What should a Chartered Accountant know?
Qualifying chartered accountancy from the prestigious Institute of Chartered Accountants of India is a dream to many students. While it takes a lot of courage and determination to become a CA, it also requires to keep up the respect and admiration this degree have. Here, we are sharing with you some of the basic yet very important aspects which a Chartered Accountant should be aware of, if not an expert:
1. Changes in Tax laws: Every year, the budget is announced by Finance Minister which has a lot to say on the tax laws like amendments, new clauses, new tax, changes in procedure, and so on. A CA especially in Tax practice be well versed with these updates and is expected to guide their clients/colleagues on the new requirements. CA’s who are not into taxes should also be aware of changes for his knowledge.
2. Accountancy: A CA is considered as an expert in accountancy. Even if his/her job role is nonaccounting related. S/he is expected to retain the knowledge gained during the course. If simple journal entries are not clear to a CA, it may leave a bad impression.
3. Market conditions: A CA should in general know about the market, changes in stock prices due to various factors.
4. Economy: A CA is also expected to have a basic understanding of how a country is growing and how good the economic conditions are.
5. Good mathematics: It’s not about intense calculations that we did in our school, it is rather about the application of business while doing math. It is also helpful while applying logic and doing data analytics.