The economy is changing at a rapid rate and with these changes, the responsibilities of a Charted Accountant is also increasing to keep pace with the changing economy and impacting the roles and all the responsibilities come along with it. Thus the Accountancy profession is in great demand
All the organisation whether big or small needs a good CA which could ensure them for profit earning. The change in Economy is also a challenge for professional Charted Accountant as to keep the detailed knowledge of the changes occurring, their consequences and the measures which could be taken to overcome the difficulties which come in the way as a result of the challenges.
In this article, we will discuss the roles and responsibilities of CA in great detail.
Maintenance of the accounts and preparation of financial statements includes vast services like simple Bookkeeping to complex financial analysis.
On the statute book, there are several types of taxes. Amongst them, the current a continuous tax information is of par importance and are vital to powerful economies of the Business Management. Assessment of taxes is linked to financial accountancy. He imparts the responsibility of preparation of Tax returns, access representation before the Income Tax authorities and he is capable enough to give specialist tax advice to clients.
Auditing ensures the users of the financial statement that the account presented before them are prepared on the correct accounting principles. Also, the goodwill of the company is based on the right and the correct Financial Statements as it is the only source of representation of the Financial condition of the organisation.
- Cost Accountancy
A CA role becomes very important when it comes to Cost Accountancy in a manufacturing firm or service provider firm. He had to ascertain the cost production and the cost which would be incurred at the different levels of the production. He needs to provide costing information for proper Management. Cost controlling methods and establishment of appropriate selling prices is also amongst various important roles of a professional CA.
A CA plays an important role in assisting the Business organisation. They make then understand how the resource of the organisation could be effectively and efficiently utilized. They suggest measure to achieve the goals and objectives of the organisation. There are many responsibilities that a CA has to perform, above mentioned are the list of main roles of the Charted Accountant. Check out here to know the roles and responsibilities of a CA in great detail.