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In the Accounting Profession , there is no competitive league table similar to Master Of Business Administration . As such, no accounting body can ethically claim to be the best in the world or equivalent to an MBA in the absence of a fair comparison. For non-British nations, Certified Public Accountant brands are the most popular. In the 21st century, CPAs or non-Chartered Accountants (even in United Kingdom and Australia ) have become the largest bodies in terms of global membership. ''e.g.'' ACCA & CPA-Australia. As CAs can now freely merge with or reciprocate with non-CAs or non-audit bodies, equal treatment is given to all Stakeholder s. All auditing bodies recognized under statutes should have acceptable quality. CA IN UNITED KINGDOM In the United Kingdom , there are five accounting bodies authorised by the Department Of Trade And Industry under the Companies Acts to Audit the Accounts of a business as Registered Auditors. A member of these bodies will generally be known as a graduate member after passing all the necessary exams and then become an Affiliate, Associate or Fellow. Their counterpart in U.S.A is called '''American CPA''' or CPA of individual state board of accountancy (without mutual recognition agreement at Federal level). He or she should have been trained by a recognized qualifying body (RQB) such as the Association Of International Accountants (AIA), Institute Of Chartered Accountants Of Scotland (ICAS),the Institute Of Chartered Accountants In England & Wales (ICAEW), Institute Of Chartered Accountants In Ireland or Association Of Chartered Certified Accountants (ACCA). The primary authority is the Companies Act while the traditional authority is a Royal Charter granted by Her Majesty the Queen. Apart from brand preference, all five registered auditors are with equal status under law, particularly by reference to EU directives for mutual recognition with auditors of all twenty-five EU member states. In Britain, ICAS is the oldest and smallest of these organisations. The AIA is the youngest with just around 76 years. In terms of number of members, ICAEW is the largest in England and EU while ACCA is the British largest global accounting body. All five British registered auditors are recognized to be a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) subject to certain requirements. As such, "English Chartered Accountant equivalents" in UK are '''AIA''' and '''ACCA''', recognised by the DTI, and by mutual recognition agreement with '''HKICPA''', China (as Hong Kong was formerly a British state pre-1997).HKICPA is the only accounting body which gained exemptions from China Institute Of Certified Public Accountants , Beijing (CICPA)and with reciprocal with six chartered accountants. Consumers or employers may be confused by the standing of Chartered Accountants (CA) in various jurisdictions. CAs in UK and those in the Commonwealth may not be interchangeable or be regarded as equivalent standards. Many jurisdictions have their own accreditation programs for admission of foreign or out of state accountants for quality assurance. Similarly in the , Institute Of Incorporated Public Accountants , Institute Of Chartered Accountants In Ireland , ACCA, and ICAEW, three of which are the same in the UK. "Irish Chartered Accountant equivalents" in the Republic of Ireland are the '''CPA (Ireland)''' and '''IIPA'''. In United Kingdom and Ireland, there are other accounting bodies which have received the Royal charter or Royal Coat of Arms such as CIPFA , CIMA and ICEA but which are not yet authorised by the DTI to be Registered Auditors. It seems that such bodies will merge with other Registered Auditors in coming years. CA IN AUSTRALIA Constitution The Institute of Chartered Accountants in Australia (ICAA) was constituted by Royal Charter in 1928. The ICAA now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor General Of Australia on behalf of Queen Elizabeth II on 19 August , 2005 . The ICAA is governed by a Board Of Directors consisting of seven members who are elected by Chartered Accountants on regional registers and up to four Board appointed members. Directors and Regional Councillors will be elected for a three year term, with one-third of the positions on the Board and Regional Councils being up for election each year. The President and Deputy President are elected annually by the Board. Regional Councils The principal role of the Regional Councils is to provide advice to the Board on strategic policy and member issues, act as a link between the Board and members in their region, assist in public profiling and liaison with State and Territory governments, and carry out such functions as may be delegated to them by the Board. Each Regional Council has either six or nine members elected by the members in that region. Becoming a Chartered Accountant Most Chartered Accountants in Australia , are University Graduates who, after completing their