what is the work of a chartered accountant in india
Institute of Chartered Accountants of India Chartered Accountants enjoy a statutory monopoly in audit of financial statements under the Companies Act, 2013, Income Tax Act, 1961 and various other statutes in India.[22] Financial statements audited by a chartered accountant are presumed to have been prepared according to GAAP in India (otherwise the audit report should be modified). However, not all Chartered Accountants work in audit. Firms of accountants provide varied business services, and many accountants are employed in commerce and industry. Their areas of expertise include Financial Reporting, Auditing and Assurance, Corporate Finance, Investment Banking, Financial Modelling, Equity Research. Fund Management, Credit Analysis, Capital Markets, Arbitration, Risk Management, Economics, Strategic/Management Consultancy, Management Accounting, Information Systems Audit, Corporate Law, Direct Tax, Indirect Tax and valuation of businesses..[citation needed][importance?] Apart from the field of professional practice, many CAs work in the industry and commerce in financial and general management positions such as CFO and CEO.
Institute of Chartered Accountants of India As of 2010[update], the Institute of Chartered Accountants of India has issued 32 Accounting Standards. These are numbered AS-1 to AS-7 and AS-9 to AS-32 (AS-8 is no longer in force since it was merged with AS-26).[44] Compliance with accounting standards issued by ICAI has become a statutory requirement with the notification of Companies (Accounting Standards) Rules, 2006 by the Government of India.[45] Before the constitution of the National Advisory Committee on Accounting Standards (NACAS), the institute was the sole accounting standard setter in India. However NACAS is not an independent body. It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities the accounting standards issued the ICAI continue to apply.
State governments of India The Chief Minister is appointed by the Governor who also appoints other ministers on the advice of the Chief Minister. The Council of Ministers is collectively responsible to legislative assembly of the State.
Nandalal Bose He was given the work of illustrating the constitution of India