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<b><font color="green"><font size="4">Why adopt Chartered Accountancy as Career</font id="size4">
Introduction
Chartered Accountancy as a profession is attracting a lot of young and witnessing a rapid growth, thanks to the growing corporate sector. Chartered Accountants usually occupy high and respectable posts in a given organization. They are the ones responsible for handling accounts and finance related matters, deal with money management, prepare, analyze and audit accounts along with providing financial advice.
Only members of the Institute of Chartered Accountants can call themselves Chartered Accountants, upon attaining the certificate from the Institute. Legally only qualified Chartered Accountants are authorized to audit and certify a company's books of accounts. They ensure that the financial transactions of an organization are maintained as per the guidelines laid down by the law. The accounting department prepares analyses financial reports and documents of an organization. Also they keep track of cost of management of the company and manage tax matters. Later these figures and statements are examined, verified and then certified by auditors.
Nature of Work
Chartered Accountants are generally found to be working either as employees in a firm or they indulge in their private practice. The range of work in both the cases depends on the size of practice. Some of the areas suited to the services of Chartered Accounts are as follows
Ãâ÷ Auditing- internal/ external
Ãâ÷ Money management
Ãâ÷ Tax advice
Ãâ÷ Market rating/ grading
Ãâ÷ Preparing project reports
Ãâ÷ Market research
Ãâ÷ Cost analysis
Ãâ÷ Budget planning
Ãâ÷ Working capital management
Ãâ÷ Policy planning etc.
FINANCIAL ACCOUNTING Maintaining financial records of an organization are of utmost importance. Financial accounting is a branch of accounting which deals maintaining the financial records. It involves operating accounts, interpreting, supervising, controlling and organizing income and expenditure, doing internal audits, dealing with wages and salaries, paying accounts and sending out invoices, and coping with taxes etc.
AUDITING One of the important tasks performed by Chartered Accounts is auditing. It is the methodical examination and review of the accounts. Chartered Accounts examine and verify the books of accounts and other necessary documents of their employers or clients. On satisfaction, they issue a certificate about the company's financial state. Auditing can be further classified into sub-categories.
Statutory audit
Internal audit
Compulsory tax audit
Certification and audit
COST ACCOUNTING Cost accounting deals with working out the cost of a particular operation or job, taking into account relevant overheads. It is quite a complex task usually undertaken for monitoring expenditure, preventing it from over-shooting, minimizing costs, forecasting future needs and providing reports for management accounting etc. It also helps in drawing comparisons, analyzing costs and explaining financial information.
TAX MANAGEMENT Sometimes Chartered Accountants specialize in tax management. Their job is to legally ensure minimum incidence of tax. In doing so they have to cope with taxation laws and policies on national as well as international scale depending on the kind of company they work for. Tax management relates not only to direct taxes e.g. income tax but to indirect taxes like sales tax, excise tax, agricultural income tax etc.
CONSULTANCY The changing scenario in the business world has opened promising and challenging career opportunities for the aspiring young. Consulting services is one such opportunity which has drawn a lot of attention these days. Chartered Accounts often indulge in providing these services in the fields related to finance and accounts. They can efficiently provide services in areas like corporate law advice, project planning and finance, investigations relating to share valuation for takeovers, amalgamation, business advice, secretarial work etc.
Personality
Accountants must have good numerical ability and analytical mind to interpret facts and figures correctly. They should have logical and methodical approach. Concentration and attention to detail are critical. As their work often relates to discussing financial matters with number of people, sometimes with people who don't have background in finance, they should be able to express themselves clearly. This makes it imperative to have good understanding of the subject with equally good verbal and written skills. Sometimes the work can be extremely strenuous and exhausting especially during financial year closing, so stamina both physical and mental with patience to handle such situation is of added advantage. For accountants practicing privately, it is important to have necessary business skills and shrewdness to generate clientele.
Professional Course
Chartered Accountancy can be pursued after intermediate or graduation. The whole course can be divided into three stages.
1) Foundation Stage
2) Intermediate Stage
3) Final Stage
For the Student of Chartered Accountancy it is must to get training (Articleship) in a Chartered Accountants Firm for 4-5 Years
ASSOCIATE OF CHARTERED ACCOUNTANT (ACA-PAK)
The Institute of Chartered Accountants of Pakistan (ICAP) was established on July 1, 1961 to regulate the profession of accountancy in the Country. It is a statutory autonomous body established under the Chartered Accountants Ordinance 1961. ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian & Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).
Mission
while the prime objective of ICAP is to regulate the Profession of Accountancy in Pakistan, the main objects of the Institute are
To advance the theory and practice of Accountancy in all its aspects including auditing, financial management, taxation and management consultancy
ÃÆü To maintain high standards of professional conduct and ethics by all its members and students.
ÃÆü To conduct examinations of candidates for enrolment of members.
ÃÆü To induct and educate students and to provide continuing professional education to members in auditing, financial management, taxation and management consultancy skills.
CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANT (CIMA-UK)
CIMA members are Accountants in Business. We represent financial managers and accountants who work in industry, commerce, not-for-profit and public sector organizations. Our key activities are related to Business Strategy, Information Strategy and Finance Strategy. CIMA members are not trained in audit.
CIMA's focus is to qualify students, support members and employers, and protect the public interest. We represent the voice of over 80,000 students and 62,000 members in 155 countries.
CIMA's focus on management functions makes us unique, and we are internationally recognized as offering the financial qualification for business.
CIMA is 'rapidly becoming the chartered qualification of choice' according to recent independent research*, and we work with leading employers in the UK and around the world to train and qualify financial managers. We pride ourselves on the commercial relevance of our syllabus, which is continually enhanced to reflect the latest developments in business. In an age of growing globalization and intensified competition, the Chartered Management Accountant is fully prepared to meet the need for timely and accurate financial information.
Our members and students work across all business sectors at all levels throughout the world, demonstrating the flexibility of the qualification.
ASSOCIATION OF CHARTERED CERTIFIED ACCOUNTANTS (ACCA-UK)
ACCA (the Association of Chartered Certified Accountants) is the largest and fastest-growing international accountancy body, with over 300,000 students and members in 160 countries. ACCA has an extensive network of over 70 staffed offices and other centers around the world.
ACCAâs Members, who are known as Chartered Certified Accountants, are employed in industry, financial services, the public sector, or in public practice. With statutory recognition in the UK and Ireland it has the authority to license its members to work as registered auditors. In the UK, it also authorizes its members to undertake insolvency work. Outside the UK, ACCAâs are recognized under the EU's Mutual Recognition Directive and in many countries around the world.
ACCA offers four core qualifications
ÃÆü A technician level qualification provides a comprehensive introduction to accountancy (CAT)
ÃÆü A Bachelor of Science in Applied Accounting which is centered on the needs of employers for practical, professional accounting (B.Sc -Hons)
ÃÆü An Masters in Business Administration designed to broaden business understanding and enhance strategic decision making (MBA)</font id="green"></b>
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KHURRAM JAMAL KHAN (MBA)(CA-Module-C)