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In recent times, accountancy has grown in popularity as a profession. Wherever there are users of money, however small the business may be, the services of a CA are required. Moreover, under the Companies Act, only CAs in professional practice are entitled to be appointed as auditors of companies in India. A chartered accountant is a person who is accepted as a member of the Institute of Chartered Accountants of India (ICAI) after having passed the final examination for the chartered accountancy course conducted by the institute. The main areas of work for Chartered accountants include : Accountancy, Auditing, Cost accountancy, Taxation, Investigation and Consultancy. Accountancy includes writing up of accounts and preparation of financial statements from the simplest receipts and payments to complex and detailed accounts, and the maintenance of books of accounts as required by the Companies Act. The purpose of Auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles. CAs perform financial, cost and tax audits, and some aspects of secretarial audits. Cost Accountancy : Chartered Accountants are trained at maintaining cost auditing records, compiling cost information, installing cost controls and even performing cost audits. Taxation : CAs practising in the field of taxation usually deal with direct taxes (those which are collected directly by the government) like income tax and wealth tax. However, they do provide advice on indirect taxes (those which are borne by the public through increased prices and surcharges like sales tax and excise duty). CAs are also required by the revenue authorities in making proper assessments. Investigation : CAs are experts at examining 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 and amalgamation. Their services are also sought for undertaking investigation. Consulting : Accounting being an information-related service, the area of consulting is extremely popular and coveted not only among senior CAs, but also among the bright and ambitious starters in the profession. 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 are also sometimes appointed as executors under a will or trust in order to carry out the administration of an estate or settlements. On such assignments, they are often required to work in co-operation with solicitors and lawyers. CAs can also perform functions under special positions such as directorships of companies, arbitrators for settling disputes, handling work related to insolvency, bankruptcy, etc. They are free to go in either for professional practice or to be employed by the industry sector ( private companies, public sector undertakings, etc.).
A candidate who desires to become a member of the Institute of Chartered Accountants of India
(ICAI) and thereby a practising chartered accountant must :
Eligibility:
The training for CAs is a highly elaborate procedure. Aspiring chartered accountants should pass the intermediate exam within ten years of the commencement of their practical training. During the training period candidates would be required to work in different areas learning the basics of auditing and taxation. This enables them to learn the technical details of the job as well as to get an idea of the working environment of the profession. During this period the articled clerk will also need to continue studies for the CA exam. As the professional training for chartered accountancy is training-on-the-job, an articled clerk is entitled to receive a minimum monthly stipend. This is not the case in most other professions. After successful completion of the final exam, the aspiring CA can apply for membership of the ICAI. All members are deemed Associate members of the institute. Associate members who have been in practise for a minimum of 5 years and possess the experience prescribed by the council for this purpose are entitled to apply for Fellowship.
The CA course is conducted through lectures and postal tuitions by the Institute of Chartered Accountants of India (ICAI), head-quartered in New Delhi. The ICAI has 5 regional offices at Mumbai, Calcutta, Chennai, Kanpur, and New Delhi, with 81 branches to these regional centres. |
