Your SlideShare is downloading. ×
Financial Bodies of the World
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Saving this for later?

Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime - even offline.

Text the download link to your phone

Standard text messaging rates apply

Financial Bodies of the World

3,095
views

Published on

Assignment on Financial Bodies of the few countries.

Assignment on Financial Bodies of the few countries.

Published in: Business, Economy & Finance

0 Comments
2 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
3,095
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
47
Comments
0
Likes
2
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1.
    • AssignmentProfessional Accounting Bodies of the WorldName- Nirankar SinghRoll No.- PGD-FM/09/003Class- PGDFM (Sem I)Submitted to- Hariharan SirDate- 09/10/2009
    • 2. INDEX
    • 3. Sr.No.AssignmentPg.NoProfessional Accounting Bodies in Australia.CPA AustraliaInstitute of Chartered Accountants of Australia(ICAA)National Institute of Accountants(NIA)3-173-78-1213-17Professional Accounting Bodies in Pakistan.Institute of Chartered Accountants of Pakistan(ICAP).Institute of Cost and Management Accountants of Pakistan(ICMAP).Pakistan Institute of Public Finance Accountants. (PIPFA)18-3118-2425-2829-31Professional Accounting Bodies in United States of America.Association of Government Accountants (AGA).National Association of State Boards of Accountancy (NASBA).American Institute of Certified Public Accountants(AICPA).32-4132-3435-3637-41Professional Accounting Bodies in United Kingdom.Chartered Institute of Public Finance and Accountancy(CIPFA)Chartered Institute of Management Accountants(CIMA)Institute of Chartered Accountants in England & Wales (ICAEW)42-5442-4546-4950-54Professional Accounting Bodies in Hong Kong Hong Kong Institute of Certified Public Accountants (HKICPA)55-58Professional Accounting Body in ScotlandInstitute of Chartered Accountants of Scotland(ICAS)59-61
    • 4. Professional Accounting Bodies in Australia
    • 5. CPA Australia
    CPA Australia is one of three professional accounting bodies in Australia, the others being the National Institute of Accountants and the Institute of Chartered Accountants of Australia.
    CPA is an acronym for Certified Practicing Accountant, as opposed to United States (and other countries') usage of Certified Public Accountant. CPA Australia is one of the largest global accounting bodies, having members through Asia Pacific as well as its home base.
    History of Certified Practicing Accountant (CPA)-
    The name CPA Australia dates from April 2000. Prior to that, the society had been known as the Australian Society of Certified Practising Accountants since July 1990. In its current form the society dates from 1952 when it was incorporated as the Australian Society of Accountants. The main predecessor bodies of the Society, with year of formation, are:
    • Incorporated Institute of Accountants, 1886 (changed name in 1921 to the Commonwealth Institute of Accountants)
    • 6. Federal Institute of Accountants, 1894
    • 7. Association of Accountants of Australia, 1910
    • 8. Australian Institute of Cost Accountants, approximately 1925
    • 9. In 1952, the Commonwealth Institute and Federal Institute merged to form the Society. The Association of Accountants of Australia was merged into the Society some years later, with the Australian Institute of Cost Accountants following in 1966.
    Membership in Certified Practicing Accountant (CPA)-
    Full membership requires academic qualifications from an accredited university, of at least undergraduate degree level with an accounting major, completion of three years mentored work experience, and completion of six CPA Program segments (subjects) supervised by the organisation. Further qualifications are necessary to provide services directly to the public (Public Practice Certificate) or to offer financial planning services. Non-accounting graduates can achieve CPA status by studying approved graduate conversion courses (Graduate Certificate, Masters etc) before commencing the CPA Program.
    Fulfillment of 120 Continuing Professional Development (CPD) hours per triennium (3-year period) with a minimum of 20 CPD hours in each year is required for continued membership. Members must monitor their own CPD hours and declare their compliance with the annual renewal of membership. CPA Australia also conducts random audits of members to confirm that they are meeting the CPD requirements.
    Full members of CPA Australia use the designatory letters CPA, (CPA (Aust.) in Hong Kong). Senior members may become Fellows and use the letters FCPA, (FCPA (Aust.) in Hong Kong).
    The entry tier of membership, Associate level, can use the designatory letters ASA. Applicants must hold recognized or accredited degree AND must fulfill the core curriculum stipulated by CPA Australia in order to be admitted as an Associate. Membership at this level must successfully complete the CPA Australia CPA Program and fulfill the CPA Australia practical experience mentor program (or similar, offered by certain accounting bodies that are under mutual recognition agreement with CPA Australia) to become 'qualified' as full member of CPA Australia.
    CPA Australia has approximately 119,000 members (CPA/FCPA/ASA). An increasing proportion of these members are from other countries or Australians located overseas.
    Skill Assessment in Certified Practicing Accountant (CPA)-
    CPA Australia is a gazetted Assessing Authority for accountants, external auditors, corporate treasurers and finance managers seeking to migrate to Australia, in common with ICAA and the NIA. This is done under contract to the Australian Education International - Australian National Office of Overseas Skill Recognition (AEI-NOOSR).
    Related Organizations of CPA-
    In the Australian regulatory framework, CPA Australia and the Institute of Chartered Accountants of Australia co-operate in an advisory role in formulating and interpreting accounting standards. Both bodies co-operate closely on professional matters, and issue joint handbooks. There was some discussion about merging the membership of both bodies, but there are no concrete plans for this move. Such a move would likely be considered controversial given the different entry requirements of each organization
    Mutual recognition with CPA-
    CPA Australia has mutual recognition agreements with:
    • American Institute of Certified Public Accountants / National Association of State Boards of Accountancy (AICPA)
    • 10. Hong Kong Institute of Certified Public Accountants (HKICPA)
    • 11. Malaysian Institute of Accountants (MIA)
    • 12. Institute of Certified Public Accountants of Singapore (ICPAS)
    • 13. Chartered Institute of Public Finance and Accountancy (CIPFA)
    • 14. Chartered Institute of Management Accountants (CIMA)
    • 15. Institute of Chartered Accountants of India (ICAI)
    • 16. Certified General Accountants Association of Canada (CGA)
    • 17. Society of Management Accountants of Canada (CMA)
    Not every member of CPA Australia is eligible for these mutual recognition agreements. In particular, but not limited to, those CPAs who do not hold a recognized university degree or qualified before the 1980s, may be excluded from their scope.
    A mutual recognition agreement with New Zealand Institute of Chartered Accountants (NZICA) was terminated (by NZICA) in 2003.
    CPA Australia has had a mutual recognition agreement with the Institute of Certified Public Accountants in Ireland but as of 2006 this appears to have lapsed. Now as per new Mutual recognition with ICAI (Institute of Chartered Accountants of India)on Dt. 03-02-2009 an Indian CPA can do CPA Australia by passing one paper only and vice versa Four papers of Indian CPA. Those who have experience of more than one year can become members by passing supra mentioned exams.
