Association of International Accountants
Encyclopedia
The Association of International Accountants (AIA) is a professional accountancy
body. It was founded in the UK
in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
AIA is recognised by the UK Government as a Recognised Qualifying Body (RQB) for statutory auditors under the Companies Act 2006
, and is a Designated Body across the European Union under the Mutual Recognition of Professional Qualifications (MRPQ) directive as well as a Prescribed Body under the Companies (Auditing and Accounting) Act 2003 in the Republic of Ireland.
AIA has supervisory status for its members in the Money Laundering Regulations 2007.
The AIA's Head Office is at the Metro Riverside business park, Newcastle upon Tyne
, and it has established branches in Hong Kong, Greece, Cyprus, Singapore and Malaysia.
AIA members use the designatory letters FAIA, as a Fellow and AAIA as an Associate. And AIA members can use the title or designation of International Accountant.
Those who achieve the AIA’s Recognised Professional Qualification as a company auditor are able to register with a Recognised Supervisory Body (RSB) and undertake company audits of companies of all sizes in the UK in accordance with the UK Companies Acts.
All AIA members must undertake Continuing Professional Development (CPD), are subject to Disciplinary Procedures and adhere to the International Federation of Accountants
(IFAC) Code of Ethics. AIA is regulated by the Professional Oversight Board
(POB), part of the UK’s Financial Reporting Council
(FRC).
AIA offers a number of entry levels to applicants, depending on their qualifications and work experience profile.
Student membership is designed for those applicants who wish to undertake the AIA Professional Qualification or Audit Qualification, which is achieved through a combination of work experience and examinations that ensure candidates are equipped with the relevant skills and competencies required to work confidently and efficiently in this challenging profession.
Affiliate membership is offered to those applicants who have had over five years work experience in accountancy and finance, and want to become a member of a professional accountancy body. Affiliate members are entitled to use the designation AMIA. Affiliate membership is not full membership of AIA, Affiliate members are not authorised to sign off accounts and are not eligible for an AIA practising certificate.
Academic membership is offered exclusively to academics, who are working at universities or colleges and teaching at lecturer level or above. Applicants could also be a consultant or examiner for a professional body. Academic members are entitled to use the designation FAIA(Acad). AIA Academic Membership does not convey any entitlement to the AIA Professional Qualification.
Direct membership applies to those who have the right to practice in the United Kingdom under Regulation 5 of the European Communities (Recognition of Professional Qualifications) Directive. AIA are also recognised under the EC Audit Directive, which recognises professional qualifications for auditors as defined by the Companies Act 2006. Only applicants who are eligible under this route can apply for direct membership.
Through a combination of study and work experience, the AIA statutory auditor training program provides a Government recognised qualification. Candidates must complete the exams including UK Paper 8 Company Law and taxation papers, namely Paper 5 Auditing & Taxation and Paper 16 Taxation and Tax Planning.
In addition, candidates need to complete an oral test and on successful completion of all the required elements, and register with a Recognised Supervisory Body (RSB).
AIA currently offer the following Diplomas:
International Accountant is also the bi-monthly magazine published by AIA. Members receive the magazine as a membership benefit, and it is also available to subscribers.
The magazine offers readers a variety of news stories which affect the profession, SME news, technical updates, and interviews with figureheads throughout the business world, as well as articles on issues such as IFRS, tax, environmental accounting, insolvency, Islamic accounting and ICT solutions.
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
body. It was founded in the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
AIA is recognised by the UK Government as a Recognised Qualifying Body (RQB) for statutory auditors under the Companies Act 2006
Companies Act 2006
The Companies Act 2006 is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law. It had the distinction of being the longest in British Parliamentary history: with 1,300 sections and covering nearly 700 pages, and containing 16 schedules but it has since...
, and is a Designated Body across the European Union under the Mutual Recognition of Professional Qualifications (MRPQ) directive as well as a Prescribed Body under the Companies (Auditing and Accounting) Act 2003 in the Republic of Ireland.
AIA has supervisory status for its members in the Money Laundering Regulations 2007.
The AIA's Head Office is at the Metro Riverside business park, Newcastle upon Tyne
Newcastle upon Tyne
Newcastle upon Tyne is a city and metropolitan borough of Tyne and Wear, in North East England. Historically a part of Northumberland, it is situated on the north bank of the River Tyne...
, and it has established branches in Hong Kong, Greece, Cyprus, Singapore and Malaysia.
Membership
Associate or Fellow membership:AIA members use the designatory letters FAIA, as a Fellow and AAIA as an Associate. And AIA members can use the title or designation of International Accountant.
Those who achieve the AIA’s Recognised Professional Qualification as a company auditor are able to register with a Recognised Supervisory Body (RSB) and undertake company audits of companies of all sizes in the UK in accordance with the UK Companies Acts.
