The growing importance of trade and industry along with the rapid growth of capital and money markets in an economically developing nation like ours, has increased the importance of Chartered Accountants enormously. Moreover all the companies registered under the Companies Act, are required to get their accounts audited only by practicing Chartered Accountants.
A qualified Chartered Accountant has the option of joining the Government Service, Public Sector undertakings or taking up a lucrative assignment in the private sector. The duty of Chartered accountant is to ensure that the financial transactions of an organisation are maintained according to the law, they also keep track of cost of management of the company and manage tax matters.
Chartered accountants work as Finance Managers, Financial Controllers, Financial Advisors or Directors (Finance) and watch over the finances in the day to day management of companies. Their main areas of work include Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy.
The accounting department prepares, analyses financial reports and documents of an organisation. Auditing involves checking the accuracy of the financial statements, ensuring that the accounts presented are drawn up on correct accounting principles. Cost Accountancy involves maintaining cost auditing records, compiling cost information, installing cost control and performing cost audits. Taxation involves dealing with direct taxes, like income tax and wealth tax, assessment of taxes, filing returns and providing advice on indirect taxes. Investigation include expert examination of specific aspects of businesses for the information of interested parties on new issues of share capital, the purchase, sale or financing of a business and for reconstruction.
The various areas of consulting include Management accounting and internal audit, corporate law advice, project planning and finance, business advise, systems design and information consultancy. Chartered Accountants also act as directors, arbitrators for settling disputes, handling work related to insolvency, bankruptcy etc. and also as executors under a will or trust in order to carry out the administration of an estate or settlements. They are also engaged in activities like markets research, budget planning, working capital management, inventory control, policy planning, securities consultancy, registrar of issues of securities etc.
Some of the opportunities available for Chartered Accountants are in capital markets, business houses and industry. They can also have their own consultancy or private practice which could be more lucrative and satisfying. With the country liberalizing its policies and approach, opportunities are expected to grow further.