Chartered Accountancy Institutes

The profession of chartered accountancy is one the most secured, lucrative and never ending professions. The positive improvement in the worldwide globalization has brought a revolution in almost every industry and therefore, each and every industry is competing to expanding their quality and services. Many local and international companies dealing with various brands and products are starting up rapidly but there is one thing common in all of them i.e. necessity of a chartered accountant.

Better performance is always backed by better management and techniques. A chartered accountant basically maintains the basic measures of the company’s performance i.e. capital. Chartered accountancy is basically related to three major tasks including accounting, auditing and taxation. Chartered accountants are styled as complete business solution providers and are available to ensure regulatory requirements, capital structure and planning, mobilizing financial resources and installing internal accounting and budgetary controls.

Any sector, whether joint venture, foreign collaboration, merger, BPO, or any other thing, will definitely require a chartered accountant to maintain their annual capital structure and balance sheet.

There is no need to go abroad to find a better institute for accountancy course when you have it in your own country. India has quite a few good accounting institutions offering various professional courses related to accountancy. The Jagannath International Management School and International College of Financial Planning offer a PG Diploma course in Financial Management, while many accounting certificate courses can be availed from ICA- Certified Industrial Accountant. The VAG Info-tech Pvt. Ltd. offers a course in Accounts and Taxation. Apart from these institutes, St. Xavier’s College, Goenka College, and the Bangalore Management Academy are also a good choice.

Although, all these institutes are known for their quality services and education, the best among them and the worldwide recognized institute for professional accountancy course is the Institute of Chartered Accountants of India (ICAI). The accounting institutes in India are involved into a sharp competition of providing best course structure and to attract a great number of students. Candidates need to be self-motivated while selecting a chartered accountancy course and should be careful about all the aspects while choosing the right school.

Chartered Accountant

If you own a corporation, are an investor, or self employed, I highly recommend that you hire a chartered accountant (“CA”). CAs are not bean counters. They provide valuable business and tax advice, helping you achieve your financial goals.

By reading this article, you can make a more informed decision on whether your business requires a Chartered Accountant, and more specifically, why hiring a Chartered Accountant in Toronto has added benefits.

Chartered Accountants – Years of Education

Becoming a CA is by no means an easy task. They spend years in school, must pass 3 qualifying examinations, and must have 30 months of practical experience, before they can obtain their CA designation.

With such rigorous educational requirements, Chartered Accountants have the knowledge to help you and your business.

Chartered Accountants – High Ethical Standards

Chartered Accountants must abide by a professional code of conduct. The code of conduct is very extensive and requires CAs to act ethically, maintain client confidentiality, be independent, and avoid situations involving a conflict of interest. It has been said that CAs have one of the most rigorous professional codes of conduct amongst the various professional bodies in Canada.

Where CAs fail to abide by the standards of the profession, they will likely be disciplined, and in some cases expelled from the profession altogether.

Non designated accountants may not belong to a professional body or have a code of conduct to abide by, which can be very worrisome for business owners. If your Accountant isn’t accountable to anyone besides himself, what assurances do you have that they will do the right thing?

Chartered Accountants – Tax Experts

Many accountants provide tax planning and tax preparation services to their clients. However, not every accountant is a tax expert. So what exactly is a tax expert and are CA’s tax experts? I’ll explain this below.

Firstly, tax experts have a great deal of knowledge, or expertise, in the area of taxation. There are different types of tax experts, such as: GST experts, Canadian Income Tax Experts, Estate Tax Experts, and so forth.

The Canadian Institute of Chartered Accountants (CICA) has the most rigorous and most comprehensive tax training program in Canada, know as the Canadian In Depth Tax Course. Many CAs have completed the CICA In Depth Tax Course and have practiced tax for many years, allowing them to hold themselves out as tax experts.

Before hiring a CA, you should find out whether he/she has completed the CICA In-Depth Tax Course and the type and years of tax experience they have. You want to ensure that you’re in fact hiring a CA that’s a tax expert.

Chartered Accountant – Fees

CAs are not always expensive. Many Chartered Accountants are pleased to provide their clients with a fixed fee, rather than bill by the hour. In addition, they will usually demonstrate that the value that you and your business derive from their services is far in excess of the fees that you pay them.

