primarily involves the examination of the effectiveness of internal control mechanisms implemented by the organization. The auditor examines the key processes and operations compliance with rules and regulations, financial statements, etc.
A tax audit is a detailed review of a firm’s books of accounts. It is significant during the income tax filing of a financial year since it assures the process of correctly submitting the income tax return. It validates income tax accounting accuracy and compliance with tax laws.
Regulatory authorities mandate the statutory audit, and it is to be conducted by a practicing licensed chartered accountant. Accordingly, a CA is an external auditor conducting audits backed by different statute requirements and is generally called a statutory auditor.
One of the good career options for CA is the post of finance controller. A chartered accountant can take up the career of a controller responsible for all accounting-related activities within a business. It includes corporate finance .
Career Options for CA also include Forensic auditing. A forensic audit is a process of examining the financial records of an entity. It is aimed to identify unlawful activities like financial manipulations and gather supporting evidence that may become helpful in the lawsuit process. In addition
Treasury is one of the government jobs available for chartered accountants in India. Having CA certifications enhance the resume sent for treasury positions. Their primary responsibility is cash management or treasury management.