Chartered Accountancy

1. Scheme of Examination
2. Scheme of Examination Further Education
3. Nature of Activities of Chartered Accountants

Accountancy This include the writing up of accounts and the preparation of financial statements from the simplest receipts and payments accounts.

Auditing: This is one of the most important functions of a chartered accountant where his specialized training, skill and judgement are most often called in play.

Taxation: preparing tax returns of their client assesses, representing them before the income-tax authorities and rendering general advice on taxes. Their services are now required by the tax department for auditing complicated cases, having large revenue potential. The requirement under the income-tax law for compulsory maintenance of accounts by the specified categories of taxpayers would also make a demand on their services. Assesses with a minimum turnover of Rs.10 lakh in the case of professionals and Rs.40 lakh in the case of business concerns are compulsorily required to get their accounts audited under the Income-tax law.

Cost Accountancy: Maintaining costing records and ascertaining the costs of production and of processes at different levels of operations in the manufacture of a product, providing costing information for the guidance of management, introducing cost control methods and assisting the management in establishing appropriate selling prices.

Special Company Work: Advising on matters such as the formation, financial structure and liquidation of limited companies.

Investigation: Ascertaining the financial position of companies, in connection with such matters as new issues of share capitals, the purchase or sale or financing of a business, reconstruction and amalgamations.

Executors and Trustees: Acting as an executor under a will or trust in order to carry on the administration of the estate or settlements.

Directorship: Holding senior positions in industry and commerce (also as directors of their companies). Many members who are actively carrying on public practice are also directors of companies.

Management Accounting: Formulating policies, undertaking control, performance evaluation, etc.

Share Valuation Work: Undertaking valuation of shares of public and private companies when amalgamation or re-organisation takes place for the purpose of takeover bids and other acquisitions.