Chartered Accountancy is a dream profession for every Commerce student. It is a challenging profession that offer Self-Practice or job opportunities in the area of Accountancy , Auditing, Corporate Finance Project evaluation, Company & Business laws, Taxation, Corporate governance and several other areas. The CA course provides a multi-faceted perspective to the CA aspirant ranging from economics and operations of a business to its marketing, audit, financing and legal aspects. CAs frequently occupy highest echelons of Indian business and carry a very high brand image in the society. Currently there are approximately 5,20,000 students and 1,55,000 active members.
CA as a Career
Chartered Accountants are in great demand in the current rapid growing Indian economy, thanks to the growing corporate sector. In any organization, Chartered Accountants occupy high and respectable posts. In any organization, the CA is responsible for handling accounts and finance related matters, deal with money management, prepare, analyze and audit accounts along with providing financial advice.
Professional Chartered Accountants have the option to be appointed as auditors of companies. They can also take up private practice of audit and consultancy. Some of the areas suited to the services of Chartered Accounts are as follows:
Financial accounting deals in maintaining the financial records of an organization. It involves:
- operating accounts
- interpreting, supervising, controlling and organizing income and expendituret
- doing internal audits
- dealing with wages and salariess
- paying accounts and sending out invoices, and
- coping with taxes etc.
One of the important tasks performed by Chartered Accounts is auditing. Chartered Accounts examine and verify the books of accounts and other necessary documents of their employers or clients. On satisfaction, they issue a certificate about the company's financial state. Auditing can be further classified into the following sub-categories:
- Statutory audit
- Internal audit
- Compulsory tax audit
- Certification and audit
Cost accounting deals with working out the cost of a particular operation or job, taking into account relevant overheads. This complex task is usually done to monitor expenditure, prevent the expenditure from over-shooting, minimize costs, forecast future needs and provide reports for management accounting etc. It also enables to draw comparisons, analyze costs and explain financial information.
Tax management is another field in which Chartered Accountants can specialize. In this role their responsibility is to legally ensure minimum incidence of tax. In doing so they have to cope with taxation laws and policies on national as well as international scale depending on the kind of company they work for. Tax management relates to both direct taxes and indirect taxes.
Consulting services is another opportunity which is very popular these days. Under this, Chartered Accounts provide services finance and accounts. Apart from these, they also provide services in business advice, corporate law advice, project planning and finance, secretarial work, investigations relating to share valuation for takeovers, amalgamation, etc.
ICAI is well recognized by institute of Chartered Accountants of England, Wales (ICAEW) of UK, and Certified Public Accountant (CPA) of Australia. The member of ICAI can do practice or they can go for employment in these countries. ICAI members are equally valid for job opportunities at Africa and Gulf countries.