After formal education and experience from the accountant job, what growth does CA offer to the profession? Learning happens only when the mind is free from job-related stress. A cluttered mind is not a professional mind. It is not only about doing but it is about understanding the structured business methodologies. So, professional knowledge is something that requires clarity and application of knowledge. Students join the Chartered accountancy course after graduation and before graduation. The mark criteria for B.com students go as fifty-five percentages and in the case of non-B.com students, it is sixty percentages. Let me discuss the benefits of Article ship training in this blog.
Benefits of internship
The long-term of article ship training educate the student about the real-time challenges with the accountancy job. As students with the same line of thoughts work during the article ship training they create an impression to develop leadership qualities. Before joining the CA firm as an auditor it is essential to get the knowledge of business etiquettes, communication skills, and problem handling capabilities. Faculties in RR Academy have experience in the corporate world. So, the classes taken by the professors make the subject easy. Likewise, the article ship training also enhances the practical mindset of the students.
Accounting knowledge during article ship training
As per the Law, 2008 the auditor needs to mention that there is no significant misstatement in the company’s information. When studying the financial statements the industry to which the company belongs matters a lot. So, planning is the crucial part of auditing where the accountancy knowledge has been used. The work-related to accountancy knowledge are preparation of final accounts, knowledge about the compliances of the accounting standards, statutory provisions, and pronouncement of the institute, analyze the financial statements, prepare budgets, prepare cash flow statements and fund flow statements.
Auditing knowledge during article ship training
As per the research FAR, 2006 the auditor needs to understand the different types of risks in the companies like detection risk, inherent risk, and control risk. The detection risk is the error with auditing. If the auditor fails to note down the misstatement during the audit process then it is a detection risk. Control risk arises due to the internal operations of the company. Inherent risk is the risk that happens before the internal controls get functions. As per the research from ISA 315, the risk which the company undergoes is confined to the industry in which it operates. It shows that companies do not look alike through their financial statements look alike.
Auditing knowledge is evaluating the internal system, preparing audit programs, documentation, maintaining audit working papers, scrutinizing statements, follow the audit procedures, assurance standards, EDP audit, management audit, and operational audit.
Tax knowledge for article ship training
As the structure of companies operating today is a complex subject. CA firms train the auditors in one particular industry. This is to make them expert in the standard operations of that industry.
Tax knowledge has been used to calculate income tax, wealth tax, filing of returns for tax, valuation of securities, stocks, tax planning, drafting documents, schemes, deeds, understand excise law, state sales tax, service tax, central sales tax, expenditure tax, TDS calculation, calculation of interest for delayed payment of taxes and appeals.
Cost and management accounting knowledge during article ship training
As per the research from Allen er al. (2006) the risk which auditor detect is considered as natural within the industry. So, experienced auditors understand the standard audit process. This would reduce the errors which happen during the audit process.
Cost and management accounting is used for the preparation of cash flow statement, budget, project reports, working capital requirements, loan application, merger schemes, amalgamation, capital structure, drafting MOA, preparing a prospectus for the company, helping for the formation of the company, matters related to SEBI guidelines, raising capital, conduct training programs, understand the organizational structure, and new issues. Some areas of the subject are inseparable. For instance, cost accounting and information technology are difficult to distinguish as they are inter-dependent.
Essential qualities of CA
- There is a difference between personal finance and business finance. So chartered accountants need to have open-mindedness which enhances positive behavior. This positive attitude eases the learning.
- The chartered accountancy profession is not about providing the obvious points. The profession is about analyzing the natural points and finding the solutions.
- Chartered accountants need to have a good relationship with the clients and accommodate the expectation of the clients.
- The accountant needs to manage the time and flexible with the busy schedules.
The service of chartered accountants is inevitable in any business as they aid in acquiring loans, improving goodwill, and improving quality audit standards. In certain types of business, the working capital issues affect the business process and also affect employee morality. If such a problem arises then it is good to acquire a loan from banks. To get a business loan the performance of the company becomes important. As the CA firms take multiple projects there is evolving demand for the pool of specialists. After the investment with human resource the second investment which benefits the CA firms are into the technology. If you want to do independent practice after completing CA then bear in mind that Goodwill is the value that is essential to expand the business. To satisfy the long-term goals of the business chartered accountants need practical knowledge which can be gained only through article ship training. As article ship adds value to the resume of the student they prefer to work with a reliable genuine company. The leave approval and the exposure to the different client are the factors that push the student towards the CA firms which provides flexibility. RR Academy has contacts with the best CA firms and mid-sized CA firms to allocate the article ship training to the students.