Engineering and management students have high-level courses such as IIT and IIM. IIA is a high-level course for accounting students. Indian Institute of accounting, IIA recommended by parliament panel for producing high-level professionals. CA is the brand name that earns respect from the holder. The value of IIA is determined by the entrance examination, corporate rich teaching methodology, and cloud-based lab sessions. IIA has two observations, and they are the Indian institutes of accounting and the institute of internal auditor. Institute of internal auditors [IIA] and the Indian institutes of accounting [IIA] are two identical institutes with different services. Internal auditor research work and accounting research work are different. The Institute of the internal auditor is the institute that helps with research and advancement. The government initiative is to improve the technicality and research resources for the accounting profession. There are rumours regarding the reservation system of the seats. The government courses CA and CMA have no reservation system. The competitive courses IIT and IIM have a reservation system. The fee is also comparatively high than the other professional courses. The students from the general category are charged with eight to ten lakhs for the B.Tech course at IIT. There is a rise in the fee every year. JEE is the entrance examination for IIT. The website of IIT consists of the details of the scholarship schemes. This blog covers the technical aspect, leadership skills and knowledge updates essential for an accounting professional. Frequently asked questions about IIA courses are many. This blog tries to cover a few.
The technical aspect of the course:
Auditors are the spearhead of the corporates. They need to grow competencies. The below skills are difficult to grow without technical support.
• In the virtual world, communication skills enhance the value of an auditor. During the meetings, the interviews, discussions, presentations and negotiations are essential.
• The research conducted by business school researchers and international journals states that emotional intelligence is essential for improving audit quality. Case studies knowledge improves the knowledge of emotional intelligence. The recent stories of the corporate world help to acquire the required skills.
• If the auditor report suggests the right view about the industry, it initiates the objective analysis.
• The research of the KPMG firm states that professional scepticism plays a vital role in the judicial framework.
• Interpersonal skills help to gain people skills and listening skills. Students can develop interpersonal skills with the advancement of technology.
• Chartered accountants learn analytical skills through article ship training. Problem-solving and informed decision making is a skill that improves intelligence. Meetings and discussions about the subject train the brain to understand the practical world.
• Chartered accountants should be in a learning environment. This type of environment pushes the chartered accountant towards continuous learning. IT develops professional competency.
The research aspect of the course:
IIT and IIM are professional institutes funded by the government. IIM sponsors projects for the management students. Some of the examples of the projects are as follows: how do manager’s time perspectives shape strategic choices and actions for born global firms in the covid-19 era?, Competitiveness and business school, CSR implementation and compliances with the provisions of the Companies act, understanding Individual research process, analysis of cash flow versus collateral-based learning, building strategic capabilities in emerging market firms and multiple book-runner adoptions in IPO deals. The case studies and journals help chartered accountants to understand real-world problems. Chartered accountants must have the mind-set of accepting failures and understanding mistakes.
Chartered accountants learn the previous year’s question papers for practical problems. The story of a chartered accountant has success and failure. The real-time study is what makes professionals challenging. The case studies and stories create a different impact on chartered accountants. The previous BOS president of ICAI Venkataraman Murali failed in the IPCC five times. After the failure, he tried and was positioned in a high-level position. Neha Bansal from New Delhi with a physical disability secured AIR-10 in the year 2010. These success stories educate aspiring chartered accountants to develop the attitude of hard work. Economic times and wall street journal offer the best articles for chartered accountants. Industrial knowledge and business challenges educate professionals to be smart. ICAI has around 32,000 members. Every month, ICAI publish magazines. Members are allowed to publish two articles. The goal of IIA is to enhance the research on domestic and global issues in the accounting profession.
Leadership skill enhancement:
The purpose of the article ship training and soft skills training is to enhance the leadership skill of the accountant. Chartered accountants need to be an as independent, intellectual, critical thinkers and decision-makers. The IIA course structure should include practical elements like understanding the complex business world and changes in the tax laws.
The IIA course is a new course with a new brand name. The government of India is planning to bring changes to the three professional courses CA, CMA and ACS. The government of India is also planning to introduce a new course with a new structure for accounting professionals. The professional courses CA, CMA and ACS focus on the difficulty level and complex problems. The IIA course is shaped by the elements such as research, leadership skill and technical knowledge. The syllabus, study material, pass percentage and practical training are at par with the engineering and management courses. Most of the engineering courses reflect global issues. International students also value the engineering and management courses like other foreign degrees. The accounting course with an exposure to the international element supplies the professionals with the global market. This demand improves the quality of education in India.