THE CHARTERED ACCOUNTANT

THE CHARTERED ACCOUNTANT

            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.