Introduction to CA
- Chartered Accountant is a person who holds a professional, internationally acclaimed degree that holds proficiency in the field of accounting. Every country has its professional body that awards the degree after rigorous examination and prescribed years of practise.
- CAs generally deal in a marked interest within accounting, but perform tasks adjacent to audit, taxation, financial and general management along with a wide range of interests in business and finance.
Understanding Chartered Accountants
- The designation of a Chartered Accountant is recognised across many countries, except the US, where the CA equivalent is a Chartered Public Accountant (CPA). CAs can set up practices of their own or work for private and public and government firms. Duties performed by CAs are not limited to business and finance. They are also guides to help explore the avenues for professional networking, career and business development. Holding the credential of a CA makes them a credible authority to provide advisory benefits to clients.
- The first body recognising Chartered Accountants came about in Scotland in 1854. Now, there are rules and regulations, many varied methods that differ across countries for anyone to become a CA. In Canada, an undergraduate degree is a must to practise CA while in India, it’s not necessary. The primary focus is not limited to audit and taxation, despite how common they are. CAs may handle only one area of focus, may handle the entire accounting department or work freelance on their own.
Highlights of Chartered Accountants
Every country has a professional body that monitors the process of becoming a CA and awarding the credentials after the process of working for it is complete. For example, Institute of Chartered Accountants of India (ICAI) determines when a candidate can prefix CA to their name while Institute of Chartered Accountants in England and Wales awards degrees in the United Kingdom as post-nominals.
The work of a CA is very wide, or narrow, as the candidate chooses their area of focus. They can choose where and how to carry out their duties in companies or elsewhere, and wear many hats in countless fields within accounting and finance.
CAs are employed in four major sectors: corporate finance, public practise in an accounting firm or freelance, forensic accounting or in major businesses.
