Financial accounts and statements of a company represent its overall financial status for a particular time span. The statistics in these records are of crucial significance not only for the company itself but also for the organizations and people associated with it. By and large, they may be the investors, vendors, customers, banks, tax authorities, insurers, financial institutions, government bodies, collaborators, employees and even the competitors in the industry.

Evidently, it is essential that the financial accounts and statements of a company are analyzed and attested by people who are experts in the field of bookkeeping. They have to be reliable as well so that the integrity, objectivity and credibility of the financial records are assured. Well, this is where the role of professional accountants, known as Chartered Accountants, materializes. The analysis and attestation work done by the Chartered Accountants is crucial for the financial integrity of a company.

What Does A Chartered Accountant Do?
In India, under the Companies Act, 1956, a Chartered Accountant has legislative monopoly in the auditing of financial statements and accounts. All the financial statements analyzed and attested by the Chartered Accountant are acknowledged to have been organized in accordance with Generally Accepted Accounting Principles in India. There are several professional Chartered Accountants who don’t audit financial statements. Rather, they are associated with firms providing Business Accounting Services. Besides, many Charted Accountants provide Accounts Outsourcing Solutions individually small and large scale organizations.

Areas Of Expertise
Indeed, the role of Chartered Accountants is integral to a company and its growth. The areas of expertise of these professionals majorly include:

  • Auditing and assurance
  • Arbitration
  • Corporate law
  • Corporate finance
  • Direct tax
  • Economics
  • Financial reporting
  • Information systems audit
  • Indirect tax
  • Management accounting
  • Risk management
  • Valuation of business

In addition to pursuing their professional practice, some Chartered Accountants also work in management and finance departments in large scale organizations as Chief Executive Officer (CEO) and Chief financial officer (CFO).

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