Question

what are the RESPONSIBILITIES OF A PROFESSIONAL ACCOUNTANT”??

Answer 1

Professional accountant assists top management formulating future financial plan and acts to make the thing happens. This is much more than keeping, recording, and making financial reports periodically.

Required responsibilities are as below:

No.1) Corporate strategy: financial strategy is the key for future growth. A professional accountant, like financial comptroller, is responsible of formulating strategic planning how the organization will flourish. Suppose the strategy of cost minimization or expansion of business.

No.2) Annual budgets: this is the part of governing the organization. Professional account is responsible for approving budgets. He does so by evaluating each and every corner of budget – such as cash budget, production budget, slag period, idle time in processes, etc.

No.3) Reporting: professional accountant is responsible how to make statutory accounting reports to stakeholders (like stockholders, lenders, government, etc.). This is the way of finalization of accounts in the form of Income Statement, Balance Sheet, Cash Flows Statement, etc.

No.4) Financial health: professional accountant should not let such health down; therefore, his responsibility includes constant look on the performance by the way of analysing Net Income, Operating Cost, and return of equity. If these are in adverse, the professional accountant must take step immediately – suppose net income drops because of increasing interest expense; further borrowing should be stopped now.