The chartered accountant job profile is different in all the countries of the world. It alludes to the learners about the foreign opportunities for Indian chartered accountants. Chartered accountants prefer independent practice or private companies more than the government sector. As per the Companies Act structure, every registered Company must have a chartered accountant. Chartered accountants would like to take a break in their professional life and come back as they get continuity in the profession through teaching or independent practice. In foreign countries, the meaning of auditing is different. Money laundering, cost of living, tax rate and accounting standards demand the appointment of an auditor in foreign countries. In this blog, we discuss the profile of chartered accountants in private companies inside India and outside India.
The profile of chartered accountant inside India
Auditors in India work with different roles such as business services accountant, CFO, Tax accountant, financial controller, and cost accountants. They have opportunities in Banks, Registered companies, Investment houses, portfolio management companies, legal firms, auditing firms and finance companies. After 2016, the Ministry of Corporate Affairs remodeled the clauses in the Auditor’s report. Previously there were 16 clauses, and now it is increased to 21 clauses. This change is to enhance the faith and transparency in the financial affairs of the companies. The Chartered Accountants working independently or with partnership can publish articles about the income tax review, sales tax, and audit. The services offered by independent Chartered accountants are advisory, consultancy, audit and direct tax consultation.
Profile of chartered accountant outside India
Rather than asking about the Indian CA applicable in which countries? It is wise to understand the different job profiles which have the same base of Chartered accountancy. The best countries for Indian chartered accountants to work in are Singapore, Australia and western Asian countries. The demand for a chartered accountant is more in cities and business places. In the United Kingdom, IT proficiency, analytical skills, problem-solving skills, communicational skills, leadership qualities, and trustworthiness is essential. In foreign countries, public sector companies, educational institutions, non-profit organizations and charities employ chartered accountants. Chartered accountants are in high demand in the private sector. Nowadays in the public sector also opportunities opened for them to solve complex problems. Chartered accountants work with multiple domains such as manufacturing, the telecom industry, international accounting organizations, and small and medium practices in the UK. Students with chartered accountancy qualifications try for an internship, vacation work and work placement.
The competition is high in developed countries like the UK. So, the selection process is also hard. In middle east countries Indian CA, students get finance and account jobs. Expertise knowledge is the reason for the demand for Indian professionals in UAE and Oman countries. Canada produces accounting professionals from certifications called CICA and CPA. UFE test is the test for chartered accountants to enter the accounting profession in Canada. CPA Australia is comparatively easier than another country syllabus. So, recognition and experience are what decide the job profile of the accounting profession in foreign countries. CA, CMA, CIMA, CFO, ACCA, ICPA, CFA, and CPA are the different professional qualifications in foreign countries. The shareholders think about financial decisions regarding dividends and also the investment decision to participate in the management of the big companies. In this case, Accounts professionals help the management to achieve the goal. Accountants express the objectives and interests of the business owners. The institutes offer different syllabuses based on the requirement of the market and business. CPA professionals take care of accounts payable, tax calculations, financial issues, and payroll account. The work of CMA is different from CPA professional. They take care of planning, income and expenditure, management pressure, cost accounting, financial projections, accounting and financial records.CMA and CIMA professionals work in close contact with the management. CA and CPA professionals work as senior accountants, CFOs, and financial controllers.
Memorandum of understanding between countries, exemptions for different professional courses and online courses are to encourage global education. The global institutes show interest in producing accounting software like Sage 50Cloud, QuickBooks, FreshBooks, Tally, Accounting by Wave, LedgerLite, Accounting Xpert, Activo, Frontdesk, eZee and FinancialForce Accounting. Accounting and Information Systems tend to provide the books for the accounting institutes and accounting professionals. The value of the accounting professional is not confined to the organization alone, but it is widespread among the public. The reports and decisions of the accounting professionals are valued by the public. So, from a global perspective, accounting professionals contribute to the financial health of the Company and country.