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Chartered accountants are accountants that have a specific designation. They spend years learning about accounting, business, and financial management before they are chartered accountants. This extensive training means they are very versatile. CAs generally work in public practice, business, government, and the non-profit sector. (Career Cruising)
Chartered accountants who work in public practice provide accounting and business advice. For example, CAs who work for the public may analyze and review financial statements for companies. (Career Cruising)
First you must obtain a bachelor's degree in anything. Then you are required to complete a professional program, depending on the province you live in. For example, CA candidates in western Canada must enrol in the CA School of Business after completing their degree. Prospective CAs must also find employment at a training office, such as a chartered accountancy firm that has been approved by the appropriate provincial institute. This is called articling. Once hired, trainees study accounting while working under the supervision of fully qualified CAs. Usually you must have 30 months of articling Finally; candidates must pass the Uniform Evaluation (UFE). The 3-day exam is written once a year by all CA candidates across Canada.(Career Cruising)
Chartered accountancy can be a well paid job. For university graduates entering the job as beginners, salaries range between $25,000 and $50,000 a year. Newly qualified CAs may earn from $40,000 to $80,000 a year. CAs with 3 to 5 years of experience can earn $100,000 or more a year.
The top salaries for chartered accountants are earned by partners in large accountancy firms. A partner shares ownership of the firm, as well as the profits. Partnership is usually offered only after many years of working for a firm. Partners in chartered accountancy firms may earn $200,000 or more a year.(Career Cruising)
Chartered accountants work for businesses of all kinds, governments, educational institutions, and non-profit organizations. Those who work in public practice are generally employed by CA firms. Some CAs are self-employed, hiring their services out to clients for a fee.
Chartered accountants' working hours vary depending on the time of year. From fall to early spring, they are very busy, often working 50 to 60 hours a week. Weekend work is normal during this time of year. In the late spring and summer, the pace of work slows. A 40-hour workweek is normal for this period.(Career Cruising)
PART A- Career Opportunities Chartered Accountant
The accounting designation that would be most suited to me is the Chartered Accountant. This is because of the money, the versatility and the working conditions. One of the most attractive rewards of being trained as an Accountant is the salary one can attain. As a Chartered Accountant with 3-5 years of experience, you are expected to make $100,000 or more. This is a very attractive salary, and since I have an affinity for money, it is one of the most enticing aspects of being a Chartered Accountant. Next would definitely be versatility. As Chartered Accountants go through years of studying accounting, business and financial management, it means they become very versatile in regards to what work they can do. This is important for me, because I understand that after becoming a CA I might realize that being a Chartered Accountant is not the job for me. However, knowing that the training to become a Chartered Accountant sets me up to be successful in a huge diversity of jobs and careers sets me at ease. Working conditions are important for any job. As a Chartered Accountant I would be able to work in practically any kind of business. In such a business I would usually work in an office environment. Since I don't mind working in an office the working conditions CA's have is suitable for me. Also as an individual I believe that relaxation is very important. Knowing that accounting work is slow during Spring and Summer, tells me that I would have time to relax and enjoy myself.
Goals for becoming a Chartered Accountant
-Complete high school
-Earn my bachelors degree in any area
-Complete a professional accounting program
-Finish articling at a chartered accounting firm
-Pass the uniform evaluation exams
4 years of high school + 3 year bachelors degree + 3 years of articling >> Chartered Accountant
2007-2011 >> 2011-2014 >>> 2014-2017>> Chartered Accountant -2017
Accounting job advertisement: Entry Level
ACCOUNTING CLERK -
COMMUNITY AND HEALTH SERVICES DEPARTMENT
BUSINESS OPERATIONS AND QUALITY ASSURANCE BRANCH
Full-Time, Salary $25.03 - $27.21 per hour
Reporting to the Supervisor, Accounting, is responsible for providing various accounting, financial, statistical and administrative services to the Community and Health Services Department including payroll, accounts payable and receivable, service provider and operator payments and preparing and processing journal entries; providing financial and statistical recording, monitoring, reconciliation and reporting; and maintaining accounts files and computerized records.
.Â Successful completion of a Post Secondary Certificate/Diploma (1 year or more) in Accounting or Business field or related program or approved combination of education and experience.
.Â Minimum two (2) years experience in a general accounting field and in developing spreadsheet and/or database applications for financial analysis and reporting.
.Â Knowledge of and demonstrated ability in corporate core competencies including customer service, communication, team work, initiative/self management and accountability, and flexibility/adaptability.
.Â Knowledge of general accounting practices and procedures and general office procedures including records management.
.Â Mathematical aptitude and analytical skills.
.Â Familiarity with policies and procedures governing payroll, accounts payable and accounts receivable.
.Â Computer literacy utilizing MS Office software applications as well as proficiency in spreadsheet applications.
.Â Ability to work in PeopleSoft Financial and Human Resource software, as required.
.Â Ability to travel to off site locations in a timely and efficient manner, as required.
.Â Ability to work outside regular business hours, as required.
