A Chartered Accountant (CA) is a Certified Public Accountant who has acquired expertise in finance, business and management.
Chartered Accounting (CA) is performed by accounting professionals generally employed for advisory services, consultations, or management of businesses and enterprises, including multinationals. These accountants also have to take up financial accounting responsibilities of preparing statements for organisations that need to be submitted to regulatory authorities. They may also be employed to do tax consultancy work or auditing. Most CA firms are associated with a professional body, which organises seminars and training programs for the members of the industry. Doing this ensures continuing professional development. The most popular qualifications globally include the below.
Bachelor of Commerce (B.Com) or Bachelor of Business Administration (BBA) degree with an accounting focus.
Master of Commerce (M.Com) degree with an accounting focus.
Postgraduate diploma.
MBA with the business and accounting modules.
PhD in finance or accounting.
Chartered Accountants work to provide financial expertise and advice on business issues. They advise their clients on accounting and taxation matters, including:
Financial reporting.
Corporate finance.
Strategy development.
M&A transactions.
Performance management.
Business strategy and policy making.
Tax planning and consulting.
Budgeting.
A chartered accountant program studies in Australia and New Zealand takes about 3 years.
For accounting practice, all core and two elective subjects are completed. Also, a three year Mentored Practical Experience with Chartered Accountants Australia and New Zealand (CA ANZ ) approved employer is necessary for the certified public accountant program.In Australia and New Zealand, the eligibility criteria for a chartered accountant can be divided into two.
Complete CA program qualification from an Australian university after your provisional membership application has been approved.
Recognition of Prior Learning (RPL) for people with significant work experience in managerial or supervisory roles.
To qualify by completing an undergraduate degree, you will need to undertake a Bachelor of Commerce (with a major in accounting) at a partner institution. The Bachelor of Commerce program aims to teach students the knowledge and skills required to become accounting professionals, as well as provide them with an understanding of how organisations work. The course content includes units covering key accounting matters such as management accounting, finance and business strategy, information systems, and quantitative methods for business decision-making. The entry requirements for people considering this path are to have strong mathematical skills and an aptitude for the sciences. The program is successfully completed with a compulsory internship, as well as meeting other academic requirements such as compulsory English language units. To qualify, applicants must have three years of relevant managerial or supervisory experience and the ability to provide feedback in at least four of these five CA knowledge areas:
Strategic planning and business leadership.
Management and governance.
Financial management and planning.
Taxation and financial reporting.
People and change management.
CAs may work indoors in an office setting or outdoors at a client's site (e.g. monitoring construction sites). They might be required to travel occasionally. CAs may also carry out some administrative tasks such as proofreading documents or organising conference calls. They often go through periods of intense workloads which require long hours.
Report on financial statements.
Review financial accounts for accuracy and compliance with accounting standards/auditing requirements, tax laws, and company policies as well as provide advice on financial issues.
Prepare taxation returns (individuals, companies, trusts, etc.).
Offer to advise on business strategy to their clients with limited knowledge in finance.
Advise their clients on business practices including management issues, leadership development, and corporate governance.
A CA in Australia can earn around $100k annually. The amount you will earn depends on factors such as work experience, specialisation and geographical location. In general, CAs have good opportunities for career advancement.
A number of specialisations are outlined below.
This group comprises over 80% of all CAs in Australia. They provide services to their clients in various industries including retail, construction, manufacturing and mining. Their main activities include financial obligations as well as tax management such as auditing financial statements; tax compliance; business advisory; M&A transactions; mergers & acquisition advice; corporate finance advice. They can also provide income-tax compliance services (e.g. taxation returns) to people and small businesses.
Their main activities include: providing accounting, tax compliance, and business advice services to their clients in various industries. These services are provided to their clients on an ongoing basis. In addition, they may undertake special projects from time to time.
Their main activities involve providing accounting and tax compliance services to in-house teams in various industries. These services are provided on an ongoing basis in Australia's major cities including Sydney, Melbourne, Brisbane, and Perth
They provide taxation advice (e.g. income tax returns) to individuals and small businesses. In addition, they can also provide advice to companies on M&A transactions and other special projects.
They offer accounting and taxation services to individuals and small businesses. They may hand over some of their work to other accountants or tax agents. This provides them with a flexible arrangement that best suits their needs.
In order to be a CA in Australia, you need to complete a Bachelor's degree in Accountancy or Commerce. In addition, you need to undertake a professional accountancy qualification from a CA institute in Australia or an approved institution. It is also possible for Australians with overseas qualifications to gain an Australian Institute of Chartered Accountants (AICPA) fellowship. To qualify as one of the certified Public accountants and to become a member of the AICPA, you need the below.
Bachelor degree in Accounting or Commerce.
Experience working in an accounting firm.
Internship with one or more firms while studying at university.
Approved professional accountancy qualification.
As part of your Bachelor's degree, you should take accounting units such as investment decision making; internal controls systems; cost accounting; financial statement analysis. In addition, it would be beneficial if you could study other units such as applied finance, economic principles, and marketing. These will help you prepare for roles such as an accountant, tax agent, or consultant.