I recommend that you obtain a fee quote first, so there are no surprises. In addition, you should ensure that your CA always seeks your approval before rendering a bill. Finally, you should have a detailed engagement letter that specifies the services that will be performed, expected delivery date, and the fees for such services, in order to avoid any disputes.

Chartered Accountant Toronto

Toronto is the financial and economic centre of Canada and the Greater Toronto Area has a population in excess of 5 million people. In addition, Toronto has many diverse businesses and more small businesses than any other region in the country.

Because of Toronto’s large population and business composition, many Chartered Accountants in Toronto would have dealt with both a variety of businesses and a large number of businesses. This unique advantage afforded to Chartered Accountants in Toronto is likely not available to Accountants located in other parts of Canada.

In addition, Toronto has the most number of CAs practicing accounting than anywhere else in Canada. This creates healthy competition and more choice for consumers.

Finally, many of the largest CA firms are headquartered in downtown Toronto. If you’re operating a large business, it’s helpful to deal with the leading CA’s located in the heart of Toronto.

These are strong reasons to hire a Toronto CA as opposed to an accountant located in another region of Canada. Where else, other than a city like Toronto, will you have this opportunity?

Conclusion

Hiring a CA, specifically a CA in Toronto, can be highly beneficial to your business. They have years of education, high ethical standards, and reasonable fees. Many of them are also tax experts. In addition, they provide value for money and help you achieve your financial goals.

In encourage you to visit the CICA’s website at http://cica.ca for additional information. You may also want to visit the ICAO’s website, http://icao.on.ca which also provides very helpful information about CAs.

CPT Question Papers – Gateway to a Career in Chartered Accountancy

A lot of practical training is required in the professional course for becoming a Charted Accountant or a CA. The papers of professional competence exam and the final exam has questions that are of practical importance.

The candidates who wish to sit for CA examination should perfect and become expert of their field and not just the one that is used while working. The CA Question Papers are a must at Professional and Competence Exam/Integrated Professional Competence Exam and Final Exam.

For entry, one has to crack the CPT that is the Common Proficiency Test. Students after finishing their 10 + 2 can enter the profession of a CA through this entrance test.

The questions in CPT Question Papers are objective type with multiple choices.

The Question Papers cover the subjects Accounting/Mercantile Law/General Economics/Quantitative Aptitude of Common Proficiency Test. Besides, it also includes questions from Chartered Accountants/Subject experts working in various Colleges/Universities/Public/Students pursuing Chartered Accountancy Course, etc. These were originally invited from these experts of the subject.

The questions have four probable options to it. One of the options is the right answer.

Fill in the blanks are there with 4 alternate answers given from which to choose from.

Questions in the form of small paragraphs containing 3 to 4 lines each, followed by a question having 4 probable answer.

In Fundamentals of Accounting, Mathematics and Statistics The Numericals are there with 4 different answer out of which one is correct.

Case studies are also the part of CA Question Papers. They appear in simple words and contains multiple concepts in it. The case study is generally a practical situation taken from day to day corporate life. The candidate has to understand and answer it. Case study is basically given so as to check the analytical/logical ability and intelligence.

The ICAI or the Institute of Chartered Accountants of India has been set up and governed by an Act, that is called The Chartered Accountants Act, 1949. This Act has been taken out in order to govern the profession of Chattered Accountancy. It is also the second largest accounting body, globally.

It has changed quite a lot since according to the change that took place in the Indian economy. And over the years it has moved the quality of accounting and financial reporting, forward.

The various categories of subjects of ICAI Question Papers are —

Advanced Accounting
Management Accounting and Financial Analysis
English
Advanced Auditing
Corporate Laws and Secretarial Practice
Cost Management
Management Information and Controlling
Direct Taxes and Indirect Taxes

With the mighty internet facility available in every home, everything is easily accessible. So why not these question papers??? The sample question papers are available online too. Sites like latestt.com have uploaded ICAI CPT CA Sample Paper, on their sites. You just need to log on and download the papers. There is cost or charge for downloading these question papers. Practise these samplers as much as you can. A good practise would certainly help you to score better.

Hence, if a thorough preparation is done these exams are not that tough. Presence of mind and common sense are the things that are to be used in these papers other than subject knowledge.