The scope of a Chartered Accountant has widened over a period of time. The work of a CA student is very interesting as they would be required to perform the following duties:
- Auditing: It is defined as a systematic and controlled examination of financial facts and figures of an organization for a stated purpose. Statutory Audits are required as per the Company Act by both the sectors – private and public. In order to check the accurateness of the records, it is the responsibility of the CAs to carry out internal audit to keep track of management procedures and appropriateness of the internal controls. To perform this task, they have to review compliance with corporate policies and procedures. Government departments have tax auditors who may be appointed to audit the taxpayers’ accounts.
- Accounting: This refers to the art of keeping and preparing of the financial records of an organization, verification and analysis of such records using the prevailing principles or procedures of accounting. The tasks involved in financial accounting are related to managing tax, paying accounts and sending out invoices, operating accounts, carrying out internal audits and dealing with wages and salaries.
- Taxation: A CA can also take up taxation related issues which would include filing tax returns, giving away tax advises and minimization of various taxes through ethical and legal means. CAs look at the tax implications of new plans, changes in company structures and advice on the tax effect of performance objectives.
- Cost Consulting: To minimize costs, MNCs hire CAs who helps in making viable budgets for particular operations. This profile of a CA deals with accounting for mapping the complexities involved in the business related to the costs. The work might extend to forecasting, budgeting and budgetary control, and monitoring expenses to understand that costs are not more than earnings.
- Planning and Management: CA also holds a role for planning and managing the overall financial transactions of an organization and allocating a budget to each department in such a manner that there is a sufficient return on investment. The areas that require CAs to aid in a corporate can be advising regarding the projections and planning on a financial resource, how liquidation of funds can take place, profit sharing during mergers and acquisitions, amalgamations, investments in capital shares, profit analysis, etc.