What is the role of ca in industry?????

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 I know the work of a CA in CA firm he or she is involved in Internal audit, Statutory audit, retrun filing, maintaining books of accounts etc.

But what is the role of a CA in industry whether he involved in maintenance of books of accounts and tds service tax payment and return filing or something else.

Please all my seniors who are working in industry tell me the exact profile????????

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 1. Maintain all accounts record

2. Can b a internal auditor of company

3. To lead the whole department,

4. Balancesheet preparation

5.Monthly taxation,return filling of service tax,sales tax,tds,wct.RCM etc etc

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 But if 3-4 people are given in your team in the office accounts maintenance can be done by them and taxation payment are made monthly/quarterly then what is to be done on routine basis???????

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CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 it looks like that work is not there.. but as m leading team of 5 members along with two CA and one senior having experience of 15 yrs...

I know how much work it is there for us....

daily vouchers, cash, party payments, receipts from debtors, stock audits, internal controls,

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 but again sir vouchers are prepared by junior staff.....and payments to creditors are done by person handling bank CA just have to instruct him how much amount is to be paid.....and BRS is prepared on weekly basis again by junior

What CA exactly do himself apart from giving instructions to junior staff??What is his role in doing work????

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 1. Vouchers is finally authorised by CA

2. Payment Advice is being approved and checked by CA

3. Most of the companies have only office boy to handle bank works, but for their entries and to look on minimum balances, funding , CA is there

4. BRS prepared by juniors no doubts

Purchase orders, Juniors staff is not that much perfect that u need not to look their works. You usually have to monitor their work in order to get perfection in ur department if u r heading the whole department

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 1. Maintaining sufficient balance in banks for payment can be done by anyone then what special is done by CA?????

2.Again payment advice can also be approved by any accountant on the basis of credit policy of supplier or on instruction of management...then what is the need of CA???

It seems apart from supervision no specific role is for CA

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 1. No one is authorised to ask for the funds from head offices if u dont have sufficient funds dear

2. it seems easy to you too approve payment advice but your bank needs authorised signatory... and as a ca u cant sign it without verifying it

When u had fixed in ur mind that there is no work for CA in jobs parul ji, then i cant argue on this na

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 First of all i am not any parul......lily gupta this side.......2nd thing i have not make up my mind i just want to differentiate between an accountant and a CA role in industry.....

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 accountant just makes the things, makes entries makes report... but every company needs to ensure that these reports are checked by a qualified professionals..

Yes 60 % time goes in supervision, but 40 % time goes in making things perfect by explaining to staff, application of all amendements....

and for this name " yes m sorry but i replied last one from mah cell, where it shows that parul has commented on this "

i dont know from where it comes because now as m from lappy m not seeing anything like that..

So sorry regarding the name

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 in mah previous job.. i was a team leader of internal audit department, where company had given us all power to check everything whatever is going on in our company...

We had verified huge defaults in various things, like staff fooding, purchasing at very high rates in compare to markets, excess cash expenses.. purchasing in cash even when credit parties are there,

mis uses of companies vehicles,etc etc

so it generally depends on the company how they use CA

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 Thanks sir for explanation.......can you please give an example of mistake done by junior staff and rectified by a CA while making entry....

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CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 1. An item purchased having high value being wrongly created as fixed assets, though it is not an FA, it should b expensed even amount is around 16 lakhs.

2. While making payment advice, wrong account no is furnished of party

3. While making PO you need to tick C form in ERP System but, juniors bought it at CST 2 % without c form, and when reports of C form is uploaded online. the said party is not in that list

4. Sometime TDS being deducted on service tax amounts to..

A lot i can type here... but it wil not have any impact,, because u need to b there to understand the said situations

management usually takes reports from the Chartered not from the normal accountant...

You cant blaim accountants for tax errors, or other technical issues.... but yes u can blame if mistakes are there to a CA

Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 Thanks for nice explanation......one last question what work you done exactly yesterday ...for reaching office to packing bags at the evening.....please tell me step by step it will be help me a lot to understand the working more clearly......

CA AnKiT BoHrA (AB)

CA AnKiT BoHrA (AB) (Expert)
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30 April 2015 Sorry abt that.. but disclosing mah professional life here publiclly is not a good way in mah view... so m sorry abt that dear

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Querist : Anonymous

Querist : Anonymous (Querist)

30 April 2015 I was just asking about work like you see the trial and found an error and ask junior to rectify it or preparing MIS like that generally, i was not asking anything specific to disclose your office information publicaly...
Anyways thanks for the explanation