question_answer

Mr. Sanjay is a chartered accountant. He is engaged in his own practice. He is working with the sole objective of maximizing his earnings. He is least bothered about his professional code of conduct. He believes that he is a business man and first and foremost priority of a business is to generate profits everything else is secondary. Is he right in his approach? Justify. Identify two values missing in Sanjay.

Answer:

Ans.     No, he is not right. CA is not a business but a profession. Even in business, it is not true that first and foremost priority is to generate profits and everything else is secondary but it is absolutely wrong in case of a profession.

CA can be called a profession because it has following features:

(a) Membership of a professional body and certificate of practice required.

(b) Personalized services of expert nature

(c) Professional Qualification and training required

(d) Professional Fee is charged in lieu of services.

(e) Limited capital for establishment

(f) The degree of risk is low.

(g) Professional code of conduct is to be followed given by the concerned authority.

Motive of professional service is to provide service and not earning profits. Two values that are missing in Sanjay are:

(a) Lack of professional ethics.

(b) No concern for social objectives of an economic activity.