In this article, we will provide a new and comprehensive understanding of different assignments that can be undertaken for practicing chartered accountants. This will serve as a guide in helping new chartered accountants to grow their number of clients. Practicing is essential in the field of chartered accounting to keep your skills and knowledge up to date. Taking several assignments is helpful for practices-chartered accountants to understand the existing business requirements, demands, and trends. Below are some of the assignments that will be significantly helpful for chartered accountants.
1. Discussion of fundamental ethical principles of chartered accounting
There are five fundamentals principles of chartered accounting which are discussed below:
Chartered accountants have to be straightforward and honest. They have to display integrity in every business and professional relationship in the network.
They have to maintain themselves to be unbiased and avoid conflict of interest. Besides, they have to avoid the undue influence of others to reduce the implications of decision making.
They have to respect and keep the confidentiality of data and at the same time, have to maintain the decorum of professional and business relationships and ethics. Keeping confidentiality and not relaying any kind of information of third parties is of utmost priority in this field of profession, until and unless there is a legal duty or right to disclose or utilized such information.
The chartered accountants have to comply strictly with relevant laws and regulations as part of professional behavior and escape any actions that defame the profession.
Professional competence and due care
Professional competence and due cares are requisite demands and needs or chartered accountants’ professions in order to maintain the skills and knowledge at the professional level.
Understanding of fundamental principles of serving as a guide and help to guide the professional actions and behavior of young accountants. It is requisite to know what is considered good and bad in the particular field of professions.
ICAP code of ethics is based to address the issues related to ethics as well as independence. This is applicable to every professional accountant and is useful in developing an outline of an approach that comprises identification, evaluation, and assessment of threats to abide by basic principles.
This assignment will help to comprehend the basic requirements in response to meeting the requisite ethical ground of working and legal compliance. ICAP code of ethics is instrumented to establish the standard of behavior that is expected from the professional chartered accountant and delivery of his duties.
Recognition of the target audience contributes to providing insights concerning the market as well as people. This is extremely important in terms of identifying potential clients who need the service. The selection of the target audience is based on the expertise of the firm and professional operating in chartered accountant business and available to exercise and utilized them in the process. Besides, it is equally essential to narrow down the type of clients are needed for the business to grow. This should be followed by spending time and money on the potential and right ones.
The specific assignment emphasized addressing the need for targeting the customers for the business and identifying the correct ones for the business. Understanding and knowledge of this aspect is critical in chartered accountant practices if one aims to open its own firm.
There have been numerous scandals to be witnessed in recent times. The root cause of such scandals is the unethical behavior of chartered accountant practices which consist of engagement of both the firm and the individuals. The significance of individual responsibility in the area of a chartered accountant cannot be underrated. Every chartered accountant has to consider their own responsibility for keeping the highest standards.
Professional accountants will get to know the need of the contemporary world in maintaining ethical behavior and adopting a leadership role in influencing the attitude of others.
5. Discussion of threats to independence in relation to financial interests and loans and guarantees
The level of financial interest should be taken into considerations. One such interest is that the individual has to keep its control over the financial interest held by it. The financial interest should be taken into account directly at the time of control. Alternatively, when the individual of financial interest does not have the ability to exercise the control, then it is said to be indirect. Similarly, threats of independence are seen in loans and guarantees, if the assurance client is not a bank or similar institution.
The threats to independence witnessed in the chartered accountants’ practices as the control are vested upon the assurance team. Thereby, understanding the liabilities and corresponding threats to independences in several areas will help to avoid such threats.
In chartered accountant practices, financial auditing and analysis are referred to an official investigation as well as verification of the account. As per auditing, financial records and statements of the organization are examined and evaluated to check the accuracy and reliability of presented transactions and records. It is to be noted that there are several ways that can be followed to perform the evaluation process. The chartered accountants have to dig deep in order to investigate the financial condition of the firm. Carrying out the financial audit by external chartered accountants helps to offer assurance to the organization’s shareholders and investors as it proves the accuracy of financial information of the company. Besides, it guarantees the conformation of accounting standards.
Getting familiar with financial auditing and analysis is one of the primary practices of charted accountants. This contributes towards the knowledge of how to plan and carry out a risk assessment which is the primary step of the auditing process.
Several challenges are seen in terms of chartered accountants’ practices in the contemporary accounting environment. These challenges include:
- Raised cost of infrastructure in term of setting up a firm followed by rents and other maintenance costs
- Findings as well as targeting potential clients
- The unwillingness of the client to raise the professional fee even though there is a significant increase in the level of compliances under the expectation of different statutes
- The inadequate presentation as well as communication skills
- Inadequate accessibility to afford the latest technology in term of establishing consistent standards such as auditing tools
Chartered accountants can get professional opportunities in the respective places, they are:
(a) they can get employment in banks, both in private as well as public sector banks.
(b) they can be posted as per the rules and regulations of law, in public limited companies.
(c) Chartered accountants can also get employment in audit firms which includes Price water house or KPMG.
(d) finance companies, as well as mutual fund companies, also employ chartered accountants in their respective organizations.
(e) companies related to portfolio management as well as stock brokerage firms along with houses of investment also appoint chartered accountants.
It has been analyzed with respect to preparation as well as reporting of information as an important part done by chartered accountants. Further, it also involves reporting of information based on finances as well as management. Hence, it is required that information prepared as well as presented in the financial statements, should be transparent and accurate. Further, steps must be taken so that information can be maintained by properly recording the information. Moreover, the true nature of business transactions and material aspects are properly specified by the chartered accountants. Moreover, financial principles are also to be considered by the chartered accountants, while preparation and reporting of information in the books of accounts.
The chartered accountants are engaged in the process of accounting standards from the very beginning, i.e., from the initiation stage to the implementation stage. During the formulation of accounting standards, different views and opinions of practicing chartered accounts are welcome by the Accounting Standards Board. The accountants and auditors encourage as well as persuade the firm to abide by accounting standards requirements falling within the ambit of their audit. It is the duty of the accountants to make sure that every accounting standard is met at the time of preparation as well as the presentation of financial information.
The chartered accountant practices have significant learning outcomes in the field of accounting calculation related to taxation, auditing, and financing. Therefore, completing this assignment helps to gain essential knowledge as well as skills to further applications in the accounting practices in the private sector or public sector. Furthermore, this paper also provides an overview accounting system, and it will help to implement this knowledge further to prepare general financial statements of any organization and financial auditing. Apart from all this aspect, chartered accountant practices have become a significant concern for every business organization to effectively monitor the different accounting parameters and it’s continuously changing for identifying problems.
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