What's a Chartered Accountant?

Whether you are an accountant, engineer or surveyor, being ‘chartered’ means you are recognised as being at the top of your chosen profession. It shows you have industry specific skills and experience, not just academic and theoretical knowledge. Being a chartered accountant is so much more than just ‘balancing the books’. They are respected for their understanding of complex financial information, and trusted for their strategic business advice.

Chartered accountants work at the highest levels, across all industry sectors, providing valuable financial and business advice. They are finance directors, CEOs and partners of some of the world’s largest organizations.

Chartered Accountants - the most demanded professionals in any industry:

The modern day financial challenges that the individuals and businesses face in the today’s world can be met with the help of financial consultants also called as charted accountants. Chartered accountants are the financial professionals who have the responsibilities to manage activities like tax auditing, business laws, corporate financial governance, general accounting services, project evaluation etc.

With the rapid globalization that is taking the world by storm, the role of a chartered accountant has become more and more important. Now-a-days businesses cannot run without the consultation and guidance of chartered accountants and the impact of having financial guidance can be felt in almost all the corners of the world. But just as the role of a chartered accountant in India is very much important so is the academic as well as the professional training that he undergoes has to be given a special importance and a thorough consideration.

However, it is very important for a chartered accountant to go through an academic program of multi-faceted knowledge acquisition that is blended with schematic practical training. After completing the education and training, a chartered accountant is well orchestrated to discharge duties like accounting, taxation on foreign companies in India and auditing in a modern computerized business environment

Charted accountants are the most demanded professionals in any industry because:-.

1. They can handle some specialized areas like corporate accounting, taxation, finance, corporate laws and auditing.

2. They are experts in dealing with situations and areas which involve procedures of income tax, service tax, and indirect taxes.

3. They can make a great career as management consultants as they are highly technically equipped. 

*For a Chartered Accountant – Opportunities are endless.

*To a Chartered Accountant – Skills and experience gives success in any career you choose.                                                

*By a Chartered Accountant – Value of any organization, of any size in the world is added and new markets are explored.

So, Finally

*Be a Chartered Accountant – get respected and trusted for strategic advice and financial Expertise.

The Chartered Accountants are entrusted with substantial responsibility under various legislations such as compulsory audit of the all companies, banks, stock brokers, big income-tax assesses, large bank borrowers, etc.  This shows the confidence and trust reposed by the Government and society in the profession.  The society has increasingly recognized the services of CAs in the entire gamut of management consultancy services including management accounting, management information and control system, international finance information technology and financial services sector.

The types of functions generally performed by the Chartered Accountants are quite varied; some of the important ones amongst them are listed below:

(i) Accountancy: The writing up of accounts and the preparation of Financial statements from the simplest receipts and payment Accounts of a small club to the complex and detail accounts of large public limited companies.

(ii) Auditing:  The purpose of auditing is to satisfy the users of financial Statements that the accounts presented to them are drawn up on Correct accounting principles and that they represent a true and fair view of the state of affairs.

(iii) Taxation:  The assessment of taxes is closely linked to financial Accounts.  The Chartered Accountant with his experience in accounts is in an advantageous position to prepare the returns for tax purposes, represent assesses before the income tax authorities and render general advice on taxes to his clients.  The services of CA may be requisitioned by the tax department for auditing taxation cases with large revenue potential.

(iv) Cost Accountancy:  A Chartered Accountant is equipped to provide information on costing for the guidance of management, introduce cost control methods and assist the management in determining appropriate selling prices.

(v) Special Company Work:  The services or advice of Chartered Accountants are frequently sought in connection with matters such as the formation, financial structure and liquidation of limited companies.

(vi) Investigation:  Chartered Accountants are often called upon to carry out investigation to ascertain the financial position of business house for the purpose of issue of new shares, purchase or sale or financing of business, finding out reasons for increase or decrease of profits, reconstruction and amalgamations.

(vii) Executors and Trustees:  A Chartered Accountant is also often appointed executor under a will or trust in order to carry on the administration of the estate or settlement.

(viii) Directorship:  Many members of the Institute who hold senior positions in industry and commerce are also directors of their companies.

(ix) Companies Secretarial Work:  As a Secretary, the Chartered Accountant is an important link in the management chain.

(x) Management Accounting:  The Chartered Accountant’s service is utilized in a variety of ways like formulation of policies, control and performance evaluation.

(xi)  Share Valuation Work:  A Chartered Accountant undertakes the valuation of shares of public and private companies at the time of amalgamation or reorganization.

(xii) Other Activities:  Other duties undertaken by a Chartered Accountant includes those of an Arbitrator for settling disputes  specially those connected with insolvency work such as the preparation of statements of affairs and the duties of a trustee in bankruptcy or under a deed of arrangement.

To be good Chartered Accountant, you require not just business acumen and numerical ability, but good communication skills, objectivity, independence of thought and integrity coupled with the ability to work under the pressure of deadlines.