    Homepage of CPA- www.cpaaustralia.com.au
    • Institute of Chartered Accountants of Australia(ICAA)
    Institute of Chartered Accountants Australia –Logo
    The Institute of Chartered Accountants in Australia (the Institute) 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 (GAA)
    History of ICAA-
    Original crest of Institute of Chartered Accountants in Australia.
    The Institute of Chartered Accountants in Australia was constituted by Royal Charter in 1928. The Institute now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor-General on behalf of Queen Elizabeth II on 19 August 2005.
    Admission to membership in ICAA-
    There are two options to obtain membership: one for those with an accounting degree and the second for those with a non-accounting degree.
    Accounting Degree in ICAA-
    To take this path you will be required to have Accounting bachelor or masters degree, from an accredited Australian university.
    Non Accounting degree in ICAA-
    There are three routes for non-accounting graduates to take to qualify for the Chartered Accountants Program:
    • Graduate Conversion course: available from most Australian universities
    • 18. Entrance exam: available for non-accounting graduates with significant on-the-job accounting experience and employer support
    • 19. Graduate Certificate of Chartered Accounting Foundations: available from Deakin University as a part-time distance course covering the core accounting knowledge areas.
    Experience -
    Then:
    Be employed with a Chartered Accountant recognised organisation
    Enrol in the Program and start recording work experience
    Complete at least 26 weeks of prior work experience under the supervision of a mentor
    Complete the five modules of the Chartered Accountant Program (GradDipCA) which will take around 14 weeks each.
    apply for full membership after accumulating at least three year practical work experience.
    Membership in ICAA-
    There are a number for different membership categories.
    Affiliate Membership - have an accounting degree and at least 5 years membership, but has not completed the CA Program.
    Members - have the designation CA (Chartered Accountant) after their name.
    Fellows - have the designation FCA (Fellow Chartered Accountant) after their name - a continuous member for ten years in a senior position for seven years, you may be nominated for advancement to Fellowship. To be advanced to Fellow the member must have demonstrated " leadership" .
    Teacher of Accountancy - For teachers to obtain membership, they are required to have completed a Doctorate or Masters by research with a major in an accounting related field, held a senior academic position for not less than five years, have appropriate Australian Taxation and Corporation Law knowledge and have references from two Chartered Accountants and your Head of School and another significant academic.
    Certificate of Public Practice - Firms or members who offer their services to the public as " Chartered Accountants"
    Continuing Education-
    Chartered Accounants need to continue their education to ensure they continue to provide the highest standards of integrity and professionalism. A Chartered Accountant must complete a total of 120 hours of Continuing Professional Education every three years.
    Reciprocial agreements of ICAA-
    The Institute has reciprocity agreements with the following overseas accounting bodies:
    * The American Institute of Certified Public Accountants (AICPA)
    * Canadian Institute of Chartered Accountants (CICA)
    * Hong Kong Institute of Certified Public Accountants (HKICPA)
    * Institute of Chartered Accountants in England and Wales (ICAEW)
    * Institute of Chartered Accountants in Ireland (ICAI)
    * Institute of Chartered Accountants of Scotland (ICAS)
    * The Japanese Institute of Certified Public Accountants (JICPA)
    * New Zealand Institute of Chartered Accountants (NZICA)
    * South African Institute of Chartered Accountants (SAICA)
    * Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW)
    Business Leader Awards-
    The Institute hosts the annual awards; Australia's highest accolade in business. The Business Leader Awards recognise and celebrate outstanding business leadership in Australian organisations across a whole spectrum of industries.
    Nominees for the Business Leader Awards are judged on their ability to demonstrate visionary leadership, exhibit best practice, show innovation and take risks, foster positive employee relations and contribute to the community as well as displaying honesty and integrity.
    Homepage of CA-http://charteredaccountants.com.au/
    • National Institute of Accountants(NIA)
    The National Institute of Accountants (NIA) is an Australian professional accounting body.
    History of NIA-
    The history of the NIA dates back to 1923:
    1923 - Institute of Factory and Cost Accountants, formed in Melbourne, Victoria.
    1950 - Institute of Taxation and Cost Accountants, name change.
    1957 - National Institute of Accountants, name change.
    1967 - Institute of Commercial Studies, name change.
    1970 - Institute of Affiliate Accountants, name change.
    1988 - National Institute of Accountants, adoption of the precedent name.
    2002 - NIA gazetted as an authorised assessing authority for skilled migration to Australia
    2004 - NIA becomes a member of International Federation of Accountants (IFAC)
    Membership in NIA-
    The NIA has several grades of membership:
    • Associate (ANIA)
    • 20. Member (MNIA)
    • 21. Professional National Accountant (PNA)
    • 22. Fellow Professional National Accountant (FPNA)
    Students studying towards an accounting qualification can join the NIA Student Register.
    Membership requirements NIA-
    • ANIA membership requires the completion of an Advanced Diploma in Accounting or a university degree in accounting.
    • 23. MNIA level membership requires:
    • 24. Advanced Diploma in Accounting plus the NIA Professional Education Program Stage1 (Graduate Certificate in Professional Accounting); or
    • 25. University degree in Accounting; plus
    • 26. 3 years experience in accounting
    • 27. PNA level membership requires
    • 28. MNIA membership; or
    • 29. University degree in accounting plus
    • 30. Completion of the NIA Professional Education Program Stage 1&2. This leads to a Master of Commerce (Professional Accounting) from the University of New England plus
    • 31. NIA Mentored Experienced Program. This constitutes 3 years structured experience in accounting, under the supervision of an accountant qualified at PNA level or equivalent.
    • 32. FPNA membership requires
    • 33. PNA status
    • 34. 10 years experience in accounting (5 of which at senior level)
    • 35. 6 years membership of NIA.
    Members of other professional bodies-
    Members of certain other professional bodies may apply for membership of NIA at PNA level based on their existing qualifications. This includes members of Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA).
    The NIA has a mutual recognition agreement in place with the The South African Institute of Professional Accountants (SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa.
    On 17 September 2009, NIA signed mutual recognition agreement with The Institute of Chartered Accountants of Sri Lanka. This agreement grants members of both institutes the eligibility of admission to the other body, paving the way for Australian accountants to practise in Sri Lanka or vice-versa.
    PNA/FPNA members of the NIA are recognised by the UK's Securities & Investment Institute (SII) for admission to SII's full membership (MSI). Full membership of SII is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI).
    Continuing Professional Education (CPE)-
    All members of NIA must complete at least 80 hours CPE every two years.
    Market reputation of NIA-
    The NIA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (CPAA) and the Institute of Chartered Accountants of Australia (ICAA). In particular, the three accounting bodies are defined as 'professional accounting bodies" in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters.
    The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of NIA in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting.
    The NIA became a member of the International Federation of Accountants in November 2004. In order to obtain IFAC membership, the NIA upgraded the academic requirements for the PNA designation to a Masters degree, developed in conjunction with the University of New England. Existing persons with the PNA designation were allowed to retain their status without further examination, and transitional arrangements were made for those completing their studies.
    From 1 July 2005, the NIA upgraded the experience requirements for the PNA designation to a three year competence-based mentored experience program. Aspirants for this class of membership must demonstrate to a senior accountant that they have the competence to undertake various tasks required by the NIA.
