To help us understand the changing scenario, we have invited
4 eminent and widely respected professionals to contribute to this Special
Issue, giving us their thoughts on the direction that the profession is heading
during the 21st century, and on the skills, practices and qualities that a
professional needs to inculcate to succeed. These successful professionals — Mr.
Y. H. Malegam, a past President of the Institute of Chartered Accountants of
India and an authority on accounting and auditing; Mr. Sohrab E. Dastur, eminent
tax lawyer; Mr. T. V. Mohandas Pai, Director of Infosys Technologies Ltd.; and
Mr. Deepak Ghaisas, CEO of i-flex Solutions Ltd. — bring us their perspectives
both from the viewpoint of professionals as well as industry.
The CA profession is comparatively young, having really come
into its own in the 20th century. Over the years, it has been quick to adapt to
the changing environment, leading to a wider variety of services being rendered
by an increasingly larger number of professionals.
Recent years have seen a substantial churn in the profession.
Most newly-qualified CAs now seek employment in industry, but at the top end,
one also sees many CAs from large firms joining industry, while industry
veterans leave industrial employment to try their hand at consulting. Many CAs
are also giving up their individual practices, either to join the Big 4, or to
join industry. Can one discern some trend behind these happenings ? What does
this portend for individual and small practices ?
One also notices a greater emphasis in the profession on
marketing (witness the recent relaxation on advertising by CAs) and human
resources. Are smaller firms at a disadvantage and how can they level the
playing field? In the larger firms, one sees all services other than statutory
audit and certification being rendered through corporate entities. Is the
distinction between the profession and business increasingly getting blurred ?
Due to corporatisation and in the rush to squeeze out maximum efficiency from
our practice, and in seeking maximisation of revenues, are we losing sight of
the principles which set a professional apart from a businessman ? Or are we
acting like ostriches, by sticking to our principles, ignoring the impact of the
changes taking place all around us in society ?
Accounting concepts and standards are becoming increasingly
complex, while auditing practices and procedures are also constantly evolving to
keep pace with developments in the corporate world and the expectations of
society. Is it realistic to expect so many professionals to learn increasingly
complex concepts throughout their lives — learning, unlearning and relearning
all the time ? Are we chasing a mirage hoping to meet the public expectation, or
do we risk becoming irrelevant if we do not adapt ? Have we projected ourselves
on too high a pedestal, and become victims of our own projection ?
Are the skills that we learn as CAs really valued by
industry, or do we need to undergo a reorientation before we can be absorbed by
industry ? Does our training prepare us sufficiently to meet the challenges of
the real corporate world that we aspire to scale ?
All these issues have been addressed by these 4 eminent and
successful professionals, giving us some guidance on the path that we need to
traverse.
The message seems to be that :
