CAREER OPPORTUNITIES FOR CHARTERED ACCOUNTANTS

Career Opportunities

1.Services to global organizations

Huge opportunities will be available for professionals with the specialist knowledge and skills ought by global organizations. These will include the areas of national and international taxation, finance and corporate law. Local knowledge will of course place Chartered Accountants in a strong position to supply services to global organizations entering the Indian market. However, the international arena will present even greater opportunities, not just to the large accounting firms and businesses, but to individual Chartered Accountants and small firms and businesses providing specialist services in functional areas, niche industries and geographic markets.

2.Change management

There will be a high and on going demand for professional advice and related services to assist organizations in managing change at the ownership, structural and operational levels. Change management will become a major specialty in the business services market.

3. New assurance and performance measurement services

Performance measurement incorporating non-financial criteria such as competitive performance, resource performance, process performance and environmental performance represents a new but complementary market for Chartered Accountants. Likewise, demands for risk - based measures of value and other new approaches in assurance present further opportunities.

4.Stakeholder value creation

The Chartered Accounting profession is well positioned to respond to the growing demands for improved measures of shareholder value and return on shareholder value.

5.Strategic management

Professionals with high level strategic thinking and management skills will be even more highly marketable than is currently the case. More Chartered Accountants can specialize in these areas and to rise to the top echelons of business.

6.Finance

Increasingly complex global financial practices will present major opportunities to experts in financial administration, capital markets and international financial regulation.

7.Information technology

For chartered Accountants, advances in technology will close some markets but open others. For example, sophisticated software will enable new competitors from around the globe and minimally skilled in-house staff to perform traditional technical accounting tasks. Further, universal access to communications technology will render some intermediaries, including some professional advisers, obsolete. However, as business and government grapple to manage and regulate the complexities of global organizations' operations, electronic commerce and computer crime, new areas of opportunity for Chartered Accountants will emerge, including
The application of technology in new areas to achieve efficiencies and add value to business Data and systems assurance service Electronic commerce - management and regulation of electronic transactions

8.Knowledge management

Knowledge management will become a professional discipline in its own right. Opportunities in this area will include the following
Information authentication, management, interpretation and evaluation
Management of proprietary, external and individually-held knowledge to add value to business
Continuous real time reporting

9.Out-sourcing

Out sourcing is a growing area of opportunity for all Chartered Accountants. For those working in government, large private organizations and large firms, out-sourcing will present opportunities to reduce costs, extend service offerings and deliver new specialist services. For those operating individually or working in small business and firms the opportunities are to supply the out-sources services either as stand alone service components or packaged as end to end services with other suppliers.

10.General practice

In general practice, reduced opportunities in the traditional accounting markets such as audit and standard taxation services will be replaced by growing opportunities for relationship-based services. These ill include pro-active advice and specially tailored services build from detailed knowledge and understanding of the client's business and industry. In effect, general practice will essentially be a specialty. Assessing companies' identification of risks and the control systems designed to respond to those risks. Working closely with internal auditors to test compliance with control systems Extending the range of assurance services to current users of annual statements ( by taking a more active role in fraud detection, for e.g., and giving opinions on long-term shareholder value and non-financial performance measures) Increasing the relevance of audited financial statements to a broader range of stakeholders Using audit skills to offer assurance in new sectors ( such as environmental information, tendering procedures and quality control) Increasing the timeliness, and therefore relevance, of auditing by giving opinions on reporting systems producing financial information for the markets on a monthly or quarterly basis Developing databases from which auditors can extract, and give their opinion on, the specific financial and commercial information requested by users Developing new assurance reports on pensions to meet the needs of an aging population - for example, reporting on whether the systems used by investment managers are adequate to protect a pension fund's investments. Providing the new assurance reports that may also be needed in the public sector and by quasi-governmental agencies such as housing associations New Rural / Welfare schemes taken up by Government, Public Expenditure through Govt. Depts., monitoring of special functions on behalf of various, Govt. / other authorities and agriculture operations are some of the new areas which will come under the purview of our profession Offering sophisticated audit services to other parts of the EU and beyond as the barriers to cross-border services are dismantled Developing ad hoc assurance reports for (and perhaps even directly to) third parties such as banks and credit agencies - particularly in respect of smaller businesses There may even be a need for assurance on specific items, such as stock, rather than on the financial statements as a whole. Internal audit, however, is one area where the number of accountants could increase. Although limited in terms of overall employment potential, we believe internal audit will become much more important within large organizations. Internal auditors, will, in effect, become risk and control consultants working on the development and enhancement of new systems, products and processes. They will also be involved in due diligence work, and internal audit will be seen as providing a credible stating point for a successful career in business.

