Chartered Accountant
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Overview
A CA (Chartered Accountant) is a professional accountant who has earned the CA title through training and practical experience obtained from the CICA (Canadian Institute of Chartered Accountants). The institute, which has over 66,000 members, conducts research into current business issues and sets accounting and auditing standards for all types of businesses. A CA is a complete professional in the field of Accountancy – informed in the subjects of Accountancy, Auditing, Business Management, Information Technology, Taxation, Corporate and Commercial Law, Financial Management, Economics and other linked subjects.
Chartered Accountants serve business clients by preparing, reviewing and evaluating financial statements, consulting, preparing budgets and tax returns and analyzing financial information in order to help them with business strategies, auditing services, management, and maximizing production. Chartered Accountants are recognized as leaders of the Canadian business society. The intense programs of education and training have shaped each CA to become an evident leader with financial expertise to help any business grow and succeed in society.
Becoming a CA
The career path to become a Chartered Accountant involves lots of dedication, schooling, and ability to take on the intensive programs and examinations. There are several ways to obtain the CA status. The most common process people go through in becoming a CA start off with enrolling in university. After they obtain a university degree (one that includes the Institutes specified 51 credit-hour requirement), they acquire employment in an office designated to train CA students, for an arranged period of 30 months. Many CA firms that have been recognized by the institute, must assist the students in the development of the essential knowledge and professional understanding of five main areas:
* generally accepted accounting principles and auditing standards
* ethics and public responsibilities
* computers and information technology
* income and other taxes
* law
During their employment they must complete a one-week staff training program within the first 12 months of working in the designated training office. After they must successfully complete the School of Accountancy. It consists of two segments, a core-knowledge examination (CKE) and an end-of-School examination (ESE). The CKE must be successfully completed in order to attend the full-time segment of the School and an acceptable result on the CKE and the ESE must be achieved in order to attempt the UFE.
Finally the national Uniform Final Examination (UFE), an extremely difficult examination. Passing the exam, together with completion of the CA programs arranged practical experience requirements, will certify them as a chartered accountant and allow them to practice public accounting and to perform professional services.
CA Careers
Audit
Auditing is the examination of an organizations financial statements and reporting on whether or not the results are fair. The auditing function of CAs is becoming increasingly important as more clients are depending on their knowledge and expertise in reporting on financial statements. Its also becoming more computerized thus creating less stress for the CA.
Budget Analysis
Budget analysts are responsible for developing and managing organizations financial plans. Most accountants entering this field find jobs in governments and private industries. Along with the knowledge of accountancy and business management, budget analysts require exceptional people skills because it involves lots negotiations and discussions.
Consulting
The consulting aspect of public practice is also important. Chartered Accountants expertise helps businesses maximize profits while reducing manufacturing or service costs. Their knowledge and understanding of the economic market provide businesses with strategic advice that allows them to grow and expand their operations.
Financial Accounting
Financial accountants prepare financial statements based on general ledgers, trial balances, and control accounts. They are involved in important financial decisions such as mergers, acquisitions, company planning and long-term financial projections. This work requires a good understanding in both accounting and finance.
Management Accounting
Management