    The reputation of the NIA is also recognised in the Government forums and committees that it is represented on. These forums and committees include those of the Australian Securities and Investments Commission and Australian Taxation Office.
    Qualification assessment -
    Effective from 1 July 2002, the NIA was gazetted by the Australian Minister for Immigration as an authorised assessing authority for accountants seeking to migrate to Australia under Australia's skilled migration program. This gives the NIA the authority to assess the accounting qualifications of such persons.
    The requirements to obtain a qualification assessment as an accountant for migration purposes are not the same as those for actual membership of NIA.
    Public practice-
    Members of NIA at MNIA, PNA and FPNA level may apply for public practice certificates, after completing additional requirements set by NIA.Homepage – www.nia.com.au
    • Professional Accounting Bodies in Pakistan
    • 36. Institute of Chartered Accountants of Pakistan(ICAP)
    • 37. Established1961
    • 38. Type Chartered accountancy body, Professional institute
    • 39. PresidentAsad Ali Shah
    • 40. Students>35,000
    • 41. LocationKarachi, Pakistan
    • 42. CampusKarachi Head Office, Lahore, Islamabad, Multan and Faisalabad
    • 43. AffiliationsInternational Federation of Accountants and International Accounting
    • 44. Standards Board
    • 45. Websitewww.icap.org.pk
    The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. By 5 May, 2008, it has total 4393 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 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.
    The course of ICAP 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.
    The head office of the institute is in Clifton, Karachi where it has its own premises. The institute also has regional offices at Lahore, Islamabad, Multan and Faisalabad.
    History of ICAP
    • 1850-1881 -In Indian subcontinent there were a few British firms of accountants, but they were so busy that their services were not available to the general public. The public companies used to appoint a European auditor for safeguarding the interests of the European shareholders, and an Indian auditor with the objectives of safeguarding the interests of the Indian shareholders. The audit of financial statements were conducted under the Companies Act 1850.
    • 46. 1882-1913- Then the Companies Act of 1882 was passed. Regulations 83-94 of Table A contained in the First Schedule provided for the audit of accounts of the companies adopting that table and for the appointment, remuneration and duties of the auditors. In those times, it was not necessary for an auditor to be a qualified accountant. Companies used to employ lawyers as their auditors.
    • 47. 1913-1932- On 1 April, 1914, the Companies Act, 1913 was passed and it was necessitated that every auditor of a public limited company must be a certified auditor by the government. The provincial governments were empowered to grant auditors' certificates but, at the same time, the central government also reserved the right to recognise members of certain professional bodies as qualified auditors without obtaining Auditor's Certificate from the government. Consequently the members of the English, Scottish and Irish Institutes of Chartered Accountants and the English Society of Incorporated Accountants and Auditors were recognised as qualified auditors.
    At that time there was no provision of any kind for the training and examination of the accountants. Government of Bombay was the first provincial government to take a constructive step in the direction of organising the profession. In 1918, it instituted the Government Diploma in Accountancy called GDA and made regulations for the examination and training of those who wanted to obtain that Diploma and certificate to practise.
    An Accountancy Board was set up by the Government and was attached to the Sydenham College of Commerce and Economics, Bombay. This functioned till 1932. The Board was required to register apprenticeships and conduct the required examinations. The successful candidates were granted the GDA Diploma and they could practise if they had previously received training as apprentices with a practising accountant. The Accountancy Board was also required to advise the Government on all matters relating to accountancy and the Government.
    • 1932-1947- In 1932, the Government framed rules under Section 144 of the companies Act, 1913, called Auditors' Certificates Rules, 1932. The objectives of the rules, broadly, were to register apprenticeships, to conduct examinations, and to control and regulate the profession of auditing. The accountancy profession was then being supervised and controlled by the Ministry of Commerce of the Central Government. With a view to helping the Government in discharging the necessary responsibilities in respect of the accountancy profession, Indian Accountancy Board was established. The Board consisted of officials and practising accountants nominated by the Government. Later, in 1939, appointment of a majority of the members on the Board was made on the elective principle. The Board was only an advisory body. The Auditors' Certificates Rules, 1932, required the passing of two examinations – Registered Accountants first and final. It further laid down the tenure of the prescribed training which was required to be completed during the period of apprenticeship. Provisions meant to regulate and control the profession were also contained therein.
    • 48. 1947-1984- After independence, Pakistan adopted the Auditors' Certificates Rules 1932 with certain amendments in 1950, and thus the auditing profession was administered under the Auditors' Certificates Rules, 1950. The Rules of 1950 were generally based on the old rules with some amendments incorporated therein. A person who passed the Registered Accountants first and final examinations and who satisfied the Ministry of Commerce, Central Government of Pakistan that the had completed the prescribed practical training could have his name placed on the register maintained by the said Ministry and was entitled to use the designation 'Registered Accountant' (RA). The Companies Act, 1913, as adapted by Pakistan allowed only a Registered Accountant to act as the auditor of a public limited company, although his services could also be utilised for the audit of private companies, partnership, etc.
    In 1952, the Registered Accountants formed a private body known as 'Pakistan Institute of Accountants' with the object of looking after their own interest and taking up with the Ministry of Commerce, Government of Pakistan, matters affecting the accountancy profession.
    In June 1959 the Department of Accountancy was established in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a Section Officer.
    During this period, an advisory body called the 'Council of Accountancy' was set up under Auditors' Certificates Rules, 1950 and recommended the establishment of the Institute of Chartered Accountants in Pakistan. The Government accepted the recommendations and the Department of Accountancy assisted by the officials of the Institute and a number of its members prepared the Draft Ordinance to be passed.
    The Chartered Accountants Ordinance, 1961, received the assent of the President of Pakistan, Field Marshall General Ayub Khan on March 3, 1961 and was published in Part 1 of the Extraordinary Gazette of Pakistan on March 10, 1961. The Institute of Chartered Accountants of Pakistan came into being on July 1, 1961. A draft of the Chartered Accountants Bye-Laws was also prepared and published for inviting public comments. The amended version called the Chartered Accountants Bye-Laws, 1961 was published in the Part 1 of the Extraordinary Gazette of Pakistan on July 1, 1961 and was enforced as on that date. As of that date the Department of Accountancy and the Pakistan Institute of Accountants having served a very useful purpose for a long time were finally liquidated.
    The Chartered Accountants Bye-Laws provided for the formation of regional committees to look after the interests of their members. The members are divided into two classes – namely, Associate Chartered Accountants (ACA) and Fellow Chartered Accountants (FCA).
    • 1984-till now-
    In December 1984, the Companies Act, 1913 was replaced by the Companies Ordinance, 1984 with an order by the President of Pakistan General Zia-ul-haq. With this Ordinance, it was also necessitated for the manufacturing concern to prepare and maintain cost accounting records and to arrange cost audit on annual basis by a Chartered Accountant or a Cost and Management Accountant. It also lays down the requirements for the preparation of financial statements of unlisted companies. For listed companies the above Ordinance also made mandatory the National Accounting Standards (NAS) and other standards to be strictly followed while preparing financial statements.