11.Financial Reporting

The internationalization of business and the harmonization of reporting standards will increase the pressure to raise the quality of financial information, and for it to be fully consistent across national boundaries. At the same time, management and financial accounts are likely to converge with non-financial performance measures, as companies and stakeholders demand greater value from the financial reporting process. Although, the analytical and interpretative functions (including benchmarking) are likely to remain the preserve of skilled professionals, those professionals will not necessarily be accountants. Small companies, on the other hand, are likely to see a significant simplification in their statutory reporting requirements This simplification, coupled with increasing competition and new technology, will reduce the amount of financial reporting support small companies need from Chartered Accountants. But this effect may be partially offset by demands from banks and other third parties for customized financial reports The drive for greater accountability and efficiency will open up new financial reporting (and auditing) opportunities in the public sector.

12. Tax Compliance

We believe that tax compliance services have some (limited) scope for expansion. But we also believe that tax compliance will be an unattractive area for many practitioners - except possibly as a semi-detached adjunct to the main practice of those able to exploit technology to handle high volumes profitably. Self-assessment, and the broadening of the groups of taxpayers having to complete tax returns, will mean more people will be looking for help. But work in this sector will be increasingly driven by technology and will need only a relatively small number of trained tax staff in supervisory roles. And margins will be low because of the competition from banks, ex-Revenue staff, tax shops and unqualified advisers made possible by the low barriers to entry. Annual compliance work will, of course, continue to be a platform from which accountants can sell other advisory services. But even here we may well see banks and other competitors moving 'upmarkets' into advisory roles.

13.Tax advice and planning

Advising on cross - border tax issues Developing new tax-efficient products for the financial services sector Forensic work generated as a result of increased Inland Revenue audit and investigation activity Supporting companies with their VAT and Customs & Excise duties planning, and helping them to design effective procedures for routine compliance work Advising high net worth individuals, families and trusts on how to manage their income tax, inheritance tax and capital gains tax exposures. Longer life expectancy, early retirement and the expansion of the middle classes will make this a particularly attractive target market. Niche opportunities for those offering specialist advisory services without the overheads of the international firms. The prospects for senior tax specialists and managers in industry look very good, Larger companies are increasingly recognizing the enormous contribution that tax planning can make to strategic planning and share holder value. As a result, the profile and workload of tax departments in industry will inevitably grow. But there will also be pressure on tax departments to use their resources more efficiently. Part of their response to these pressures will be to look at outsourcing non-core functions: for example, personal tax planning for internationally mobile staff. Outsourcing tax compliance work will also become a popular corporate strategy - mainly because of the cost savings professional firms and others can make using IT applications that are common to all clients and supported by in-house training facilities.
Some of the new demands on tax specialists in industry will include:
Becoming more accountable for bottom-line results: that is, tax as a percentage of pre-tax profits
Developing much closer ties with the finance function in planning and executing tax strategies
Developing international financial products
Campaigning against Finance Bill provisions that are not in the company's interest
Integrating tax planning into long-term strategic planning, and setting benchmarks for judging success
Advising on the organization and accountability of tax staff
Responding to uncertainties caused by the changing judicial approach to the interpretation of statute law
Managing the outsourcing of direct and indirect tax compliance work

14.Corporate finance

Corporate finance will continue to be major growth area for Chartered Accountants in both business and practice, underpinned by the continuing high level of deal activity. Corporate restructuring under competitive pressures, in particular, will create many opportunities to advise on mergers and acquisitions, share issues and listings, and management buy-outs and buy-ins. Firms will profit from associated due diligence work.
Insolvency and corporate recovery
Assignments will require more partner and less junior time
Firms that can operate across borders have the resources to develop industry specialisms, and can exploit technology to trace assets and automate procedures will have a major competitive advantage.

15.Management consultancy

Consultancy and advisory services will continue to grow in importance, expanding from traditional financial and business planning into wider issues of business effectiveness and on to leading edge areas such as re-engineering and corporate transformation. Some, at least, of the major firms will challenge the strategic consultancies. At the same time niche opportunities will open up for smaller operators. And the business advice traditionally offered by practicing accountants would be an increasingly important value-added service. although it will not necessarily be badged as consultancy. The overall growth in this sector will continue to create demand for the financial management and business appraisal skills in individuals accountants. In the larger consultancies, at least, they will increasingly also find themselves working in multi-disciplinary assignment teams, alongside post-experience specialists from other disciplines (such as marketing, supply chains, information systems and economics), MBA graduates and those with industry-specific knowledge.

