<P> Any member wanting to engage in public practice has to first apply for and obtain a Certificate of Practice from the Council of ICAI . Only members holding a Certificate of Practice may act as auditors or certify documents required by various tax and financial regulatory authorities in India . Once a member obtains a Certificate of Practice, his responsibility to the society increases manifold . The ethical principles applicable to a practising CA provided in first and second schedule of the Chartered Accountants Act, 1949 are more rigorous than the ones applicable to non-practicing CAs or both . </P> <P> In India an individual Chartered Accountant, a firm or a Limited Liability Partnership of Chartered Accountants can practice the profession of Chartered Accountancy. (3) </P> <P> 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 . 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...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 . </P> <P> The management of the affairs of the Institute is undertaken by a Council constituted under the Chartered Accountants Act, 1949 . The Council consists of 32 elected fellow members and up to 8 members nominated by the Government of India . The elected members of the council are elected under the single transferable vote system by the members of the institute . The Council is re-elected every 3 years . The Council elects two of its members to be president and vice-president who hold office for one year . The president is the chief executive Authority of the Council . </P>

What is the work of a chartered accountant in india
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