    Keeping in view the convergence, undergone by the major economies of the world such as United States of America, China and Canada, of the International Financial Reporting Standards with respective local GAAP, the demand for IFRS specialists is increasing. The Institute of Chartered Accountants of Pakistan (ICAP) has introduced a diploma in IFRS to prepare the candidates to avail such opportunities.
    Mission Statement of ICAP-
    " To achieve excellence in professional competence, add value to businesses and economy, safeguard public interest; ensure ethical practices and good corporate governance while recognizing the needs of globalization."
    International Association -
    The ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA).
    • Institute of Cost and Management Accountants of Pakistan(ICMAP)
    • 49. Established1951
    • 50. Type Professional institute
    • 51. PresidentHasan Aziz Bilgrami
    • 52. Students>15,000
    • 53. LocationKarachi, Pakistan
    • 54. CampusKarachi Head Office, Karachi Camp Office, Dubai, Lahore, Islamabad,
    • 55. Peshawar, Quetta and others
    • 56. AffiliationsInternational Federation of Accountants and International Accounting
    • 57. Standards Board
    The Institute of Cost and Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. The said institute was originally established with the name 'Pakistan Institute of Industrial Accountants (PIIA)' which was changed to ICMAP in 1976. It is considered as the oldest professionial accountancy institute of Pakistan.
    ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important national human resource need through a steady flow of professional management accountants to occupy leading positions in the corporate world.
    ICMAP has over 4000 members, who hold senior positions in trade, commerce, industry and government in Pakistan as well as abroad. The number of active registered students is around 15000, which makes ICMAP one of the largest professional institutions in Pakistan. The institute has its head office in Karachi.
    International Association of ICMAP-
    The Institute is member of the following international accounting bodies:
    • International Federation of Accountants (IFAC)
    • 58. International Accounting Standards Board (IASB)
    • 59. Confederation of Asian and Pacific Accountants (CAPA)
    • 60. South Asian Federation of Accountants (SAFA)
    International and National Recognition-
    The accounting bodies that have recognised ICMAP qualification and granted exemptions to ICMAP Members or Qualified Students in different papers are:
    • The Chartered Institute of Management Accountants (CIMA), UK
    • 61. The Society of Management Accountants (SMA), Canada
    • 62. Institute of Management Accountants (IMA), USA
    • 63. The Association of Chartered Certified Accountants (ACCA), UK
    • 64. The Institute of Chartered Accountants of Pakistan (ICAP)
    • 65. Institute of Chartered Accountants of Australia (ICA- Australia)
    • 66. Certified General Accountants Association (CGA), Canada
    • 67. National Institute of Accountants, Australia
    • 68. Association of International Accountants, UK
    • 69. The Institute of Internal Auditors (IIA), USA
    • 70. Pakistan Institute of Public Finance Accountants (PIPFA)
    • 71. The Institute of Corporate Secretaries of Pakistan (ICSP)
    Role of the Members of ICMAP-
    The 'Management Accountants' produced by the Institute, have met the requirements of the industry over the years and performed creditably in the assigned roles. Today, more than 60% ICMAP Members occupy top to middle management positions in industry, financial institutions, consultancy firms etc., as Chief Executive Officers, Managing Directors, Chairpersons, General Managers, Controllers, Directors of Finance, Company Secretaries, etc.
    Role of Management Accountants as defined by ICMAP-
    • Breaking down of cost/expenditure into functions and processes to facilitate cost control at each operational level.
    • 72. Developing standards for all operating areas and evaluating actuals with the standards.
    • 73. Analysing overall business and operational data.
    • 74. Suggesting alternatives to improve productivity.
    • 75. Identifying areas of wastages, leakages and inefficiencies or invisible losses.
    • 76. Ensuring optimum utilisation of available resources.
    • 77. Deploying informatic tools for an efficient management information system.
    • 78. Contributing to Total Quality Management (TQM).
    • 79. Assisting in decision-making process at all cadres of management.
    Publication by ICMAP-
    • Cost accounting and audit
    • 80. Cost Accounting Guideline 1 (The first cost accounting standard issued by the Institute)
    • 81. Cost Audit Handbook.
    Management Accountant by ICMAP-
    The ICMAP takes out a bi-monthly journal Management Accountant which has a circulation of around 14,000 copies, becoming the only professional journal of the country having widest circulation. The Institute has also published research based articles on each sector of the economy.
    • Pakistan Institute of Public Finance Accountants(PIPFA)
    • 82. Established1993
    • 83. Type Professional institute
    • 84. PresidentMuhammad Sharif
    • 85. Students>10,000
    • 86. LocationKarachi, Pakistan
    • 87. CampusKarachi Head Office, Branch Offices at Lahore, Islamabad, and
    • 88. Faisalabad
    • 89. AffiliationsInternational Federation of Accountants
    • 90. Websitewww.pipfa.org.pk
    Pakistan Institute of Public Finance Accountants (PIPFA) is an autonomous body recognized mainly in the government sector and established under license from the Securities and Exchange Commission of Pakistan by the authority given under section 42 of the Companies Ordinance, 1984.
    The body is co-sponsored by the Institute of Chartered Accountants of Pakistan, the Institute of Cost and Management Accountants of Pakistan and the Auditor General of Pakistan.
    PIPFA has more than 2,500 members and a number of them are members of ICAP and ICMAP.
    The institute was established to produce a second tier of accounting professionals in Pakistan.
    Mission Statement of PIPFA-
    " identification, development and imparting knowledge to provide a structure for the training of accounting professionals in the specialized areas"
    International Recognition of PIPFA-
    PIPFA is the associate member of International Federation of Accountants (IFAC). Thus, there are three accountancy institutes in Pakistan that have representation with IFAC, i.e., ICAP, ICMAP and PIPFA.
    Administrative Structure of PIPFA-
    There are 12 governors on the Board. Three governors are appointed by each of the three sponsoring bodies and the members of the Association elect three.
    In addition to the Board of Governors, PIPFA has the following committees: Examination Committee, Executive Committee, Publication and Seminar Committee, Board of Studies, Regulation and Discipline Committee. These committees are established for the following purposes:
    • Education and training of students seeking professional qualification and membership of the Association.
    • 91. Investigation of cases of unethical conduct by the members or students and initiate the necessary disciplinary action.
    • 92. Provision of technical advice to the members on any accounting or auditing issues.
    • 93. Regional committees are organized to promote the professional education activity at regional levels through seminars and workshops
    Educational Requirements in PIPFA-
    The prerequisite entry requirement is Intermediate examination from a recognized education board, university or institution or any other qualification considered equivalent by the Board of Governors or “A” levels of General Certificate of Education.
    Candidates who have passed accountancy courses from ICMAP or ICAP examinations are eligible for direct membership of the Institute.
    • Professional Accounting Bodies in United States of America.