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CASE LAWS OF COMPANIES ACT

• Director of the company alone cannot commit anything on behalf of the company without the sanction of the Board of director. Shabh Shanti Services Ltd. v. Manula's Agarwalla & Ors. 2005 SCC (Cri) 993.
  
  
• The Companies Act 1956 - Conviction u/s 454(5) of the Act will be challenged in appeal before the Division Bench of the H.C. P. George Philip v. Official Liquidator, 2004(4) RCR (Crl.) 98 Kerala FB.
  
  
• Flat allotted to the employee who died. The legal heirs can be prosecuted on non vacating the flat after due notice. Lalita Jalan v. Bombay Gas Co. Ltd., 2003(3) RCR(CRi. )76(SC) 2003 SCC(Cri) 1281 : AIR 2003 SC 3157 :2003 SC 3157 : 2003 Cri.L.I. 2514.
  
   
• Companies Act – Defamation against the co. Every director of the co. can file the complaint. Johan Thomas v. Dr. K. Jagadeesam. JT 2001(5 (SC) 398 : 2001(3) RCR(Cri.) 381 : AIR 2001 SC 2657 : 2001 Cri.L.J. 3322.
  
  
• Companies Act – Offence committed by an Indian in foreign country. The Indian Court will try the offence. A.V. Mohan Rao v. M. Kishan Rao, 2002 SSC(Cri.) 1281 : AIR 2002 SC 2653.
  
  
• Companies Act – S. 434 – Notice beyond the period of 15 days in case of dishonor of Cheque Is not valid. M/s. Uniplas India Ltd v. State, JT 2001 (5). (SC) 465 : 2001(3) RCR (Cri) 511 : AIR 2001 SC 2625 : 2001 Cri.l.j. 3326.
  
  
• Section 630 All members of an employee or an ex – employee of a company cannot be prosecuted for the offence. M/s. J.K. Ltd v. Mrs. Mata Mishar, JT 2001(2) (SC) 36 : 2001(1) RCR(Cri.) 561: AIR 2001 SC 649.
  
  
• Registrar of the company can file the complaint when the offence is under section 113. Registrar of Companies v. Rajshree Sugar and Chemicals Ltd., 2002(2) Crimes 322 SC3( 2000) CCR 21 (SC) : 2000(2) RCR (Cri.) 874 : AIR 2000 SC 1643.
  
  
• Companies Act - Refusal to transfer shares has to be intimated to the applicant with in 2 monhts from the date of delivery. Unit Trust of India v. Jagdish Rai, 2(2000) CPj. 106 Chd. SCDRC..
  
  
• Companies Act – winding up order was passed by the High Court. Court's Leave has to be obtained for further proceedings against the company. Asia Pacific Investment Trust Ltd. v. Amod Juneja, 1(2000) CPJ. 239 Delhi, S.C.D.R.C. New Delhi
  
  
• Section 113 – Prosecution – Limitation under the Act is 6 months. The limitation shall be counted from the date of knowledge of the offence to the complainant. Registrar of Companies v. Rajshree Sugar and Chemicals Ltd., 2000(2) Crimes 322 (SC) : AIR 2000 SC 1643.
  
  
• Company Court is not competent to take the cognizance of the offence U/S. 629 of the Act committed by the Managing Director of the Company. V. Sugandha Lal v. Boby Varghese, 2000 Cri.L.K. 4121 Kerala.
  
  
• Section . 628 – Filing of flase statement in form 32 in an offence. K. Radha Krishana v. C.V. Mnaikandan, 1(1999) CCR 11 HC : 1998 Cri.LJ. 3583.
  
  
• Default in Filing annual return and balance sheet of the company. The continuing offences U/Ss. 159, 162, 220 attracted. Anita Chadha v. Registrar of companies, 1999 Cri.L.J. 2433 Delhi.
  
  
• S. 391, 393 – For the compromise & arrangement the sanction of the Court is to be obtained and the Court cannot work as an appellate Court for examination of the scheme. Miheer H, Mafatlal v. Mafatlal Industries Ltd., AIR 1997 SC 506.
  
  
• The managing director is responsible for criminal liability for any offence committed by the employers/Company. 4(1996)CCR 163(SC).
  
   
• S. 159/220 – the offences are continuing offences. Rani Joseph v. Registrar of Companies, Kerala, 1995 Cri.L.J. 3832 (Kerala).

