A chartered accountant is a professional accountant who contributes to every sector and aspect of global economy with his professional knowledge and judgment. With the help of technical skills and objectivity, he guides the organizations toward long-term sustainable success. An accountant plays specialized roles in particular areas of business practices such as audit, forensic accountancy, taxation, management consultancy and corporate finance. A professional accountant makes effective use of the resources and also formulates strategies and plans to forecast risk and cost. This article will illuminate various aspects of a chartered accountant.

Functions Of A Chartered Accountant:

  • Auditing

One of the main functions of chartered accountants in public practice is auditing of reports. Auditing is an examination of information to determine its reliability. Traditionally, it was just the examination of financial statements of the organization but now, the scope of functions of an auditor has expanded considerably and now it includes wide areas such as financial forecasts, technical matters and compliance issues.

  • Budgeting

It is the duty of the CA to make the appropriate financial estimate of the future activities of the organization. A CA formulates different budgets like financial budgets, time budgets, wastage budgets, production budgets and energy budgets to regulate different activities efficiently. A periodic comparison of actual data and budgeted data is necessary to control the risk associated with planning, quality, purchases, marketing, etc.

  • Financial Planning

The role of the chartered accountant is very crucial in planning and controlling of the finances of the organization. He/she keeps complete control of the finances by keeping the financial burden minimum and establishing precise financial requirements. A CA is supposed to project accurate fund flow statement which includes acquisition, deferral of taxes and financial choices.

  • Formulation Of Goals

A chartered accountant determines goals and targets based on the business plan. From sales and production to optimum utilization of resources, all the aims are formulated by the accountant for commercial success. A professional accountant also verifies actual achievement and compares it with the pre-formulated goals.

Typical Clients Of Chartered Accountants:

  • Industrial organizations
  • Private firms of accountants
  • Non-profit organizations
  • Professional services firms
  • Government bodies

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