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Hi, can I know what is the exact role played by Chartered Accountant??

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Chartered Accountants work in a wide range of business sectors and in a broad spectrum of roles, from Chief Executives to Financial Controllers. Below are a few examples of the type of positions that Chartered Accountants occupy. **Tax Accountant** Tax matters arise in every aspect of running a business, from day-to-day VAT to share schemes. Tax accountants prepare corporate and personal income tax statements and formulate tax strategies involving issues such as financial choice, how to best treat a merger or acquisition, deferral of taxes, when to expense items and the like. This work requires a thorough understanding of economics and the tax code, and responsibility comes early. Increasingly, large corporations are looking for persons with both an accounting and a legal background in tax. While tax issues vary by sector, being tax compliant is essential for all clients. **Management Accountants** Management accountants work in companies and participate in decisions about capital budgeting and line of business analysis. Major functions include cost analysis, analysis of new contracts and participation in efforts to control expenses efficiently. This work often involves the analysis of the structure of organisations. Is responsibility to spend money in a company at the right level of our organisation? Are goals and objectives to control costs being communicated effectively? Historically, many management accountants have been derided as "bean counters". This mentality has undergone major change as management accountants now often work side by side with marketing and finance personnel to develop new business. **Financial Accountants** Financial accountants prepare financial statements based on general ledgers and participate in important financial decisions involving mergers and acquisitions, benefits planning and long-term financial projections. This type of work can be really varied - one day you may be running spreadsheets, the next you may be visiting a customer or supplier to set up a new account and discuss business. This work requires a good understanding of both accounting and finance. **Budget Analysts** Budget analysts are responsible for developing and managing an organisation's financial plans. There are plentiful jobs in this area in government and private industry. Besides quantitative skills, many budget analyst positions require superior people skills because of negotiations involved in the work. **Auditor** Working in audit involves checking accounting ledgers and financial statements within corporations and government, and is the basis of much of accountancy practice. Auditing work is becoming increasingly computerised and can rely on sophisticated random sampling methods. This area may involve considerable travel and allows you to work in a wide array of sectors, to get a great understanding of how money is being made and managed.

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Data?1494421714 answered

HELLO CA'S ROLE is **MULTIDIMENSIONAL** An important phenomenon of recent times is the rapid growth of the accountancy profession. The vast changes occurring in the economy of the country have been placing great responsibilities on the Chartered Accountants. It also constitutes a challenge to the profession to bring to bear their knowledge and skill in their specialised fields of activity. The types of functions generally performed by the Chartered Accountant are varied. The more important ones amongst them are discussed below. ACCOUNTANCY: This includes the writing up of accounts and the preparation of financial statements. It encompasses a wide area ranging from simple Book keeping to complex financial analysis. AUDITING: Possibly one of the most important functions of a Chartered Accountant, it is here that his specialised training, skill and judgment are most often called into play. 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 of the organisation. TAXATION: With a number of taxes on the statute book, current and continuing tax information has become vital to the effective economics of business management. The assessment of taxes is very closely linked with financial accounts. The Chartered Accountant with his experience in accounts is in an advantageous position for preparing the returns for tax purposes, representing assessees before the Income-Tax authorities and rendering general advice on taxes to his clients. An additional responsibility placed on him recently is that his services will be required by the tax department for auditing complicated cases, having large revenue potential. The requirement under the Income-Tax law for compulsory maintenance of accounts by the specified categories of taxpayers would also make a demand on his time and services. Every assessee with a minimum turnover of Rs. 10 lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to get his accounts audited under the Income-Tax law. This has considerably helped the revenue authorities in making proper assessments. COST ACCOUNTANCY; A Chartered Accountant is also trained to ascertain the costs of production and of processes at different levels of operations in the manufacture of a product and in the rendering of a service. He is also equipped to provide costing information for the guidance of management, introduce cost control methods and assist the management in establishing appropriate selling prices. SPECIAL COMPANY WORK; The services of Chartered Accountants are frequently sought in connection with matters such as the formation, financial structure and liquidation of limited companies. Secretarial and Registration work and the duties of a Receiver are also undertaken by them, in addition to other company work. INVESTIGATION: Chartered Accountants are often called upon to carry out investigation to ascertain the financial position of business in connection with matters such as a new issue of share capital, the purchase or sale or financing of a business, reconstruction and amalgamations. Their services are also sought for undertaking investigations with a view to achieving greater efficiency in management or administration, finding out reasons for increases or decreases in profits etc. 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 settlements. Appointment of this nature require the Chartered Accountant to work in Co-operation will solicitors or Lawyers. Conversely, Solicitors or lawyers carrying out works of this kind usually call in Chartered Accountants to assist them in the accounting aspects of their work. DIRECTORSHIP: Many members of the Institute who hold senior position in industry and commerce are also directors of their companies. Moreover, many members who are actively carrying on public practice are also directors of companies. The advantages of having a Chartered Accountant on the Board of Directors are now well recognised and the practice of making such appointments has grown rapidly. COMPANIES SECRETARIAL WORK: In a well organised company or group of companies, the Secretary is a man with a professional qualification (often a Chartered Accountant) who, in addition to his multifarious other duties, is an important link in the management chain. The continued growth of limited companies enables the professional accountants to offer secretarial services to small companies, many of which are being virtually run by a few individuals who are unable to afford a full-time secretary. MANAGEMENT ACCOUNTING: This is another field in which the Chartered Accountant is able to render a service which is utilised in a variety of ways like formulation of policies, day to day control, performance evaluation, etc. SHARE VALUATION WORK: The Chartered Accountant undertakes the valuation of shares of public and private companies when amalgamation or re-organisation takes place for the purpose of takeover bids and other acquisitions. MANAGEMENT CONSULTANCY: C.As. play invaluable role in assisting business organisations to utilise resources effectively, increase their efficiency and achieving their goals and objectives. as management consultants, C.As. render host of consulting sevices as under: >Developing management information system. >Designing budgetary and control system. >Determining measures of the effective utilisation of capital. >Installing cost accounting system. >Assisting the management in the efficient use of working capital as an aid to improve productivity >Advising management on principles of organisation and methods for effective delegation and planning of work. >Rendering advice on international taxation matters, foreign collaborations, joint ventures, double taxation agreements etc., >Reviewing procedures and equipment for operational control. >Review of financial planning and policies for effective utilisation of resources. >Rendering secretarial services and advice on Corporate Law matters. >Advising management on amalgamations, reconstructions, takeovers and expansion schemes. >Assist in the preparation of feasibility studies of new project and expansion schemes. >Advise on the system analysis and design, including selection of hard work and development of software and feasibility of incorporating computer applications for accounting and commercial activities. >Assist in finding solutions for specific business problems such as product mix decisions, pricing decisions, making representation to Government on various matters etc. >Appraisal of personnel policies and practices. >Assist in the selection of executive personnel in the areas of production, marketing, accounts, data processing, personnel, general administration etc. >Acting as advisor or consultant to an issue, including such matters as drafting of prospectus and memorandum >containing salient features of prospectus, preparation of publicity budget etc. >Acting investment counselor in respect of securities. >Acting as registrar to an issue and for transfer of shares/other securities. OTHER ACTIVITIES: Among the many other duties undertaken by a Chartered Accountant, mention may be made of service as an arbitrator for the settling of disputes and 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 SOURCE:; ICAI WEBSITE

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

The role of Chartered Accountant include: Manage financial systems and budgets. Analyse risk and review of a company system. Advise clients on tax planning and tax related issue. Maintain and prepare accounts and manage information relating to the business. Monitor funds constantly to avoid fraud. Prepare monthly and annual financial statements.

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