Institute of Chartered Accountants of Scotland
Encyclopedia
The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional body of Chartered Accountant
s (CAs). It is a regulator, educator and influencer.
ICAS act as a thought leader and voice of the professional business community. Although other British accounting bodies
use the title Chartered Accountant, the CA designation is unique to ICAS in the UK.
ICAS has more than 21,000 members and students worldwide. ICAS provides support, advice and services to its CAs throughout their professional lives. ICAS members are business advisors, business leaders and entrepreneurs. They play leading roles in 80% of the FTSE 100 companies. Half of ICAS members are based in Scotland; the other half work in England and around the globe.
of accountants, receiving its Royal Charter
in 1854. The institute originated from:
These three bodies merged to form the Institute of Chartered Accountants of Scotland in 1951. It was the first to adopt the designation "Chartered Accountant" and the designatory letters "CA" are still an exclusive privilege in the UK for members of the Scottish Institute.
In order to be eligible to enter training to become a chartered accountant, prospective CA students must hold a UK degree (or overseas equivalent). The UK NARIC provides a service to individuals seeking confirmation on comparability between international qualifications and UK qualifications. In addition prospective CA students must obtain a training contract with an authorised employer.
ICAS members may admit to full memberships of the above institutions after passing an aptitude test or subject to other specific requirements.
Members of equivalent bodies in other European Economic Area
member states and Switzerland
may also be admitted to membership after passing an aptitude test, provided they are a citizen of an EEA
state or Switzerland
.
A mutual recognition arrangement between the Institute and the Chartered Institute of Public Finance and Accountancy
(CIPFA) was put in place in 1996, but was terminated by ICAS in 2005.
ICAS is a Designated Professional Body under the Financial Services and Markets Act, licensing firms of CAs to conduct a range of incidental investment business activities. It is a Recognised Professional Body under the Insolvency Act to issue permits to individual CAs to conduct insolvency appointments. ICAS is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 1989.
ICAS is able to authorise members to conduct audit, insolvency and investment business work in the United Kingdom
, Republic of Ireland
and Luxembourg
. This right is held in common with ACCA
, ICAEW and the ICAI
.
ICAS are a member of The Global Accounting Alliance (GAA) – an alliance of the world’s leading professional accountancy bodies, which was formed in 2005. The GAA is intended to promote quality services, share information and collaborate on important international issues. It works with national regulators, governments and stakeholders, through member-body collaboration, articulation of consensus views, and working in collaboration, where possible with other international bodies, especially IFAC.
The AADB only hears matters considered to be in the public interest
. The Institute conducts its own hearings into less substantial allegations. These used to be held in private, but ICAS resolved at a further special meeting in 2009 to follow the example of other bodies such as ICAEW to make the hearings public.
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
s (CAs). It is a regulator, educator and influencer.
ICAS act as a thought leader and voice of the professional business community. Although other British 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....
use the title Chartered Accountant, the CA designation is unique to ICAS in the UK.
ICAS has more than 21,000 members and students worldwide. ICAS provides support, advice and services to its CAs throughout their professional lives. ICAS members are business advisors, business leaders and entrepreneurs. They play leading roles in 80% of the FTSE 100 companies. Half of ICAS members are based in Scotland; the other half work in England and around the globe.
History
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional bodyProfessional 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...
of accountants, receiving its Royal Charter
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
in 1854. The institute originated from:
- The Edinburgh Society of Accountants, formed in 1854;
- The Glasgow Institute of Accountants and Actuaries, formed in 1854;
- The Aberdeen Society of Accountants, formed in 1867.
These three bodies merged to form the Institute of Chartered Accountants of Scotland in 1951. It was the first to adopt the designation "Chartered Accountant" and the designatory letters "CA" are still an exclusive privilege in the UK for members of the Scottish Institute.
