How to save practice after NFRA Consultation Paper

Written By PracticeGuru dated: 7th October, 2021

3 Min Read

Dear professionals There was a huge uproar last week after the consultation paper issued by NFRA on discarding of audits for small companies. It is a fear amongst Chartered accountants that 95% of the company audits will be done away with and it will be a big blow to Small and Medium CA practitioners. Now chartered accountants are pressurising ICAI to help them in this matter. CA Students appearing for exams are afraid and confused and asking questions whether they should continue doing chartered accountants course.

Our professional Friends, you need to understand one thing, any source of income which is dependent on your degree or certificate or any authority given by statute can be taken away from you anytime.

Indian American entrepreneur and Silicon Valley investor, Naval Ravikant had famously said if you need degree to do it, it’s not going to make you wealthy. We can read this quote of naval in context of current situation as, if you have any source of income only because of your degree as a CA, it can be taken away from you anytime. And it is the real truth today. They can really snatch your livelihood coming out of audits.

Audit under GST or tax audit were 2 such instances and you were deprived of it with one decision by government.

Once you experienced it, now you should try to develop sources of income in your practice which are dependent solely on your skills and your knowledge which cannot be taken away by anybody.

Examples could be skills of internal audit or legal representation or Business consultancy or exert knowledge of tax.

Professionals should not consider these statutory rights as there birthright and should be ready to mould their practice accordingly. Professionals should do away with these expectations now that somebody else will protect their Practice and livelihood.

Start doing things which don't need statutory backing.

We nowhere support the NFRA consultation paper or we are nowhere in agreement with doing away with audits. We feel that audits are essential as it is beneficial for companies , for other institutes like banks and also for tax collecting government. Our point is that Cas should not be dependent on outside support for their own sake. This advice of ours is out of our concern for CA fraternity and their future.

Our student friends if you are Persuing this course only for this statutory power which will be conferred upon you, then you should think twice. Don’t do this course only for this power but do it only for your love for accounting and taxation. Develop skills and knowledge which will help business world. Once you get yourself ready to add value, you will certainly earn in this profession and you need not worry about your future.

Let us know what you all think about this in comments box. like and share this article with your colleagues so that all of us can discuss it further. Don’t forget to subscribe to our blog. Thank you for reading and keep growing.

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