PITFALLS IN STARTING PRACTICE FOR FRESH CA’s
INTRODUCTION I started out in practice with a very idealistic view of the profession. My articleship was done from a small firm wherein the major experience was in accounting and internal audit. There was no income tax experience whatsoever. Post qualification, I joined M/s A.F. Fergusons and gained tremendous exposure in audits of large companies. My performance as an audit manager, was noticed and I was sent on deputation to KPMG Peat Marwick in Malawi, Africa. I gained greater exposure and experience in how a scientific audit is carried out plus the degree of professionalism necessary to carry out independent audits. After I came back, I realised that starting my own practice would be a challenge which I would love to face even though this did not give me the exposure for tax practice, more of that later. The desire to be independent and the ability to think on one’s feet is a pre-requisite for setting up a successful practice. It is very important at the outset to assess your stren...