Prospect of CA Profession
In the twenty first century Chartered Accountancy (CA) has emerged as a unique Profession of paramount importance and is now discussed at various economic seminars, capital markets, investments and such other forums. To cope with the increasing demand in the field of economy, innovative financial instruments are being constantly introduced and the profession world-wide, apart from accounting, taxation, financial management and other financial consultancy is in the forefront in launching these financial products.
In today's free globalized world, Chartered Accountants are in public practice, in all sizes of accounting firm from sole practitioners to affiliates of large international firms. They are also employed in industries, finance and commerce playing a wide variety of financial, management and senior policy making roles both at home and abroad. The members of the Institute of Chartered Accountants of Bangladesh are known as the Chartered Accountants of Bangladesh.
The Institute of Chartered Accountants of Bangladesh(ICAB), the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973(President's Order No. 2 of 1973).The Institute have the following objectives:
Ø Regulates the accounting Profession and matters concerned there with in the country
Ø Administers its members and students
Ø Ensures sound professional ethics and code of conduct by its members
Ø Provides specialized training and professional expertise in Accounting, Auditing, Taxation, Corporate Laws, Management Consultancy, Information Technology and related subjects
Ø Imparts Mandatory continuing Professional Education (CPE) to its members
Ø Fosters acceptance and observance of International Accounting Standards(IAS)and International Standards on Auditing (ISA)and adopt IAS & ISA in Bangladesh as Bangladesh Accounting Standards(BAS)and Bangladesh Standards on Auditing (BSA) respectively
Ø Keeps abreast of latest developments in Accounting techniques, Audit methodology, Information technology , Management consultancy and related fields
Ø Liaises with regional and international organizations to influence the development of efficient capital markets and international trade in services.
In order to enable the profession to provide services of consistently high quality in the public interest the mission of the Institute has been identified by the Council as:
“To provide leadership in the development,
Enhancement and coordination of the
Accountancy profession in Bangladesh”
3. What is Chartered Accountancy
Chartered Accountancy is the specialized field of Accounting. The qualification of a Chartered Accountant is being increasingly acclaimed as the “best” professional qualification in this millennium of free market economy and globalization of trade and services. Education and training system of Chartered Accountants is such that after qualifying, a Chartered Accountant may go for public practice either on his/her own or in partnership with other Chartered Accountant(s) or he/she may go for employment in trade, commerce, industry, finance, etc.
4. Benefits of being a Chartered Accountant
A Chartered Accountant is a Professional who is trained in and possesses the expertise to perform the various types of work such as Accounting, Taxation, Auditing, Financial Management, Project Appraisal, MIS, IT, Computer Auditing, Consultancy etc. In certain areas, like audit, they have the monopoly.
The practising Chartered Accountants mainly carry out audit, inter alia, of financial statements of various enterprises/organizations as Public Accountants under the banners of approved Chartered Accountant Firms.
Chartered Accountants engaged in public practice mainly carry out the following functions:
Ø Perform professional services involving auditing or verification of financial transactions, books, accounts or records, or preparation, verification or certification of financial, accounting and related statements;
Ø Render professional services or assistance in or about matters of principles or details relating to accounting procedures, costing techniques, or recording, presentation or certification of financial facts or data;
Ø Render professional services or assistance as Management Consultant in or about matters of accounting methods, systems and techniques involving forecasting, in order to assist management in its task of formulating policies, programmes, management systems and procedures for maintaining and improving efficiency. Management Consultancy services encompass, inter alia, the following areas:
Ø Valuation of business and shares
Ø Designing of accounting, internal control and operational systems for organization. Rendering of services like maintaining computerized financial accounts of companies, business process re-engineering, management selection and recruitment, disinvestment of government enterprises, etc.
Apart from these CA Firms are also engaged in:
Business Information System (BIS)
Statutory and Liquidation services, etc.
Many positions of trust and responsibility are open to a Chartered Accountant such as Chief Executive, Member Finance, Finance Director, Company Secretary, Chief Accountant, Finance Controller, Systems Analyst, Internal Auditor, Accountant, etc. in Listed Companies, Corporations/ Autonomous bodies or in industrial, financial, commercial or educational enterprises.
