Chartered Accountant is one of the biggest and most rapidly growing
professions in recent times. India is going through a large number of economic
reforms which has resulted in the increased responsibilities of chartered
accountant. These changes bring a challenge to the profession and the services
provided by the chartered accountant…
Accountancy and Auditing
Chartered Accountancy means maintaining and preparing the financial
accounts and statements of the customers. It encompasses the range from
writing accounts to financial analysis of the accounts. Accountancy comprises
handling the daily fiscal transactions for the company. This comprises the very
diverse purposes ranging from the incoming earnings to the outgoing
payments. Some accounting functions include the bills or payments sent to
vendors. It also includes the check, credit card, cash and the electronic
payments received from customers; and checks written and received by the
company. Payroll and tax deductions, along with the reconciling of the
company books for the year, are all accounting processes.
Auditing is one of the most important services of the Chartered Accountants.
An audit involves the review of the accounting books of the company. An audit
is generally done through forensic accounting, or it is mainly conducted by the
company. The audit is usually done by an official independent body, if the
company is traded on a stock exchange. The audit process is an in-depth
examination of each fiscal transaction made by a business and checks whether all the transactions made is correct or not. When the audit is completed, the books and accounting procedures are verified as accurate.
TAXATION
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered
Accountant has an advantageous position for preparing the returns for tax
purposes, before the Income-Tax authorities and general advice on taxes to his clients. An extra liability is placed on him according to whom his services will be prerequisite by the tax department for auditing very complex cases, having a very huge profit 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.
Cost Accountancy
The Chartered Accountant has a big responsibility to ascertain cost of
production of the processes and the operations in the construction of a
product and services. He/she has to take control of the establishment of the
appropriate selling price and introduce the cost cutting methods.
Special Company Work
The chartered accountant provides special company work like formation,
financial structure and liquidation of the limited companies. They also do
secretarial and Registration work and the duties of a Receiver in addition to
other special work.
Investigation
The investigation work is carried out by the Chartered Accountant who makes
sure that the fiscal position of business in matters such as share capital,
purchase, sale or financing of a business. This is done to achieve a better
efficiency of a business.
Directorship
Some Chartered Accountant who is at a very senior position of a company or
industry provides their services for the directorship of company.
Company Secretarial Work
Secretary is a man who has professional qualifications and they are an
important link in the management chain. The huge growth of limited
companies has enabled the Chartered Accountant to gives these secretarial
services to small companies.
Management Accounting
Formulation of Policies, performance evaluation and other responsibilities are
undertaken by the chartered accountant.
The chartered accountant serves many purposes like above to increase the
business productivity and make sure that the business is done through the
right process following the rules and guidelines of the law book.
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