Articleship: How to Choose the Best Audit Firm?
A CA (Chartered Accountant) is a certified accounting professional who performs a wide range of financial and accounting work. From financial planning to auditing, a CA fulfils several responsibilities. How do chartered accountants learn audit processes? Well, the CA course, governed by ICAI, covers all aspects of auditing. Apart from theoretical knowledge, chartered accountants also have to practice mock audits. They do so during their articleship, which is also known as the CA internship. Any CA student that wants to learn audit must join a reliable audit firm for an internship. Read on to know ways to choose the best audit firm in India for an internship.
Why join an audit firm for CA articleship?
Auditing is one of the responsibilities of a chartered accountant. By joining an audit firm, students can get hands-on experience in professional services in the industry. Apart from the bookish knowledge, students can test their skills via an internship. By joining an audit firm for an internship, a student can learn different types of audits like forensic audits, tax audits, and internal audits. Let’s say a CA student is knowledgeable and know everything about audits. The particular students still have to go through the internship period as it is compulsory. No CA student can get certified from ICAI without completing the internship period.
ICAI has made internship compulsory for every student after the Foundation exam. Once a student has passed the Intermediate and Foundation exams of the CA course, they are eligible for an internship. A three-year internship period is compulsory for all CA students without any exception. The internship rules set by ICAI can differ for direct-entry CA students. CA students can attempt their CA Final exam during the internship period. Besides the three-year articleship, ICAI also asks students to complete ITT training and orientation. Not only a CA students will learn auditing via an internship, but they also get certified as a professional.
How to choose an audit firm in 2022 for a CA internship?
Articleship is a critical period in the CA career of an individual. It is observed that CA students who complete internships from a reputed firm get better job opportunities. Sometimes, the same audit firm hires its interns as full-time employees. A CA internship holds utmost importance and shouldn’t be taken lightly. Before choosing an audit firm, students should spend some time in research. Ways to choose the best audit firm in India for a CA internship are as follows:
Know the reputation of the audit firm
How many years has the audit firm been servicing in the industry? Do its clients globally recognise the audit firm? All these questions must be answered before selecting an audit firm in India. An experienced audit firm has clients worldwide and will offer more exposure to interns. What’s the point of joining an audit firm no one knows about?
A CA student shouldn’t only focus on financial audits or tax audits. CA students should look for audit firms that offer a wide range of services. Students can get more exposure by joining an audit firm that offers several audit services. A reliable audit firm will provide a range of audit services like:
Financial audit services
Forensic audit services
Tax audit services
Internal audit services
Compliance audit services
Focus on transfer rules
Sometimes, a CA student wants to change their audit firm during the internship period. It usually happens when the CA student gets an opportunity to join a better/reputed audit firm. For doing so, the present audit firm must allow interns to take transfers. For the same reason, students must look at the transfer rules before joining an audit firm for an internship.
Clients & prep leave rules
A lot can be deduced about an audit firm by looking at its clients. Before joining an audit firm for an internship, CA students should know about its clients.
CA students also have to pass the Final exam along with their internship. They need to take leaves for Final exam preparation. Make sure you study the prep leave rules before joining an audit firm for a CA internship. Choose the best audit firm in India for an internship in 2022!
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