A Chartered Accountant, also known as a Certified Public Accountant (CPA), is one of the most important professionals when it comes to dealing with transactions of the financial nature. Today, chartered accountants are employed in a variety of organizations and companies where they are made in-charge of all the essential deals covering millions of dollars. Their roles and responsibilities span a large array of fields and anyone who aspires to become a chartered accountant should do the necessary career research to understand what is expected from this profession.
Accountancy. One of the most basic expectations from a chartered accountant is the task of accounting and organizing a company’s balance sheet. This requires the preparation of Financial Statements which are then used for reporting a company’s financial health as well as providing a detailed documentation of a company’s well-being. Financial Statements are also important for complying with government regulations. Given the extent of the legislation that governs accountancy, preparing accurate financial reports is a big responsibility for any chartered accountant.
Auditing. Auditing is the branch of accountancy which seeks to ensure that all the numbers reflected in the financial statements are accurate to the cent. Typically, an independent chartered accountant is enlisted to perform this task to ensure impartiality. The criticality of the task requires that extra resources are tapped into to ascertain the factuality of all financial documents.
Taxation. The filing of taxes is a specialized branch of accountancy as it deals with calculating the right amount due the tax authorities. A slip-up with filing a company’s taxes can lead to the closure of a company with a mere call from a government cell phone. Given such demands, a chartered accountant in-charge with taxation should be familiar with all legislation governing taxation so that all filed taxes are accurate and compliant wit the regulations.
Corporate Accountancy. This pertains to the execution of mergers and acquisition which requires studying current financial structures, and to keep exploring to find out the best arrangement that works for all parties involved.
Investigation. Chartered accountants may also be required to do underground work to determine the financial position of a business outfit for various purposes including issuance of chairs, financing, reconstructions, and profit adjustments. In this capacity, chartered accountants are required to follow it, meaning the entity being investigation, in very extensive detail so that all important information are being put into the limelight as a basis for making the right decisions.
There is so much that is required of a chartered accountant that even a small business loan eventually falls on the lap of a chartered accountant for it to be assessed. Because they span a huge array of interests, expectations, and functions, chartered accountants require extensive training and formal certification by passing a licensure examination. Indeed, being a chartered accountant is no mean feat. It requires years of study, and practice, before one can truly become good and proficient at it.
In the same way, it is also a rewarding, albeit taxing, profession and has led many to become successful professionally. Check it out; it might just be your calling, as a professional and a public servant.