The Articleship training of three years is what makes the Chartered Accountancy course unique and different from other professional courses in India. Articleship training should be taken very seriously and it gives you all that exposure you need to face the challenges this profession poses.
So what are the basic things one should know before joining for Articleship?
You might not be an expert in all topics related to your work, but the firm you join does expect you to have some basic knowledge and skill sets.
COMPUTER SKILLS: A good hefty percentage of the works in your office would be done on computers. Having good computer skills would be of great help during your training period. Train yourself in MS Excel, Word and accounting software applications like Tally. The Information Technology Training course conducted by the ICAI would come in handy in this regard.
TECHNICAL KNOWLEDGE: You do learn a lot from your experiences during your Articleship training, but you are still supposed to have some basic knowledge in certain important topics.
COMPANIES ACT: Have some basic understanding in accounting and about the provisions in Companies Act. Focus on the provisions of Companies Act related to corporate disclosures.
DIRECT AND INDIRECT TAXES: Be clear regarding the important sections of Income Tax Act and even basic provisions of both Service Tax and VAT. Buying ready reference books would be really helpful in this regard. All the sections related to Tax Deduction at Source are very important.
AUDITING: If your firm deals in auditing, it is important that you have a clarity regarding the Auditing Standards and that you learn audit procedures. Be thorough with audit of various financial statements like that of Banks, Insurance Companies, Hospitals and Hotels.
PREPARE YOURSELF: Articleship period is not going to be a cakewalk. Prepare yourself for all the challenges you will be facing.
Try to link your exam syllabus portions with the practical knowledge that you gain! Be sure to maintain a diary of the types of work done during your training period. Experience surely is the greatest teacher and make sure that you get the most out of it!
“ Mathews Regi”