    • 94. Association of Government Accountants (AGA)
    • 95. Abbreviation AGA
    • 96. Formation 1950
    • 97. Legal status Association
    • 98. Purpose/focus Improving Federal, State and Local Government Accounting
    • 99. in the United States
    • 100. Headquarters Virginia
    • 101. Region served United States
    • 102. Membership Government Accountants
    • 103. Main organ Journal of Government Financial Management
    • 104. Website http://www.agcgfm.org
    • 105. The Association of Government Accountants (AGA) was founded on September 14, 1950. AGA serves Federal, State and local government accounting professionals by providing education, encouraging professional development, providing Government Accounting certification, and supporting standards and research to advance government accountability.
    • 106. The Certified Government Financial Manager (CGFM) certification, created in 1994, is a professional post-nominal title and a standard by which government financial management professionals are measured. Its education, experience and ethics requirements have served to elevate the most seasoned financial professionals. More than 14,000 individuals have received the designation.
    • 107. Association of Government Accountants-
    • 108. AGA (Association of Government Accountants) is a non-profit professional association that serves government accountability professionals.
    • 109. Mission of AGA-
    • 110. AGA serves government accountability professionals by providing quality education, fostering professional development and certification, and supporting standards and research to advance government accountability.
    • 111. It is a leading professional organization promoting accountability in government and has over 15,000 members. Its annual Professional Development Conference is attended by upwards of 2,000 professionals each year. It has a unique role in government accountability with membership from state, local and federal government entities.
    • 112. History of AGA-
    • 113. The Association of Government Accountants (AGA) was founded on September 14, 1950 as the Federal Government Accountants Association (FGAA) a group of federal accountants, led by Robert W. King. AGA has a long history of being the thought leader for the government accountability profession. Through education, research, publications, certification and conferences, AGA reaches thousands of professionals and provides more than 100,000 continuing professional education (CPE) hours annually. The association supports the careers and professional development of government finance professionals working in federal, state and local governments as well as the private sector and academia.
    • 114. AGA has played an instrumental role in developing accounting and auditing standards and in generating new concepts for the effective organization and administration of financial management functions, including the passage of the Inspector General Act of 1978 and the Chief Financial Officer's Act of 1990. AGA conducts independent research and analysis of all aspects of government financial management.
    • 115. Certification of AGA-
    • 116. Since its inception in 1994, the Certified Government Financial Manager (CGFM) has become the standard by which government financial management professionals are measured. Its education, experience and ethics requirements have served to elevate the most seasoned financial professionals.
    • 117. Today more than 14,000 individuals have received the designation. The CGFM is the first certification broad enough to cover the whole field of government financial management—federal, state and local. It measures a wide range of knowledge and skills that a professional needs to succeed in the federal government financial environment, or to meet the unique challenges faced by state and local government financial managers
    • 118. National Association of State Boards of Accountancy (NASBA)
    The National Association of State Boards of Accountancy (NASBA) is an umbrella group for the 55 state boards that regulate the accountancy profession in the United States of America.
    There is one board for each of the 50 states, plus the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam and the North Mariana Islands.
    Structure of the U.S. accounting profession-
    In the United States, the designation of Certified Public Accountant (CPA) is granted at state level. Individual CPAs are not required to belong to the American Institute of Certified Public Accountants (AICPA), although many do so.
    NASBA acts primarily as a forum for the state boards themselves, as opposed to AICPA which represents CPAs as individuals
    Role of NASBA-
    NASBA's primary role is to:
    • act as a forum for state boards to discuss issues of common concern
    • 119. encourage reciprocal recognition of the CPA qualification between states
    • 120. enable state boards to speak with one voice in dealing with AICPA, the Federal Government, and other stakeholders.
    NASBA is a member of the International Federation of Accountants.
    Uniform CPA Examination-
    Responsibility for the Uniform Certified Public Accountant Examination is shared between AICPA, NASBA and the state boards:
    • AICPA is responsible for setting and scoring the examination, and passing scores to NASBA.
    • 121. NASBA maintains the National Candidate Database and matches score data received from AICPA with candidate details. NASBA also maintains records for those who have passed the exam in the past.
    • 122. State boards are responsible for assessing eligibility to sit for the examination. They are also the final authority on passing results to candidates (which they receive from NASBA).
    AICPA and NASBA also co-operate in setting up and maintaining mutual recognition agreements with foreign accountancy institutes. As of June 2006, the only countries with such agreements exist are Ireland, Mexico, Australia and Canada. Accountants from these countries who meet the specified criteria may be able to sit for the International Qualification Examination (IQEX) as an alternative to the Uniform CPA Exam. IQEX is also jointly administered by AICPA and NASBA, however state boards are not involved at the examination stage (only at licensure).
    • American Institute of Certified Public Accountants(AICPA)
    AICPA offices in Durham, North Carolina.
    The American Institute of Certified Public Accountants (AICPA) is the national, professional association of CPAs in the United States, with more than 330,000 members, including CPAs in business and industry, public practice, government, and education; student affiliates; and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations.
    Approximately 40% of its members are engaged in the practice of public accounting, in areas such as auditing, accounting, taxation, general business consulting, business valuation, personal financial planning and business technology. The majority (60%) of its members are CPAs who work in industry, government and education. However, because of the AICPA's major role in self-regulation of most practicing CPAs, a large part of the AICPA's resources are devoted to this function and to related programs to help CPAs maintain professional competence.
    The AICPA's overriding role is to promote and enhance the profession of accounting. To accomplish this, it has a variety of functions that include: providing group member benefits; preparing the Uniform CPA Examination; developing CPA professional standards; providing technical support to CPA members in many areas of practice; operating the profession's public relations programs; providing support to the academic community and representing the profession before Congress and federal agencies.
    Professional standards setting -
    The AICPA sets generally accepted professional and technical standards for CPAs in many areas. Until the 1970s, the AICPA held a virtual monopoly in this field. In the 1970s, however, it transferred its responsibility for setting generally accepted accounting principles (GAAP) to the newly formed Financial Accounting Standards Board (FASB.) Following this, it retained its standards setting function in areas such as financial statement auditing, professional ethics, attest services, CPA firm quality control, CPA tax practice and financial planning practice. Before passage of the Sarbanes-Oxley law, AICPA standards in these areas were considered " generally accepted" for all CPA practitioners.
    In the early 2000s, federal public policy makers concluded that where independent financial statement audits of public companies regulated by the U.S. Securities and Exchange Commission are concerned, that the AICPA's standards setting and related enforcement roles should be transferred to a government empowered body with more enforcement authority than a non-governmental professional association, such as the AICPA could provide. As a result, the Sarbanes-Oxley law created the Public Company Accounting Oversight Board (PCAOB) which has jurisdiction over virtually every area of CPA practice in relation to public companies. However, the AICPA retains its considerable standards setting, ethics enforcement and firm practice quality monitoring roles for the majority of practicing CPAs, who serve privately held business and individuals.
