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OPPORTUNITIES FOR CHARTERED ACCOUNTANTS BY REENGINEERING THEIR PRACTICES IN THE WTO REGIME
The role of chartered accountants in this new mileau is multi-pronged.He needs to understand the WTO regime and assess the importance and implications of various rules that could impinge on the country’s trade activities and relations.The secret of professional improvement lies in an individuals ability to cope constantly with change and encounter tough challenges.The liberised trade scenario augers well for the service providers as it offers them to provide services not only in the domestic market but also gives them the opportunities to provide consultancy based assignments in the overseas markets.
Opportunities would primarily exists at three fundamental levels:
At government levels comprising of:
• Government interaction
• Claim verification
• Information systems
• Administrative structures
• Assisting in regulatory mechanism for preventing abuse of dominant positions
• Investigation in the area of competition laws
At revenue authorities level comprising of:
• Audit and verification
• Providing a link
• Grievance redressal
At business units level comprising of:
• Helping Indian enterprise develop competitive strengths to face global competition
• Provide consultancy services for cross border investments,international taxation,foreign exchange management and country wide advice on taxation, investments and related areas.
• Provide service abroad by accessing foreign markets due to commitments undertaken by other countries under professional services with the opening up of service sector under GATS through:
1. Cross border
2. Consumption abroad
3. Commercial presence
4. Movement of natural person
Some other areas include:
• Anti dumping investigations
• Anti subsidy investigations
• Competition policy
• Trade related intellectual property rights(TRIPS)
• Trade related investments measures( TRIMS)
• Safeguard agreements and dispute settlements
Chartered accountants are well known for their analytical ability,their technical skills and their meticulous work.Their acumen coupled with interpersonal interaction ,possess an ability to assimilate and ability to cater to specific and customized requirements.They would have to reengineer their practical skills to cope with the new challenges.These assignments would not be confined to the core areas of accountancy but would emanate from the entire gamut of professional services.
