The Institute of Chartered Accountants of India (ICAI) is all set to implement a new Self-Service Portal (SSP) to enable all transactions online. According to the organisation, this new system will not only make transactions but also application filling faster and easier.
Implementation of SSP
ICAI will start migrating to this new system from the old one from 6th May onwards. This migration is due to extend till 22nd May.
During this period, the organisation will postpone all student and member/CA firm services. No transaction or form processing will be conducted by the Regional Offices either.
Some of the services that will remain active include:
Membership renewal.
Fee payment by members.
Registration for Foundation Course.
Registration for Direct Entry.
The ICAI says that this new system will come into effect from the 3rd week of May.
Ease of registration for CA firms
Back in September 2018, the ICAI had introduced a new system that will reduce the time taken to register to only 24 hours. A CA firm can now avail a Firm Registration Number (FRN) without facing much hassle as before.
CAs aiming to start their own firm need to follow a step by step guide before opting for registration. Doing so will make it convenient for them to become established and receive projects.
They can also avail a CA loan available from several NBFCs to expand their business. Bajaj Finserv is one such company that offers Loans for Chartered Accountants of up to Rs. 35 Lakh with tenors extending till 60 months.
Some of the chartered accountant practice opportunities include:
Internal and statutory audits
Auditing is one of the essential qualities of an accountant; and, the most common and widely offered services of CA firms are internal and statutory audits. Companies conduct annual audits to check their financial position and to learn about their income or loss. These audits are also essential to assess future risks and eliminate the same.
Tax consultancy
Another standard service provided by CA firms is tax consultancy. Not only GST and national taxation but firms also render services for foreign tax compliance. Corporate tax, personal tax, tax litigation, cross-border tax advisory, etc. are some other areas of expertise of a CA firm.
Start-up advisory
CA firms also assist start-ups with various services to become established. Virtual CFO (Chief Financial Officer) is one of the roles that start-ups look for. A Virtual CFO is an outsourced individual who provides financial assistance to smaller companies which don’t have the resources to hire a permanent CFO.
Debt fund raising and restructuring, assisting in negotiations and executing investment deals, IP valuations, vendor/investor due diligence, etc. are other services that CA firms provide to start-ups.
Audits for the CAG
The Comptroller and Auditor General (CAG) selects and empanels CA firms for Government audits. Auditing for the CAG is one of the most distinguished opportunities for CAs.
The chartered accountant fees details for such audits are up to Rs. 1.5 Lakh and more than Rs. 1.5 Lakh for major audits.
Corporate laws
Large businesses have to comply with various corporate laws not only before but also after formation.
CA firms provide services like:
Formation and conversion of Companies, LLPs, and Partnerships.
FEMA and RBI Compliance.
Drafting and vetting of commercial contracts and other legal agreements.
Capital restructuring consultancy.
Representation at RoC, RD, NCLT, and other regulatory bodies.
Ensuring that entities comply with all regulations applicable to them is what CA firms do.
A CA firm can also come across various non-conventional opportunities. Some of these include SEZ laws, corporate governance, IT law and compliance, intellectual property rights, etc.