Chartered Accountant
Encyclopedia
Chartered Accountants were the first accountant
s to form a professional body
, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation.
Chartered Accountants work in all fields of business and finance. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Chartered Accountants Institutes require members to undertake a minimum level of continuing professional development to stay ahead of their peers.
They facilitate special interest groups - lead academic and professional thinking in accountancy. They provide support to members by offering advisory services, technical helplines and technical libraries. They offer opportunities for professional networking and career and business development.
In the United States the approximate equivalent is the certified public accountant
.
belong to the Institute of Chartered Accountants of Australia
and use the designatory letters CA. Some senior members of the Institute may be elected Fellows and use the letters FCA.
(ICAB) is the national professional accounting body of Bangladesh
. Established in 1973, it is the sole organisation with the right to award the Chartered Accountant designation in Bangladesh.
and American Institute of Certified Public Accountants
, and is the sole organisation in Bermuda
with the right to award the Chartered Accountant designation.
, Chartered Accountants belong to the Canadian Institute of Chartered Accountants
("CICA") by way of membership in at least one provincial/territorial institute (or ordre in Quebec
). In order to become a CA, a candidate requires an undergraduate degree plus articling experience and, depending on the province, additional education. Candidates in all provinces are required to pass the 3-day Uniform Evaluation ("UFE").
The Canadian professional designation for a Chartered Accountant is CA, with senior members having given exemplary service to the profession being able to be granted the designation FCA. The local institute/ordre may have strict regulations as to the usage of the designation by out-of-province CAs within their jurisdiction, but it is normally a straightforward matter to transfer membership from one provincial institute to another. For instance, both partners of Finestone Chan (Shya Finestone and Wayne Chan), a Montreal firm, are members of both the Quebec Ordre and the Ontario Institute.
The CICA is one of the accounting bodies whose members qualify to become US CPAs
through writing the International Qualification Examination
, although with several complications. Some US states do not offer reciprocity and the ones that do often require additional education or experience before granting a CPA license to a Canadian CA.
Auditing rights are regulated by provincial governments. In British Columbia
, the Business Corporations Act provides that only CAs, CGAs
, or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. In Prince Edward Island
, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. In all other provinces, except Quebec
and Ontario
(detailed below), only qualified CAs, CGAs
, and CMAs may audit public companies.
Historically, Quebec
and Ontario
only allowed CAs to audit public companies. In 2004, the Ontario government passed legislation that would enable CAs, CGAs
and CMAs to practice public accounting under license from the Public Accountants Council. In June 2010, CGAs were authorized to be licensed, and discussions are currently underway for enabling CMAs to attain the same status. On November 20, 2009, Quebec
passed regulations granting statutory auditing rights to qualified CAs, CGAs and CMAs.
The size of the accounting bodies varies across Canada
. In Ontario
and Quebec
, CA is larger than CGA or CMA, however CGA is the fastest growing amongst the three bodies. In Manitoba
and British Columbia
, CGA is the largest accounting body.
In May 2011, the CICA entered into exploratory talks with CMA Canada on the merits and feasibility of uniting the two bodies, and to consider the creation of the new designation of Chartered Professional Accountant (CPA) with a related common qualification program. In October 2011, CGA Canada
also joined the discussion, with several of its provincial associations having already participated in their respective jurisdictions.
, EEA
and Swiss
nationals holding a professional qualification can become members of the equivalent bodies in another member state.
They must, however, pass an aptitude test in understanding local conditions (which for accountants will include local tax and company law variations).
The local title is however not available for use if the professional does not choose to join the local professional body. For example a holder of the French 'expert comptable' qualification could practise as an accountant in England without taking a local test but could only describe him/herself as "Expert Comptable (France)" not "Chartered Accountant". Within the EEA, only the UK and Ireland have bodies that issue the Chartered Accountant title.
which was established by Parliament under the Chartered Accountants Act of 1949. Since then, the term Chartered Accountant has been used in place of Indian Registered Accountant. Prior to 1949, Restricted State Auditors were registered with the respective princely states and British provincial State Governments. However, now, the Restricted State Auditors have become redundant.
, ICAI had more than 170,000 registered members. It is the second largest body of professional accountants in the world after AICPA.
which was established by Parliament under the Chartered Accountants Act 1997.
, Chartered Accountants are generally members of Chartered Accountants Ireland and use the designatory letters ACA or FCA. Chartered Accountants may also be members of the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland
.
