CA: Chartered Accountant
In commerce, CA stands for Chartered Accountant. CA is a title used by members of a certain professional accounting institution or association. The Indian CAs are regulated by the Institute of Chartered Accountants of India (ICAI). They are hired for all types of organizations such as private firms, public sector companies, or governments bodies. More than 2,70,000 CAs currently operate in India.
Candidates who intend to apply for CA would have enrolled with ICAI for CPC course. Only registered applicants qualify for the CA examination. The CA eligibility requirements are as follows.
- Any candidate who has completed 10+2 in any stream (including Science, Maths, and Commerce) is eligible to register for the CA course.
- The candidates must obtain a minimum of 60% aggregate in the 10+2 level to be eligible for this course.
- For direct entry to intermediate level, the candidates must obtain minimum 60% marks in graduation.
- However, if the candidate is a Commerce graduate, the minimum mark required is 55%.
Work of a CA
A Chartered Accountant works in the field of finance and business. He provides professional advice to the company on financial matters. Some of the important functions performed by a CA in a company are listed below:
- Internal Audit:- Internal Audit is a dynamic profession that helps organizations to achieve their objectives. It is concerned with evaluating and improving the effectiveness of risk management, control and governance processes in an organization.
- Statutory Audit under Companies Act:- The purpose of a statutory audit is the same as that of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.
- Tax Audit:- A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate. A tax audit is conducted when the IRS decides to examine your tax return a little more closely and verify that your income and deductions are accurate.
- Tax Planning :- Tax planning is the analysis of one’s financial position from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning allows a taxpayer to make the best use of various tax exemptions, deductions and benefits to reduce tax exemptions over a financial year.
- Cost Planning :- A major problem we are seeing within the construction industry is the failure of projects to proceed due to over budget. Naturally, this frustrates both the architect and the contractor as well as the client.
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