What Differentiates an Accountant from a Chartered Accountant?

Accounting is the methodical keeping of records in order to examine, analyse, summarise, and present them as the financial data required for company decision-making.

One specialised and designated area of accounting is chartered accounting. These specialised and fundamental accounting services are provided by chartered accountants, who must pass a rigorous and highly comprehensive qualifying exam.

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Difference Between a Chartered Accountant and an Accountant

Qualification

Chartered accountants must pass a professional qualification programme with several levels and a wide range of disciplines covering subjects such as accounting, taxation, auditing, finance, compliance, etc.

The term “accountants” is broad and linked to a range of educational programmes and credentials. It is not necessary to be qualified for specialised professional training.

Regulatory

The role and scope of a chartered accountant are guided by the regulations and ethical standards of operations laid down by the professional body that recognises them as CAs.

Although ethical conduct and practice norms apply to accountants as well, the extent of their certification and the qualifications they possess ultimately determine how they carry out their duties.

Scope and Specialisation

Chartered accountants must complete a rigorous programme of study and get in-depth, specific training. They manage a wide range of financial tasks and responsibilities.

Certified accountants have a relatively limited scope of work, and it is usually restricted to financial management (bookkeeping and accounting)

Auditing

Certified chartered accountants are qualified to conduct audits and provide assurance services to their clientele.

Not all accountants are qualified to conduct financial statement audits. When it comes to auditing, accountants must demonstrate that they possess the necessary skills.

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