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SECTIONS IN COMPANIES ACT

Part I
Preliminary


1
Short title, commencement and extent.
2
Definitions.
2A
Interpretation of certain words and expressions.
3
Definitions of "company", "existing company", "private company" and "public company".
4
Meaning of "holding company" and "subsidiary".
4A
Public Financial Institutions.
5
Meaning of "officer who is in default".
6
Meaning of "relative".
7
Interpretation of "person in accordance with whose directions or instructions directors are accustomed to act".
8
Power of Central Government to declare an establishment not to be a branch office.
9
Act to override memorandum, articles, etc.
10
Jurisdiction of Courts.
10A
Omitted.
10B
Omitted.
10C
Omitted.
10D
Omitted.


Part I-A
Board of Company Law administration.
10E
Constitution of Board of Company Law Administration.
10F
Appeals against the orders of the Company Law Board.
10FA
Dissolution of Company Law Board.
10FB
Constitution of National Company Law Tribunal
10FC
Composition of Tribunal
10FD
Qualifications for appointment of President and Members.
10FE
Term of office of President and Members.
10FF
Financial and administrative powers of Member Administration.
10FG
Salary, allowances and other terms and conditions of service of President and other Members.
10FH
Vacancy in Tribunal.
10FI
Resignation of President and Member.
10FJ
Removal and suspension of President or Member.
10FK
Officers and employees of Tribunal
10FL
Benches of Tribunal.
10FM
Order of Tribunal.
10FN
Power to review.
10FO
Delegation of powers.
10FP
Power to seek assistance of Chief Metropolitan Magistrate and District Magistrate.
10FQ
Appeal from order of Tribunal.
10FR
Constitution of Appellate Tribunal.
10FS
Vacancy in Appellate Tribunal, etc.
10FT
Term of office of Chairperson and Members.
10FU
Resignation of Chairperson and Members.
10FV
Removal and suspension of Chairperson and Members of Appellate Tribunal.
10FW
Salary, allowances and other terms and conditions of service of Chairperson and Members.
10FX
Selection Committee.
10FY
Chairperson, etc., to be public servants.
10FZ
Protection of action taken in good faith.
10FZA
Procedure and powers of Tribunal and Appellate Tribunal.
10G
Power to punish for contempt.
10GA
Staff of Appellate. Tribunal.
10GB
Civil court not to have jurisdiction.
10GC
Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings.
10GD
Right to legal representation.
10GE
Limitation.
10GF
Appeal to Supreme Court.


Part II
Incorporation of Company and Matters Incidental thereto.


11
Prohibition of associations and partnerships exceeding certain number.
12
Mode of forming incorporated company.
13
Requirements with respect to memorandum.
14
Form of memorandum.
15
Printing and signature of memorandum.
15A
Special provision as to alteration of memorandum consequent on alteration of name of State of Madras.
15B
Special provision as to alteration of memorandum consequent on alteration of name of State of Mysore.
16
Alteration of memorandum.
17
Special resolution and confirmation by [Company Law Board] required for alteration of memorandum.
17A
Change of registered office within a State
18
Alteration to be registered within three months.
19
Effect of failure to register.
20
Companies not to be registered with undesirable names.
21
Change of name by company.
22
Rectification of name of company.
23
Registration of change of name and effect thereof.
24
Change of name of existing private limited companies.
25
Power to dispense with "Limited" in name of charitable or other company.
26
Articles prescribing regulations.
27
Regulations required in case of unlimited company, company limited by guarantee or private company limited by shares.
28
Adoption and application of Table A in the case of companies limited by shares.
29
Form of articles in the case of other companies.
30
Form and signature of articles.
31
Alteration of articles by special resolution.
32
Registration of unlimited company as limited, etc.
33
Registration of memorandum and articles.
34
Effect of registration.
35
Conclusiveness of certificate of incorporation.
36
Effect of memorandum and articles.
37
Provision as to companies limited by guarantee.
38
Effect of alteration in memorandum or articles.
39
Copies of memorandum and articles, etc., to be given to members.
40
Alteration of memorandum or articles, etc., to be noted in every copy.
41
Definition of "member".
42
Membership of holding company.
43
Consequences of default in complying with conditions constituting a company a private company.
43A
Private company to become public company in certain cases.
44
Prospectus or statement in lieu of prospectus to be filed by private company on ceasing to be private company.
45
Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, two members.
46
Form of contracts.
47
Bills of exchange and promissory notes.
48
Execution of deeds.
49
Investments of company to be held in its own name.
50
Power for company to have official seal for use outside India.
51
Service of documents on company.
52
Service of documents on Registrar.
53
Service of documents on members by company.
54
Authentication of documents and Proceedings.


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