All AIA members must undertake Continuing Professional Development (CPD), are subject to Disciplinary Procedures and adhere to the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC) Code of Ethics. AIA is regulated by the Professional Oversight Board
Professional Oversight Board
The Professional Oversight Board is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council , the independent regulator of corporate governance and reporting in the UK.-Functions:The Board's state d purpose is to...
(POB), part of the UK’s Financial Reporting Council
Financial Reporting Council
The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.-Structure:...
(FRC).
AIA offers a number of entry levels to applicants, depending on their qualifications and work experience profile.
Student membership is designed for those applicants who wish to undertake the AIA Professional Qualification or Audit Qualification, which is achieved through a combination of work experience and examinations that ensure candidates are equipped with the relevant skills and competencies required to work confidently and efficiently in this challenging profession.
Affiliate membership is offered to those applicants who have had over five years work experience in accountancy and finance, and want to become a member of a professional accountancy body. Affiliate members are entitled to use the designation AMIA. Affiliate membership is not full membership of AIA, Affiliate members are not authorised to sign off accounts and are not eligible for an AIA practising certificate.
Academic membership is offered exclusively to academics, who are working at universities or colleges and teaching at lecturer level or above. Applicants could also be a consultant or examiner for a professional body. Academic members are entitled to use the designation FAIA(Acad). AIA Academic Membership does not convey any entitlement to the AIA Professional Qualification.
Direct membership applies to those who have the right to practice in the United Kingdom under Regulation 5 of the European Communities (Recognition of Professional Qualifications) Directive. AIA are also recognised under the EC Audit Directive, which recognises professional qualifications for auditors as defined by the Companies Act 2006. Only applicants who are eligible under this route can apply for direct membership.
Audit route
As a Recognised Qualifying Body (RQB), AIA is recognised by the UK Government as being eligible to train qualified statutory auditors.Through a combination of study and work experience, the AIA statutory auditor training program provides a Government recognised qualification. Candidates must complete the exams including UK Paper 8 Company Law and taxation papers, namely Paper 5 Auditing & Taxation and Paper 16 Taxation and Tax Planning.
In addition, candidates need to complete an oral test and on successful completion of all the required elements, and register with a Recognised Supervisory Body (RSB).
Other qualifications
In addition the AIA professional qualification and statutory audit qualification, AIA also offers a number of diplomas.AIA currently offer the following Diplomas:
- Diploma in International Financial Reporting Standards (IFRS)
- Diploma in Corporate Finance for Decision Making
- Diploma in Management Accounting & Costing
- Diploma in Auditing
Europe
- The AIA qualification is recognised as a Designated Body by the European UnionEuropean UnionThe European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
under the Mutual Recognition DirectiveEuropean professional qualification directivesThere are two main European legal instruments covering the mutual recognition of professional qualifications: Directive 89/48/EEC and Directive 92/51/EEC....
in respect of the activity of Company Auditor. This recognition extends to the European Economic AreaEuropean Economic AreaThe European Economic Area was established on 1 January 1994 following an agreement between the member states of the European Free Trade Association and the European Community, later the European Union . Specifically, it allows Iceland, Liechtenstein and Norway to participate in the EU's Internal...
nations, the 25 member states of the EU and SwitzerlandSwitzerlandSwitzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
.
UK
- AIA is a Recognised Qualifying Body (RQB) for statutory auditors under the Companies Act 2006. Six bodies are currently recognised by the UK government: the ICAEWInstitute of Chartered Accountants in England & WalesThe Institute of Chartered Accountants in England and Wales was established by a Royal Charter in 1880. It has over 130,000 members. Over 15,000 of these members live and work outside the UK...
, ICASInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
, ACCAAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
, ICAIInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
, CIPFA and AIA.
- AIA has Awarding Body status under the National Qualifications Framework and AIA's second stage application to operate in the Qualifications and Credit Framework (QCF) was approved by Ofqual’s Regulators’ Recognition and Accreditation Group (RRAG) at their meeting in November 2010.
- AIA has supervisory status for its members in the Money Laundering Regulations 2007.
- AIA is also statutorily recognised and listed accordingly in the Companies Act 1985 (as amended) for the purpose of Reporting Accountants.
- AIA full members (AAIA or FAIA) are eligible to apply for membership of the Association of Authorised Public AccountantsAssociation of Authorised Public AccountantsThe Association of Authorised Public Accountants is a British professional body for public accountants.The AAPA was formed in 1978 as a professional body for auditors recognised individually under the Companies Act 1948. AAPA achieved formal recognition by the Department of Trade and Industry in...