    Member technical support-
    The AICPA has many technical and professional committees and task forces that deal with numerous issues facing CPAs, their clients and the public. The AICPA also provides a wide array of telephone technical support, educational material, conferences and technical publications for its members. In addition, it offers specialization credentials in several areas, such as the Personal Financial Specialist designation for CPAs in personal financial planning. Other specializations are offered in the ares of business technology and business valuation. The AICPA's national technical conferences are well known for their excellence. The AICPA also publishes the Journal of Accountancy, the nation's oldest technical accounting journal, and The Tax Adviser, and has an extensive website supporting all of these activities.
    The AICPA provides substantial support to the accounting programs of colleges and universities involved with educating future CPAs.
    Public relations program-
    The AICPA runs a number of public relations activities that include: having members available to the media to provide technical support in the areas of CPA practice expertise; operating an extensive high school and college student recruitment program called " Start Here. Go Places." to encourage students to consider a CPA career; and getting the word out about the vital role that CPAs play in the U.S. economy in support of financial markets, small business and entrepreneurship.
    The AICPA also runs extensive public interest programs. One of the most important is an award winning program called 360 Degrees of Financial Literacy. The program is a multi-faceted effort, spearheaded by the AICPA, with the support of state CPA societies. It encourages CPAs to take a broad leadership role in volunteering to educate the American public, from school children to retirees, on financial topics that apply to their particular stage of life.
    During the fall of 2006, the AICPA and the Ad Council launched a national campaign to encourage Americans aged 25–34 to " Feed the Pig" as a key step toward building a solid financial future for themselves and their families. Feed the Pig is a national multi-media campaign, featuring Benjamin Bankes, a smartly dressed, adult-sized pig intended to evoke memories of the piggy bank. The campaign's purpose is to deliver a strong message about the importance and benefits of saving. A dedicated website provides free financial information and tools to help young " career builders" take control of their finances and build long-term financial security.
    Government relations program-
    The AICPA has a Washington office and a political action committee. Many of its Washington activities have a public interest aspect. The AICPA and its members make recommendations to Congress and a number of federal agencies to help them better serve the public, in areas of CPA technical expertise, such as taxation and accounting. In these areas, the AICPA tries to solely be a technical resource rather than recommending policy positions. For example, in the social security debate, the AICPA develops white papers that lay out all of the options and the pros and cons of each option to assist policy makers. A careful process is used to weed out any policy bias in such analyses. The Washington office also represents the profession in matters of specific interest to members.
    The AICPA's Political Action Committee is a contributor to U.S. Congressional representatives and Senators from both parties who sit on various legislative committees of relevance to CPAs.
    External roles-
    Certified Public Accountants are licensed by individual states, so they must follow the laws and regulations of the state they are licensed in. Once achieving state CPA licensure, by federal regulation, CPAs are automatically licensed to practice before the Internal Revenue Service, with essentially the same rights and duties as attorneys. For audits involving federal monies, the Government Accountability Office has issued additional standards commonly referred to as the Yellow Book.
    In addition, the AICPA was a primary source for defining Generally Accepted Accounting Principles for State and Local Governments through the issuance of an Industry Audit Guide and Statements of Position.
    The AICPA is a leading member of the International Federation of Accountants.
    • Professional Accounting Bodies in United Kingdom.
    • 123. Chartered Institute of Public Finance and Accountancy(CIPFA)
    The Chartered Institute of Public Finance and Accountancy (CIPFA) 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 needs to be managed. CIPFA is the only UK professional accountancy body to specialise in public services. The qualifications include the benchmark professional qualification for public sector accountants as well as a postgraduate diploma for people already working in leadership positions.
    CIPFA promotes public finance globally by standing up for sound public financial management and good governance. CIPFA works with governments, accounting bodies and the public sector around the world to advance public finance and support its professionals. CIPFA is a member of the Consultative Committee of Accountancy Bodies, the umbrella organisation for the British accountancy profession. It also belongs to the International Federation of Accountants.
    CIPFA’s regional branches cover the Channel Islands, Europe, Midlands, North East, North West & North Wales, Northern Ireland, Republic of Ireland, Scotland, South East, South West & South Wales and Yorkshire & the Humber.
    Designation -
    Members of CIPFA are entitled to style themselves Chartered Public Finance Accountant and use the designatory letters CPFA.
    History of CIPFA-
    CIPFA began life as the Corporate Treasurers’ and Accountants’ Institute in 1885, changing its name to the Chartered Institute of Public Finance and Accountancy in 1973 when it obtained its Royal Charter
    Qualifications in CIPFA-
    The Professional Qualification
    The CIPFA qualification delivers the skills required for working in local government, the NHS, central government, voluntary sector or private sector firms dealing with public services.
    Certificate in Charity Finance & Accountancy
    Designed by CIPFA and London South Bank University - designed to meet the needs of those working in the finance functions of charities.
    Certificate in International Treasury Management - Public Finance
    A professional qualification in the fundamentals of treasury management for the public services developed by both CIPFA and the Association of Corporate Treasurers (ACT).
    CIPFA Certificate Investigative Practice Qualification (CCIP)
    Aimed primarily at investigators who have some experience but who lack any formal qualification. MSc Accounting & Finance (top-up) for professionally qualified accountants holding the CIPFA qualification achieved by examination A Masters top up programme to recognise the level and depth of the Accounting qualification. To complete the MSc Accounting and Finance you are required to study a research methods module, one further academic module and complete a dissertation.
    Membership in CIPFA-
    CIPFA students who have successfully completed the CIPFA Professional Accountancy Qualification and Initial Professional Development Scheme (IPDS) are invited to apply for CIPFA Membership. Once membership is approved members can use the designatory letters ‘CPFA’ (Chartered Public Finance Accountant) for as long as they continue membership.
    There are two further routes to membership, known as Bye-Laws 5 and 6.These are normally ‘sponsored’ by Council members or Institute Directors, and are therefore people who the Institute has worked with closely within financial management and accountancy within the public service
    Mutual Recognition of CIPFA-
    CIPFA and the Society of Management Accountants of Canada signed a mutual recognition agreement in February 2004.
    CMA/CIPFA Dual Qualification and Designations-
    CIPFA and CMA Canada have a dual qualification which provides Canadian public sector employees with comprehensive financial management and leadership training. On completing the programme, candidates can apply for dual public finance management and accounting designations as a Chartered Public Finance Accountant (CPFA) and Certified Management Accountant (CMA) from CIPFA and CMA Canada respectively.
    CIPFA and CPA Australia signed a mutual recognition agreement in June 2007.
    Although not strictly a form of mutual recognition, CIPFA members of 5 years standing may apply for direct entry to the Institute of Chartered Accountants in England and Wales subject to meeting certain criteria.
    CIPFA Group-
    The CIPFA Group includes, in addition to the main accounting body; Public Finance - a weekly magazine for the public sector; the in-house CIPFA Education and Training Centre with almost 3,000 students at locations across the UK, and works with other places of learning to provide courses locally; and a commercial services arm which provided advice and services for the public sector. They include information and guidance, courses and conferences, property and asset management solutions, consultancy and interim people for a range of public sector clients.
    • Chartered Institute of Management Accountants(CIMA)
    The Chartered Institute of Management Accountants (CIMA) is a UK based professional body offering training and qualification in management accountancy and related subjects, focused on accounting for business; together with ongoing support for members.
