The working of the financial set up of any organization is examined and verified by a team of accounting and financial experts. This team is led by the Chartered Accountant, who has the right to audit the financial documents, verify contents and approve them as true and legal. In USA, they have CPAs who have similar responsibilities.
Work Nature
A chartered accountant is an accounting expert who performs the evaluation of the books of accounts of an organization. The work functions consist of analysis, evaluation, inference and report-making. CA must scrutinize volumes of documents and evaluate them for accuracy, completeness and legality. If they find any inconsistencies, they must get it rectified from the organization. Often, accounting job gets tedious and monotonous.
Requirements
To acquire the position of a chartered accountant is tough. One needs to complete a difficult examination pattern inclusive of internships, written tests and computer skills. The internship and examination patterns differ as per the authorized body within that country. All chartered accountants acquire the competence of studying, and verifying all types of accounting books and inspecting them against the set regulations. The important skills required for Chartered Accountants are:
Similarities and Difference between CPA and CA
The role, knowledge and responsibilities of a CA are similar to a CPA. They work in similar capacities. Both are required to complete internships, and series of uniform examinations prescribed by the relevant accounting authority. The licensed CPA/CA has the authority to conduct audits and approve accounting documents, within the territory prescribed by the license.
However, the term Chartered Accountant is used in Australia, England or India whereas the same position is recognized as Certified Public Accountant in USA. If you wish to work in UK, you must be a Chartered Accountant, designated by the country's CA Association. IN USA, only licensed CPAs have right to perform audits.
Work Conditions
Work Place: Accountants work either in their own office or from client's office. Often they travel to client's office to interview their accounting heads and manually inspect accounts.
Work Timings: Accountants are required to work for 45 hours a week. Accounting Data verification is performed throughout the year. However, accountants are under immense stress during the quarterly, half yearly and yearly closures and face the pressure of deadlines. During this period they work on weekends and festivals and more than 8 hours a day.
Health Hazards: The work of a chartered accountant is typical desk job. He handles voluminous data in hard and soft copies. He needs to make a thorough study and minutely observe the accounting figures for accuracy. This makes the job stressful. Often, it puts strain on the eyes. Also, continuously sitting for long hours can lead to back aches.
Career Development
Most CAs begin their career as interns. Once they acquire the CA licensure, they join a CA firm and work as external auditors for different organizations. They work in a junior position. Some may work as internal auditors and represent the organization during the yearly audit. However, they do not have signatory authority. They may specialize in taxation, corporate finance, public accounting, management accounting, etc. Within few years of practice they work in senior positions. Progression rate is higher in smaller organizations.
Career Prospects
In most countries, it is mandatory for organizations to get their accounting documents verified and approved by qualified accountants. All kinds of organizations, whether a private or public, governments, not for profit organization; require expertise of a CPA /CA. Most important an organization cannot progress without efficient up-keep of its financial records. These facts ensure that every organization hires an accountant. Hence, accountants have plenty of opportunities coming up for them.
We hope this description of chartered accountant work will help all job seekers consider this as a career option.