Chartered Accountants are different from others

--Md. Akteruzzaman Khan ACA

Accountancy and finance is a fundamental part of how business is done all over the world. Accountants have been providing financial information and advice to organizations of all types and sizes for hundreds of years.

Chartered accountants understand how organizations work. They provide essential information and professional advice including:

r              company performance

r              tax matter

r              investment opportunities in new business

r              risk management of a business

r              strategic business advice to the management

It’s not just about putting numbers into a spreadsheet. It’s about understanding and communicating detailed financial information in an easy to understand way. Chartered accountants are talented and determined people who use their skills in the same way as lawyers, engineers or architects to find the best solution for their clients.

There are a lot of different types of accountants – but chartered accountants are different. Their chartered status shows that they’re a qualified professional who has completed the highest level of training.

ICAB Chartered Accountants are recognized around the world as leaders in accountancy, finance and business. From business strategy to tax, mergers and acquisitions to forensic accounting, a career as a chartered accountant can be as diverse and challenging as you want it to be. ICAB is an ideal institute in Bangladesh by whom you can be a professional chartered accountant. ICAB has been playing very important role for the betterment of accountancy profession in Bangladesh.

Finance and accounting is one of the most important parts of any organization. How else does an organization know if they’re making a profit, how much they have spent and how long they can continue in business?

Chartered accountants get to know organizations inside out and understand the challenges they face. Using their knowledge, skills and experience they guide people and organizations around the world to make the right financial and business decisions.

Professional judgment is a key skill in preparing and auditing financial statements, but demonstrating that professional judgment has been applied can be a challenge. A framework developed by the Institute of Chartered Accountants of Bangladesh (ICAB) is designed to help.

Accounting and auditing standards recognize that standards cannot address every specific situation encountered in preparing and auditing financial statements. This is where professional judgment comes in. ICAB is working in this area and develop their professionals.

The framework identifies principles for preparers (and auditors) in the following four key areas:

r              Knowledge gathering and analysis

r              Assessment of accounting (and auditing) guidance

r              Process for making a judgment (and for assessing and challenging that judgment)

r              Documentation of judgment.

Chartered Accountancy is the specialized field of Accounting. The qualification of a Chartered Accountant is being declared as the “best” professional qualification in this millennium of free market economy and globalization of trade and services.

A Chartered Accountant is a professional who is trained in and possesses the expertise to perform the various types of work such as Accounting, Taxation, Auditing, Financial Management, Project Appraisal, MIS, IT, Computer Auditing, Consultancy  etc.

Chartered accountants provide trustworthy information about financial records. This might involve financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and insolvency, or accounting systems and processes.

Generally, they play a strategic role by providing professional advice, aiming to maximize profitability on behalf of their client or employer. They work in many different settings including public practice firms, industry and commerce, as well as in the not-for-profit and public sectors.

In public practice firms, chartered accountants provide professional services to fee-paying clients who might be private individuals or large commercial or public sector organizations.

In commerce, industry and the not-for-profit and public sectors, they may work in treasury management, procurement, financial management or in reporting roles.

The role of a chartered accountant can cover many aspects of finance work, including:

r              continuous management of financial systems and budgets;

r              undertaking financial audits (an independent check of an organization’s financial position);

r              providing financial advice.

In public practice, tasks carried out by a chartered accountant include:

r              liaising with clients (individuals or businesses) and providing financial information and advice;

r              reviewing the company’s systems and analyzing risk;

r              performing tests to check financial information and systems;

r              advising clients on tax planning (within current legislation to enable them to minimize their tax liability) and tax issues associated with activities such as business acquisitions and mergers;

r              maintaining accounting records and preparing accounts and management information for small businesses (accountancy);

r              advising clients on business transactions, such as mergers and acquisitions (corporate finance);

r              advising clients on areas of business improvement, or dealing with insolvency;

r              detecting and preventing fraud (forensic accounting);

r              managing junior colleagues.

In commerce and industry, and the public and not-for-profit sectors, work involves:

r              liaising with internal and external auditors and dealing with any financial irregularities as they arise;

r              producing reports and recommendations following internal audits or public-sector audits;

r              preparing financial statements, including monthly and annual accounts;

r              preparing financial management reports, including financial planning and forecasting;

r              advising on tax and treasury issues;

r              negotiating terms with suppliers.

If accounting is the language of a business then we can say , a chartered accountant is the soul of a business. That’s why chartered accountants are different from others.