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what exactly is chartered accountant role?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

what exactly is chartered accountant role?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Role of Chartered Accountants Although the role of Chartered Accountants in corporate governance is generally understood in the capacity as an auditor, according to me, Chartered Accountant can play a significant role in practicing good corporate governance, as compared to an ordinary person in his different capacities like - (i) as shareholder or stakeholder of a company (ii) as an employee or part of management team of the company (iii) as a member of the board of directors or any of its sub-committees (iv) as a promoter (v) as a auditor - internal or external He can play a crucial role of a crusaider in achieving corporate governance in these different capacities. Every where in the world and especially in developing countries, people are looking at corporate governance more seriously, and the Chartered Accountants have to play an important role in the whole process of governance by helping to balance business practices and objectives of the board whose primary concern should be to sun a company in a profitable manner and at the same time as good law abiding entities. As a corporate guardian, it is the Chartered Accountants who will have to ensure achieving corporate governance.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

> What Chartered Accountants Do? 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. In public practice, tasks carried out by a chartered accountant include: -liaising with clients (individuals or businesses) and providing financial information and advice; -reviewing the company's systems and analysing risk; -performing tests to check financial information and systems; -advising clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers; -maintaining accounting records and preparing accounts and management information for small businesses (accountancy); -advising clients on business transactions, such as mergers and acquisitions (corporate finance); -counselling clients on areas of business improvement, or dealing with insolvency; -detecting and preventing fraud (forensic accounting); -managing junior colleagues. In commerce and industry and the public and not-for-profit sectors, work involves: -liaising with internal and external auditors and dealing with any financial irregularities as they arise; -producing reports and recommendations following internal audits or public-sector audits; -preparing financial statements, including monthly and annual accounts; -arranging financial management reports, including financial planning and forecasting; -advising on tax and treasury issues; -negotiating terms with suppliers.

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