What is a Chartered Accountant and Why Should You Hire One?

For many people, an accountant is something that they feel they only need once a year when they are doing their taxes, if then - but the truth of the matter is that a chartered accountant is an individual who can help you out in a great many financial areas. Whether you are looking on your own behalf as a private citizen, or you are curious about what a chartered accountant can do for you or your business, you'll find that you can consider some of the following pieces of information.

When you are making a comparison between a chartered accountant and a regular accountant, you'll find that there are several important differences. Technically, anyone can call themselves an accountant who regardless of what licensing or education that they have. A person who calls themselves a chartered accountant, on the other hand, is someone who retains a membership in either the Institute of Chartered Accountants in England & Wales, the Institute of Chartered Accountants of Scotland or the Institute of Chartered Accountants in Ireland. These organizations will only allow membership after a series of examinations have been passed and after a certain amount of working experience.

Essentially, when you are working with a chartered accountant, you will find that you are working with someone who has a certain baseline of experience and certification under their belt. When your financial situation is complicated, or if you find that you are in over your head when it comes to financial matters, you'll find that taking on a chartered accountant can help you figure out how to proceed. You may also feel that retaining a chartered accountant will give you a great deal of peace of mind when it comes to the assurance that your financial matters are being handled competently.

When you are looking to retain a chartered accountant, you'll find that the accountants who engage in public practice work will have a practicing certificate which will declare them fit to do so. This means that they have met further requirements and that they have the appropriate professional experience with which to serve you.

When you are looking for someone to look over your financial matters, you'll find that a chartered accountant will most likely be the most competent individual in a place to do so. Take some time and make sure that you look into your accountant's credentials and to make sure that you are confident in their ability to handle your affairs.

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Leading the way: Chartered Accountants!

We understand that The Institute of Chartered Accountants of India (ICAI) has been increasingly focusing to deepen the knowledge thrust of the budding Chartered Accountants on one hand and also on other hand ICAI is trying to enable the members of the Institute (Qualified Chartered Accountants) to get recognitions from other allied Institutes of accounting profession of other countries in an easier way.

As part of such an initiative, we understand that ICAI & ICAEW has recently agreed to recognize each other's degree and Indian Qualified Chartered Accountants would enjoy exemption of papers of ICAEW.

Such a step taken by ICAI and other like accounting bodies further strengthens the profession and also widens the scope of the members of the Institute in terms of exposure for practicing chartered accountants and also in areas of job placements for members not in practice.

This on other hand would also ensure that the students have enough comfort and have the confidence to choose chartered accountancy as their career path. Such flexibilities and enhancements in the options definitely make life easier for students to choose CA as their career path.

We are now moving in an arena of both globalization in economy coupled with globalization in accounting practices. As we move more and more towards building in better transparency in accounting records which is to a larger extent acceptable by different countries having said in the economy of the country, the need to regularly update the knowledge of existing members of the Institute is becoming a necessity. Seminars, classes and other courses are being conducted to help members polish their knowledge base with the current developments so that they could sustain and grow in the competitive and dynamic environment.

We are also seeing moves being taken by ICAI to regularly update its syllabuses like for example: the recent changes in the courses offered for CA – Final and CA – PCC exams to ensure that the students are taught and tested on the recent developments and requirements right from the beginning.

All these measures surely would keep CA as the choice of professionals looking for making their career in accounting profession.
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Pawan writes about the ICAI like accounting bodies strengthens the accountants profession and widens the scope of the members of the Institute in terms of exposure for practicing chartered accountants and approaching for better results.

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The Accountant Position Explained

Accounting positions defined

Accounting is an area of practice that requires skills in several different areas in order to succeed. An accountant does not solely rely on mathematical and data crunching skills as many believe. In fact, accountants are usually legal experts in their area of practice due to the vast amount of knowledge required to deliver high quality financial information to executives, investors, tax authorities and other decision makers. There are however many different kinds of accounting ranging from Investment to Insolvency, and the role of an accountant might vary depending on his area of focus.

Accountancy Qualifications & Regulation

Accountants recognized in most countries by professional bodies that regulate the profession in order to regulate the amount of accountants in a certain jurisdiction as well as to maintain a high quality practice. Traditionally, accountants worked within public practices and sold their expertise on a consultancy basis. However, accounting has now become a profession necessary for every business, and has expanded tremendously to allow accountants to join private as well as independent bodies.

In the UK, no license is currently required to practice accountancy and be able to use the title of "accountant". But in order to use some accounting titles, a membership to one of the many professional bodies is required. For example, a chartered accountant must be a member of one of the following: Institution of chartered accountants in England and Wales, Institution of chartered accountants of Scotland or the Institution of chartered accountants in Ireland.

Accountancy bodies are themselves part of the Consultative Committee of Accountancy Bodies, and are members of the board. It is required to be part of these accountancy bodies in order to be a British qualified accountant, however, there are some other qualifications which can be awarded by non CCAB bodies which include groups such as the IFA and the AAT

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