    CIMA is a member of the Consultative Committee of Accountancy Bodies and the International Federation of Accountants.
    History of CIMA-
    CIMA was founded in 1919 as " The Institute of Cost and Works Accountants" (ICWA). It specialised in the development of accounting techniques for use in the internal control of manufacturing, service and public sector operations. It developed a position as the leading professional body in the areas of product costing, budgeting, management accounting, investment appraisal and business decision making.
    In October 1944 the Institute of Cost and Works Accountants organisation in Ireland was formed.
    The institute changed its name from ICWA to the Institute of Cost and Management Accountants (ICMA) in 1972 and subsequently to the Chartered Institute of Management Accountants (CIMA) in 1986, after the granting of a Royal Charter. A global Accounting qualification based in the UK, which is particularly active in Commonwealth countries. Its membership has grown from 15,000 in 1970 to 65,000 in 2005. It has played a role in founding fraternal professional bodies such as the Institute of Cost and Management Accountants of Pakistan,Institute of Cost and Works Accountants of India and the Institute of Management Accountants (USA).
    Activities of CIMA-
    CIMA operates a Masters degree standard scheme of fifteen qualifying examinations for prospective members. It is active in promoting local education, training and management development operations, the promotion of new techniques through its research foundation and the dissemination of management accounting practices through publications and other media related activities. CIMA has been active in recent educational and vocational initiatives in former Eastern bloc countries. It publishes a monthly journal, supplied free to members and registered students, called 'Financial Management' ('Management Accounting' prior to 1998). CIMA also publishes a quarterly journal called 'Management Accounting Research', mainly for an academic readership.
    CIMA is recognised as a professional accounting body for various statutory purposes by UK and various overseas governments. The institute regulates the activities of its members by a code of practice, a discipline committee and (a recent innovation) a continuing education scheme.
    CIMA's governing body is its council, comprising members elected from regional branches. Each of the branches has a committee and is responsible for much of the 'grass roots' activity. Activity such as qualification development is undertaken from the London head office. The London office is also the location for the annual UK Final of the Global Management Challenge, a strategic management competition for university students, which CIMA sponsors.
    In July 2009 CIMA added an online community - CIMAsphere - to its website. The community consists of a range of blogs, discussion boards, groups, community answers, expert Q&A sessions and some social networking features for members, students and also the general audience.
    Membership in CIMA-
    CIMA has two grades of full membership:
    • Associate - designated by the letters ACMA
    • 124. Fellow - designated by the letters FCMA
    To be admitted as an associate a candidate must have:
    • completed a period of qualifying practice of at least three years, documented and signed by appropriate witnesses
    • 125. passed the institute's 15 qualifying examinations
    • 126. been proposed and seconded for membership by two individuals who have direct experience of the candidate's work experience but who do not need to be members of CIMA or even accountants.
    To become a Fellow a candidate ACMA must, in addition, have appropriate experience at a senior level.
    In the past, CIMA has offered forms of association which do not amount to full membership, for example an " Affiliate" membership class was promoted in the 1970s.
    Strategic Alliances-
    CIMA members have access to a number of strategic alliances, including:
    • An accelerated route to Associateship of the Association of Corporate Treasurers
    • 127. A mutual recognition agreement with the Society of Management Accountants of Canada
    • 128. A mutual recognition agreement with CPA Australia
    • 129. A strategic alliance with the Institute of Chartered Accountants of Australia
    • 130. On 26 September 2006, CIMA announced a joint qualification program with the New Zealand Institute of Chartered Accountants[6]
    • 131. MOU with Institute of Cost and Works Accountants of India
    • 132. Strategic Alliance with Institute of Cost and Management Accountants of Pakistan(ICMAP)
    Development in CIMA-
    In recent years, CIMA has been party to merger talks with other professional accounting bodies including the ICAEW in 1995 and again in 2005.
    • Institute of Chartered Accountants in England & Wales (ICAEW)
    The Institute of Chartered Accountants in England & Wales (ICAEW) 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. The Institute also has some 9,000 students.
    The Institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes. This is because the term accountant does not have the same legal protection in the United Kingdom as that given to, say, doctors and lawyers. There are, though, certain legal rights and duties which are available to professionally qualified accountants. For example, individuals who operate in the areas of audit and insolvency must be registered and only members of certain accountancy bodies (such as the ICAEW) are eligible for such registration. Likewise individuals who describe themselves as " chartered accountants" must be a member of an accountancy body which holds a 'Royal Charter' and if working in public practice these chartered accountants must comply with additional regulations such as holding indemnity insurance and submitting to regular and independent inspections.
    The ICAEW has 2 offices; the main one is in Moorgate, London and the other in Central Milton Keynes, in the newly built Hub:MK complex.
    History of ICAEW-
    Early years
    Until the mid-nineteenth century the role of accountants in England and Wales was restricted to that of bookkeepers in that accountants merely maintained records of what other business people had purchased and sold. However, with the growth of the limited liability company and large scale manufacturing and logistic in Victorian Britain a demand was created for more technically proficient accountants to deal with the increasing complexity of accounting transactions dealing with depreciation of assets, inventory valuation and the Companies legislation being introduced.
    To improve their status and combat criticism of low standards, accountants in the cities of Britain formed professional bodies. The ICAEW was formed from the five of these associations that existed in England prior to its establishment by Royal Charter in May 1880.
    The Incorporated Society of Liverpool Accountants, formed in January 1870;
    The Institute of Accountants in London was formed in November 1870, comprising 37 members under the leadership of William Quilter. In 1871, standards for membership were established with new members having to show knowledge and aptitude through successfully passing an oral examination. Initially the London Institute restricted its membership to that city, but as other institutes were established elsewhere (for example, in Manchester and Sheffield) it was decided to remove this restriction and as such in 1872 it simply became known as the Institute of Accountants to reflect its new national coverage;
    The Manchester Institute of Accountants, formed in February 1871;
    The Society of Accountants in England (1872);
    The Sheffield Institute of Accountants (1877).
    The Institute headquarters, Chartered Accountants' Hall, in the City of London, was designed in the Italian Renaissance style by John Belcher in 1890. It was built by Colls & Sons.[2] It is widely regarded as one of the finest examples of Victorian Baroque architecture.
    In 1948, the institute received a Supplemental Charter.
    In 1957 the ICAEW merged with the Society of Incorporated Accountants (founded in 1885 as the Society of Incorporated Accountants and Auditors).
    Recent developments in ICAEW-
    In 2005 the ICAEW sought to merge with the Chartered Institute of Management Accountants (CIMA) and the Chartered Institute of Public Finance and Accountancy (CIPFA). However, this project proved unsuccessful. The Institute also announced at this time that it was considering dropping the reference to England and Wales in its title to become the Institute of Chartered Accountants. However, this plan was also withdrawn.
    The Institute introduced a new syllabus in 2007. In order to make it more appealing to prospective students the policy of time-barring students has been removed and the mandatory examinations will become more flexible based on a modular structure. In addition to paper based assessments, there are now computer based assessments of objective test questions (multiple choice).