A Chartered Accountant can also serve on the Board of Directors of various organizations, particularly financial institutions. Such positions of responsibility, trust, honour and dignity are offered to Chartered Accountants because of their excellent educational & training background, professional know-how & technical expertise and sound financial knowledge & experience, enable them to contribute towards solving accounting, financial, educational and business problems at top levels.
5. Linkage to International bodies
The Institute is a permanent active member of several International and Regional Accounting Bodies like:
Ø International Federation of Accountants (IFAC ), the apex body of the accounting profession in the world and sole authority for adoption and implementation of Auditing Standards Ethics etc.
Ø International Accounting Standards Committee (IASC ),the sole custodian for adoption and implementation of Uniform Accounting Standards for member countries
Ø Founder member of South Asian Federation of Accountants (SAFA ), the Regional Accounting Organisation of South Asia
Ø Confederation of Asian and Pacific Accountants(CAPA)
Ø International Accounting Standards Boards(IASB)
Moreover, the Institute has to make liaison with various government agencies, local and international Chamber Bodies and business houses.
6. Career Prospects in Comparison with other Professions
CA is an internationally relevant and accessible qualification – a go-anywhere passport to a successful career. In an age of growing globalization and intensified competition, modern business demands timely and accurate financial information. That is why CAs' are sought after by companies across the world. They are commercial business managers with wide-ranging skills. With this globalization, the world economic scenario is rapidly evolving. Innovative financial instruments are being constantly introduced in the twenty first century, and the Chartered Accountancy (CA) Profession world-wide is in the forefront in launching these financial products. Chartered Accountancy (CA) has emerged as a unique profession of paramount importance. Anybody will find Chartered Accountancy as a satisfying and rewarding profession. Apart from exciting opportunities and attractive pay-packages, Chartered Accountancy qualification is recognized internationally, and its reputation and value are maintained through high standards of assessment and regulation. It is the professional qualification of choice for businesses worldwide.
The profession of Chartered Accountancy is looked upon with great honour and dignity. Chartered Accountants have developed this over the years through sincerity, devotion, and integrity. Business promoters and owners cannot deal with every detail of their business. The People they employ to conduct their business do a lot of things on each of those where they cannot lay their finger tips. Promoters and owners engage Public Accountants to let them know net results of their business activities and repose full confidence in Public Accountants to dig out truths, where necessary.
Due to the increasing demand for their services, the average earnings/ remuneration packages of Chartered Accountants has also steadily increased in recent past. Hence a student, on successful completion of examinations and training, could look forward to a comfortable compensation package.
Today's world is governed by commerce and trade. Only the Chartered Accountants can control the matters related to commerce and trade. So there is a increasing demand of Chartered Accountants worldwide. And that is why the Chartered Accountancy is best among all other professions.
Chartered Accountancy in Bangladesh
In Bangladesh where resources are limited, support of the government for starting an activity at national level is greatly needed. Government of Bangladesh has given total support to the development of accounting profession in the country. Policy makers of the country are taking keen interest in the activities of the profession.
Chartered Accountancy is the most lucrative and remunerative job, not only in Bangladesh but, over the world. ICAB is the only organization to train the most prestigious professionals and to regulate Chartered Accountancy profession in the country. During the year 2010-11, the Institute granted registration to 1082 students for Article ship, 1392 students completed their Article ship training and 46 Articled Students discontinued Article ship due to various reasons. In Course Articled Students during the year 2010-11, 3570 students were registered for Article ship with the Institute.
Though it is apparent that the path for accomplishment of the C.A. qualification is not an easy task, but with the unique combination of rich inputs and active processes in a supportive environment has been made by ICAB, the results is now well worth your endeavors and CA profession has become preferential one day by day. ICAB has now grown to a membership size of 1252 of which 766 are Fellow Members and the rest 486 are Associate Members. (As on 20 April 2012)
F emale in CA Profession in Bangladesh
Females are also playing a vital role as Chartered Accountants in Bangladesh and taking leading role gradually to become co-partner of the profession. ICAB has 42 female members (as on 20 April 2012) who are occupying the high ranking positions in CA firms, NGOs and international organizations like, the World Bank.
Female students are increasing tremendously and are becoming matured adequately. ICAB wishes to have many more qualified (and part-qualified) female Chartered Accountants in the near future.