The accountancy profession has experienced a rapid growth in recent times. The occurring changes in the global economy have placed great responsibilities on Chartered Accountants. The profession of accountancy has evolved from audit and taxes into offering other valuable services to businesses. The types of services provided by the Chartered Accountant include;
Accounting audits
It is one of the most important functions of a Chartered Accountant. It is in accounting audits that the specialized training, skill and judgment of a CA often comes into play. Accounting audit is the examination of books, vouchers, documents and accounts of any given business to verify the truth of financial statements.
Accounting audits evaluate accounting systems for weaknesses and monitors internal control to determine the degree of an organizational fraud risk and to follow unusual trends in financial data.
Taxation
Tax information is vital to the effective economics of business management. A CA is well trained and has the experience to offer tax compliance services. They include tax administration and process improvement to help your business in the effective management of the process of conformity and focus on a broader premeditated vision for total tax performance.
A CA is well experienced in tax preparation, representing assesses before the Income Tax authorities and rendering you with general advice on taxes. A CA’s expertise in compliance audits is a recently required service by the tax department in evaluating complicated cases that have large revenue potential.
Investigation
CAs are often called upon to investigate the financial position of business concerning issues such as purchase or sale, share capital, mergers, reconstruction and financing a business. They also investigate the efficiency in managements, administration and profit margins.
Management accounting
This is the formulation of policies, performance evaluations, and day to day control of the accounting activities of an organization. A CA has leading edge management techniques needed to drive a successful business.
Financial and investment planning
They develop comprehensive and effective strategies that strengthen your financial security. A CA provides initial financial advice, help in the implementation of the financial plan and carry out ongoing investment portfolio management.
Assurance services
CAs provide accounting assurance services that include the review of financial documents and any transactions such as loans, contracts, and financial websites. These services ease decision making in any business or organization as the review certifies the correctness and validity of the reviewed items.
Cost accountancy
CAs offer advice services to the management of the appropriate course of action in relation to cost and efficiency. They also ascertain the cost of production and processes at different levels of operation in the manufacture of products as well as in service production.
Share Valuation
They undertake the valuation of shares of private and public companies in the occurrence of a takeover or any other acquisition.
Chartered Accountants play a major role in assisting businesses and organizations in the effective utilization of resources thus increasing efficiency and helping them achieve their objectives or meet their goals.
