Huge Global Opportunities for Chartered Accountants – Challenges
Huge Global Opportunities for Chartered Accountants. Today, the Indian CA qualification is well recognised in many countries and we find that many young Indian CAs are able to take up attractive global careers and start work immediately. The Indian CAs are highly sought after around the world because of their skill sets and high quality of education, says the author, who is a Board Member of the International Federation of Accountants and past President of the ICAI. In this article he explains how the Chartered Accountancy profession is an exciting one, recession proof, provides good job security even during times of crisis. The article also outlines the challenges and opportunities for Indian Chartered Accountants globally.
Huge Global Opportunities for Chartered Accountants
Storing data on remote servers-opens up opportunities by making geography unimportant. Once accounts are entered in the cloud, you can work on them anywhere – in your office, at the airport, in your home 500 miles away. Cloud Computing is now evolving like never before, with companies of all shapes and sizes adapting to this new technology. While Cloud Computing is undoubtedly beneficial for mid-size to large companies, it is not without its downsides, especially for smaller businesses.
It has the potential to transform almost every aspect of business–from research and development to sales and marketing – and to provide new opportunities for growth. Trained to structure, gather and analyse financial information, accountants and finance professionals can apply their core skills to nonfinancial and other datasets – and, crucially, help make Big Data smaller and more structured.
Artificial Intelligence (AI)
The capacity of machines or software to create and exhibit intelligence – brings with it both promise and concern. AI could become an invaluable partner in professions that demand considerable training, technical precision, and ethical judgments— including accountancy
Managing Change: The business environment has become increasingly complex and dynamic and that’s something that our profession has to adapt to in the way we serve our clients and our own operating models. This dynamism is driven by trends that include globalisation, demographic shifts, technological advances, and regulatory change.
Borderless World: As businesses increasingly crisscross national borders, accountants have to deal with multiple accounting systems. Accountants need to adapt to the changing environment as their work and that of auditors is changing enormously.
Credibility in Financial Reporting: Building credibility in Financial Reporting in both the developed and developing world has been a challenge especially in recent years, in the light of various corporate scandals, the volatility in capital markets, and increased public skepticism about the financial reporting process. Today, as national economies develop and become more involved in the world market and as companies expand their markets and products across borders, there is a greater necessity to report financial information in a consistent way.
Convergence to International Standards: The new challenge is to ensure that audits of companies around the world are conducted using a common reporting language and that we work to achieve convergence to international standards. This will lead to increased transparency, greater accountability, and more understanding by the public worldwide.
Promoting strong Corporate Governance: Finally, we must ensure that the entire accountancy profession, including that in business and industry, adhere to high professional standards and promote strong corporate governance. The profession must be supported by management that is equally dedicated to quality and transparency.
Must Read – Most Popular Global Career Destinations for Indian CAs
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