What Does a Chartered Accounting Firm do and How Can One Help My Business
September 25, 2017
Brown Mark (71 articles)

What Does a Chartered Accounting Firm do and How Can One Help My Business

Firms which are involved in chartered accounting, use trained, competent accountants with specialist professional qualifications. Such people can provide a broad range of services, mostly classified as formulating, auditing accounts, and granting skilled consultancy services. Some services of chartered accounting firms necessitate extra qualifications among accountants.

Knowledgeable in Their Field

Charted accounting firms provide accountants who can offer specialist services in that particular field.

 This may include help with services such as:

Classical Background

The term “chartered accountant” is usually only handed over to members of a specialised organisation, one like the United Kingdom’s Institute of Chartered Accountants. And there are comparable organisations in other nations that are members of the British Commonwealth, such as Canada, Australia and New Zealand.

  • The major business service of chartered accounting firms is the preparation and arrangement of accounts.
  • This requires a complete understanding of the relevant country’s legal requirements for the configuration and content of a company’s accounts, and any mathematical and administrative skills.
  • These prerequisites have been created both to keep shareholders informed and updated and to allow an honourable comparison between different firm’s financial accomplishments.

The Reason Why Auditing is Vital to all Companies

Many chartered accounting firms also carry out audits, which are a methodical and independent examination of books, accounts, statutory records, documents and vouchers of a business to work out precisely how far any financial statements and the non-financial disclosures offer up a believable and fair view of a company.

An audit is specifically designed as an independent review of all of the accounts, which provides any interested reader’s the confidence that all of the data is both correct and not deceitful.

In some countries, like India, auditing must only be carried out by law by chartered accountants. Some others have laws which state that if chartered accountants wish to provide such services, that they must first have additional specialist qualifications.

Why Use a Chartered Accountant Instead of an Accountant? 

Why would you wish to hire a Chartered Accountant when there are people using the title “Accountant?”

  • Well, a chartered professional is somebody who has spent time to obtain the highest level of proficiency in that particular field of work and has been awarded reputable credentials by an organisation in recognition of that fact.

This organisation, ICAEW (Institute of Chartered Accountants in England and Wales) is legally recognised as a professional accountancy body, which operates under a Royal Charter, thus thereby ensuring a high quality and reliable service.

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Brown Mark

Brown Mark