The Institute of Chartered Accountants of India’s Vision 2030 is aimed at harnessing opportunities and addressing challenges in the rapidly changing environment. By 2030, it aims to become a leading accounting body, and a regulator and developer of trusted and independent professionals with world-class competencies in accounting, assurance, taxation, finance and business advisory services. The document has laid out the mission statement, strategic priorities and action plan for three years.
Current scenario
Chartered accountancy as a profession has come a long way, and the ICAI must be credited for adopting improved and innovative ideas/ methods to keep professionals abreast with changes in industry and the regulatory environment.
Chartered accountancy is one of the most sought-after professional degrees largely because its curriculum is reputed to be a balance of theory and practice.
The demand for chartered accountants has remained steady over the years, in part due to the statutory requirement for auditors and other functionaries.
Moreover, regulatory developments such as the Companies Act 2013 have further stepped up the demand. Robust economic growth and the resulting diverse opportunities, especially over the past decade, have allowed CAs to venture beyond traditional spheres to establish their expertise in newer domains.
As roles and expectations evolve, the qualifications too have changed significantly. A decade ago, one could become a chartered accountant only after graduation.
Additionally, the candidate underwent three years of articleship training. However, in 2006 the ICAI incorporated several new modules to strengthen the course and the value of the degree. The CA profession has been able to hold its own against the many top-notch business schools (including IIMs).
Way forward
While chartered accountants are equipped to handle financial matters, they need to also become generalists with an overall understanding of businesses and the environment in which they operate.
For example, an auditor should not only be up to date with a company’s books of accounts, but also its operations. This holistic view would help him/her make informed decisions.
After all, financial statements are a record of a company’s business transactions, and reflect how the company has fared. Accordingly, the ICAI should introduce students to research projects, global reports/ case studies, and business analyses.
This should be supplemented by a change in the examination ethos — from primarily testing a student’s ability to memorise a subject to getting him/her to apply the principles to real-life situations.
Inclusive education
Though there are opportunities to attend ICAI-sponsored courses and lectures, there is a need for better-quality education for all aspiring chartered accountants. Further, as an institute of learning with national coverage, the ICAI should ensure there is equal opportunity for students from all walks of life.
Communication — written and verbal — is of great importance in today’s world, and the ICAI should address this in its curriculum/ programmes.
The institute should introduce mandatory, year-round communication skills development programmes, followed by assessments.
Its General Management and Communication Skills Course is a step in the right direction.
Future Stewards
Looking to the future, the ICAI should focus on developing the CA course to ensure it turns out responsible stewards of the profession.
The author is Director, Grant Thornton Advisory Pvt Ltd.