degree, are required to pass a postgraduate program, the CA Program and also complete a 3 year period of approved practical experience mentored by a Chartered Accountant. To then retain their Chartered Accountant designation members must complete Continuing Professional Education (CPE) of 120 hours in a triennium. Professionalism Chartered Accountants in Australia are employed, in the most part, by public companies and professional accounting firms. There is great rivalry between Chartered Accoountants and other professional bodies in Australia including the CPA Australia (CPA's). Membership During the 2005 year, the membership of the Institute grew to 42,455. In addition, there were 15,151 university accounting graduates enrolled in the CA Program. Membership grew by some nine per cent. 43 per cent of members work in commerce and 39 per cent in public practice at locations throughout Australia and in 107 countries around the world. The remaining members fill positions in government, academia and elsewhere. By comparison, the CPA Australia membership in 2003 was around 102,192 members. EU ACCOUNTANTS Irrespective of brand preference or any traditional constraints, statutory auditors of all 25 EU nations are obliged for absolute mutual recognition under EU Directives. For nations outside EU, EU auditors should receive equitable recognition in line with its status throughout EU. CANADIAN ACCOUNTING BODIES In Canada , there are three recognized accounting Bodies . CA ( Canadian Institute Of Chartered Accountants ) is the oldest and the largest, followed by '''CGA''' ( Certified General Accountants Association Of Canada ), and '''CMA''' (Society of Management Accountants of Canada). CA and CGA were established by Act of Parliament ; CMA was established by the Company Act. The CA designation issued by the Institutes of Chartered Accountants of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Ontario is recognized as a CPA (Certified Public Accountant) designation in the USA. Auditing rights are regulated by provincial governments. In British Columbia , the Company 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, only qualified CAs, CGAs, and CMAs may audit public companies. Historically Quebec and Ontario only allowed CAs to audit public companies. However, CGAs and CMAs can audit a selected list of public bodies in Quebec. In 2004 , the Ontario government passed legislation that would enable CGAs and CMAs to practice public accounting, but only after these bodies had demonstrated to a reconstituted Public Accountants Council that they could attain qualification standards of equivalent rigour to CAs. Until that process is completed sometime in 2007 or 2008, neither CGAs nor CMAs can will be eligible for public accounting licenses. In Quebec , the situation is currently under review and challenge based on the Agreement of Internal Trade (AIT). 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. The size of the accounting bodies varies across Canada . In Ontario and Quebec , CA is substantially bigger than CGA or CMA. In Manitoba , CGA is the largest accounting body, whereas in British Columbia , CA and CGA are about the same size. SOUTH AFRICA In South Africa only one accounting body manages the designation CA(SA) (Chartered Accountant (South Africa) namely SAICA ( South African Institute Of Chartered Accountants ). A separate registration is needed for Chartered Accountants wishing to act as Auditors, namely RAA (Registered Accountant and Auditor). The RAA Designation are controlled by PAAB (Public Accountants and Auditors Board.). The public are often mistaken by thinking that all Chartered Accountants may act as Auditors. Since TOPP (Training Outside Public Practice) 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. Various other accounting bodies play a role in South Africa. Of these the CFA and CPA designations are the best known. These accountants mainly act as accounting officers for close corporations — a legal entity much like a company, but with less regalatory measures. Only a person that holds both the CA(SA) & RAA designations may act as an auditor for companies. INDIA In India, the profession of chartered accountancy is handled by ICAI . Chartered Accountancy Course is a professional course in Accounting introduced in India in 1949, with the enactment of the Chartered Accountants Act. The Institute of Chartered Accountants of India (ICAI) was formed the same year . This Institute is both an examining and a licensing body. It is the responsibility of the institute to conduct the Chartered accountancy (CA) Course. The course involves a blend of theoretical education and practical training which run concurrently for a period of three years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant. PAKISTAN In Pakistan the organization governing such accountants is Institute of Chartered Accountants of Pakistan (ICAP). SEE ALSO EXTERNAL LINKS
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