, Chartered Accountants belong to the New Zealand Institute of Chartered Accountants
and use the designatory letters CA. Some senior members may be elected Fellows and use the letters FCA.
There is also a mid-tier qualification called Associate Chartered Accountant with the designatory letters ACA. Associate Chartered Accountants are not eligible to hold a Certificate of Public Practice and therefore cannot offer services to the public.
) regulates the CA(SA) designation (Chartered Accountant (South Africa)).
People seeking to qualify as a CA(SA) normally begin with a bachelor's degree
in accounting. They then complete a CTA (Certificate for Theory in Accounting), followed by part one (QE) and part two (PPE) of the qualifying exams. They must also complete three years of practical experience, working for a registered training office. Articled clerks who switch employers during this period are required to extend their training by six months.
A separate registration is needed for Chartered Accountants wishing to act as auditors in public practice, namely the RA (Registered Auditor). The RA designation is conferred by IRBA (Independent Regulatory Board For Auditors), (previously known as PAAB (Public Accountants and Auditors Board)) in terms of the Auditing Profession Act (AP Act).
Chartered Accountants who are not registered auditors may not act as or hold out to be auditors in public practice. However, the AP Act does not prohibit non-RAs from using the description 'internal auditor' or accountant' or from auditing a not-for-profit club, institution or association if he or she receives no fee for such audit. The Training Outside Public Practice (TOPP) programme has a financial management focus; TOPP trainees can thus become chartered accountants with a more limited knowledge and experience of auditing than those who undergo the TIPP programme (Training In Public Practice),but with a more extensive financial management and business experience than the TIPP learners.
In South Africa the companies act has changed with effect July 2010, to allow companies without a public interest to choose between an audit or a review. A review is not an attest function and will be performed by Accountants whom are members of bodies, that are members of the International Federation of Accountants (IFAC). In South Africa these bodies are: ACCA, SAICA, SAIPA.
(ICAP) was established on July 1, 1961 to regulate the profession of accountancy in Pakistan
. It is a statutory autonomous body established under the Chartered Accountants Ordinance 1961.
, 5,078 persons were registered with the Institute as Chartered accountant.
belong to the Institute of Chartered Accountants of Sri Lanka
and use the designatory letters ACA. Some senior members of the Institute may be elected Fellows and use the letters FCA.
s, but to use the description "Chartered Accountant" they must be members of one of the following organisations:
(Although three other UK accounting bodies
were also formed by Royal Charter, they grant separate designations to their members.)
The three Institutes above admit members, who become Chartered Accountants, only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 450 days of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate continuing professional development
. Fully qualified members of the ICAEW and CAI earn the designation ACA (Associate Chartered Accountant). After 10 years membership, members are invited to apply for fellowship of their Institute and earn the designation FCA (Fellow Chartered Accountant).
Chartered Accountants who engage in public practice work (i.e. providing services to the public rather than acting as an employee) must gain a "practising certificate" by meeting further requirements such as purchasing adequate insurance and undergoing regular inspections.
Chartered Accountants holding practising certificates may also become "Registered Auditors", providing they can demonstrate the necessary professional ability in that area. A Registered Auditor is able to perform statutory financial audit
s in accordance with the Companies Act 2006
.
Further restrictions apply to accountants who work as insolvency practitioner
s.
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s to form a professional body
Professional body
A professional association is usually a nonprofit organization seeking to further a particular profession, the interests of individuals engaged in that profession, and the public interest.The roles of these professional associations have been variously defined: "A group of people in a...
, initially established in Britain in 1854. The Edinburgh Society of Accountants (formed 1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation.
Chartered Accountants work in all fields of business and finance. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.
Chartered Accountants Institutes require members to undertake a minimum level of continuing professional development to stay ahead of their peers.
They facilitate special interest groups - lead academic and professional thinking in accountancy. They provide support to members by offering advisory services, technical helplines and technical libraries. They offer opportunities for professional networking and career and business development.
In the United States the approximate equivalent is the certified public accountant
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
.
Australia
Chartered Accountants in AustraliaAustralia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
belong to the Institute of Chartered Accountants of Australia
Institute of Chartered Accountants of Australia
The Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
and use the designatory letters CA. Some senior members of the Institute may be elected Fellows and use the letters FCA.
