Accounting Info

Accounting has become an indispensable tool for guidance and several factors have contributed to its evolution, for instanceInformation technology, management needs of organizations and the need for reliable and relevant accounting information for business leaders and other partners.

SMEs, large groups, accounting firms and auditing, all make use of accounting professionals.

This population currently represents about 400,000 people (140,000 in accounting firms and 260,000 in business). And time is on the drive, recruitment agencies have recorded increases of more than 20% of deals in the sector for positions available for candidates with advanced levels.

In fact, accounting studies pave the way for a wide range of functions at all stages of the curriculum: accounting, auditing, control or management and financial accounting.

The profession of Chartered Accountant and Auditor

The Chartered Accountants are required to exercise the profession, be enrolled in the Institute of Chartered Accountants. They are subject to a rigorous training that is in the interest of their future clients. The Chartered Accountant is the permanent council of the entrepreneur in many corporate areas, such as board of management, business law, tax law, employment law, and consulting for export. They provide a timely response to different events and help make crucial decisions.

Most commonly, a Chartered Accountant functions particularly in the following areas:
1. Business Accounting
2. Business Management
3. Legal obligations of the company
4. Computerization of the company
5. Auditing of the company

Contrary to the Accountant, the Auditor has a statutory mission order. It is mandated by the administration to certify the accounts produced by the company. It guarantees the reliability of financial reporting. It is registered with committees meeting at the chief town of each court of appeal. 90% of accountants are auditors.
Graduate Auditors occupy positions of high responsibility in most small or large organisations:
1. Chief Accountant
2. Manager or Director of consolidation
3. CFO 4. Controller
5. Internal Auditor
6. General Manager

Making a successful career in his life is the ultimate aim of a student. From the starting of his education, a student starts planning about his career goals and aims he need to achieve. Medical, engineering, doctors, scientists, biotechnologists, etc are the careers which one can opt for post completing his studies in the science field. After science, be it medical or non- medical, commerce is the field which attracts students. Many students have been seen opting for career in accounting or commerce after passing their secondary school examinations.

Career in accounting or finance becomes the goal for the student’s pursuing studies in the field of sciences. The different fields to which the commerce subject is divided are: 1.)Accounting. 2.)Banking. 3.)Finance. 4.)Computers. 5.)Business studies. 6.)Economics.

After completing his senior secondary education, commerce students mainly opt for business management, computers or accountancy courses as their graduation subjects. The most popular course which has become the career goal for almost every commerce students these days is career in accountancy. Accounting Job involves the responsibility of maintaining the accounts of the organisation, analysing it and further adding on to the economic development of the company.

The three different fields or courses available in the field of accountancy are:

1.)CA- Charted Accountancy 2.)ICWAI- Cost Accountancy 3.)CS- Company Secretary

All these courses are provided by special institutes and have their individual regulatory bodies, governing the course structure and further career developments in the respective fields.

Charted Accountancy: Charted accountant is the person responsible for few of the most important functions required to run a smooth functioning of the organisation in term of its monetary funds and finances like accountancy, auditing, taxation, etc. The Institute of Charted Accountants of India (ICAI) is the organisation responsible for the regulation of charted accountancy profession in India. The students for becoming a member of this institute, has to go through a series of examinations, appearing before which, he has to register himself with the statutory body of ICAI. There are three levels of CA examination, i.e. CPT- Common Proficiency Test, PCC- Professional Competence Course, and then is the final exam, which has to be cleared, after which the student becomes a members a member of ICAI and can practise his profession in charted accountancy. The minimum time required to do this entire course is 3.5 to 4 years, which is in very rare cases, because the examination is very tough and it consumes years to pass one level.

Cost Accountancy: In this field the person responsible, is required to manage the cost related functions of the company in an organised way, he needs to collect, analyse and assemble all the cost related departments. He also needs to check, the utilisation of the funds is done in the right manner and in the productive direction. The institute responsible for application of the job responsibilities of cost accountancy in the country is The institute of Cost and Works Accountants of India. For taking admission in this course, students needs to clear three levels of examination, conducted by ICWAI, and registration for examination can be done after passing the senior secondary exam. The students having passed out all the three levels of ICWAI exam, other than working as cost accountant in public and private organisations, can also opt for working as a consultant in the field of finance management.

Company Secretary: This is another field which can be opted by the accounts or commerce students after passing their 12th exams. It is regulated by the Institute of Company Secretaries of India, which takes examination of the students applying for the course of CS, there are three levels for the same, after which the student can apply for CS in different companies and industries. As the name suggests, the job is not of a clerical or secretarial job, the CS is responsible for all the legal, board, trustee, managerial and corporate level decisions are taken with reference to the Company Secretary.