“ Employment as a

Chartered Accountant”
RAJEEV GANDHI COLLEGE ,BHOPAL

Session 2019-2021

Project Report Submitted to

M.com IV Sem.(computer science)

Signature (Guide) Signature (student)
Prof. Nitika Sharma Prashant Gautam

Roll No.200210214
 Declaration of The Student

I Prashant Gautam son of Mr. Manoj Gautam, Class

M.com IV Sem certify that the project report entitled
“Chartered Accountant” and it’s my personal and
authentic work under the guidance of Prof. Nitika
Sharma

Date:___/____/2021 Signature of the Student

Place:____________ Prashant Gautam
Class: M.Com IV Sem
Roll No. 200210214
 Certificate of the Guide

I Prof. Nitika Sharma designation professor Department

of Commerce certify that the project report entitled
“Chartered Accountant” has been prepared by Prashant
Gautam class M.com IV Sem. Under my supervision and
bears the result of his original work.

Date:___/___/2021 Signature of the Guide

Place:______________ Name of the Guide
Nitika Sharma
 Acknowledgement

I would like to express my special thanks of gratitude to

my project guide Prof. Nitika Sharma & entire
department as well as my principal and class teacher
who gave me this golden opportunity to do this
wonderful project on the topic “Chartered Accountant”
which also helped me in which helped to gain
knowledge in this field. I am really thankful to them.

Secondly I would also like to thank my parents and

friends who helped me a lot in finalizing this project in
limited time frame.
Project Work Index
1. Title of project work
2. Motive behind project work
3. What are the activities done for search of this opportunity related
to business/ job/ services

Part (A)
4. Name of the title
5. Above topic is related to which field
a) Government/ Semi-Government/ Private
b) Business
c) Cooperative/ Non-co-operative
6. Minimum qualification required for this title
a) Educational
b) Technical
c) Work experience
7. Higher & additional qualifications required
8. What are exams (oral and written) conducted for this
9. What educational institutions are involved in it?
10. What are the future job opportunities in it?
11. What are the problems & challenges faced

12. What are career path in it?

Part (B)
13. What experience earned by me while preparing for the project
work?
14. What are supports and facilities received by teachers?
15. My Exam Results

Part (C)
16. My evaluation about employment opportunities and qualification
17. Progress in verbal and written capacities
18. Future prospects
19. Importance of this option
 PART – (A)
Q 1. Name of the Title?

Ans. Chartered Accountant

Q 2. From whom you were inspired from
choosing this tittle?
Ans. The source of inspiration for choosing this topic
comes from a live incident which I once encountered.
Two years ago, the house of a small family having a
widow lady and her two small kids caught fire. The
lady somehow managed to save herself and her kids
but the only asset she was having for her survival,
her house turned into ruins. As their future was
visibled into the lap of darkness but a ray of hope
arises amidst that darkness and helped them to live
life again. The ray of hope was the home insurance
which was provided to them for the damage
happened. This motivated me to take this topic of
"Insurance", so that I could know more and more
about the benefits of it.
Q 3. What are the activities done for
search of this opportunity related to
business/ job/ services?
Ans. I have not done any activity.
 Q4. The topic is related to which field?
Ans. CA stands for Chartered Accountant, it is neither
government job nor a private job. In fact it is not a job at
all. It is actually a designation given to the accountant
who qualifies the exam conducted by the statutory body.
Chartered Accountant gets a unique no.s and their
certificate on accountancy is considered valid by the
government.
A CA can be hired by both government as well as private
companies or they can practice on their own just like
doctors by opening their offices. Generally all the
businessmen consult on various aspect such as
expansion, project report, income tax, CA certificate,
yearly balance sheet preparation etc.
Q5. Minimum qualification required for
this title?

Ans.

a. Educational-
The minimum qualification required to pursue ICAI CA
course is Class 12. The candidates who have passed Class
12 can take up CPT course. Common Proficiency Test
(CPT) is the beginning stage to start a career in Charted
Accountancy. The second stage is IPCC (Intermediate)
and the last stage is CA Final.
Subjects Combination: Students from Commerce, Science
and Arts stream in Class 12 can register for CPT.
Eligibility:

b. Students can register for CPT after Class 10.

