A Chartered Accountant (CA) is a designation provided to accounting professionals in many countries worldwide. In the USA, the equivalent to the CA designation is a certified public accountant (CPA). It involves financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery, insolvency, or accounting systems and processes. Women were able to become chartered accountants after the Sex Disqualification (Removal) Act 1919, after which Mary Harris Smith was recognized by the Institute of Chartered Accountants in England and became the first woman chartered accountant in the world. Chartered accountants’ institutes require candidates to undertake a minimum level of continuing professional development to stay professionally competitive. They facilitate special interest groups in their fields. They provide support to members by offering advisory services, helplines, and libraries. They also offer opportunities for professional networking, career, and business development.
A Chartered Accountant aims to maximize profitability on behalf of your client or employer.
Qualifications of Chartered Accountant
Just like CA’s are granted a license to practice the profession of Accountancy & in India, similarly Certified Public Accountants (CPA) are given the license to practice in the United States. The accounting qualification is called Certified Public Accountant in the USA. A candidate has to clear all the American Institute of Certified Public Accountants (AICPA). The license of the CPA depends upon the state where the candidate qualifies for the examination.
CPA Vs. CA
There is very little difference between CA and CPA. Both focus on providing financial services for clients – either personal, small business, or large corporations. Areas of study include auditing, taxation, financial reporting, and business/managerial accounting. Both types of accountants can work in public as well as private sectors. Chartered accountants typically work outside the USA, while CPAs outnumber CAs in the United States’ workforce. If you want to work in the US, you will need to become a CPA.
Responsibilities of Chartered Accountant
The responsibilities of the Chartered Accountant include:
- To manage the financial system and budget
- Provide financial advice to the companies
- Undertake audits of an organization’s financial position
- Review the company’s financial system
- To advise clients on tax planning
- Maintain the company’s accounting records
- To review the company’s risks
- Manage junior employees
- To prepare financial statements of the organization
- Negotiations of terms with suppliers
To become a CA, you must have specific skills.
- Proficiency in IT
- Business interest and awareness
- Leadership qualities and team management skills
- Self-motivation and commitment
- Organizational and time management skills
- Communication skills
- Methodological approach
- Trustworthy and integrity
The top recruiters of Chartered Accountants are given below.
- Auditing Firms
- Finance Companies
- Mutual Funds
- Portfolio Management Companies
- Investment Houses
- Stock Broking Firms
- Legal firms
- Legal house
- Patent Firms
- Trade Mark
- Copyright Registers