
  • Developing associations with professional and associated organizations Internationally
  • Fostering networking of members

Chartered Accountant positioning To secure member loyalty and improve the market recognition of Chartered Accountants by:

  • Promoting the core values of Chartered Accountants (especially independence and ethical standards)
  • Promoting the blend of technical and business skills possessed by Chartered Accountants
  • Promoting Chartered Accountants' skills in new services and performance measurement
  • Promoting specialization
Leadership
To provide leadership in the development of
  • New services (eg assurance services) to be offered by members
  • New performance measurers (eg measures linking financial and non financial information
  • New standards for new service
  • Relationships with other professional and business associations

Advocacy
To demonstrate a leading advocacy role with national and international governments and regulators on all issues affecting the profession, including legal liability competition and the development of new services

Volunteer resources
To ensure sufficient volunteer resources will be available to support Institute activities

OPPORTUNITIES FOR CHARTERED ACCOUNTANTS
AND
THE CHALLENGES FACING THE PROFESSION

Vision & Restructuring Committee

     
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