Professional Opportunities for Chartered Accountants

1. Consultancy – A Chartered Accountant has many professional opportunities in consultancy related to formation of Cooperative Societies and NPO. He can give advice on various national/international grants & subsidies received, government schemes, maintenance of accounts projects, etc. The auditor has great opportunities to advise the organisation regarding review of financial statements, application of income, accumulation of income, investments of funds, filing application for accumulation and such other requirements to obtain the necessary exemption under the Income-tax Act 1961.

2. Audits –

• Audit under various statues: NGOs has to get its accounts audited by Chartered Accountants as per their statues under which they are registered.

• Audit U/s 12A(b) of the Income Tax Act: As per section 12A(b) of the Income Tax Act 1961,when the total income of the organisation(NGO, Cooperative Society etc.) exceeds the basic exemption limit in any previous year, the accounts of the organisation have to be compulsorily audited.

• Audit under Foreign Contribution (Regulation) Act,2010: Every organisation in receipt of foreign contribution must get its accounts audited by a Chartered Accountant under Rule 17(1) of the Foreign Contribution Rules 2010.

In the case of a registered organisation, audit is compulsory even though no funds are received during the year.

• Audit on behalf of Donors and Funding Agencies: Most donors require an audit report so as to ensure that project has been implemented as per the agreement.

3. Employment Opportunities: Large NPOs employ and trained qualified accountants and Finance Managers on a regular basis on attractive pay packages. Chartered Accountants are also doing good work as CFOs and Finance Managers in many medium and large NPOs.

4. Advocacy/Lobbying for Accounting Standards, Laws etc: The sector faces many challenges due to new laws, rules and regulations. There is a great need to lobby with the respective authority or the Government Agency to amend the respective legislation or the regulation.

5. Member in Governing Board of NPO/NGO: Chartered Accountants are financial experts, hence they could be appointed in the Boards, Governing Bodies and Committees of NPO sector organisations.

6. Member of Advisory Board: There is a good scope for Chartered Accountants to become members of these Advisory Board like Finance Advisory Committee and play a useful role.

7. Others: • Reviewer of the financial management system • Trainers and resource persons • Team Member of Senior Management and CEOs

This list is not exhaustive but illustrative only. There may be some other professional opportunities in this field.