Chartered accountants are accountants who have been appointed or licensed by a company to carry out any functions that could be associated with business management. This is especially true of chartered accountants working for a private firm and it is quite possible for any business firm to hire a chartered accountant. These accountants would then submit their financial records to the company for analysis purposes. The general duty of a chartered accountant is to prepare and maintain accounts and reports; he may also work towards preparing the annual return for the firm and preparing the corporate report. Get more info about chartered accountants.
Before this profession came into being, accountancy was only used by wealthy people. It was only after they started using it for business that the public ever learnt of it and the field of accountancy became more widely known. Chartered accountancy was the first accountancy bodies to form an industry body, first launched in 18 1954. The first chartered accountants were mostly students who were keen to get into the profession of financial accounting.
Nowadays, it is the professional work experience which counts in the selection of accountants for the various firms. It has become a much faster and easier process to obtain a chartered accountant’s license. The public practice test mainly focuses on the knowledge of the statutory instruments which are involved in the financial practice of the organization. As per the current laws, it has to be ensured that one is conversant with all the rules and regulations related to the accountancy profession, as it plays a pivotal role in the selection of chartered accountants for larger firms. With all these, the profession of public practice of chartered accountants has really become lucrative and easier to access for those looking for a career in accountancy.