Please apply on-line at www.york.ca by 4:30 pm on April 21, 2010 quoting competition #W10192.Â We thank all candidates for their interest, however, only those selected for an interview will be contacted.Â For additional information on York Region, please visit the above-mentioned website.
Accounting job advertisement: Accounting Designation
Toronto Star Tuesday, June 8th, 2010
Business and Careers page B7
The accounting clerk job I found is a permanent position. It requires successful completion of a Post Secondary Certificate/Diploma (1 year or more) in Accounting or Business field or related program or approved combination of education and experience, and minimum two (2) years experience in a general accounting field and in developing spreadsheet and/or database applications for financial analysis and reporting. It requires doing daily tasks as recording journal entries, payrolls, accounts payable and receivable, and service provider and operator payments. You get paid $25-27 an hour.
The Accountant job I found is one that requires a Chartered Account or Certified General Accountant designation. It takes place in an Accounting office. It also needs 15 years of accounting experience. This job will likely require you to monitor the whole accounting system and be in charge of the accounting for taxes. You will be required to be up-to-date with all of the new accounting software and be responsible for errors in the accounting done for the company. As this is a job that requires experience and a professional accounting designation your salary will be much higher in comparison to an entry level job.
Part B - Ethics
Case 1: Not a Cool Move:
The Ethical Issue
Jerry Ashcroft was the Chartered Accountant for Box Lacrosse Players' Association. Using his position as Chartered Accountant he was able to hold advertising rights to the scoreboard in another company to further sell it to Coca Cola to make himself $50,000. Jerry Ashcroft held a powerful spot in his company. People relied on him to not only manage their accounting but also do it with integrity. Instead Ashcroft betrayed their trust and was able to use his power within the company to make money for himself. By falsely saying that another company had held the rights to the scoreboard, he forced Coca Cola into paying an additional $50,000 on top of the $100,000 they had to pay already. Not only did he greedily pocket $50,000 dollars for himself, but he forced Coca Cola to pay 150% of the original price agreement. Now the player representatives and their association must decide what should happen to Jerry Ashcroft. Should they report him, and get him fired and into legal trouble? Should they ignore it, and let Jerry Ashcroft get away with fraud.
The stakeholders in this situation are Jerry Ashcroft, the team representatives, the Box Lacrosse players Association, the League Owners, and Coca Cola. Jerry obviously has an interest in this, he gained $50,000, and however he could now be in trouble for legal fraud. He has also angered the team representatives and Coca cola and will now be held accountable. The next stakeholders are the team representatives and the players Association. This situation could possibly create bad reputation for their Association. Despite this situation not being their fault, their league forced Coca Cola to pay an extra $50,000 on top of their agreement. This money was gained illegally, by telling Coca Cola that another company had the rights to the scoreboard, when instead it was just Jerry Ashcroft. Other companies that see this will be less inclined to buy advertising from this league's events, thus resulting in less money for the team representatives and the association. Also the team representatives have lost out on the money gained from the event, when they found out the advertising sold for $150,000; they must've thought it would be a $52,500 - $97,500 split. However instead of getting $97,500 for their pension plan, they now only get $65,000 because $50,000 went to Ashcroft. The league owners are also affected because now they are getting $35,000 instead of $52,500. The last stakeholders are Coca-Cola. This company was illegally scammed out of an additional $50,000 dollars. They will likely want their money back if they knew what had happened.
Four courses of action, Effects/Consequences
One course of action for this problem is simply to hold Jerry Ashcroft accountable. He would go to court and most likely be forced to pay a fine and sent to jail for a short period. This would show him that fraud is not acceptable and that he will be accountable for his actions. After this, Jerry would be less likely to engage in fraud because he knows what the repercussions are. The court will also probably decide to give back Coca Colas money. This will satisfy Coca Cola, but not solve the problems of all other shareholders.
Jerry could simply return the $50,000 dollars to Coca Cola. However this only solves Coca Colas problem. It does not hold Jerry accountable, and gives him an easy way out. This does not resolve the other shareholders problems. Their reputation is still ruined from this event, and Jerry's fraud would be kept in the dark.
Another course of action is to have Jerry Ashcroft come forth and confess. This would entail Jerry Ashcroft publically informing the community of the fraud he committed. He would then apologize to all the shareholders and the community. He would be fired, and the crown would be left to decide his punishment. This way, the league's association does not have their reputation ruined. Coca Cola will likely get back its money from court, and the league representatives and the league owner's also keep their reputation intact.
Although many people would want Jerry Ashcroft punished with fines or jail time, another punishment could be community service. To help the community he could talk to other accountants and business owners about fraud and why it is wrong. This would be fitting because this process could help Jerry realize the error of his ways. It could also help prevent other people from becoming involved in fraud. He will also probably have to pay back Coca-Cola's money. This leaves the other shareholders problems unsolved, however it helps solve a much bigger problem and that is fraud.
