Who Is A Chartered Accountant? Meaning of Chartered Accountant

Who Is A Chartered Accountant: What They Do

Chartered accountants are the most important people in the accountancy profession and have led its global development. Today they hold influential positions around the globe as business leaders, decision-makers and trusted advisers, etc

From the largest listed companies in the world to the most interesting and influential business organisations, you’ll find a chartered accountant anchoring their success.

Who Is A Chartered Accountant?

Chartered accountant is a worldwide designation. It refers to professional accountant who are qualified to take on a number of specific activities within the range of accountancy profession. Some Chartered accountant job description include auditing financial statements, preparing company's account, filing of corporate tax returns and financial advising.

While the name is popular around the world, in the United States of America, the equivalent position is known as a certified public accountant (CPA). In Nigeria, the equivalent position is known as Institute of Chartered Accountants of Nigeria or ICAN which also regulate accounting activities across the Country. The professional body that governs this group of accounting workers can be traced goes to 1854 where it was founded in UK, Britain. There are now different associations that act as governing and accrediting bodies for these professionals, such association include the Canadian Institute of Chartered Accountants and the Institute of Chartered Accountants in England and Wales, Institute of Chartered accountants of Nigeria, etc

What Chartered Accountants Do

There are four areas in which these accountancy professionals render their services. They are mostly in taxation, financial accounting and reporting, applied finance, management accounting, etc. The specialization an accountant chooses determines under which department they will work. Chartered accountants can wear a number of hats. It’s possible that they may control the affairs of a corporation or business’s entire accountancy needs. Some of them may have a more smaller function such as being in charge of just one aspect of a business like auditing or taxes.

How To Become A Chartered Accountant

Becoming a chartered accountant depends upon the country where you want to work, as each country has its own requirements for certification. Notwithstanding, chartered accountants do meet more stringent academic and practical requirements than other levels of accountant. In several cases, there is a standard bachelor’s level degree consisting of coursework in business and accounting subjects, followed by a practicum or internship or some kind and then a specific program in chartered accounting principals. A person must be quite dedicated in the accounting profession in order to achieve the rank of CA, but the position is a well-respected one that usually carries a higher salary than other types of accountant.

Reasons Chartered Accountants Are in Demand

There are a few reasons why business organizations, government, corporation or individual would want to hire a chartered accountant. Many financial and accounting matters are very sensitive and require someone has a vast knowledge on accounting to undertake them. Business people want be assured that their monetary issues are being competently and well handled, without worry of legal implications or errors that could make them loose their hard earned money. They want to hire the best and most qualified accountants that is why they hire chartered accountants.
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