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By Chris Johansen
When you need help with an audit, getting your taxes done, or any general help with your business or finances, it’s best to know what all your options are. There are many people who offer business or professional services that are willing to help you, but they might not always be the most qualified for the job. In Canada, you would like to seek out a person who is a Chartered Accountant, or CA. Exactly what is a chartered accountant?
A chartered accountant is a particular designation given to individuals in the accounting field that shows that the holder of the title is qualified to work in public practice to provide tax advice, tax preparation and perform audits and offer advisory services. This is equivalent to the Certified Public Accountant, or CPA, in the United States. In Canada, CAs belong to the Canadian Institute of Chartered Accountants, or CICA.
In order to achieve this status, a person must possess an undergraduate degree. They must also have articling experience, and, depending on the province they are in, possibly additional education. All candidates everywhere in Canada must also pass the three day Uniform Evaluation, or UFE.
There are other types of accountants available besides a CA, and there are differences among them. A Certified General Accountant, or CGA, has different standards that they must meet. These standards involve education, work experience and examination requirements.
A CGA, like a CA, must have an undergraduate degree. They must also complete courses in a separate academic study and pass different qualification exams. There is also a requirement of a minimum of twenty-four months of work experience that is supervised. The work experience may be in a variety of fields in the business sector.
A CGA has accounting expertise in several fields. These include business strategy, taxation, business and personal finance, management and auditing. Before being allowed to produce audit opinions, a CGA must be licensed as a public accountant.
Another type of accountant is a Certified Management Accountant, or CMA. This is a professional designation that shows that its professionals may use financial information and other materials to form strategies and make decisions regarding government and industry. They have a deep basis in management, strategy and accounting. This is a much more exclusive group than CA or CGA and the certification tests have the candidates show mastery in financial planning, decision support, control and analysis.
In the end, the question of what is a chartered accountant can be answered with a person who is well-equipped to help you with your business practices. A CA is also qualified to help you with audits, taxes and general financial advice. A person of this certification can be very helpful to you if you are looking to start your own business or just need some help in figuring out how to prepare your taxes or how to invest your money. With the different types of accountants available, you will want to find someone who best fits your needs.
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