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.
Public Accounts Committee (India) The PAC is formed every year with a strength of not more than 22 members of which 15 are from Lok Sabha, the lower house of the Parliament, and 7 from Rajya Sabha, the upper house of the Parliament.[1] The term of office of the members is one year. The Chairman is appointed by the Speaker of Lok Sabha. Since 1967, the chairman of the committee is selected from the opposition. Earlier, it was headed by a member of the ruling party. Its chief function is to examine the audit report of Comptroller and Auditor General (CAG) after it is laid in the Parliament. CAG assists the committee during the course of investigation. None of the 22 members shall be a minister in the government.