The Institute of Chartered Accountant India or the ICAI is the national accrediting body of India, under the government of India. The ICAI was set up in November, 1964 with a view to standardize the field of accounting in all the states of India. Since then the ICAI has been instrumental in regulating the practice of accountancy and ensuring that standards are maintained across the country. One of the ICAI's functions is to regulate the functioning of chartered accountants in India.
This enables all chartered accountants practicing in India to meet international standards. There are numerous ICAI accredited organizations which govern the work of these professionals. These organizations certify the standard of practice of chartered accountants in India. For becoming an ICAI accredited accountant one needs to fulfill a host of conditions.
The first requirement is that one should have strong computer knowledge. Being an accredited accountant one will have to use computers for almost all his business dealings. He must also be aware of the latest software available in the market and how to operate it. One must also be familiar with the principles of accounting and statistics.
One who is interested in becoming a chartered accountant in India must also be very well versed with all the Indian laws and regulations regarding taxation, licensing and other relevant administrative works. These laws and regulations are also applicable to non-profit organizations. The accountant should also have enough working experience in the field to enable him to handle all financial matters and responsibilities on his own.
Before becoming a chartered accountant in India, you will be required to undergo training at various colleges and universities. You will receive adequate knowledge on subjects like accounting, business management, and bookkeeping. After this training you can apply for a degree in accounting. Getting a degree will help you land up with lucrative jobs in the industry. Also, it will make you eligible for higher salaries than those who do not have a degree.
If you want to become a chartered accountant in India, you have to pass the CPA exam. This exam is offered by different institutions and is usually taken after you have graduated from college. The exam mainly consists of two examinations; one is written and one is practical. A good preparation for this exam includes learning about the various tax codes and other financial matters. You can take classes from a chartered accountant institute or a CPA school.
After getting your license as a chartered accountant in India, you can start your own practice. However, it is still essential for you to receive certification from a recognized organization. There are many organizations around the country that offer chartered accountant certification. A comprehensive search online should be able to give you the contact details of these organizations. With proper certification, you can start your own practice and look for clients on your own.
There are several organizations that provide assistance to chartered accountants in India. One of them is the Association of Chartered Accountant in India (ACAI), which has different qualifications for candidates from every part of the country. Another important thing is that these organizations conduct a lot of seminars and workshops for the continuous improvement of accountancy. So you can also join any of these organizations and complete your chartered accountant career.
Getting certification as an accountant will also mean that you are properly trained. Since education is one of the prerequisites for getting this certification, it should come as no surprise that education plays a crucial role in this process. There are several institutes across the country that offer good quality education and training. They also conduct seminars and workshops to ensure that the candidates understand the importance of accounting.
While there are many advantages to getting your chartered accountant license, there are also a few downsides. This is especially so if the candidate has not received the necessary training. In such cases, the certification can be misleading. The training might have been poor in some fields and hence the certificate is not reliable. So it is important to check the training and experience of the candidate before getting the license.
India offers a lot of opportunities to chartered accountants. It is an easy job and pays decent salaries. Besides this, it allows people from all walks of life to get into this profession. So it's not surprising that India is home to a number of chartered accountant offices.
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