• continuous management of financial systems and budgets;
• undertaking financial audits (an independent check of an organisation’s financial position);
• providing financial advice.
In public practice, tasks carried out by a chartered accountant include:
• liaising with clients (individuals or businesses) and providing financial information and advice;
• reviewing the company’s systems and analysing risk;
• performing tests to check financial information and systems;
• advising clients on tax planning (within current legislation to enable them to minimise their tax liability) and tax issues associated with activities such as business acquisitions and mergers;
• maintaining accounting records and preparing accounts and management information for small businesses (accountancy);
• advising clients on business transactions, such as mergers and acquisitions (corporate finance);
• counselling clients on areas of business improvement, or dealing with insolvency;
• detecting and preventing fraud (forensic accounting);
• managing junior colleagues.
In commerce and industry and the public and not-for-profit sectors, work involves:
• liaising with internal and external auditors and dealing with any financial irregularities as they arise;
• producing reports and recommendations following internal audits or public-sector audits;
• preparing financial statements, including monthly and annual accounts;
• arranging financial management reports, including financial planning and forecasting;
• advising on tax and treasury issues;
• negotiating terms with suppliers.
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