According to the record for the 2018 year, the demand for chartered accountants stood at 2.82 lakh. As per the record, the chartered accountants in practice was 1.25 lakh. The figure shows that there is a gap between the demand and supply. The supply of more professionals fills the employment gap. This increase will help the growth of multiple sectors in the capital markets. The news from one of the news magazines provokes the value of education. The maximum number of CAs in the same family shows that generations are growing with the professional traits of the elders.
Elders tend to create inspiration for their lifestyles and traditions. The inspiration for education is a commendable one. This blog is worth sharing to spread the joy of learning from elders and elder generations. The sensational news is from a family in a village in GodhraDist from Gujarat. V M Shah Family is now popular for education and profession. These family members pursue their professions in Maharashtra. The oldest profession with a history of 5,300 year way back is the chartered accountancy profession. The old system of bookkeeping is the root of the writing practice and accounting system. As an emerging chartered accountant, it is essential to value the roots and fruits.
Four generations of CAs from the same family:
The story of the first generation brothers started in 1950. The two brothers with the same qualification enticed the family. The sons, daughters, sons-in-law, and daughter-in-laws also joined hands with the shah family. The first-generation heroes started their careers in Kampala of Uganda. After five years of auditing experience, they have undergone practice in Ahmedabad. In 1950, M.Shah completed chartered accountancy and started an audit firm with his elder brother. The VM Shah inspired the three sons in the family. Aswin shah, Niranjan Shah, and Pavin Shah completed chartered accountancy. From the third generation, six male and two female children pursued the family profession with pride. There is a total of twenty-two CAs in the same family.
The different services provided by the twenty-two members of the same family go as audit and taxation, tax litigation, management consultancy, business, investment consultancy, international taxation, GST litigation, retail business consultation, international estate management, systems consultancy, finance consultancy, banking services, internal audit, business management, forensic accounting, business restructuring, and corporate strategy. CA VallabhdasM.Shah, Chandulal M Shah, CA Dhinal Shah, CA Jayesh Shah, CA Chirag Shah, CA Bhavesh Shah, CA Shreyas shah, CA Anuj Shah, CA ShrutiAnup Shah, CA Sheetal Shah, CA ShrutiJayesh Shah, CA Jasmine, CA Mansi Shah, CA Dhrashree, CA Anup, CA Niyati, and CA Kailash are the two number of members from the same family contributing to the different services of auditing. CA Shrujay Shah is the fourth generation CA from the Shah family. He completed chartered accountancy in the year 2021. He is interested in providing consultancy in the arena of business structuring and litigation management advisory.
Professional competency in the Chartered accountancy profession:
The family business is profitable and is the general illusion of everyone. Digging deep into the topic we want to know whether audit firms need reputation and references to manage the prevailing competition. The following points explain the professional competency of auditors.
Professional behaviour comes from the professional environment. Chartered accountants need to have leadership skills and commitment that gets shaped at a young age.
Decision-making comes from critically analysing the issues and understanding the professional judgement. Learners need to think about the cost, benefits and action plans associated with the business issues.
Communication includes two types of activities. They are speaking and listening. The audience’s mind-set reading and tailored form of communication is important for a business co-ordinator and chartered accountant.
Chartered accountants need to collaborate with diverse people. Here understanding the other profession and professional challenges are crucial skills. Chartered accountants acquire these skills by meeting different people with different professions. People skills come only by experience. Chartered accountants with parents from the same profession outperform in some areas of the profession.
Chartered accountants keep themselves updated on the latest laws. They need to understand the economic conditions and technological advancement. For excelling in these areas, research skill is essential.
Chartered accountants need to understand the short-term and long-term goals of companies. The expectation of the company should reflect in the business plans. Chartered accountants understand the goals and expectations with conceptual understanding.
Chartered accountants need to double-check their calculations and complete the task in the given prescribed time. Chartered accountants work with deadline specifications. Planning, problem-solving, prioritization, and inspecting are part of their job. Accuracy comes from determination and patience.
Teamwork is the skill that is most needed in the auditing, finance and software profession. Software companies, BPO companies and auditing firms work with teams to manage specific tasks. The financial objective and market knowledge help to find a solution for the budgeting issues and tax management. Specialised knowledge and teamwork help professionals collaborate and find a solution to problems.
Chartered accountants from professional families are exposed to professional competencies from a young age. The above competencies are shaped by advanced level subjects, article ship training, faculty coaching and parents’ advice. Four generations of chartered accountants in the same family set an inspiration to beginners. The extended support from the parent is a blessing to the students. The advantages of growing up in a professional environment are listed in this blog. RR Academy believes in a triangular approach where the parents, students and teachers work with co-ordination. Going through a success story is like a booster to beginner-level students.