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Chartered Accountant (CA) is the title used by members of certain professional accountancy associations in the British Commonwealth countries and Ireland. Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. The term chartered comes from the Royal Charter granted to the world's first professional body of accountants upon their establishment in 1854[1]. A Royal Charter is a Charter granted by the Sovereign on the advice of the Privy council to legitimize an incorporated body such as a city company A professional body or professional organization also known as a professional association or professional society is an organization usually Non-profit, that exists Year 1854 ( MDCCCLIV) was a Common year starting on Sunday (link will display the full calendar of the Gregorian Calendar (or a Common year

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.

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United Kingdom

In the UK, there are no licence requirements for an individual to describe himself/herself or to practice as an accountant but a Chartered Accountant must be a member of one of the following organisations:

To make matter slightly complex, there is another accountancy body called Chartered Certified Accountant, which have similar entitlements and responsibilities as that of a "Chartered Accountant". An accountant is a practitioner of Accountancy, which is the measurement disclosure or provision of assurance about financial information that helps managers investors The Institute of Chartered Accountants in England & Wales (ICAEW was established by a Royal Charter in 1880 The Institute of Chartered Accountants of Scotland (ICAS is the Scottish professional Accountancy body for Chartered accountants and Auditors The Institute of Chartered Accountants in Ireland is a professional accountancy body in the Republic of Ireland and Northern Ireland. Northern Ireland (Tuaisceart Éireann Ulster Scots: Norlin Airlann) is a Country within the United Kingdom, lying in the northeast of Chartered Certified Accountant (Designatory letters ACCA or FCCA) is a British qualified accountant designation awarded by the Association Chartered Certified Accountants are represented by

Due to the existence of several major chartered accountancy bodies, in the UK, "Chartered Accountant", legally speaking, refers only to member of ICAEW, ICAS or ICAI, whilst members of ACCA are Chartered Certified Accountant or Certified Accountant. The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified

Each of these bodies admits members only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 3240 hours of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate continuing professional experience.

Chartered Accountants (or/and Chartered Certified Accountants) who engage in public practice work (ie selling 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 audits in accordance with the Companies Act 1985. The Companies Act 1985 (1985 c 6 is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985 which enables companies

Further restrictions apply to accountants who carry out insolvency work.

Republic of Ireland

In the Republic of Ireland, Chartered Accountants are generally members of the Institute of Chartered Accountants in Ireland and use the designatory letters ACA or FCA. Ireland ( Irish: Éire, ˈeːrʲə is a country in north-western Europe. The Institute of Chartered Accountants in Ireland is a professional accountancy body in the Republic of Ireland and Northern Ireland. Chartered Accountants may also be members of the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland. The Institute of Chartered Accountants in England & Wales (ICAEW was established by a Royal Charter in 1880 The Institute of Chartered Accountants of Scotland (ICAS is the Scottish professional Accountancy body for Chartered accountants and Auditors

EU accountants

Under the Mutual Recognition Directive, EEA and Swiss nationals holding a professional qualification can become members of the equivalent bodies in another member state. There are two main European legal instruments covering the mutual recognition of professional qualifications: Directive 89/48/EEC and Directive 92/51/EEC. The European Economic Area ( EEA) came into being on 1 January 1994 following an agreement between member states of European Free Trade Association (EFTAthe Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation 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.

Australia

Chartered Accountants in Australia belong to the Institute of Chartered Accountants of Australia and use the designatory letters CA. For a topic outline on this subject see List of basic Australia topics. The Institute of Chartered Accountants in Australia (the Institute is the professional accounting body representing Chartered Accountants in Australia. Some senior members of the Institute may be elected Fellows and use the letters FCA.

New Zealand

In New Zealand, Chartered Accountants belong to the New Zealand Institute of Chartered Accountants and use the designatory letters CA. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island The New Zealand Institute of Chartered Accountants (NZICA is the operating name for the Institute of Chartered Accountants of New Zealand 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.

Canada

In Canada, Chartered Accountants must be members of the Canadian Institute of Chartered Accountants (CICA). Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page The Canadian Institute of Chartered Accountants (CICA is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. However, CICA membership must be held alongside membership of at least one CA institute (or ordre in French) of a Canadian province or territory. It is not possible to join the CICA directly.

Auditing rights are regulated by provincial governments. In British Columbia, the Business Corporations Act (which had replaced the longstanding Company Act) provides that only CAs, CGAs (Certified General Accountants), or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. British Columbia (ˌbrɪtɨʃ kəˈlʌmbiə ( BC) ( (la Colombie-Britannique C In Prince Edward Island, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. Prince Edward Island (ˌprɪns ˌɛdwɚd ˈaɪlɨnd ( PEI or P In all other provinces, except Quebec and Ontario (detailed below), only qualified CAs, CGAs, and CMAs (Certified Management Accountants) may audit public companies. Quebec (kwɨˈbɛk

Historically Quebec and Ontario only allowed CAs to audit public companies. Quebec (kwɨˈbɛk Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec However, CGAs and CMAs can audit a selected list of public bodies in Quebec. In 2004, the Ontario government passed legislation that would enable CAs, CGAs and CMAs to practice public accounting under a reconstituted Public Accountants Council. "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec Only qualified CGAs, CMAs and CAs can be eligible for public accounting licenses.

