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Chartered Accountants in Bihar
MS Legal Associates:We have a CA professionals in our organization and we provide chartered accountant services in Bihar.
A Chartered Accountant (CA) designation typically proves the holder has the qualifications to audit financial statements and business practices as well as offer advisory services to clientele.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (formed 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 recognised professional designation, and is generally equivalent to the American certified public accountant designation.
Chartered accountants work in all fields of business and finance, including audit, 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.
In India, chartered accountants are regulated by the Institute of Chartered Accountants of India (ICAI) which was established by the Chartered Accountants Act, 1949. Prior to 1949, restricted state auditors were registered with the respective princely states and British provincial state governments. 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 add 'FCA' as a prefix to their names.
Role of a chartered accountant
The role of a chartered accountant covers many aspects of finance work, including: continuous management of financial systems and budgets; undertaking financial audits (an independent check of an organisation's financial position); providing financial advice.
What Chartered Accountants Do?
Chartered Accountants work in a wide range of business sectors and in a broad spectrum of roles, from Chief Executives to Financial Controllers. Below are a few examples of the type of positions that Chartered Accountants occupy.
1. Tax Accountant
2. Management Accountants
3. Financial Accountants
4. Budget Analysts
The role of accounting in business is to help interested parties, both internal and external, to make business decisions. The accounting process consists of measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other decision makers.
Chartered Accountants Responsibilities
The role of a chartered accountant covers many aspects of finance work, including:
1. Continuous management of financial systems and budgets;
2. Undertaking financial audits (an independent check of an organisation's financial position);
3. Providing financial advice.
In public practice, tasks carried out by a chartered accountant include:
1. Liaising with clients (individuals or businesses) and providing financial information and advice;
2. Reviewing the company's systems and analysing risk;
3. Performing tests to check financial information and systems;
4. Advising clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers;
5. Maintaining accounting records and preparing accounts and management information for small businesses (accountancy);
6. Advising clients on business transactions, such as mergers and acquisitions (corporate finance);
7. Counselling clients on areas of business improvement, or dealing with insolvency;
8. Detecting and preventing fraud (forensic accounting);
9. Managing junior colleagues.
In commerce and industry and the public and not-for-profit sectors, work involves:
1. Liaising with internal and external auditors and dealing with any financial irregularities as they arise;
2. Producing reports and recommendations following internal audits or public-sector audits;
3. Preparing financial statements, including monthly and annual accounts;
4. Arranging financial management reports, including financial planning and forecasting;
5. Advising on tax and treasury issues;
6. Negotiating terms with suppliers.