Membership and Qualification
- ICAS has over 19,000 members worldwide working in public practice, industry, commerce, the public sector and education. Membership is generally obtained by entering a training contract with an accountancy firm (although it is possible to train within industry), during which the student gains experience and sits a number of exams. The CA designation is reserved exclusively for their use in the UK. ICAS is the only UK chartered accountancy body to provide professional education and training, as well as examinations, for all its students.
- Since the mid-1990s, ICAS has trained students located in England & Wales, and in that respect competes with ICAEW.
- The ICAS has a special accelerated entry scheme for members of the Chartered Institute of Taxation.
Admission to membership
It takes 3 years to qualify as a CA during which students will combine structured work experience with classroom-based study of relevant education syllabus. The training programme enables students to develop the professional knowledge, skills and attributes essential to qualify as a CA.In order to be eligible to enter training to become a chartered accountant, prospective CA students must hold a UK degree (or overseas equivalent). The UK NARIC provides a service to individuals seeking confirmation on comparability between international qualifications and UK qualifications. In addition prospective CA students must obtain a training contract with an authorised employer.
Mutual recognition
The Institute has mutual recognition agreements in place with:- Institute of Chartered Accountants in England and Wales
- Institute of Chartered Accountants in IrelandInstitute 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....
- 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...
- 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...
- 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....
- Hong Kong Institute of Certified Public Accountants
ICAS members may admit to full memberships of the above institutions after passing an aptitude test or subject to other specific requirements.
Members of equivalent bodies in other European Economic Area
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...
member states and Switzerland
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....
may also be admitted to membership after passing an aptitude test, provided they are a citizen of an 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...
state or Switzerland
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....
.
A mutual recognition arrangement between the Institute and the Chartered Institute of Public Finance and Accountancy
Chartered Institute of Public Finance and Accountancy
The Chartered Institute of Public Finance and Accountancy is a professional institute for accountants working in the public services.CIPFA has 14,000 members who work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money...
(CIPFA) was put in place in 1996, but was terminated by ICAS in 2005.
Role of ICAS
Under the Royal Charter, ICAS works in the public interest. The objective of ICAS is to uphold the integrity and standing of the profession of chartered accountancy in the interests of society and the membership, through excellence in education and the development of accountancy and through service to members and the enforcement of professional standards.ICAS is a Designated Professional Body under the Financial Services and Markets Act, licensing firms of CAs to conduct a range of incidental investment business activities. It is a Recognised Professional Body under the Insolvency Act to issue permits to individual CAs to conduct insolvency appointments. ICAS is also a Recognised Qualifying Body and Recognised Supervisory Body in relation to company auditing under the Companies Act 1989.
ICAS is able to authorise members to conduct audit, insolvency and investment business work in the United Kingdom
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...
, Republic of Ireland
Republic of Ireland
Ireland , 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,...
and Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
. This right is held in common with ACCA
Association of Chartered Certified Accountants
Founded 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...
, ICAEW and the ICAI
Institute of Chartered Accountants in Ireland
Members of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
.
ICAS are a member of The Global Accounting Alliance (GAA) – an alliance of the world’s leading professional accountancy bodies, which was formed in 2005. The GAA is intended to promote quality services, share information and collaborate on important international issues. It works with national regulators, governments and stakeholders, through member-body collaboration, articulation of consensus views, and working in collaboration, where possible with other international bodies, especially IFAC.
Disciplinary process
ICAS was hesitant to join the Accountancy & Actuarial Discipline Board when it was first set up (as the AIDB), but joined after approval by a special general meeting in October 2004.The AADB only hears matters considered to be in the public interest
Public interest
The public interest refers to the "common well-being" or "general welfare." The public interest is central to policy debates, politics, democracy and the nature of government itself...
. The Institute conducts its own hearings into less substantial allegations. These used to be held in private, but ICAS resolved at a further special meeting in 2009 to follow the example of other bodies such as ICAEW to make the hearings public.
External links
- ICAS
- Key Facts and Trends in the UK Accountancy Profession, annual publication by the Professional Oversight BoardProfessional Oversight BoardThe 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...