In Quebec, the situation is currently under review and challenge based on the Agreement of Internal Trade (AIT). Quebec (kwɨˈbɛk In August 2005, the AIT issued a report recommending Quebec to change its legislation by opening public auditing to qualified accountants who are not CAs. Year 2005 ( MMV) was a Common year starting on Saturday (link displays full calendar of the Gregorian calendar. Quebec (kwɨˈbɛk

The size of the accounting bodies varies across Canada. Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page In Ontario and Quebec, CA is larger than CGA or CMA, however CGA is the fastest growing amongst the three bodies. Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec Quebec (kwɨˈbɛk In Manitoba and British Columbia, CGA is the largest accounting body. Manitoba (English ˌmænɨˈtoʊbə French /manitoba/ is a province of Canada, spanning 647797 square kilometres (250116  sq mi of North America British Columbia (ˌbrɪtɨʃ kəˈlʌmbiə ( BC) ( (la Colombie-Britannique C

Canadian Chartered Accountants use the designatory letters CA. However, a Canadian CA who is a member of a different institute/ordre to that of the province or territory in which he resides may face a restriction on using designatory letters in that province or territory. It is however normally straightforward to transfer membership from one provincial institute to another.

The Canadian CA is one of the few accounting destinations that can be transferred to an American CPA.

South Africa

In South Africa , SAICA (South African Institute of Chartered Accountants) regulates the CA(SA)(Chartered Accountant (South Africa)) designation. The South African Institute of Chartered Accountants (usually referred to as SAICA) is a non-profit organisation that represents the interests of the Accounting profession

A separate registration is needed for Chartered Accountants wishing to act as Auditors, namely RA (Registered Auditor). The RA Designation is controlled by IRBA (Independent Regulatory Board For Auditors), previously known as PAAB (Public Accountants and Auditors Board. ).

A popular misconception exists that a Chartered Accountant may act as an Auditor. Since TOPP (Training Outside Public Practice) originated, a great number of members earned the designation Chartered Accountant with no knowledge or experience in Auditing. These Chartered Accountants specialise in financial management and almost exclusively act as financial directors or managers for large corporations.

To attain a CA(SA) qualification one must complete 3 years of pactical experience. One attains this experience by working for a registered training office. Article clerks who switch employers during this period are required to extend their training by 6 months.

After completing a relevant degree, normally a bachelors in accounting, and completing a CTA (Certificate for Theory in Accounting), part one (QE) and part two (PPE) of the qualifying exams must be completed before finally qualifying as a CA(SA).

A discussion forum for Chartered Accountancy (SA) could assist for anyone who has relevant questions to ask. CA Forum - a discussion for Chartered Accountancy in South Africa

India

In India, the profession of chartered accountancy is regulated by the Institute of Chartered Accountants of India which was founded under the Chartered Accountants Act of 1949. The Institute of Chartered Accountants of India ( ICAI) is a statutory body established under the Chartered Accountants Act 1949 (Act No The ICAI is responsible for examinations and licensing of it members. ICAI is the second largest body of Profssional Accountants in world with nearby 1,500,000 registered members.

Members are awarded the C. A. (Chartered Accountants) designation.

The Chartered Accountants Act, 1949 was passed on May 1. The term Chartered Accountant came to be used in place of Indian Registered Accountants. So the term "Chartered" does not relate to Royal Charter as in case in UK or Australia as there is no Royal Charter in the Republic of India.

A person shall be awarded the [C. A. ] after passing the relevant examinations and completion of three and a half years of articleship training (apprenticeship)[2]. This is to ensure that trainees have a mix of theoretical and practical training before they become members.

Statutory Audit under the Companies Act, 1956 and Tax Audit under the Income-Tax Act, 1961 can be carried out only by Chartered Accountants holding a Certificate of Practice.

The ICAI has also entered into Mutual Recognition Agreements with several overseas accounting bodies. e. g. the CECA with Singapore. The Institute is in process for opening up with various other countries and governments.

Pakistan

Institute of Chartered Accountants of Pakistan (ICAP) was established on July 1, 1959 to regulate the profession of accountancy in the Country. It is a statutory autonomous body established under the Chartered Accountants Ordinance 1961. With the significant growth in the profession, the CA Ordinance and Bye-Laws were revised in 1983.

In view of globalization of the accountancy profession, the Institute is in the process of updating the Ordinance and Bye-Laws once again. Pakistan is also placed top 3rd chartered accountant awarding institute by IASB.

The head office of the Institute is in Clifton, Karachi in its own premises. The Institute also has regional offices at Lahore and Islamabad. The ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of an Asian & Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).

Brief History of The Institute

The accountancy profession in this subcontinent originated with the concepts of limited liability and statutory audit which were introduced in the subcontinent with the promulgation of the Companies Acts in 1850 and 1857. However, the accountancy profession took some discernible shape in early part of the current century and in 1920 the Government of India formed an Indian Accountancy Board to advise the government on the conduct and development of this profession. The Auditor's Certificate Rules were published in 1932 whereby government authorities sought to regulate the accountancy profession.

When Pakistan came in existence in 1947, the 1932 Auditors Certificate Rules were adopted temporarily. In 1950 a new set of Auditor's Certificate Rules mainly based on the old rules, was published for regulating the profession in Pakistan. A person who satisfied the conditions laid down regarding practical training and theoretical knowledge could have his name placed on the register maintained by the Ministry of Commerce and was entitled to use the designation Registered Accountant". The Companies act in force allowed only a Registered Accountant to act as the auditor of a public company.

In 1952 the Registered Accountants formed a body known as the Pakistan Institute of Accountants to look after their interest and to take up with the Ministry of Commerce matters affecting the profession. The Government began to realize that the accountancy profession was growing in importance and in June 1959 the Department of Accountancy was set up in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a Section Officer. In 1961 The Institute of Chartered Accountants of Pakistan was formed as a statutory autonomous body.

Sri Lanka

Chartered Accountants in Sri Lanka belong to the Institute of Chartered Accountants of Sri Lanka and use the designatory letters ACA. Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka ( Sinhalese:, இலங்கை known as Ceylon before 1972 is an Island The Institute of Chartered Accountants of Sri Lanka is a professional Accountancy body in Sri Lanka. Some senior members of the Institute may be elected Fellows and use the letters FCA

References

  1. ^ 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. They r the best accountants out there. Perks, R. W. (1993): Accounting and Society. Chapman & Hall (London); ISBN 0412473305. p. 16
  2. ^ ICAI Students' Guide. Retrieved on 2007-10-30. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Events 637 - Antioch surrenders to the Muslim forces under Rashidun Caliphate after the Battle of Iron bridge.

They are professionally trained and have a bachelors degree in businness hroug uiversities

All countries

See also

External links

The Institute of Chartered Accountants in Australia (the Institute is the professional accounting body representing Chartered Accountants in Australia. The Bahamas Institute of Chartered Accountants is a professional Accountancy body in the Bahamas. The Institute of Chartered Accountants of Bangladesh is a professional Accountancy body in the Bangladesh. The Institute of Chartered Accountants of Barbados is a professional Accountancy body in Barbados. The Canadian Institute of Chartered Accountants (CICA is the umbrella body for the Chartered Accountant profession in Canada and Bermuda. The Institute of Chartered Accountants in England & Wales (ICAEW was established by a Royal Charter in 1880 The Institute of Chartered Accountants of Ghana is a professional Accountancy organisation in Ghana. The Institute of Chartered Accountants of Guyana is a professional Accountancy body in Guyana. The Institute of Chartered Accountants of India ( ICAI) is a statutory body established under the Chartered Accountants Act 1949 (Act No The Institute of Chartered Accountants in Ireland is a professional accountancy body in the Republic of Ireland and Northern Ireland. The Institute of Chartered Accountants of Jamaica is a professional Accountancy body in Jamaica. The Institute of Chartered Accountants of Namibia is a professional Accountancy body in Namibia. The Institute of Chartered Accountants of Nepal (ICAN was established in 1997 in accordance with the Chartered Accountants Act 1997 of the Nepalese Parliament The New Zealand Institute of Chartered Accountants (NZICA is the operating name for the Institute of Chartered Accountants of New Zealand The Institute of Chartered Accountants of Nigeria is a professional Accountancy body in Nigeria. The Institute of Chartered Accountants of Pakistan is a professional Accountancy body in Pakistan. The Institute of Chartered Accountants of Scotland (ICAS is the Scottish professional Accountancy body for Chartered accountants and Auditors The Institute of Chartered Accountants of Sierra Leone is a professional Accountancy body in Sierra Leone. The South African Institute of Chartered Accountants (usually referred to as SAICA) is a non-profit organisation that represents the interests of the Accounting profession The Institute of Chartered Accountants of Sri Lanka is a professional Accountancy body in Sri Lanka. The Institute of Chartered Accountants of Trinidad and Tobago is a professional Accountancy body in Trinidad and Tobago. The Institute of Chartered Accountants of Zimbabwe is a professional Accountancy body in Zimbabwe. IFACnet the KnowledgeNet for Professional Accountants is the global multilingual search engine developed by the International Federation of Accountants ( IFAC) and its members to provide Chartered Surveyor (CS is the description (protected by Law in many countries of Professional Members and Fellows of the RICS entitled to use
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