accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognized professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognized by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
Chartered accountants work in all fields of business and finance, including auditing, taxation, financial and general management. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Chartered accountants’ institutes require members to undertake a minimum level of continuing professional development to stay professionally competitive. They facilitate special interest groups (for instance, entertainment and media, or insolvency and restructuring) which lead in their fields. They provide support to members by offering advisory services, technical helplines and technical libraries. They also offer opportunities for professional networking, career and business develo
In India, Chartered Accountants are regulated by the Institute of Chartered Accountants of India (ICAI) which was established by the Chartered Accountants Act, 1949. Associate members of the ICAI are entitled to add the prefix CA to their names. Members who are in full-time practice, and have completed five years of practice, can use FCA.As of April 2017, the ICAI had nearly 270,000 registered members.
Entry to the profession can be made by taking the CA Foundation Course after completion of schooling (12th grade). Alternatively, graduates may train as an articled assistant for three years in a chartered firm before final exam. A comprehensive 100 hours of information technology training and an orientation programme for soft skills development have to be completed before being articled.
Managing your finances and books of account can be a tedious task when you run a business. It is all the more difficult when you lack the basic knowledge of accounting. The solution is to hand over the work to a chartered professional accountant. A chartered professional accountant is a professional who handles important accounting and income tax related issues and works on advising and consulting businesses to make better financial decisions. To give you a picture of what a chartered professional accountant does, here are some key benefits of hiring a professional chartered accountant firm in the UAE.
Whether you have a large, mid-sized or small business, maintaining your accounting books is essential. Trying to do it on your own may seem feasible to you but could be a bad decision if you lack the extensive knowledge required to do so. When you hire chartered professional accountants, they bring with them their knowledge and expertise in accounting. The combined nature of their job role helps you with your bookkeeping, tax management, and business advisory as well.
As mentioned before, the extended job role of a chartered professional accountant makes them a highly knowledgeable person when it comes to accounting. Their knowledge can come in handy for your business as a chartered professional accountant will be able to help you with financial planning and decisions based on your firm’s current position.
For any business owner, the major discrepancies that happen in their accounting system are because of the lack of accounting and tax knowledge. The problem is not the lack of willingness to pay the tax but the lack of awareness about tax laws, rules, deductions, required tax returns, and deadlines. Having a chartered professional accountant to guide you fills up this gap of unawareness and ensures that you do not fall behind on your tax filings. They also help you claim deductions which you may have not even heard of, thereby saving your money.
A chartered professional accountant is a comprehensive profession which works on the varied accounting services which a business requires. When you choose to hire an internal accountant, he comes with the knowledge of one person. But when you hire a chartered professional accountant from a good accounting firm, their knowledge and services are not limited to just one person, and you get access to the varied services they provide which will prove helpful for your business.
When we talk about the smooth functioning of a business, we plan to run it successfully. With your finances and accounts managed by a chartered professional accountant, you have an updated statement of your accounts. Also, having someone to take care of your accounts enables you to work on other business related responsibilities. So let the professionals work on your accounts while you work on your business.
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Alya Auditors assists the registered companies to furnish the annual financial statements . For more information visit us @ www.alyaauditors.com