Reinventing age-old myths of CA practice and exploring new opportunities on a global scale
CA. Dr. Harsh Patel, a promising CA and a self-made entrepreneur, expressed his views on the current needs for the chartered accountancy fraternity. He spoke about the necessity for exploring global opportunities while inculcating a sense of professional entrepreneurship within this community.
An article recently stated that there are close to 3 lakh CAs in India, of which it is estimated that a mere 1.25 lakh pursue the full-time practice. Therefore, the scope of the chartered accountancy industry is expected to witness an upward trend. A seminar was conducted by the Committee for Export of CA Services & WTO by WIRC of Institute of Chartered Accountants of India (ICAI), Baroda, on 25th January 2020. The institute called upon the young and enterprising CA. Dr. Harsh Patel (DBA, HC USA) as one of the speakers. His presence can be attributed to his efforts in creating a name for himself within the Chartered accountancy fraternity and the business community by expanding in over 6 countries at just 26 years of age owing to his passion and vision.
The seminar witnessed the attendance of various members of the accountancy sector right from the aspiring CA’s to well established CA firm owners. It was a well-represented audience that could benefit from the lecture on the opportunities that lie ahead.
CA. Dr. Harsh Patel was asked to speak on ‘”Global Opportunities for Indian CA”, owing to his expansion endeavors. He enlightened the audience with his insightful excerpts. He emphasized the need for chartered accountants in India to explore newer avenues globally. A common spirit of complacency in private practice has been observed within the community. This latency also stems from the lack of wanting to explore newer global laws and the fear of failure. To move ahead as a fraternity, it is imperative to conquer new grounds.
CA. Dr. Harsh Patel delved into a range of topics right from legal provisions to global opportunities that are available for Indian CAs. That includes segments of Company Incorporation, Accounting, Providing Risk Management Advisory, Business Advisory, Tax Advisory & Audit, and Assurance Services. He also shed insights into the scope for business expansion in countries such as India, US, UK, Canada, Singapore, and UAE.
He spoke about the organization from the point of view of inculcating a sense of community within it. He said the industry needs to have a sense of foresightedness to create spaces on a global platform. The responsibility of the same lies with both students and management. The seminar intended to enlighten the students and practicing CAs to break boundaries and come together as a community.
Continuing with an example of the law industry, he explained how lawyers rooted for each other and honed an entrepreneurial spirit. Similarly, the time had come to create professional entrepreneurs out of the members of the CA fraternity. He urged the speakers and the audience to empower and embolden themselves to take risqué yet calculated decisions and imbibe a business –oriented skill set.
He further encouraged tie-ups on a global scale by setting up entrepreneurial ventures that include tapping opportunities for In-Bound and Outbound-Advisory. Owing to India’s global presence and investor interests, the scope for this branch is unlimited. It is the responsibility of each member to take the Indian CA fraternity to a global level by uplifting and empowering, which requires internal unity, harmony, and increased partnerships.
As a befitting conclusion, the seminar focused on the luminaries whose professional firms had gone successfully international, thus benefitting themselves, the ICAI and the nation.
The seminar ended with the honorable Chairman of Vadodara Branch of WIRC of ICAI – CA, Krunal Brahmbhatt, speaking about the ICAI’s MOU with an IT firm that will help the CA’s in creating a digital presence at subsidized rates.
More such opportunities need to be explored to continually improve the stand of the fraternity at the domestic and global scales. It won’t just help our industry and India, but also the future and scope for the newer generations who aspire to be CA’s by creating new opportunities for them on a global scale.
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