However, they are eligible to take up CPT exam
only after clearing Class 12.
c. Students from Arts, Science and Commerce
streams in Class 12 are also eligible to register
for CPT course.
d. After clearing CPT exam, the candidates can
enroll into ICAI.
e. Qualifying CPT is a gateway to register for
Accounting Technician Course
(ATC). Candidates who had formerly registered
for IPCC can enroll for ATC.
f. Candidates must score at least 100 out of 200
marks in CPT to apply for IPCC (Integrated
Professional Competence Course).
g. Candidates must score at least 40 marks in
each subject and an aggregate of 50% or above
to clear IPCC.
h. Scoring 60 marks and above in any subject will
exempt you from reappearing for that particular
subject in case you fail the course and plan to
give the exams again.
i. Clearing IPCC exam is a gateway for the
candidates to do an internship of three years
under a certified CA. The Articleship is an
opportunity to learn how accountancy is
handled by an experienced Chartered
Accountant.
j. During the final six months of three-year
Articleship, the candidates can appear for CA
Final course exams.
k. Finally, the candidates who clear CA Final
exam and featured in All-India merit list will be
awarded the designation of Chartered
Accountant.

L. Technical:
1. Basic knowledge of Generally Accepted Accounting
Principles (GAAP)
Generally Accepted Accounting Principles, or GAAP,
define the set of standards that govern the practice of
accounting in the United States. They’re meant to
standardize accounting practices across organizations
and industries and ensure that a company’s financial
statements are clear and complete.
GAAP is a best practice for anyone working in accounting,
but if you’re working for a publicly traded company,
they’re a requirement. Organizations that trade on
public exchanges are mandated to file GAAP-compliant
financial statements regularly. Even for private
companies, GAAP compliance is viewed favorably in the
eyes of lenders and creditors.

2. High level of proficiency in Microsoft Excel

Trying to get an accounting job without knowing
Microsoft Excel is like trying to become a bus driver
without a driver’s license. It’s a basic job requirement.
While not all accounting or finance professionals will
work in Excel on a daily basis, spreadsheets are standard
fare in the field, so it’s still essential to be able to read and
analyze the data in them.
At a minimum, accounting and finance candidates should
have a solid footing with Excel’s basic features like
formulas, sorting and filtering. For roles that will use the
platform as part of their primary job duties, candidates
should be proficient with advanced features like pivot
tables, VLOOKUP, and what-if scenarios.
As the size of an organization grows, so does the volume
of data you’ll be dealing with, making these technical
skills even more valuable for jobs with enterprise-level
organizations.

3. Knowledge of Quickbooks
Quickbooks is one of the most widely used pieces of
accounting software among small businesses, with the
online version alone boasting some 4.2 million
subscribers. The software offers a suite of financial
features that are useful for growing organizations, like
expense tracking, invoicing, and payroll.
If you’re going to be working for a small or medium-sized
organization or doing business with them, it’s highly
likely you’ll be working in Quickbooks, so knowledge of
this platform is definitely a technical accounting skill you
want on your resume.
 4. Experience with business intelligence
software
Accounting and finance professionals do much more than
just track money in and money out. They play a crucial
role in guiding the financial direction of the organization.
This requires the ability to make accurate predictions
about what the future holds in terms of sales, inventory
and labor, and use that data to make recommendations
to the board of directors or c-suite.
Experience with ERP, or enterprise resource planning
software, is one of the core skills required for accounting
and finance jobs, especially higher-level jobs like senior
accountants and financial analysts. You’ll need to use
ERP software like SAP and Oracle to plan the purchase of
raw materials, control inventory, facilitate distribution,
allocate labor hours and more.
Additionally, you might need to work with popular
business analytics and reporting software like Tableau
or Zoho Analytics. These platforms help organizations
take raw data and turn it into visualizations and other
meaningful forms of information that can be used to
make decisions.
 5. Knowledge of tax preparation software
There’s an entire segment of the accounting and finance
industry dedicated to tax. If you work in this part of the
field, you’ll obviously need deep knowledge of the
software your organization uses for tax preparation.
But even if you don’t work specifically in tax, you’ll likely
be keeping records and preparing documents for
colleagues who do. So, having a working understanding
of the platform your company uses for tax preparation is
helpful. Lacerte, ProConnect, and Drake are a few of these
commonly used programs.