From the courses of action listed above, I would have to choose the third one. This course of action is the best because to some extent it satisfies all of the shareholders. Coca-Cola gets their money. The league representatives, their association, and the league owners keep their reputation undamaged. This decision also leaves an impact on Jerry. It makes him apologize for his actions and accept the humility of his errors. It will probably make him refrain from fraud in the future and the court will hold him accountable. The other alternatives mostly only resolve Coca-Cola's issue. However the other shareholders are left unsatisfied, because their reputation would be damaged from this situation. Decision number two, does not hold Jerry accountable for his actions, and he does not learn his lesson. Only by Jerry Ashcroft coming forth and accepting the blame for what he did, and admitting that he was solely responsible for the fraud that happened, can the other shareholders avoid unfair blame. This is why this course of action is the best course of action of those that I listed.
PART C HST- Harmonized Sales Tax
The HST, or the Harmonized Sales Tax combines the Provincial Sales Tax (8%) and the Goods and Services Tax (5%) to make one Harmonized Tax (HST) that is (13%). This tax is in effect from July 1st, 2010. (Ontario Q. P., What is the HST?, 2010)
This tax the HST can affect different groups (government, business owners, consumers, families) both positively and negatively. How the HST affects both consumers and businesses positively and negatively will be outlined in the chart below.
The current PST is charged on purchases made by businesses. However it is charged on every step in the production of goods and services. This makes it a tax on a tax on a tax. $4.5 billion in embedded sales tax is hidden in the cost of doing business in Ontario. This raises the prices of goods and services to consumers and places Ontario's businesses at a huge disadvantage. Many other countries that Ontario competes with jobs for don't have this disadvantage. The HST will remove this embedded tax by refunding sales taxes paid on most business inputs. These refunds will mean lower prices for many consumer purchases and lower business costs, which experts agree will improve the competitiveness of Ontario businesses and result in increased business investment, leading to more jobs and higher incomes. (http://www.rev.gov.on.ca/en/taxchange/hst.html )
The HST and cuts to business taxes will cut Ontario's marginal effective tax rate on new investment in half.
Ontario will join more than 140 countries and four other provinces that already have a value-added sales tax like the HST - because it is modern, efficient and necessary to compete in today's changing world. (http://www.rev.gov.on.ca/en/taxchange/business.html)
The Ontario Real Estate Association says merging the taxes will add more than $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry's recovery from the economic depression.
Increased competition will mean lower prices of goods and services, which might translate into less revenue. Businesses need to update their accounts tax information, which will be an added expense.
The HST will not be charged on the following items that you don't currently have to pay PST for:
Certain medical devices
Municipal public transit
Most health and education services
Most financial services
Consumers will not have to pay the provincial portion of the HST for:
Qualifying prepared food and beverages sold for $4.00 or less
Children's clothing and footwear
Children's car seats and car booster seats
Feminine hygiene products
Books (including audio books)
83Â perÂ cent of consumer purchases will not see a new tax.
Right now, PST is paid by most businesses on different costs throughout the production of an item. Simply put, the PST is charged multiple times before a product reaches the store. Therefore once the HST is in effect, the prices of products will be much less. (http://www.rev.gov.on.ca/en/taxchange/consumers.html)
Consumers are most likely to notice an increase in the price of gasoline and heating fuels. Electricity will no longer be free from provincial sales tax; neither will tobacco, personal services like haircuts, membership fees for clubs and gyms, newspapers and magazines, taxi fares and the professional services of lawyers, architects and accountants. Real estate commissions will also be taxed.
IS THE HST GOOD OR BAD FOR ONTARIO
The HST has been regarded with much controversy. Most of the public and opposing politicians are against the implementation of this new tax. However there is the fact that a value-added tax like the HST is what most consumers in over 100 countries like, and what most of Canada's economists want. There are many clear and simple economic reasons.
First, the HST unlike the provincial sales tax (PST) is unbiased. It is unbiased because all consumer purchases are taxed equally instead of favouring services over goods. Also, the wider ranged tax base that the HST has, allows a certain amount of government revenue to be raised at lower tax rates.
Second, the HST removes the tax disadvantage that Ontario businesses have in regards to their competitors. A big portion of tax revenues under PST, 30 percent, come from purchases of Ontario businesses inputs from retailers. These taxes have been embedded at every step of production of a good or service. This makes it difficult for businesses to sell their goods worldwide and to compete against goods that have been imported. The HST provides a solution for these problems. Since the HST is a value added tax, businesses that pay taxes on their inputs, get rid of them by an input tax credit. This means that products being exported from Ontario have no HST, while products coming in from other countries have to pay the full HST. This allows Ontario's economy and businesses to compete world-wide. This is important because of the current economic difficulties Ontario is going through.
Third, the HST provides administrative relief. It saves businesses from having to deal with two different tax laws, and therefore less paperwork. "According to the Ontario Government, the harmonization of Ontario's sales tax will result in compliance cost savings to companies of more than $500 million per year (although other commentators have pegged these savings at $100 million)."