Chartered accountants should have global competencies

Ability to work in a cross-cultural environment and to understand cross-functional issues is essential for developing global competencies among chartered accountants.

T.V. Mohandas Pai, chartered accountant and former Infosys director, expressed these views while delivering the keynote address at the national conference on ‘Direct taxes’, organised by the Mangalore branch of Institute of Chartered Accountants of India (ICAI), here on Tuesday.

Stating that the world is coming together without any barriers, he said the ability to work in a cross-cultural environment is important.

For global competency, CAs should have the ability to understand cross-functional issues. Stating that 70 per cent of the trade in the world is done by trans-national corporations, he said they run the global economy.

Countries create the environment where trans-national corporations can work. The movement of capital and people between trans-national corporations can make or mar any country in the world. In such a situation, the ability to understand cross-functional issues plays important role.

On the need to develop technical expertise, he said CAs must have deep domain expertise in certain areas. He suggested them to set apart some part of time every year to learn.

To develop a global competency, there is a need to have soft skill and skills of presentation, and also the ability to communicate.

He said that the ability to show confidence is a typical attitude for developing global competency.

Stressing the need to understand technology, he said it is growing very fast. Technology can help in communication, and in retrieving and analysing. Understanding of technology plays a very critical role in the development of global competencies, he said.

Added to this, development of organisational and leadership skills are also important.

Quoting history, he said India was a biggest economic power several centuries ago. Expressing hopes that India will soon become a global power, he said we shall reclaim the economic position we once had by 2050.