“The signature of a Chartered Accountant is more important than the signature of the Prime Minister”
-PM Narendra Modi (India)
Have you ever wondered what makes a Chartered Accountant so supreme? Is a Chartered Accountant just restricted to Audit & Accounts?
Chartered Accountant is one of the most prestigious professions in India that is evolving at a rapid pace, carrying innumerous responsibilities in the field of business & finance. Well breaking the myth, a CA is no more limited to its conventional role of auditing & accounting or financial reporting. CA is a dynamic profession where one work in a wide array of sectors and is responsible for various acts as discussed below:
- Strategic Financial Management – Keeping in consideration the strategic goals of an organization, a CA is also involved in the conceptualization and execution of the objectives & goals on behalf of the owners after analyzing the business environment & its resources.
- Tax Consultant – The optimum planning of finances either as an individual or as an organization makes tax planning a significant part of tax efficiency and hence who better than CA can act as Tax Consultant.
- Auditing – We all know the function of auditing is naturally inherited by a CA, but the scope of auditing has taken revolutionary progress over the years as one can conduct different kinds of audits. Discussing the few unconventional types of audits –
- Energy Audit – This is to analyze and regulate the flow of energy in the system to minimize the amount of energy input into the system.
- Forensic Audit – This type of Audit involves inspection of the financial statements especially in case of courts for evidence.
- Environment Audit – This type of Audit is mainly to identify and manage environmental compliances along with taking the corrective course of action.
- Due Diligence– Before entering into any financial event or related agreement reasonable care should be taken and as a CA one can choose a career in Due Diligence for the same purpose.
- Management and Business Consultant – The growing and flexible business scenarios have paved the way for CA’s to enter into this arena as well where they can be a consultant for the organization in the areas of Management and Business matters considering every financial aspect.
- Transfer Pricing – Under this role one can help in setting the prices for goods and services sold between controlled (or related) legal entities within an organization.
- Advisory Body – A CA is in itself not less than an advisory body as it advises clients on various financial and tax related matters which indeed help in prevention and minimization of frauds.
Above discussed are just few from the lot of many specializations that a CA can work on to diversify their skills & role in the entire professional unit. Along with that CA’s are required in diverse organizations from their individual practice to companies whether public or private including profitable or not for profit organizations. A CA is aware about all the related laws and their changes, and hence is required in abundance in almost every sector. Along with it a CA can work at managerial position who will direct the organization in all the aspects discussed above.
As a Chartered Accountant one is bound to be an effective business leader and motivated for lifetime learning and growth which will lead to the extractions of one’s highest calibre as a professional. But remember it’s not a piece of cake. One needs to be self-motivated, determined & committed enough towards this profession with utmost honesty & integrity. And there isn’t anything more delightful than owning this prefix for you.