6. Proficiency in preparing financial

statements
Financial statements are the on-paper records of an
organization’s business activities and financial position.
They’re used by many entities, including but not limited
to the business itself, employees, shareholders, potential
investors, and financial institutions, so these statements
must be clear and easy to understand.
There are three main documents you’ll need to be
familiar with: the income statement, the cash flow
statement, and the balance sheet.
An income statement, also called a profit and loss or P&L
report details the company’s earnings and various
expenditures over a given period of time. A cash flow
statement reports on the movement of a company’s cash,
which should include operating costs, investment
activities and financing activities. A balance sheet is a
moment-in-time breakdown of a company’s assets,
liabilities, and owners’ equity.
Taken together or independently, these statements serve
as an at-a-glance-indicator of a company’s financial
health. It’s up to you as a finance professional to ensure
they’re prepared accurately.

7. Data query/data management abilities

The amount of raw data in the world is growing
exponentially, and that includes the financial data of
organizations. One of the most relevant technical
accounting skills for a competitive candidate is the ability
to help a company manage and employ said data to its
advantage.
One way of doing this is through data query skills, and
one such data query language is SQL. SQL stands for
structured query language. In layman’s terms, it’s a
programming language used to pull the information you
need from large volumes of data.
Imagine an order database for a major company like
Target or Amazon. Let’s say that for sales tax purposes,
the company needs to be able to easily tell which state a
customer lives in based on their order number, and they
need to be able to find that information with the touch of
a button.
Now, all those orders and the corresponding customer
information are of course stored somewhere, but with a
company so large, the number of records is in the
millions. Finding this information manually is possible,
but it isn’t efficient or realistic on a large scale. Instead,
an accountant with knowledge of SQL could create a
function so that as soon as they input an order number,
the customer’s state and corresponding sales tax
information is instantly displayed.
In a similar fashion, data query skills can be useful in
identifying business patterns in a set of data and even
catching fraud. Once you’ve determined what data you
need to access, data query skills help you take the next
step and get that data.

8. Independent research skills

The last item on our list of skills required for accounting
and finance is the ability to conduct independent
research. No matter how strong your finance skills,
 you’re bound to run into scenarios where you don’t have
the answer. When that happens, how will you find the
answer?
Top candidates should know where to turn to find the
information they need, be it by searching accounting
databases, poring through pieces of government
legislation or searching online forums. The best finance
professionals don’t necessarily have an encyclopedic
knowledge of financial rules and regulations, but you can
bet they know where to find them.

Working arrangements
You need to be working in a relevant accounting role

for at least 17.5 hours per week with a verified

approved employer.

There are two types of approved employers:

• An Approved Training Employer (ATE) who offers

work experience and training that meets the
practical experience requirements for Chartered
Accountants.
 • A Recognised Training Employer (RTE) who offers
an in-house training program that has been
approved by Chartered Accountants Australia and
New Zealand.

Q6. Higher & additional qualifications

required
Ans. The minimum qualification required to pursue
ICAI CA course is Class 12. The candidates who
have passed Class 12 can take up CPT course.
Common Proficiency Test (CPT) is the beginning
stage to start a career in Charted Accountancy.

Q7. What are exams (oral and written)

