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Accounting profession is a very challenging, respected, and interesting discipline that is designed to bring out the best in an average aspiring-chartered accountant. The journey to become a chartered accountant may be tough, due to the rigorous level of examinations to be undertaken, but the end result is highly rewarding. The professional accountant jobs are in high demand across public and private organizations anywhere in the world. Chartered accountants occupy positions such as auditor, financial accountant, management accountant, cost accountant, finance analyst, finance specialist, project accountant, business consultant, financial advisor, finance manager, financial controller, finance director, chief financial officer, or chief executive officer etc., depending on your years of experience and the size of the organization.
The professional accountants are decision makers, trusted advisors, and business leaders positioned to create increasing value for their companies. A chartered accountant occupies a fiduciary position within an organization, and as a result, are expected to act in the best interest of their employers or clients. Professional accountants are responsible for preparing and reporting the financial statements of their entities in which the investors and other users rely upon. For this reason, they are required to protect the public interest. Generally, high expectation is placed on a chartered accountant to act ethically and responsibly by demonstrating good professional behavior and ensuring high quality of the general purpose financial statements.
A chartered accountant is a professional accountant that has been trained by a recognized accounting body in a country, after passing the prescribed examinations and have been so inducted and provided with a certificate by the institution. In Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) are the two bodies recognized by the act of parliament. By convention, and according to the dictate of accounting profession, only chartered accountants or members of the institute are permitted to use the designation of Associate Chartered Accountant (ACA) or Fellow Chartered Accountant (FCA) for ICAN, and Certified National Accountant (CNA) or Fellow Certified National Accountant (FCNA) for ANAN.
Other countries in the world have their own recognized professional accounting bodies including:
Chartered accountants are generally bound by the rules of professional conduct produced by the International Federation of Accountants (IFAC) or relevant professional accounting bodies. A professional accountant is required to comply with the conceptual framework, and apply in their day-to-day activities, the fundamental principles of:
An accounting graduate, or a person that is performing accounting roles in an organization is an accountant and NOT a chartered or certified accountant, irrespective of his / her many years of experience on the job. As such, no specific professional qualification is required to enjoy the title of accountant. However, Accountants are not allowed to use ACA or CA designate because they do not possess the requisite training and professional qualification.
These are chartered accountants working as members, partners, or employees of a practising accounting firm to render professional services including accounting, consulting, assurance, tax, investigation, forensic accounting, etc. to public and private organizations. Professional accountants in public practice are expected to comply with all fundamental principles of the profession and avoid any action that can damage or bring accounting profession to disrepute.
In accordance with the code of ethics for professional accountants of International Federation of Accountants (IFAC), a professional accountant in public practice should not engage in any business, occupation, or activity that impairs or might impair integrity, objectivity, or the good reputation of the profession and as a result would be incompatible with the rendering of professional services. A chartered accountant in public practice should be aware of some certain situations or events that can potentially threatened the fundamental principles of the profession including:
These are chartered accountants employed or engaged by private or public entities to provide strategic financial and business solutions to aid management decision making. Professional accountants in business use their professional skills and the knowledge of the business, industry, and economic environment in providing support to management to develop corporate strategy, optimize costs, improve revenue, design measures to mitigate risks, and provide professional advice to enhance the overall value of the business. Particularly as a board member of a big or quoted company, a chartered accountant is seen as being representing the interest of the shareholders in the company. Hence, a chartered accountant is expected to act in the best interest of the public and strive to increase the value of the company to enhance owners’ equity value.
A chartered accountant is needed in business for a rewarding and profitable outcome. Professional accountant will provide the requisite business and financial strategies to the organization and guide the company against any potential risk exposure. The global business environment is becoming challenging and volatile. Hence, chartered accountants are needed more than ever to help businesses mitigate risks and act as enablers to achieve corporate strategic goals.
To avoid risk of financial losses, you need the service of a professional accountant to help you design tailor-made organizational processes and procedures to preclude financial leakages and develop a policy document known as standards of business conduct to serve as business operating manual.
At Adda, we pride ourselves with highly experienced and committed professionals willing and ready to collaborate with businesses to create value
info@addalli.com
Postal Code: 100213
All Seasons Place, 74 Ogunnusi Road, Ojodu Ikeja, Lagos