    Admission to membership in ICAEW-
    To be admitted to membership of the ICAEW, applicants must generally complete 450 days of relevant work experience (training) and pass a series of examinations. The work experience lasts between three and five years and must be with an employer or employers approved by the Institute for training. The examinations are in two stages, professional stage (twelve papers) and advanced stage (two papers and a case study, which must be taken in the final year of training).
    Existing members of ACCA, CIMA and CIPFA of over five years membership may be admitted, subject to passing an Examination of Experience[3] and sponsorship by two ICAEW members. Members of equivalent bodies in other European Economic Area countries and Switzerland may also be admitted to membership after passing an aptitude test, provided they are a citizen of an EEA state or Switzerland.
    Mutual Agreements of ICAEW-
    The Institute has mutual recognition agreements in place with:
    • Institute of Chartered Accountants of India.
    • 133. Institute of Chartered Accountants of Scotland
    • 134. Institute of Chartered Accountants in Ireland
    • 135. Institute of Chartered Accountants of Australia
    • 136. Canadian Institute of Chartered Accountants
    • 137. Hong Kong Institute of Certified Public Accountants
    • 138. New Zealand Institute of Chartered Accountants
    • 139. Institute of Chartered Accountants of Pakistan
    • 140. South African Institute of Chartered Accountants
    • 141. Institute of Chartered Accountants of Zimbabwe
    • 142. Institute of Chartered Accountants of Bangladesh (ICAB)
    ICAEW members may be admitted to full membership of the above institutions after passing an aptitude test or subject to other specific requirements.
    Membership categories in ICAEW-
    Members have the designation ACA (Associate Chartered Accountant) or FCA (Fellow Chartered Accountant) after their name.
    Fellowship is intended to designate those who have achieved a higher level of professional experience. It is awarded, on application, to those members who have attained at least ten years of membership and who, at the date of application, have complied with the Institute's requirements on continuing professional development in the preceding three years and have no outstanding disciplinary charges against them.
    • Professional Accounting Bodies in Hong Kong
    Hong Kong Institute of Certified Public Accountants (HKICPA)
    The Hong Kong Institute of Certified Public Accountants (HKICPA) is a professional body for accountants in Hong Kong.
    Its main responsibilities are:
    • Registration and regulation of profession accountants in Hong Kong.
    • 143. Issurance of financial reporting standards and auditing standards.
    • 144. Promotes the accountancy profession to businesses and the general public.
    History of HKICPA -
    It was set up in 1974 with the assistance of Association of Chartered Certified Accountants (ACCA) as the local statutory accountancy body in Hong Kong. Formerly named as " Hong Kong Society of Accountants" , it has since renamed to the Hong Kong Institute of Certified Public Accountants on September 8, 2004.
    Qualification programme -
    Since 2001 the institution has begun to offer the " Qualification Programme" or QP for short, as a direct route to become a member of the institution.
    To become a registered student of the QP, there are three routes available:
    • Holder of a recognised accountancy degree.
    • 145. Non-accountancy degree holder who has undergone a Conversion Programme.
    • 146. Sub-degree holder - a HKIAAT who has undergone a Foundation Programme or Professional Bridging Exam
    QP Students will have to complete four modules, plus a final six hours examination. They will also have to meet the Practical Experience Requirement set by the institute.
    The four modules are:
    • Module A - Financial Reporting
    • 147. Module B - Financial Management
    • 148. Module C - Auditing and Information Management
    • 149. Module D – Taxation.
    Each module consists of:
    • 15 weeks self-study material provided by the institute,
    • 150. four interactive workshops to attend, and
    • 151. a three hours open book examination.
    The final examination will consist of material taken from all four modules.
    Recognition with other institutions of HKICPA-
    Association of Chartered Certified Accountants (ACCA)-
    Prior to 2002, Hong Kong accountants were allowed to obtain full memberships from both Association of Chartered Certified Accountants (ACCA) and HKICPA under a joint examination scheme between the two institutions. On 1 July 2005, the institute announced recognition arrangements between the two institutions under the Agreement of Recognition Arrangement(ARA). Then on 22 August 2006, a new Agreement of Recognition Arrangement (MRA) was signed and will be in force until 30 June 2010, replacing an old MRA that expired in June 2005.
    Institutes of Chartered Accountants-
    HKICPA has Mutual Recognition Agreements with the major Chartered Accountant bodies worldwide:
    • Institute of Chartered Accountants in England and Wales.
    • 152. Institute of Chartered Accountants of Scotland.
    • 153. Institute of Chartered Accountants in Ireland.
    • 154. Institute of Chartered Accountants of Australia.
    • 155. Canadian Institute of Chartered Accountants.
    • 156. New Zealand Institute of Chartered Accountants.
    • 157. South African Institute of Chartered Accountants.
    • 158. Institute of Chartered Accountants of Zimbabwe.
    These agreements, in general, only apply to relatively recent HKICPA members who qualified through the Qualification Programme.
    Other Institutes -
    HKICPA also has limited recognition arrangements in place with:
    • Chartered Institute of Management Accountants
    • 159. CPA Australia
    Status of HKICPA -
    Incorporated by the Professional Accountants Ordinance (Chapter 50 of the Laws of Hong Kong) on 1 January 1973, the Hong Kong Institute of Certified Public Accountants (the Institute) is the only statutory licensing body of accountants in Hong Kong responsible for regulation of the accountancy profession. There is a associate organization called the HKAAT.
    International links of HKICPA-
    The Institute is a member body of the following international or regional organisations :
    • Asia-Oceania Tax Consultants' Association
    • 160. Confederation of Asian and Pacific Accountants
    • 161. International Accounting Standards Board
    • 162. International Federation of Accountants
    • 163. International Federation of Insolvency Practitioners
    • 164. Professional Accounting Body in Scotland
    Institute of Chartered Accountants of Scotland(ICAS)
    The Institute of Chartered Accountants of Scotland (ICAS) is the Scottish professional accountancy body for chartered accountants and auditors. It is based in Edinburgh.
    ICAS is a member of the Consultative Committee of Accountancy Bodies (CCAB) and International Federation of Accountants (IFAC).
    History of ICAS-
    The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of accountants, receiving its Royal Charter in 1854. The institute originated from:
    • The Edinburgh Society of Accountants, formed in 1854;
    • 165. The Glasgow Institute of Accountants and Actuaries, formed in 1854;
    • 166. 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 16,000 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. Details
    The ICAS has a special accelerated entry scheme for members of the Chartered Institute of Taxation.
    Mutual recognition of ICAS-
    The Institute has mutual recognition agreements in place with:
    • Institute of Chartered Accountants in England and Wales
    • 167. Institute of Chartered Accountants in Ireland
    • 168. Canadian Institute of Chartered Accountants
    • 169. Institute of Chartered Accountants of Australia
    • 170. New Zealand Institute of Chartered Accountants
    • 171. South African Institute of Chartered Accountants
    • 172. 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 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. However this 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, Republic of Ireland and Luxembourg. This right is held in common with ACCA, ICAEW and the ICAI.