conducted for this

Ans. Chartered Accountant Course

The course of Chartered Accountancy is divided into
three major parts. The three parts of CA are the
Foundation Level, the Intermediate Level, and the Final
Level. The course content of all the three parts of CA
differs from each other. Find the CA curriculum for all
the levels in the tables given below.
CA Foundation Course Papers
Paper Subjects Sections
Principles
Paper
and Practice -
1
of Accounting
Section
A:Business
Business Laws
Laws
and Business
Paper 2 Section
Correspondence
B:Business
and Reporting
Correspondence
and Reporting
Business Part 1:Business
Mathematics Mathematics
Paper 3 and Logical and Logical
Reasoning and Reasoning
Statistics Part 2:Statistics
Part 1:Business
Business
Economics
Paper 4 Economics and
Part 2:Business
Business and
and
 Commercial Commercial
Knowledge Knowledge
CA Intermediate Paper Groups
Paper
1:Accounting
Paper
2:Corporate
and other Laws
(Part 1-
Company Law,
Part 2- Other
Laws)
Group Paper 3:Cost
1 and
Management
Accounting
Paper
4:Taxation
(Section A-
Income Tax
Laws, Section
B- Indirect
Taxes)
 Paper
5:Advanced
Accounting
Paper
6:Auditing and
Assurance
Paper
7:Enterprise
Information
Systems and
Strategic
Management
Group (Section A-
2 Enterprise
Information
Systems,
Section B-
Strategic
Management)
Paper
8:Financial
Management
and Economics
for Finance
(Section A-
Financial
 Management,
Section B-
Economics for
Finance)
CA Final Course Papers
Paper
1:Financial
Reporting
Paper
2:Strategic
Financial
Management
Paper
3:Advanced
Group Auditing &
1 Professional
Ethics
Paper
4:Corporate &
Economic Laws
(Part 1-
Corporate
Laws, Part 2-
Economic
Laws)
 Paper
5:Strategic
Cost
Management &
Performance
Evaluation
Paper
6:Elective
Paper
List of all
Elective
Papers:
Group
6A-Risk
II
Management
6B-Financial
Services &
Capital
Markets
6C-
International
Taxation
6D-Economic
Laws
6E-Global
Financial
 Reporting
Standards
6F-Multi-
disciplinary
Case Study
Paper 7:Direct
Tax Laws &
International
Taxation (Part
1- Direct Tax
Laws, Part 2-
International
Taxation)
Paper
8:Indirect Tax
Laws (Part 1-
Goods &
Services Tax,
Part 2-
Customs &
FTP)
Q8. What educational institutions are
involved in it?
Ans
 Total
No. Ciolleges Location Fees
(Rs)
The Institute
of Chartered
1. Noida -
of India
(ICAI)
Indian
Institute of
2. Finance and Pune -
Accounts,
Pune
Pearl
Accountants,
International
3. Kochi -
Accountants
and Business
Consultants
Zell 2.85
4. Mumbai
Education L
Vista 32.5
5. Dehradun
Academy K
6. ETEN CA Guwahati -
 PIRON School
7. of Business Mumbai -
and Finance
Siddharth 8.5-
8. Thane
Academy 12 K
Navkar
9. Ahmedabad -
Institute
10. CMS For CA Hyderabad 20 K
PIRON School
of Business
11. Bangalore -
and Finance,
Bangalore
International
School of 33-
12. Secunderabad
Financial 53 K
Studies

Q9. What are the future job opportunities

in it?
Ans. Chartered Accountants can find employment in the
following areas after attaining the necessary skills and
qualifications: -
• Public and Private Sector Banks
• Public Limited Companies

• Auditing Firms

• Stock Broking Firms

• Finance Companies

• Investment Houses

• Legal Firms

• Patent Firms

• Portfolio Management Companies

The qualification of CA is globally recognised, and the

industry outlook for Chartered Accountants is indeed
bright

These above are some levels or opportunities in this

job as a future.

Q10. What are the problems & challenges

faced by you
Ans. •
Repetitive work:
Before you find yourself covered in accounting glory
and pushing analytics and brainstorming strategies,
you will have to work your way up with a little bit of
repetitive work. In large organizations, you will have a
fair share of audit work that will repetitive in nature.

Working Overtime:
The perks of a profession never come without a little
pain. So, you need to be fully prepared to put in long
hours at your desk. If you are the type who likes to log
out at cease work, then it may be tough on you, because
there will be times when you will actually put in more
than 75 hours every week.

Competition:
You are not the only one in the reckoning. Well, this
applies to most jobs, so it should not be something that
is unique to accountants. You need to be prepared to
wade through competition, with strong-willed,
professionally qualified and ambitious accountants
who will be contenders for what you aim. To make it big,
you really need to prove yourself, in the midst of
competition.

Focus under pressure:

Keeping a cool head and working better under
pressure. At times, you will be put through a great deal
of pressure. You will be staring at deadlines that may
appear to be hurtling at you, you will be multitasking at
times and you will definitely feel a bit overworked. It is
during these moments of pressure that you need to keep
a level head and emerge as a gritty and feisty
professional who can handle the pressure.

Continuous Learning:
Accounting is a profession that needs to integrate
practices with a set of standards that will constantly be
in a state of flux. Which means that you need to know
what is in and what is out. Your training, your
qualifications will help you get there, but to remain
there, you need to be in sync with the very latest
developments. And this includes, not just the
compliance aspect, it very much includes the technology
and new processes to bring in efficiency.
• Detail-oriented:
You need to have an eagle eye for detail. It is not just the
figures, but a whole load of background information
that needs to be considered to help your client. If you are
the type who has a natural eye to discern the little
details, then you have a natural ally in your abilities. If
you do not possess the ability, then you need to develop
a habit – the need to pore over details with additional
patience and concentration to become more detailed
oriented.

Steady growth and not ballistic:

Accounting for career purposes is more of a traditional
area. Climbing the ladder will be a steady ascent, and if
you are expecting an overnight ballistic move into the
higher rungs of the hierarchy, then you have got the
structure wrong. While the cycle, the process of moving
higher has certainly accelerated, with a large number
of firms and expansion witnessed in this milieu, you
need to be ready to ascend steadily.

Non-Negotiable deadlines:
There really is no way around deadlines. Not only is
accounting important for routine operations in an
organization or a business, it is tethered to compliance.
Therefore a missed deadline can result in punitive
actions on your clients. So, if you are the type who likes
to cut things a bit too fine by keeping it for the last, then
you really need to change the way you function. Missed
deadlines can see you lose clients, can see clients lose
revenue, and this is definitely not what you set out to
achieve as an accountant.

Do-it-yourself Economy:
You need to be prepared for a little shock at times. As a
professional with in-depth knowledge and experience
about certain situations and the consequences of
actions, you will inevitably offer sound advice to your
clients in their best interests. However, this is the era
where everyone, you included, may look for a little
shortcut here, a little quick fix there or attempt to do
things yourself. And this may not be the best decision.
So, it will come as a shock when you see that your advice
has been discarded for a poor decision, which you know
pretty sure is going to hurt the client badly. You need to
be ready with a solution that will help your clients climb
quickly out of the pit they have landed themselves into.
 Technical know-how:
Technology is transformational in nature, it can enable,
it can become a powerful force multiplier, it can
automate processes, it can bring in efficiency in the
most cost-effective manner. You need to be fully aware
of the latest tools like SAP, Oracle, and Spreadsheets
that are deployed, and you need a level of proficiency
that can help you leverage the tools for better
results. Stay tuned to developments and become a part
of transformation processes to reap dividends.

Q11.What is career path in it?

Ans. Starting as a CA, you can expect to climb up the

ladder up to the CFO position in a company.
Alternatively, you can set up your own practice.
Apart from being investors and entrepreneurs, CAs
are journalists, film producers and actors as well.
Illustrious CAs include Kumar Mangalam Birla,
Naina Lal Kidwai, Piyush Goyal, Suresh Prabhu,
Motilal Oswal, Rakesh Jhunjhunwala, S.Gurumurthy,
and T.V. Mohandas Pai.
The CA qualification opens avenues across a wide range
of exciting career opportunities, both in India and
internationally. Certain segments such as accounting,
auditing, and taxation are zones of exclusivity for CAs
while areas such as Treasury, Investment Banking,
Mergers and Acquisitions, Private Equity and Venture
Capital see them battling for dominance with the MBAs.

To be honest, MBAs are often preferred for the same as

compared to CA. This is because an MBA is an on-
campus course and is assumed to have been
professionally groomed in course of the 2 year M.Com
program on campus and have better communication
skills. CA, on the other hand, is a correspondence course.
And the articleship experience that you get is non-
standardised, ranging from a Big 4 firm like Deloitte,
EY, PwC and KPMG to a small-mid size CA in practice.

Nowadays the preferred option is to complete both CA

and M.Com to become a highly sought after professional
in the corporate finance space.

Part (B)
Q12. What experience earned by me while
preparing for the project work?
Ans. Earlier I was on the surface level of the concept
of insurance but while making project learnt a lot
about this.

Q13. What are supports and facilities

received by teachers?
Ans. Teachers guide me a lot throughout the project.
They told me about the basics which gave me a
direction to lead. They even helped me to gather
information by telling about reliable sources.

Q14. My Exam Results

S.no. Name of Class Obtain/Total Result

1 M.com 1st sem 118/200 Pass

2 M.com 2nd sem 135/200 Pass

3 M.com 3rd sem 133/200 Pass

 Part- C

Q15. My evaluation about employment

opportunities and qualification
Ans. India is a country of a large proportion of
persons being in employable age. Adequate
prospects for employment and consistent earnings
help in sustenance and utilization of the potential of
this work force for national growth. Challenges at
work and incentives on meeting them provide the
environment for job satisfaction obviating frequent
change of job for better prospects. Financial sector
provides ample employment opportunities because
of low levels of financial inclusion and high potential
for growth in the sector. Insurance, within the
financial sector, plays a vibrant role in the economy
and there are a variety of risks in day to day life
requiring insurance protection. In simple terms,
insurance is a mechanism of sharing of losses of a
few by many. Though the pooling mechanism exists
in the society since ages in various forms, the modern
form of insurance can be traced to Europe, starting
with marine expeditions in pursuit of business.
Subsequently, the concept extended to development
of Life Insurance and other forms of property
insurance. By the end of the 19th century, health
insurance emerged as a means of health care
financing and is considered as a means of social
security protection both by employers and also by
Governments in various countries including India.
This diversity of various classes of insurance
business requires human resources of different
levels of education, technical know-how and
expertise. After the advent of financial sector
reforms in 1990s, the insurance industry was opened
for private participation and foreign equity in India
in early 2000. Insurance Regulatory and
Development Authority of India (IRDAI) is a
statutory body formed in April, 2000 under an Act of
Parliament by Government of India to protect the
interests of the policyholders and to regulate,
promote and ensure orderly growth of the insurance
industry in India. At the time of opening up of the
sector, there was only Life Insurance Corporation of
India offering life insurance products; four
subsidiary companies under the flagship of General
Insurance Corporation of India were offering
general insurance or non-life products; and ECGC
was a specialized insurer. After allowing private
sector companies into insurance sector, the industry
has so far witnessed the entry of 23 new private
companies in the life segment and 22 in the non-life
segment. During this period, various insurance
intermediaries viz. Third party administrators,
Corporate agents, brokers, micro insurance agents,
web aggregators, insurance repositories etc., have
been introduced into market for servicing the
insurance sector. The sector has seen a high growth
in the last decade, both in the Life and Non-life
segments and is poised for growth to reach the
untapped segments because of low insurance
inclusion. As such, insurance industry is poised to
provide secure employment and job satisfaction for
a large number of individuals with varying levels of
educational qualifications, knowledge and skill sets.
Thus, it provides an ideal platform for employment
of the educated youth both in urban and rural areas.
Q16. Progress in verbal and written
capacities.
Ans. I have demonstrated my strong communication
skills, both verbal and written throughout my career.
My written presentation of answers in examination
is improve.

Q17. Future prospects in Chartered

Accountant?
Ans. The future growth for a chartered accountant
is huge as compared to other jobs. The rapid
growth of the money market is increasing the
demand for chartered accountants. Each and
every company or even individuals in the service
sector, seek assistance of a CA when it comes to
the management of money. CA basically helps
businesses to keep track of all the recent changes
in the law and keep the finance matters on track
with the same.

The future of Chartered Accountant is somewhat

secured as the Company Act authorises only
certified chartered accountants to conduct audits
for credential certifications. Therefore, practically
speaking every company requires the services of
Chartered accountants. Thus, the future seems
promising but again it all depends on one’s
performance

