Why is Chartered Accountancy A Coveted Profession?
Any business, organization, a corporation or even a self-employed person needs to utilize the services of a Chartered Accountant. Well, what sets apart these professional accountants from an ordinary book-keeper? They offer crucial tax as well as business advice that help you in achieving financial goals. What is the requirement for a Chartered Accountant in the corporate world? Let us examine the critical facets of a Chartered Accountant’s professional responsibilities.
Becoming a Chartered Accountant is not a cake-walk. After spending years of education in school, you are required to pass three qualifying examinations. Moreover, the individual also needs to have a practical experience of thirty months before they are eligible to obtain the designation of a Chartered Accountant. Due to their precise educational requirements, the Chartered Accountants are suitably equipped with the knowledge to help your organization.
The requirement for a Chartered Accountant arises due to certain specific reasons. Technically speaking, a Chartered Accountant is required at various levels of business. Moreover, there are several crucial differences between an ordinary accountant and a Chartered Accountant. Any person who works as an accountant is capable of calling himself/herself an accountant irrespective of their educational background or licensing. However, a Chartered Accountant is an individual who possesses the membership of a professional Chartered Accountants’ institute. Such organizations allow membership only after passing a certain set of examinations. In addition, an individual also needs to have a specified amount of job experience.
Any individual or organization who works with a Chartered Accountant would surely find that he/she is working with a person having a specified level of experience as well as certification. These professionals act as your lifeline during critical financial situations. Not only do they guide you about crucial financial matters, but also help you in understanding what should be the next step. Moreover, utilizing the services of a Chartered Accountant gives you an assurance that financial matters of your organization are handled in a competent manner.
Besides the critical financial matters, Chartered Accountants are considered to be professional tax experts. They also provide tax preparation and tax planning services to the clients. However, is every Chartered Accountant a tax expert? In this regard, the Canadian Institute of Chartered Accountants offers a comprehensive tax training program called the Canadian In Depth Tax Course. A number of Chartered Accountants have successfully completed this course. Therefore, they are capable of providing reliable tax services.