(AAPA), which is a Recognised Supervisory Body (RSB).
- AIA is recognised by universities and other educational providers as equivalent to at least a Bachelor degreeBachelor's degreeA bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...
in accountancyAccountancyAccountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
, for the purpose of obtaining credit to acquire a Masters degree or enter an advanced study program.
- The AIA professional qualification is granted 30 points in the Points Based System Tier 1, General Migrant (INF 21).
Ireland
- AIA is listed as a Prescribed Body under the Companies (Auditing and Accounting) Act 2003 in the Republic of Ireland and is supervised by the Irish Auditing and Accounting Supervisory Authority (IAASA).
- AIA full members (AAIA or FAIA) are eligible to apply for membership of the Institute of Incorporated Public Accountants (IIPA).
Singapore
- In Singapore, membership of AIA is viewed as a recognised qualification for the purpose of acting as a secretary of a public company under section 171(1AA) of the Companies Act.
Hong Kong
- AIA and the Hong Kong Institute of Certified Public AccountantsHong Kong Institute of Certified Public AccountantsThe Hong Kong Institute of Certified Public Accountants is the professional accounting body of Hong Kong.Its main responsibilities are:*Registration and regulation of profession accountants in Hong Kong....
(HKICPA) have signed an agreement for Mutual Examination Paper Exemption (MEPE).
Mainland China
- AIA have signed agreement with China Association of Chief Financial Officers for AMIA certification.
Malaysia
- The AIA professional qualification (FAIA/AAIA) is recognised by the Public Service Department of the Malaysian Government as equivalent to an honours degree of a Malaysian university and for the purpose of registration as an Authorised Tax Agent. Graduate of AIA is recognised as equivalent to a normal general degree from local university.
- Graduate and associate members of the AIA (UK) are recognised as entry qualification from the Malaysia Institute of Certified Public Accountants (MICPA) Programme.
- AIA Members (FAIA/AAIA) are eligible for membership of The Chartered Tax Institute of Malaysia (CTIM).
- AIA Members (FAIA/AAIA) are eligible for Professional Membership of The Institute of Internal Auditors Malaysia (IIA Malaysia)
Cyprus
- The AIA professional qualification is recognised for the purpose of audit of public companies according to article 155(1)(b), Chapter 113, of the Companies Act.
- AIA Members are eligible for membership of the Institute of Certified Public Accountants of Cyprus (ICPAC).
St Lucia
- AIA is listed as a parent body for Accountants and Auditors under the Institute of Chartered Accountants of St Lucia (Incorporation) Act 1985.
Trinidad & Tobago
- The Institute of Chartered Accountants of Trinidad and Tobago recognises AIA within the Schedule of Registered Societies.
Belize
- AIA is listed as a scheduled society under the Accounting Profession Act Chapter 305 for membership of the Institute of Chartered Accountants of Belize.
Dominica
- The Commonwealth of Dominica under its Companies Act 1994, recognises AIA as a parent body for Accountants and Auditors.
Nigeria
- AIA is recognized under the ANAN Act 76 of 1993 Schedule 4 for membership with the Association of National Accountants of NigeriaAssociation of National Accountants of NigeriaThe Association of National Accountants of Nigeria is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Institute of Chartered Accountants of Nigeria ....
.
Mauritius
- AIA is recognized by the National Accreditation and Equivalence Council for membership of the Mauritius Institute of Professional Accountants under the Financial Reporting Act 2004 S.51(3).
Uganda
- The Accountants Act 1992 (Ch 266), recognizes AIA's eligibility for enrolment as full member of the Institute of Certified Public Accountants of Uganda.
AIA Memberships
AIA had 6,566 members in the UK and worldwide in 2009, and 7,046* (134 in Ireland, 1540 in UK, 171 in Europe and 5201 worldwide = 7046)members in the UK and worldwide in 2010.The figures exclude individuals who have passed their final admittance examination and completed their training contracts but have not yet applied for membership.- http://www.iaasa.ie/publications/Annual_Report2010_Ch7.pdf
Council
- President: Andrew Lamb
- Vice President: Maggie Timoney
- Vice President: Les Bradley
- Chief Executive: Philip Turnbull
International Accountant
International Accountant is the designation used by fully qualified members of the AIA (AAIA or FAIA).International Accountant is also the bi-monthly magazine published by AIA. Members receive the magazine as a membership benefit, and it is also available to subscribers.
The magazine offers readers a variety of news stories which affect the profession, SME news, technical updates, and interviews with figureheads throughout the business world, as well as articles on issues such as IFRS, tax, environmental accounting, insolvency, Islamic accounting and ICT solutions.
See also
- Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(Mother association of AAPA) - British qualified accountantsBritish qualified accountantsBritish qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants....