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 Home > By Career > Banking and Finance > CA related
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Chartered Accountants were the first accountants 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.
Countries
Australia
Chartered Accountants in Australia 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.
Bangladesh
The Institute of Chartered Accountants of Bangladesh (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.
Bermuda
The Institute of Chartered Accountants of Bermuda works with the Canadian Institute
of Chartered Accountants and American Institute of Certified Public Accountants,
and is the sole organisation in Bermuda with the right to award the Chartered Accountant
designation.
Canada
In Canada, Chartered Accountants must be members of the Canadian Institute of Chartered
Accountants (CICA). 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.
In May 2011, Canada’s Chartered Accountants have entered into discussions with Canada’s
Certified Management Accountants to explore the merits and feasibility of uniting
Canadian national and provincial organizations. To bring two organizations together,
they are considering the creation of a new designation – the Chartered Professional
Accountant or CPA – and a new common qualification program.
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, Certified General Accountants (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 (Certified Management Accountants) 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 a reconstituted Public Accountants Council, and
as of June 2010 Ontario CGAs are now allowed to issue audit opinions.
In August 2005, the Agreement of Internal Trade (AIT) panel issued a report recommending
Quebec to change its legislation by opening public auditing to qualified accountants
who are not CAs. 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.
Canadian Chartered Accountants use the designatory letters CA. Some senior members
may be elected Fellows and use the letters FCA. However, a Canadian CA who is a
member of a different institute/ordre to that of the province or territory in which
he or she 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 accounting designations that can be transferred to
an American CPA via a reciprocity exam, although with several complications. A significant
minority of 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.
Qualification to become a CA 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).
Europe
Under the Mutual Recognition Directive, 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.
India
In India, the profession of chartered accountancy is regulated by the Institute
of Chartered Accountants of India 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.
As of April 2011, 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 Nepal which was established by Parliament under the
Chartered Accountants Act 1997.
Ireland
In Ireland, 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.
New Zealand
In New Zealand, 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.
South Africa
In South Africa, SAICA (South African Institute of Chartered Accountants) 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.[11] 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 Pakistan (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.
As of July 2010, 5,078 persons were registered with the Institute as Chartered Accountants.
Sri Lanka
Chartered Accountants in Sri Lanka 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.
United Kingdom
Main article: British qualified accountants In the UK, there are no licence requirements
for individuals to describe themselves or to practice as accountants, but to use
the description "Chartered Accountant" they must be members of one of the following
organisations:
• the Institute of Chartered Accountants in England & Wales (ICAEW) (designatory
letters ACA or FCA);
• the Institute of Chartered Accountants of Scotland (ICAS) (designatory letters
CA); or
• Chartered Accountants Ireland (CAI, which is an Irish rather than a UK body but
covers Northern Ireland as well as the Republic of Ireland), designatory letters
ACA or FCA).
(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 audits in
accordance with the Companies Act 2006.
Further restrictions apply to accountants who work as insolvency practitioners.
List of institutes of Chartered Accountants
• Bahamas Institute of Chartered Accountants
• Canadian Institute of Chartered Accountants
• Chartered Accountants Ireland
• Institute of Chartered Accountants of Australia
• Institute of Chartered Accountants of Bangladesh
• Institute of Chartered Accountants of Barbados
• Institute of Chartered Accountants of Belize
• Institute of Chartered Accountants of Bermuda
• Institute of Chartered Accountants of the Eastern Caribbean
• Institute of Chartered Accountants in England & Wales
• Institute of Chartered Accountants of Ghana
• Institute of Chartered Accountants of Guyana
• Institute of Chartered Accountants of India
• Institute of Chartered Accountants of Jamaica
• Institute of Chartered Accountants of Namibia
• Institute of Chartered Accountants of Nepal
• Institute of Chartered Accountants of Nigeria
• Institute of Chartered Accountants of Pakistan
• Institute of Chartered Accountants of Scotland
• Institute of Chartered Accountants of Sierra Leone
• Institute of Chartered Accountants of Sri Lanka
• Institute of Chartered Accountants of Trinidad and Tobago
• Institute of Chartered Accountants of Zimbabwe
• New Zealand Institute of Chartered Accountants
• South African Institute of Chartered Accountants
• Zambia Institute of Chartered Accountants
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