Chartered accountancy firms in India are engaged by small-sized firms, medium-sized firms, Big four companies, and Big ten companies. The problem is the quality of service with the domestic companies and multinational companies vary in terms of competition. MNC companies joining India are operated by the Indian population only. But still, they work under the tag of an international standard, not an Indian standard. So, it is essential to encourage independent CA practitioners and enhance the quality of domestic services in India. This will happen only by producing efficient chartered accountants through complete theoretical and practical chartered accountancy training.
Chartered accountants work as financial consultants and tax consultants. The basic knowledge of audits, taxation process, and accountancy department help the chartered accountants to work efficiently during the article ship training. But CA training final is the advanced level knowledge of the taxation and audit.
Chartered accountants, Company secretaries, cost accountants, retired government officials, advocates, and graduates have eligibility to apply for the GST practitioner registration. GST act over the indirect tax and purchasing power of the general public. But certain price indicators like agricultural products, newspapers, and petroleum products are not covered by GST. A moderate rate of GST would help for the economic growth but the higher rate of GST may cause inflation. As an ardent taxpayer, GST is the subject that interests even the common man. Let us throw light on the knowledge of students before article ship training and after article ship training.
Knowledge before CA Article ship training
Those who have joined CA course through the foundation route need to take article ship training after completing CA intermediate examination. And those who have entered through the direct entry route take the article ship training take up IT training CA and the nine months of practical training before appearing the CA intermediate exam. IT training and orientation program is common to all the students.By raising the question that what makes the difference between bookish knowledge and business knowledge we arrived at some valuable insights.
- The GSTR-9 and GSTR-9c are the two types of forms that are prepared annually for the annual return and reconciliation statement for the returns. The GSTR 9 form is duly signed by the taxpayer and the GSTR 9c form is signed by the GST Auditor. GST audit applies to all corporate taxpayers. When undergoing article ship training the CA student learns about these procedures with real-time exposure. Later implement the knowledge from CA article ship training in the CA final examination.
- E-mail writing is the art of understanding business etiquette. E-mail is business communication that requires concise, clear, and effective qualities. It is a two-way communication to understand the status of the work or business.
- During CA article ship training the students tend to sacrifice personal happiness. This is the dedication that makes them professionals. Learning from the book and learning from the business processes makes difference.
- Taxation, audit, international tax, corporate tax, and business communication are the subjects that require domain knowledge. The domain knowledge is the operational knowledge that makes the subject of the new CA course easy. Apart from subject knowledge the professional ethics like management of stress, interaction with colleagues, management of time, and understanding the workplace environment help for mental preparation. In times of filling the return and undergoing the statutory audit, there will be pressure in the office.
- The three years of experience with article ship training is not with a single client and it is with a wide range of business clients. So, it enhances the judgmental attitude and the business awareness which is needed for independent practice. Financial risks and financial challenges are difficult subjects that require real-time experience whilst knowledge. So, the article ship training will grow these qualities inside the chartered accountant.
How article ship training help for CA final examination?
During CA training students take 2.5 years of article ship training and take the CA final classes side by side. SFM, AMA, income tax and FR take four months. MWFS and TTSS are the subjects that also require four months. For law, auditing, and IDT only two months is enough. Totally eight subjects will be stretched to a period of 2.5 years before the CA final examination. The knowledge of GST is the core area for chartered accountants. This knowledge helps understand indirect tax papers. The customs compliances knowledge about SEIS, MEIS help in the CA final examination. Managing time-efficient plans makes the article ship training and CA final examination easy.