This article is written by RIDHIMA SINGH LL.B HONS – 1ST YEAR ,ALLAHABAD UNIVERSITY during her internship at LeDroit India.
Keywords– Breach, Financial Budgeting, Legal aid, Negotiator Contract Drafting, Audit.
Abstract-
Advocates are responsible for protecting and building environment of trust among the people in Legal
System of India. Whereas Chartered Accountant are responsible to look upon company’s financial approach.
They are finance skilled personnel which look upon overall financial budgeting, books of accounts and taxation of the companies which help in proper evaluation of Companies worth.
ROLES OF ADVOCATES
1. An advocate is a person who defends or assist the other person on their behalf in front of the Court. In India they should be registered in Bar Council of India and follow the provisions given under Advocates Act, 1961.
2. Every person has certain rights – legal, social and inethical terms if any party faces violation of these rights,
then the aggrieved party must be given legal aid and required legal information.
3. Only advocates are entitled to practice law in the country as per the Advocates Act 1961.Thus they are considered foremost if anyone wants to take their matter to court and get remedy.
4. An advocate must ensure that all the facts provided by the party should be recorded and noted down for further references.
5. Being an advocate one of the major roles they have to do is drafting contracts between the two parties.
6. Contract drafting refers to written agreement between two or more parties having clauses, terms and conditions which are agreed upon by the two parties.During contract drafting the advocates must keep in
mind the reason or purpose for initiating the contract, it must not be illegal.The contract must signify each parties’ obligations and responsibilities in relation to each other for completion of the purpose of contract.
7. They act as negotiator on non-fulfilment of terms and conditions of the contract. The Contract Negotiations between the parties refers to process of legally settling down the disputes between them with aim of getting desired results from the contract formed by lowering financial and legal risk. Negotiation is time taking process. An independent advocate is appointed by them so that he can listen both the parties and can bring the parties on consensus.
8. An advocate must not be involved in cheating the court by fabricating the proofs.
Thus, an Advocate must always work in good interest of their clients and maintain healthy environment in court as well with the other colleague’s.
ROLES OF CHARTERED ACCOUNTANT
Chartered Accountant are experts which help in determining base of the economy. They are professionals carrying out different strategies to bring economic stability in the nation. Given below are the functions performed by Chartered Accountant:
1. Filing Tax and Tax audit of the companies.
2. Doing Bank audits and Insurance audit.
3. Enforcing GST Laws, Filing GST and Audit GST of the company.
4. Maintaining Accounts and Books of the companies.
5. To act as Financial Advisor of the companies.
6. Keeping Company updated with recent laws and Taxation Policy.
Chartered Account helps in framing of laws relating to commerce and taxations. They provide their views in
economic planning and also act advisory in company’s capital formation.
Conclusion
Advocates and Chartered Accounts play very eminent roles in framing legal and economical structure of the nations.They are trusted upon by the people (including company) to solve their grievance’s according to the statues and provide them with remedies in shorter times and lesser expense. Both act as an asset in building nations worth in terms of legal and commercial aspect.
