(23).ROLE OF A CHARTERED ACCOUNTANT

Chartered Accountants work in a number of business and public sector. The role of a Chartered Accountant (CA) varies from a sole practitioner to (CEO) Chief Executive Officer and a CFO (Chief Financial officer). ACA can be associated with services like accountancy, management consultancy, audit, tax, corporate finance, management consultancy, fund management, equity analysis, financial reporting, venture capital etc. The services and role of a Chartered Accountant is of great importance to any company.

The most important role of a Chartered Accountant is to take care of audits which involve checking financial statements and ledgers of the organization. A CA is also responsible for preparing financial statements and doing financial projections. It is their responsibility to develop and manage the financial plans.

The role of a Chartered Accountant is very crucial in case the person is working as a management account as he would be influencing the decisions about capital budgeting and would also be analyzing business. His major responsibilities would include analysis of new contracts, expense efficiency and cost analysis.

In any business, tax matters arises from day to day value added taxes (VAT) to share schemes. A role of a chartered accountant in this scenario is to prepare personal and corporate income tax statements. ACA is supposed to make propose tax strategies which should include acquisition, financial choices and deferral of taxes.

The role of a Chartered Accountant varies in every organization depending upon the nature of the business and added qualification of a CA. According to economists, with the changing economy, the role of a Chartered Accountant would soon be increasing in all organizations.

(22).ROLE OF ICWA

ICWAI (THE INSTITUTE OF COST & WORKS ACCOUNTANTS OF INDIA) is one of the premium institutes of accountancy in India and offers a degree in cost and work accountancy. ICWA is a fairly a new branch but with the increase in competition and economic pressures, the role of ICWA has been growing. A cost accountant can offer his services as a value advisor, trustee, executor or CFO. The role of ICWA is of greater magnitude compared to Charted Accountants or Company Secretary.

The most important role of ICWA is to provide management services. A cost accountant helps in formulating profit planning program and evaluating operational efficiency. An ICWA gives influential advice on product pricing, planning, investment proposals, inventory control, export potential along with marketing and finances. He plays a major role in strategic management of funds, control of operations, analysis of data, budgeting and hence project management.
The role of ICWA is of great importance to any organization as a cost accountant helps in facilitating strategic decisions. He analyses the financial reports considering factors like labor, transport, cost of raw material, overheads etc. He helps the organization in making proper budget and hence helps the company in correct planning for their success.
The role of ICWA is very crucial for an organization as he is the master mind behind the financial operations of the company. He collects, assimilates, collate and thus analyze the financial information in the organization Due to economic linearization, there is a steep increase in appreciation for significant role played by an ICWA.