International Seminar On “Paradigm Shift in the role of a Professional Chartered Accountant to an Entrepreneur”

The PG Department of Commerce and Management organized an international seminar on “Paradigm Shift in the role of a Professional Chartered Accountant to an Entrepreneur” on 26^th April, 2024 (Friday). The resource person for the Seminar was Mrs. Namita Malhotra CA (India) and CPA (Australia), currently working as accounts officer, ALLG, Australia. The objective of this event was to provide the essentials of Chartered Accountant as a profession & as an entrepreneur. The seminar was conducted via Google Meet.

Dr. Mrs. Kuljeet Kaur, Assistant Professor, PG Department of Commerce & Management, introduced the eminent speaker and welcomed her. The honourable speaker initiated the seminar by discussing the curriculum of Chartered Accountant Examination as conducted by ICAI. She further deliberated that there is a paradigm shift in the role of a professional chartered accountant to an entrepreneur.

She first explained as a professional a CA is in charge of financial accounting and reporting, Management accounting - which is providing management reports viz Balance Sheet, Profit & Loss A/c, Cash flows etc. and involves roles in areas of audit, insurance, taxation-direct and indirect, economic planning, capital formation and finance. She also mentioned that Budgeting-Financial budget, Cash flows and Fund flows, Management Accounting, Preparing Management information system, designing the budget, installation of cost accounting system are also parts of CA ‘s professional career.

Further, CA as an entrepreneur was discussed stating that a CA is the one who understands every detail of the business and has great wisdom for better financial decisions. As per her when a CA is the one who is running the business the financial decisions will the best and beyond perfection because of Managing Cash flows as CA is the best at the optimal utilization of the cash and maintaining a Balance Sheet as it provides a snapshot of a company's financial health at a particular point in time. She also cited examples of Kumar Mangalam Birla, Rakesh Jhunjhunwala and Motilal Oswal who proved to be the game changers in this profession and were successful entrpreneurs.

 

She also added when a CA is the entrepreneur, can do an ongoing analysis to check which direction is the business heading and can immediately take appropriate measures and stays up to date and compliant with Govt. Regulations.

She concluded by CA as an Entrepreneur is a complete win-win situation and when we start something of our own, we are true partners in the Nation building. Why to work for someone else when one can work for one’s own self, a CA as an entrepreneur is the best thing to happen because he/she knows all the finance tricks that makes a business successful.

Valid questions were raised by the students, and they were satisfactorily answered by the resource person. The vote of thanks was presented by Mrs. Alka Sharma, Head, PG Department of Commerce & Management. A total of 82 participants attended this Seminar, including students and faculty members of the various departments of the college. It was a knowledgeable session that gave guidance and deep insights about the paradigm shift in the role of a professional chartered accountant to an entrepreneur.