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Case Studies » Featured Case Studies » Case Studies » The Institute of Chartered Accountants in Australia: The role of professional accounting in business - Professional accounting in business

The Institute of Chartered Accountants in Australia: The role of professional accounting in business - Professional accounting in business

Professional accounting in business

Chartered Accountants are in high demand in every type of business, and also within a variety of different roles. They are business leaders, decision-makers, technical analysts and influential advisors in industry and commerce.

What do Chartered Accountants do?

Chartered Accountants specialise in many different fields and industries. These include:

 

Advisory and Consultancy – Helping clients improve and manage risk to maintain and develop the performance of the business. It can include advising on mergers and acquisitions, or assessing operational and strategic risks.

 

Audit – The external analysis of an organisation’s financial information and accounts to test that controls are in place to prevent fraud and errors.

 

Business Services – Assisting organisations with all their accounting requirements to achieve financial goals, and developing strategies for business growth.

 

 

Corporate Recovery – Working with organisations suffering financial hardship to identify problems and implement solutions to restore profitability.

 

Financial Planning – Providing clients with a detailed and tailored strategy to enable them to meet their financial goals.

 

Forensic Accountancy – Identifying and tracking fraud by utilising accounting, auditing and investigative skills.

 

Insolvency – Managing the receivership process including the liquidation of assets of an organisation or inpidual due to financial hardship and bankruptcy.

 

Management Accountancy – Using accounting information to make business decisions within an organisation, in order to develop and improve overall business performance.

 

Stockbroking – Buying and selling shares and other securities through market makers on behalf of investors.

 

Tax – Preparing corporate and personal income tax statements, and providing strategies for minimising risks through the understanding of tax law.

Where can you work as a Chartered Accountant?

International professional services – These are global accounting firms made up of offices and networks around the world, including the 4 largest, Deloitte, Ernst & Young, KPMG and PwC. These firms work in multiple disciplines.

 

Mid-tier accounting organisations – Mid-tier firms typically have six or more partners and can offer the opportunity to specialise in specific industry areas. Careers in these firms are well defined, with great development opportunities both in Australia and overseas.

 

Small-to-medium accounting organisations – Firms with one to six partners and a more local sphere of work, offering a wide variety of industry areas, promotion opportunities and the ability to build strong, lasting client relationships.

 

Large corporates – Chartered Accountants can be found in all areas of business, working for companies as varied as Sony Music, Vodafone and Macquarie Bank.

 

Public sector – The public sector offers interesting and rewarding career opportunities, ranging from large federal government departments and agencies to state level public sector organisations.

 

Not-for-profit – Chartered Accountants are also essential to the not-forprofit/ charity sector. Accountants work in organisations such as Oxfam, Unicef and RSPCA to make a difference in today’s world.

 

 

 

 

 

(Page 3 of 6)
Learning Area(s):
  • Business Environment | Stakeholders
  • Careers | Choosing a career
  • Ethics and Social Responsibility | Corporate governance
  • Ethics and Social Responsibility | Risk Management
  • Financial Reports and Analysis | Analysis of financial reports and information
  • Financial Reports and Analysis | Ethical/legal accounting
  • Financial Reports and Analysis | Types of financial reports
From: Edition 7

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