An Interview with Chartered Account- Rtr Sanket Chavan

Rotaract Club Of Karad City in association with Neel Writes presents before the interview series of different businesses and occupations of our Rotaract Members. In this interview, we are featuring Rtr Sanket Chavan, a Chartered Accountant sharing his journey of being a CA.

1. What inspired you to pursue a career in accounting, and how did you become a Chartered Accountant?

Answer: I was much interested in knowing how business work and grow and this coupled with my interest in numbers inspired me to take CA as a profession.

2. How do you stay current with changes in accounting standards and regulations, and how do you ensure that your clients remain compliant with these requirements?

Answer: Attending conferences, seminars, and webinars, and reading industry publications, magazines & research reports helps.

A routine review of the Client's businesses is done, this also requires coordination with the Client.

3. Can you describe a challenging audit or financial statement engagement that you've managed in the past, and how did you resolve any issues that arose during the process?

Answer: There are always some challenges that may be financial, peer, competitive or ethical. Getting through these tests your ethics and principles. Following your ethics and principles guides you.

4. How do you communicate complex financial information to non-accounting stakeholders, and what strategies do you use to ensure that they understand the information?

Answer: Use clear, concise language, avoid technical jargon and focus on the key points. Graphics help a lot in this process. We generally provide Financial information by relating it to the stakeholder's specific interests and goals.

5. Can you describe a time when you identified a significant financial risk for a client, and what actions did you take to mitigate that risk?

Answer: The risk identified is communicated to the client and the necessary remedy is made following the best interest of the client.

6. How do you balance the need to maintain client relationships with the need to maintain professional objectivity and independence?

Answer: It's always a challenge. Principles and ethics help you.

7. How do you ensure that you are providing the most accurate and reliable financial advice to your clients, and what steps do you take to minimize the risk of errors or omissions?

Answer: Continuous updation of our knowledge and knowing your client’s business helps to a great extent. Systems are designed and followed to ensure things are not missed.

8. How do you manage your workload and prioritize tasks to ensure that you meet deadlines and deliver high-quality work to your clients?

Answer: Setting clear goals and deadlines for each project, and breaking down larger projects into smaller ones. Regularly reviewing progress and adjusting priorities as needed based on changes.

9. Can you describe a time when you had to make a difficult ethical decision in your work as a Chartered Accountant, and how did you resolve the situation?

Answer: As I mentioned earlier, these are routine things now. Following ethics and principles help.

10. How do you see the accounting profession evolving over the next few years, and how do you plan to adapt to these changes?

Answer: Technological changes will make life easier, also it may reduce many of the compliance practices done today. Also, new fields open up like blockchains, data management etc. Advisory is an evergreen practice and will prosper over time.