Chartered Accountancy as a Profession

 

Chartered Accountancy is a challenging profession that offers practice or job opportunities in the areas of Accounting, Auditing, Corporate Finance, Project Evaluation, Company and other Business Laws, Taxation and Corporate Governance. The multi-faceted knowledge a Chartered Accountant enjoys through unique academic programme blended with practical training is what the business and industry need in the advent of liberalization, privatization and glottalization of Indian economy. Chartered Accountants are better equipped to discharge accounting and audit functions in a computerized business environment.

Role played by a Chartered Accountant

  • Chartered Accountancy Course offers the students a dream career in the specialized areas of Accounting, Auditing, Corporate Finance, Corporate Laws, Taxation.
  • Chartered Accountants are highly demanded professionals in industry.
  • Chartered Accountants are statutorily recognized audit practitioners.
  • Chartered Accountants are highly demanded and sought-after professionals in the practice of Income-tax, Service-tax and other indirect tax areas.
  • Chartered Accountants are technically equipped to act as Management Consultants.
  • Chartered Accountants possess adequate knowledge in systems and information technology, which help to excel in the areas such as development of advanced IT systems for the organizations including for the functions of finance and accounting.

Independent Professional Practices

As practitioners of Public Accounting, CAs may start Professional Practice as a proprietor or join any existing firm as a partner or staff member. A CA provides compliance and review services. A CA also acts as a business advisor by providing all kinds of services including the preparation of financial reports, helping the business to secure loans, preparing financial projections and determining the viability of business. As a tax advisor, a CA helps businesses and individuals to comply with tax laws.

Management Consultancy Services

CAs play a vital role in assisting business and industry to improve the use of their resources, increase their efficiency and achieve their objectives. The breadth of management advisory services rendered by CAs reflect their expertise in diverse areas. Such services include financial management, planning and financial policy determination such as

  • Preparation of project reports and feasibility studies.
  • Market research and demand studies.
  • Budgeting, inventory management, working capital management.
  • Business policy, corporate planning, organization development, growth and diversification.
  • Organization structure and behavior, development of human resources.
  • Systems analysis and design, and computer related services.
  • Advisor or consultant to capital issue.
  • Investment counseling in respect of securities.
  • Corporate Governance.

Statutory Monopoly

Chartered Accountants enjoy Statutory Monopoly in the following fields of service. These services can be rendered only by Chartered Accountants holding Certificate of Practice Issued by ICAI.

  • Tax Audit under the Income Tax Act, 1961.
  • Statutory Audit under the Companies Act, 2013.
  • Audit of co-operative societies and other associations under various State Legislation.
  • Value Added Tax Audit in various states.

Different Stages of Chartered Accountancy Course:

Entry Level Test : CPT Course (Common Proficiency Test)
First Stage: Accountant Technician Course (ATC)/Integrated Professional Competence Course (IPCC)
Final Stage: Final Course

Pathway to CA
1. Enroll/Register
with Institute of Chartered Accountant for Common Proficiency Course (CPC).
Minimum Qualification: Pass in Class X from a recognized Board.

2. Appear For Common Proficiency Test Eligibility Criteria
(i) Completed a period of 60 days from date of registration for CPC as on the first day of the month in which examination is to be held.
Since Examinations are held in month of June & December student should enroll for CPC on or before 31st March for June attempt and 30th September for December attempt.
(ii) Pass 10+2 Examination conducted by a recognized board. Even students whose results are awaiting can appear. However, they are required to produce their pass certificate for admission to IPC course (after CPT).
Note: Students of any stream at 10+2 can appear for CPT

3. Enroll/Register for IPCC or ATC
Eligibility Criteria:
Pass in 10+2 and CPT
The Subjects for IPCC are:
IPCC Group I

(i) Accounting
(ii) Business Laws, Ethics and Communication
(iii) Cost Accounting and Financial Management
(iv) Taxation

IPCC Group II
(i) Advanced Accounting
(ii) Auditing and Assurance
(iii) Information Technology and Strategic Management

4. Appear in Intermediate Examination for either single or both groups.
Eligibility Criteria:

  • Completion of 8 months study course as on Ist day of month in which examination is to be held.

5. Join Practical Training under the guidance of a Practicing CA and undergo 2 General Management and Communication Skills (GMCS) course of 15 days each during the first year of practical training and during 19-36 month of practical training. Also complete a course on Advanced Information Technology Training during 3rd year or before appearing in final examination.

Eligibility Criteria For Practical Training
(i) Pass in at least Group I of IPCC
(ii) Completion of 100 hours of IT training and 35 hours of Orientation Programme.

6. Enroll for Final Course
Eligibility Criteria:
Pass in both groups of IPCC
The subjects in Final Course are:
CA Final Group I
(i) Financial Reporting
(ii) Strategic Financial Management
(iii) Advance Auditing and Professional Ethics
(iv) Corporate and Allied Laws

CA Final Group II
(i) Advanced Management Accounting
(ii) Information Systems Control and Audit
(iii) Direct Tax Laws
(iv) Indirect Tax Laws

7. Appear in Final Examination Eligibility criteria on completion of practical Training or while serving last 6 Months of practical Training.

8. Enroll for Membership Eligibility Criteria
(i) Pass in Final Examination (Both Group)
(ii) Completion of Practical Training
(iii) Completion of GMCS II (if not completed)

 

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