The name of "chartered accountant" refers to a position that is found in Great Britain, Canada, India, Asia and Australia. Its equivalent in the United States is a certified accountant. There is little difference between the positions other than the name.
Charted accountants handle all financial reports that a business produces. They review these reports and tabulate the company's finances so the company knows exactly how much money they are spending and in which departments. They also tabulate how much the company is making and relate it to the cost of running each department. With the results that chartered accountants find, management may make decisions on how to change their spending to improve production and revenue. A chartered accountant may also handle the taxes for the company they work for. Depending on the size of the business that employs them, chartered accountants may work with a team of accountants or on their own. They may report to a senior chartered accountant or a director of accounting or finances. Their work hours are normal business hours on Monday through Friday from 8 a.m. to 4 p.m. The tools they work with are financial and statistical software, reports, computers, telephones, pens and paper, calculators, and other typical office supplies.
Required for this position is a bachelor's degree in accounting, finance or business. Accountants must also complete an additional two-year accounting program to become chartered. In some countries the accountant must also work with a mentor during their two year post-graduate program.
Chartered accountants are necessary for analyzing and compiling financial reports for businesses. Without their work, a company might not know exactly how much money they are spending in different areas and how they might improve their spending and overall revenue.
Chartered Accountant Tasks
- Utilize accounting principles to ensure compliance with regulatory reporting requirements.
- Summarize and prepare financial records and statements for external reporting.
- Maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.