Bangladesh
The Institute of Chartered Accountants of BangladeshInstitute of Chartered Accountants of Bangladesh
The Institute of Chartered Accountants of Bangladesh is the national professional accountancy body in Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation....
(ICAB) is the national professional accounting body of Bangladesh
Bangladesh
Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...
. Established in 1973, it is the sole organisation with the right to award the Chartered Accountant designation in Bangladesh.
Bermuda
The Institute of Chartered Accountants of Bermuda works with the Canadian Institute of Chartered AccountantsCanadian Institute of Chartered Accountants
The Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
and American Institute of Certified Public Accountants
American Institute of Certified Public Accountants
Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...
, and is the sole organisation in Bermuda
Bermuda
Bermuda is a British overseas territory in the North Atlantic Ocean. Located off the east coast of the United States, its nearest landmass is Cape Hatteras, North Carolina, about to the west-northwest. It is about south of Halifax, Nova Scotia, Canada, and northeast of Miami, Florida...
with the right to award the Chartered Accountant designation.
Canada
In CanadaCanada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Chartered Accountants belong to the Canadian Institute of Chartered Accountants
Canadian Institute of Chartered Accountants
The Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
("CICA") by way of membership in at least one provincial/territorial institute (or ordre in Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
). In order to become a CA, a candidate requires an undergraduate degree plus articling experience and, depending on the province, additional education. Candidates in all provinces are required to pass the 3-day Uniform Evaluation ("UFE").
The Canadian professional designation for a Chartered Accountant is CA, with senior members having given exemplary service to the profession being able to be granted the designation FCA. The local institute/ordre may have strict regulations as to the usage of the designation by out-of-province CAs within their jurisdiction, but it is normally a straightforward matter to transfer membership from one provincial institute to another. For instance, both partners of Finestone Chan (Shya Finestone and Wayne Chan), a Montreal firm, are members of both the Quebec Ordre and the Ontario Institute.
The CICA is one of the accounting bodies whose members qualify to become US CPAs
Certified Public Accountant
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
through writing the International Qualification Examination
International Qualification Examination
The International Qualification Examination is an examination sat by certain non-U.S. qualified accountants seeking the Certified Public Accountant designation in the United States....
, although with several complications. Some US states do not offer reciprocity and the ones that do often require additional education or experience before granting a CPA license to a Canadian CA.
Auditing rights are regulated by provincial governments. In British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
, the Business Corporations Act provides that only CAs, CGAs
Certified General Accountant
Certified General Accountant is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada and a provincial or territorial CGA association, or a CGA association overseas...
, or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. In Prince Edward Island
Prince Edward Island
Prince Edward Island is a Canadian province consisting of an island of the same name, as well as other islands. The maritime province is the smallest in the nation in both land area and population...
, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. In all other provinces, except Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
and Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
(detailed below), only qualified CAs, CGAs
Certified General Accountant
Certified General Accountant is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada and a provincial or territorial CGA association, or a CGA association overseas...
, and CMAs may audit public companies.
Historically, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
and Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
only allowed CAs to audit public companies. In 2004, the Ontario government passed legislation that would enable CAs, CGAs
Certified General Accountant
Certified General Accountant is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada and a provincial or territorial CGA association, or a CGA association overseas...
and CMAs to practice public accounting under license from the Public Accountants Council. In June 2010, CGAs were authorized to be licensed, and discussions are currently underway for enabling CMAs to attain the same status. On November 20, 2009, Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
passed regulations granting statutory auditing rights to qualified CAs, CGAs and CMAs.
The size of the accounting bodies varies across Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. In Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
and Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
, CA is larger than CGA or CMA, however CGA is the fastest growing amongst the three bodies. In Manitoba
Manitoba
Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...
and British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
, CGA is the largest accounting body.
In May 2011, the CICA entered into exploratory talks with CMA Canada on the merits and feasibility of uniting the two bodies, and to consider the creation of the new designation of Chartered Professional Accountant (CPA) with a related common qualification program. In October 2011, CGA Canada
Certified General Accountants Association of Canada
The Certified General Accountants Association of Canada is the umbrella organization for Certified General Accountants. CGA-Canada represents 73,000 members and students living and working in Canada, and more than 80 countries around the world...
also joined the discussion, with several of its provincial associations having already participated in their respective jurisdictions.
Europe
Under the Mutual Recognition DirectiveEuropean professional qualification directives
There are two main European legal instruments covering the mutual recognition of professional qualifications: Directive 89/48/EEC and Directive 92/51/EEC....