Q18. Importance of Chartered Accountant

?
Ans. Chartered Accountancy not only deal with debit-
credit of the accounts but they play a very important
role at a big level in nation-building. CAs are foundation
base of the economy and utilizing the financial
expertise, the nation gets right direction in various
financial and economy related measures to enhance the
decaying Indian economy and enhance the economy
along with industrial growth.
Chartered Accountant contributes in fields of Tax
planning, capital budgeting, budget forecasting,
financing or any other activity, preparation of books of
accounts, and in every field as well. In the current
scenario, after GST implementation, the role of
Chartered Accountants has become very important.
From the drafting rules to provisions to
implementation of GST, the role and expertise of CAs
were utilized to the fullest.
Some of the practical roles which are played by the
Chartered Accountant is here:
1. Accountability
2. Social Accounting
3. Taxation
4. Capital Formation
5. Economic Planning
Chartered Accountant is helpful in building a nation
and here are some roles they play in the economy and
finance-related concerns in a nation:
It was well said by Dr. APJ Abdul Kalam that Chartered
Accountants are partners in the nation building.
A Rational person can see the participation of
Chartered Accountants in every field. Whether it is
related to budget forecasting, Tax planning,
preparation of books of accounts, capital budgeting,
financing or any other activity, need of Chartered
Accountants are in every field.
Their expertise knowledge is required in every area. As
we know that trending topic of current scenario is
implementation of GST and Chartered Accountants are
playing a vital role in its implementation. Starting from
drafting rules and provisions for GST act till the
implementation of GST, knowledge of Chartered
Accountants is a pre-requisite.
Chartered Accountants play eminent role in various
fields. The knowledgeable advises of Chartered
Accountants are pre requisite in formation of any law
relating to commerce, taxation or legal fields. While
forming a law or any act Chartered Accountants are one
of the most important committee members. They have
comprehensive knowledge of various important
aspects which is important in formation of any law.
Chartered Accountants role in taxation field is
commendable. They are the masters of taxation. Due to
their discernment, they help in tax planning. It is
significant to understand the difference between tax
evasion and tax planning. Tax evasion is illegal and it
attracts penal consequences. On the other hand, tax
planning is legal which is beneficial to a common man
and to our nation both. Tax planning is the analysis of a
financial situation or plan from a tax perspective. For
growth of country, it is important for a nation that its
commercial sector grows. Chartered Accountants
provide requisite knowledge to business entities which
helps in smooth functioning of business.
A famous business entrepreneur Ratan Tata has made
a statement that “I need MBAs for running my business
but Chartered Accountants to teach them how to run the
business.” Chartered Accountant’s guidance helps in
efficient running of business. They deals with company
law matters, matters relating to taxation, helps in
preparing and maintaining books of accounts and
other documents as per applicable financial reporting
framework.
In era of globalization, business entities and even
government of our nation tries to join hands with
foreign companies. When any business entity starts
functioning on global level, many matters take place
like complying with laws of Foreign Exchange
Management Act or complying with rules and
regulations of governments of every country where
business is operating. Conducting business on
international level also involves inflows and outflow of
foreign currencies. A Chartered Accountant helps a
business entity to deal with all these matters. A
Chartered Accountant has expertise in these laws and
he/she guides a business in all these matters.
They also helps in regulating the foreign currencies by
entering swap contracts forward contracts, future
contracts etc. which in turn helps to regulate foreign
exchange inflow and outflow in the country. A nation’s
growth is in direct proportion with growth of its
citizens. Investment opportunities are gaining their
charm day by day. A rational investor wants to invest in
those stock portfolios which have chances of giving
maximum return. A businesses as well as investors have
to comply with laws relating to investment field like
rules and regulations of SEBI Act, 1992 and SCRA Act.
Government frames various laws and rules in this
regard to protect the interest of investors and to
maintain the economical growth of nation. Chartered
Accountant plays an incredible role in this field also.
They provide required knowledge to investors as well as
companies. They even have a role in framing policies
regarding laws of investment. We all know that e-
commerce sector is also growing at an increasing rate.
Google tax Equalization Levy, Various provisions of TDS,
TCS attracts the e-commerce industry. A Chartered
Accountant helps this sector by providing sufficient
guidance and by handling their taxation matters.
Next important area in which Chartered Accountants
role is important in nation building is preventing
Corruption, malfunctioning, window dressing,
detecting frauds in companies etc. A nation will grow
only after the end of corruption. Chartered Accountants
helps to minimize the corruption by following rules and
regulations and by creating awareness in people about
wrong practices and its penal consequences. In a
company, auditor (Chartered Accountants) is required
to express his opinion on true and fair view of financial
statements. An auditor tries to search about wrong
practices done by management or staff and it is his duty
to express his opinion on it. As per orders of Comptroller
and Auditor General (CAG) of India, Chartered
Accountant also express his opinion on financial
statements of a government company. Auditor’s
opinion increases the trust of investors as well as it
helps in restricting any malfunction.
A Chartered Accountant is an important pillar in
economic growth of nation. The View of Chartered
Accountant to solve the financial problem is different
from others due to their knowledge and expertise in
field of finance taxation, stock market, and company
law matters, FOREX, etc. It helps even common man or
residents of country in understanding the rules and
regulations.
So it is rightly said that Chartered Accountants are
partners in nation building.
 BIBLIOGRAPHY:
1.Shuchita Prakashan Scanner CA Intermediate on
Accounting
2.Principles and practice of Accounting – P.C. Tulsian
and Bharat Tulsian
3.Mercantile Law – P.C. Tulsian