The importance of being a certified chartered accountant
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The importance of being a certified chartered accountant

The importance of being a certified chartered accountant

About The importance of being a certified chartered accountant

 

We all have known about the profession of accountant who perform financial functions related to the collection, accuracy, recording, analysis and presentation of a business, organization, or company’s financial operations. Middle to large scale companies may utilize an accountant as an advisor and financial interpreter, who may present the company’s financial data to people within and outside of business. Chartered accountants were founders of accounting profession they hold influential positions around the world as business leaders, decision makers and trusted advisers. Chartered accountants are working in every part of an economy, providing advice and financial expertise that informs the management of business and public sector organizations alike.

Chartered accountants are bound by Code of ethics in high profile companies and subject to disciplinary procedures. Training can be started after leaving school or college. The demand for professional accountants brought a need to protect the public from rouge practitioners who had the potential to damage the reputation build by genuine and honest accountants. To gain respectability and protect their interest the accountants required an organization that would be able to regulate the training of new members, set standards of conduct and have the authority to punish those who broke rules. Chartered accountancy emerged in 19th century from United Kingdom. The Institute of Chartered accountants in England and Wales was established by Royal Charter on 11 May 1880. Chartered accountancy is a prestigious, responsible and rewarding profession. It combines theory and practice with analytical and technical skill to look after the entire operations of management of a modern day business. It holds top management position in public and private sector. Based on specialized knowledge Chartered Accountants render consultancy services like formulation of profit planning programs, guiding the management decisions, feasibility study, investment proposals, tax management consultants and audits. The sustained demand of qualified, trained and experienced chartered accountants is growing day by day. Institute of Chartered Accountants of Nepal (ICAN) is member of International Federations of Accountants, Confederation of Asia and Pacific Accountants, South Asian Federation of Accountants. CA is a combination of depth theoretical education, practical training with sound analytical and problem solving skills to the students. This makes this course a very challenging subject. As a responsible Chartered Accountant looking after managing financial systems and budget, undertake financial audits, provide financial advice, liaise with clients and provide financial information , review company’s system and analyze risk, perform test to check financial information and systems, advise client on tax planning and tax issues associated with activites, maintaining accounting records, preparing account and management information for small businesses, advising clients on business transactions such as merger and acquisitions, counsel clients and dealing on insolvency, identifying frauds and preventing them, manage junior colleagues are the main areas of responsibilities. Working hours vary depending on the role and the type of an organization, but typically aren't 9am to 5pm. Working extra hours in the evening and at weekends is quite common in order to meet deadlines, particularly in larger firms. As a trainee, you'll usually be given time off in lieu of any overtime worked. Due to the high-profile, high-responsibility nature of the work, the dress code is usually formal. Travel within a working day is frequent in audit work, which is carried out mainly at client premises. Absence from home overnight and occasional overseas travel is possible. For studying this course entry is open to graduates of all disciplines, as companies offering training agreements, interested graduates from a range of backgrounds can join CA programme. In Nepal the course of Chartered Accountancy are layered in following pattern:

                                                CAP-1 Year

  Group

   Subject

Marks

Paper 1

Fundamentals of Accounting

100

Paper 2

Mercantile Laws and Fundamentals of Economics

100

Paper 3

Fundamentals of Management and Commercial Mathematics and Statistics

100

                                   

 

CAP - II- Nine Months.

Group

Subject

 Marks

Paper 1.

Advanced Accounting

100 Marks

Paper 2.

Audit and Assurance

100 Marks

Paper 3.

Corporate and Other Laws

100 Marks

Paper 4.

Financial Management

100 Marks

Paper 5.

Cost and Management Accounting

100 Marks

Paper 6.

Business Communication and Marketing

100 Marks

Paper 7.

Income Tax and VAT

100 Marks

 

 

 

CAP -III- Three Years (including practical training).

The CAP-III level comprises 8 papers divided into two groups as follows:

 

Group I                        

Paper 1.

Advanced Financial Reporting

100 Marks

Paper 2.

Advanced Financial Management

100 Marks

Paper 3.

Advanced Audit and Assurance

100 Marks

Paper 4.

Corporate Laws

100 Marks

 

Group 2:

Paper 5.

Management Information System

100 Marks

Paper 6.

Advanced Taxation

100 Marks

Paper 7.

Advanced Cost and Management

100 Marks

Paper 8.

Strategic Management and Decision Making Analysis

100 Marks

 

Students who are willing to enter in the professional CA course immediately after completion of higher secondary education (10+2, PCL, A Level or equivalent).the duration of CAP-I Level Course is one year criteria). Students those appeared for the final exam of +2 or PCL or equivalent and waiting their result may register their names provisionally. Graduates/Post Graduates who have scored less than 50% in commerce and less than 60% in faculty other than Commerce and thus were ineligible to register directly in CAP-II Course must follow the criteria for CAP- II Level registration Provisional Registration for students who appeared for the final exam of +2 or PCL or equivalent and waiting their result may register their names provisionally. Where other professional accountancy bodies outsource their education, Chartered Accountancy trainees benefit from classes run directly by ICAN. Students have greater levels of contact both with the Institute and their lecturers, both of whom work closely together to ensure the highest standards of delivery. Students choosing the distance program will watch content online and attendance workshops for around 2 days per month. For an accountancy qualification to be truly global, accountancy bodies in other countries must recognize not only your education, but also the training you undertook to become qualified. The training contract lasts for three to five years, so it's important to consider the package of training, leave and pay offered by your employers before you commit, as managing professional study while working can become demanding. Competition is tough and the selection process is rigorous. It's best to start applying in the autumn term of your final year at University to ensure yourself access to the biggest range of opportunities. Chartered Accountants are found at the highest level in virtually every sector from financial services and banking, to the public sector. The rewards that go with the Chartered qualification are significant. There is a strong emphasis on continuing professional development (CPD) in this career. Once you've qualified as a chartered accountant, you'll need to keep up to date with technical and business issues. Your membership with a professional body will help facilitate this. After finishing training and obtaining license only then chartered accountants work outside public practice in position like internal auditor, financial accountant and business analyst.