, EEA
European Economic Area
The 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...
and Swiss
Switzerland
Switzerland 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....
nationals holding a professional qualification can become members of the equivalent bodies in another member state.
They must, however, pass an aptitude test in understanding local conditions (which for accountants will include local tax and company law variations).
The local title is however not available for use if the professional does not choose to join the local professional body. For example a holder of the French 'expert comptable' qualification could practise as an accountant in England without taking a local test but could only describe him/herself as "Expert Comptable (France)" not "Chartered Accountant". Within the EEA, only the UK and Ireland have bodies that issue the Chartered Accountant title.
India
In India, the profession of chartered accountancy is regulated by the Institute of Chartered Accountants of IndiaInstitute of Chartered Accountants of India
The Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
which was established by Parliament under the Chartered Accountants Act of 1949. Since then, the term Chartered Accountant has been used in place of Indian Registered Accountant. Prior to 1949, Restricted State Auditors were registered with the respective princely states and British provincial State Governments. However, now, the Restricted State Auditors have become redundant.
, ICAI had more than 170,000 registered members. It is the second largest body of professional accountants in the world after AICPA.
Nepal
In Nepal, the profession of chartered accountancy is regulated by the Institute of Chartered Accountants of NepalInstitute of Chartered Accountants of Nepal
The Institute of Chartered Accountants of Nepal is the national professional accounting body of Nepal. It was established in 1997 in accordance with the Chartered Accountants Act 1997 of the Nepalese Parliament. It accepted its first students in 1999 and graduated its first class in December 2003...
which was established by Parliament under the Chartered Accountants Act 1997.
Ireland
In IrelandIreland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
, Chartered Accountants are generally members of Chartered Accountants Ireland and use the designatory letters ACA or FCA. Chartered Accountants may also be members of the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland
Institute of Chartered Accountants of Scotland
The 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...
.
New Zealand
In New ZealandNew Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
, Chartered Accountants belong to the New Zealand Institute of Chartered Accountants
New Zealand Institute of Chartered Accountants
The New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 32,000 members in New Zealand and overseas...
and use the designatory letters CA. Some senior members may be elected Fellows and use the letters FCA.
There is also a mid-tier qualification called Associate Chartered Accountant with the designatory letters ACA. Associate Chartered Accountants are not eligible to hold a Certificate of Public Practice and therefore cannot offer services to the public.
South Africa
In South Africa, SAICA (South African Institute of Chartered AccountantsSouth African Institute of Chartered Accountants
The South African Institute of Chartered Accountants , South Africa’s pre-eminent accountancy body, is widely recognized as one of the world’s accounting institutes....
) regulates the CA(SA) designation (Chartered Accountant (South Africa)).
People seeking to qualify as a CA(SA) normally begin with a bachelor's degree
Bachelor's degree
A 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 accounting. They then complete a CTA (Certificate for Theory in Accounting), followed by part one (QE) and part two (PPE) of the qualifying exams. They must also complete three years of practical experience, working for a registered training office. Articled clerks who switch employers during this period are required to extend their training by six months.
A separate registration is needed for Chartered Accountants wishing to act as auditors in public practice, namely the RA (Registered Auditor). The RA designation is conferred by IRBA (Independent Regulatory Board For Auditors), (previously known as PAAB (Public Accountants and Auditors Board)) in terms of the Auditing Profession Act (AP Act).
Chartered Accountants who are not registered auditors may not act as or hold out to be auditors in public practice. However, the AP Act does not prohibit non-RAs from using the description 'internal auditor' or accountant' or from auditing a not-for-profit club, institution or association if he or she receives no fee for such audit. The Training Outside Public Practice (TOPP) programme has a financial management focus; TOPP trainees can thus become chartered accountants with a more limited knowledge and experience of auditing than those who undergo the TIPP programme (Training In Public Practice),but with a more extensive financial management and business experience than the TIPP learners.
In South Africa the companies act has changed with effect July 2010, to allow companies without a public interest to choose between an audit or a review. A review is not an attest function and will be performed by Accountants whom are members of bodies, that are members of the International Federation of Accountants (IFAC). In South Africa these bodies are: ACCA, SAICA, SAIPA.
Pakistan
The Institute of Chartered Accountants of PakistanInstitute of Chartered Accountants of Pakistan
The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. , it had 5,078 members working in and outside Pakistan. The institute was established on July 1, 1961 to regulate the profession of accountancy in Pakistan. It is a statutory autonomous body...
(ICAP) was established on July 1, 1961 to regulate the profession of accountancy in Pakistan
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
. It is a statutory autonomous body established under the Chartered Accountants Ordinance 1961.
, 5,078 persons were registered with the Institute as Chartered accountant.
Sri Lanka
Chartered Accountants in Sri LankaSri Lanka
Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka is a country off the southern coast of the Indian subcontinent. Known until 1972 as Ceylon , Sri Lanka is an island surrounded by the Indian Ocean, the Gulf of Mannar and the Palk Strait, and lies in the vicinity of India and the...
belong to the Institute of Chartered Accountants of Sri Lanka
Institute of Chartered Accountants of Sri Lanka
The Institute of Chartered Accountants of Sri Lanka is a professional accountancy body in Sri Lanka. The Institute is established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to award the Chartered Accountant designation...
and use the designatory letters ACA. Some senior members of the Institute may be elected Fellows and use the letters FCA.
United Kingdom
In the UK, there are no licence requirements for individuals to describe themselves or to practice as accountantAccountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s, but to use the description "Chartered Accountant" they must be members of one of the following organisations:
- the Institute of Chartered Accountants in England & WalesInstitute 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...
(ICAEW) (designatory letters ACA or FCA); - the Institute of Chartered Accountants of ScotlandInstitute 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...
(ICAS) (designatory letters CA); or - Chartered Accountants Ireland (CAI, which is an Irish rather than a UK body but covers Northern IrelandNorthern IrelandNorthern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
as well as the Republic of IrelandRepublic of IrelandIreland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
), designatory letters ACA or FCA).
(Although three other UK accounting bodies
British qualified accountants
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants....
were also formed by Royal Charter, they grant separate designations to their members.)
The three Institutes above admit members, who become Chartered Accountants, only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 450 days of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate continuing professional development
Continuing Professional Development
Continuing professional development or Continuing professional education is the means by which people maintain their knowledge and skills related to their professional lives.-CPD research:...
. Fully qualified members of the ICAEW and CAI earn the designation ACA (Associate Chartered Accountant). After 10 years membership, members are invited to apply for fellowship of their Institute and earn the designation FCA (Fellow Chartered Accountant).
Chartered Accountants who engage in public practice work (i.e. providing services to the public rather than acting as an employee) must gain a "practising certificate" by meeting further requirements such as purchasing adequate insurance and undergoing regular inspections.
Chartered Accountants holding practising certificates may also become "Registered Auditors", providing they can demonstrate the necessary professional ability in that area. A Registered Auditor is able to perform statutory financial audit
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
s in accordance with 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...
.
Further restrictions apply to accountants who work as insolvency practitioner
Insolvency practitioner
In the United Kingdom, only an authorised or licensed Insolvency Practitioner may be appointed in relation to formal insolvency procedures.Quite often IPs have an accountancy background...
s.
List of institutes of Chartered Accountants
- Bahamas Institute of Chartered AccountantsBahamas Institute of Chartered AccountantsThe Bahamas Institute of Chartered Accountants is a professional body that regulates the accountancy industry in the Bahamas.In theory anyone approved by the relevant government ministry can act as an independent auditor, but in practice, all auditors are members of BICA.-History:BICA was formed...
- Canadian Institute of Chartered AccountantsCanadian Institute of Chartered AccountantsThe Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...
- Chartered Accountants Ireland
- Institute of Chartered Accountants of AustraliaInstitute of Chartered Accountants of AustraliaThe Institute of Chartered Accountants in Australia is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance .-History:The Institute of Chartered...
- Institute of Chartered Accountants of BangladeshInstitute of Chartered Accountants of BangladeshThe Institute of Chartered Accountants of Bangladesh is the national professional accountancy body in Bangladesh. It is the sole organisation in the Bangladesh with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of BarbadosInstitute of Chartered Accountants of BarbadosThe Institute of Chartered Accountants of Barbados is a professional accountancy body in Barbados. It is the sole organisation in Barbados with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of BelizeInstitute of Chartered Accountants of BelizeInstitute of Chartered Accountants of Belize is a professional accountancy body in Belize. It is the sole organization in Belize with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of Bermuda
- Institute of Chartered Accountants of the Eastern CaribbeanInstitute of Chartered Accountants of the Eastern CaribbeanThe Institute of Chartered Accountants of the Eastern Caribbean is a professional accountancy body formed on June 17, 2004 representing accountants in the Eastern Caribbean, including Grenada, St Kitts & Nevis, St Lucia and Antigua & Barbuda....
- Institute of Chartered Accountants in England & WalesInstitute 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...
- Institute of Chartered Accountants of GhanaInstitute of Chartered Accountants of GhanaThe Institute of Chartered Accountants of Ghana is a professional accountancy organisation in Ghana. It is the sole such organisation in Ghana with the right to award the Chartered Accountant designation, and with the right to regulate the accountancy profession in Ghana. The Institute of...
- Institute of Chartered Accountants of GuyanaInstitute of Chartered Accountants of GuyanaThe Institute of Chartered Accountants of Guyana is a professional body in Guyana that regulates the accountancy industry and arranges for ongoing training of its members.-History:...
- Institute of Chartered Accountants of IndiaInstitute of Chartered Accountants of IndiaThe Institute of Chartered Accountants of India is a national professional accounting body of India. It was established on 1 July 1949 as a body corporate under the Chartered Accountants Act, 1949 enacted by the Constituent Assembly of India to regulate the profession of Chartered Accountancy in...
- Institute of Chartered Accountants of JamaicaInstitute of Chartered Accountants of JamaicaThe Institute of Chartered Accountants of Jamaica is a professional accountancy body in Jamaica. It is the sole organisation in Jamaica with the right to award the Chartered Accountant designation.-History:...
- Institute of Chartered Accountants of NamibiaInstitute of Chartered Accountants of NamibiaThe Institute of Chartered Accountants of Namibia is a professional accountancy body in Namibia. It is the sole organisation in Namibia with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of NepalInstitute of Chartered Accountants of NepalThe Institute of Chartered Accountants of Nepal is the national professional accounting body of Nepal. It was established in 1997 in accordance with the Chartered Accountants Act 1997 of the Nepalese Parliament. It accepted its first students in 1999 and graduated its first class in December 2003...
- Institute of Chartered Accountants of NigeriaInstitute of Chartered Accountants of NigeriaThe Institute of Chartered Accountants of Nigeria is a professional accountancy body in Nigeria.It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria .The relationship between the two...
- Institute of Chartered Accountants of PakistanInstitute of Chartered Accountants of PakistanThe Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. , it had 5,078 members working in and outside Pakistan. The institute was established on July 1, 1961 to regulate the profession of accountancy in Pakistan. It is a statutory autonomous body...
- Institute of Chartered Accountants of ScotlandInstitute 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...
- Institute of Chartered Accountants of Sierra LeoneInstitute of Chartered Accountants of Sierra LeoneThe Institute of Chartered Accountants of Sierra Leone is a professional accountancy body in Sierra Leone. It is the sole organization in Sierra Leone with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of Sri LankaInstitute of Chartered Accountants of Sri LankaThe Institute of Chartered Accountants of Sri Lanka is a professional accountancy body in Sri Lanka. The Institute is established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to award the Chartered Accountant designation...
- Institute of Chartered Accountants of Trinidad and TobagoInstitute of Chartered Accountants of Trinidad and TobagoThe Institute of Chartered Accountants of Trinidad and Tobago is a professional accountancy body in Trinidad and Tobago. It is the sole organization in Trinidad and Tobago with the right to award the Chartered Accountant designation....
- Institute of Chartered Accountants of ZimbabweInstitute of Chartered Accountants of ZimbabweThe Institute of Chartered Accountants of Zimbabwe is a professional accountancy body in Zimbabwe. It is the sole organization in Zimbabwe with the right to award the Chartered Accountant designation....
- New Zealand Institute of Chartered AccountantsNew Zealand Institute of Chartered AccountantsThe New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 32,000 members in New Zealand and overseas...
- South African Institute of Chartered AccountantsSouth African Institute of Chartered AccountantsThe South African Institute of Chartered Accountants , South Africa’s pre-eminent accountancy body, is widely recognized as one of the world’s accounting institutes....
- Zambia Institute of Chartered AccountantsZambia Institute of Chartered AccountantsZambia Institute of Chartered Accountants is the only professional accountancy body in Zambia. It is the sole organization in Zambia with the right to award the Chartered Accountant designation...