Institute of Chartered Accountants Australia: Difference between revisions
Updated with new Institute content |
|||
| Line 1: | Line 1: | ||
[[Image:InstituteofCharteredAccountantsinAustralia.gif|thumb|right|400px|logo]] |
[[Image:InstituteofCharteredAccountantsinAustralia.gif|thumb|right|400px|logo]] |
||
The '''Institute of Chartered Accountants in Australia''' (the Institute) is the professional body representing [[Chartered Accountant|Chartered Accountants]] in [[Australia]]. The Institute’s reach extends to more than 56,000 of today’s and tomorrow’s business leaders, representing some 46,000 Chartered Accountants and 10,000 of Australia’s best accounting graduates who are currently enrolled in the Institute’s world class Chartered Accountants postgraduate program. |
|||
The '''Institute of Chartered Accountants in Australia '''(ICAA) was constituted by [[Royal Charter]] in 1928. [[Thomas Brentnall]] became the first president. |
|||
The Institute’s members work in diverse roles across commerce and industry, academia, government, and public practice throughout Australia and in 114 countries around the world. |
|||
| ⚫ | |||
The core objective of the Institute is to lead the profession by delivering visionary leadership projects, setting the benchmark for the highest ethical, professional and educational standards, and enhancing and promoting the Chartered Accountant brand. It also represents the interests of members to government, industry, academia and the general public by actively engaging its membership and local and international bodies on public policy, government legislation and regulatory issues. |
|||
It is the sole body entitled to award the designation of [[Chartered Accountant]] in [[Australia]]. Members use the designatory letters '''CA'''. |
|||
The Institute leverages advantages for its members as a founding member of the [[Global Accounting Alliance]] (GAA), an international accounting coalition formed by the world’s premier accounting bodies. With a membership of 700,000, the GAA promotes quality professional services, shares information and collaborates on international accounting issues. |
|||
==Governance== |
|||
| ⚫ | The |
||
| ⚫ | 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 [[Elizabeth II of the United Kingdom|Queen Elizabeth II]] on 19 August 2005. |
||
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. |
|||
| ⚫ | The Institute 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 are 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. |
||
| ⚫ | |||
Most Chartered Accountants in [[Australia]], are [[List of universities in Australia|university graduates]] who, after completing their degree, are required to pass a postgraduate program, the CA Program, and also complete a three-year period of approved practical experience mentored by a Chartered Accountant, which is usually completed while studying the CA Program. This makes it possible to become a Chartered Accountant in at least three years after completing their degree. To then retain their Chartered Accountant designation members must complete Continuing Professional Education (CPE) of at least 120 hours every triennium. |
|||
==The Global Accounting Alliance== |
|||
==Mutual recognition agreements== |
|||
The Institute is one of the founding members of the [[Global Accounting Alliance]] (GAA) – an international accounting coalition of the world’s premier accounting bodies - formed in 2006. |
|||
The GAA aims to promote quality professional services, support that global membership, share information and collaborate on international accounting issues. The GAA represents over 700,000 of the world’s leading professional accountants. |
|||
The ICAA has ''mutual recognition agreements'' in place with the following overseas bodies: |
|||
The Institute is the only Australian accounting body within the alliance. |
|||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
* [[New Zealand Institute of Chartered Accountants]] (only members of the College of Chartered Accountants) |
|||
| ⚫ | |||
| ⚫ | |||
==The alliance bodies== |
|||
Most members of overseas accounting bodies with mutual recognition agreements with ICAA need only pass an examination in Australian tax and law to become members of ICAA, once resident in Australia. |
|||
* Australia - [http://charteredaccountants.com.au/ Institute of Chartered Accountants in Australia] |
|||
| ⚫ | |||
* New Zealand - [http://nzica.com New Zealand Institute of Chartered Accountants (NZICA)] |
|||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
| ⚫ | |||
However there are some additional requirements: |
|||
A Chartered Accountant holds Australia’s most prized professional designation, which they have attained through the rigorous and internationally recognised Chartered Accountants program. |
|||
The Chartered Accountant designation is attained through the most rigorous and internationally recognised professional designation program in the field. Upon qualifying, Chartered Accountants commit to the highest standards of integrity and professionalism and undertake continuing professional education throughout their careers. |
|||
* membership of the overseas accounting body must have been acquired through the normal examination based route and not direct entry |
|||
* there are some additional restrictions that apply to [[Certified Public Accountant]]s from [[Hong Kong]] and the [[United States]], along with ''Zimbabwe Chartered Accountants'' in terms of the specifics of training and experience required. |
|||
==Educational and professional requirements of a Chartered Accountant== |
|||
===Partial recognition=== |
|||
The Chartered Accountant designation is gained upon completion of the Chartered Accountants Program, a graduate diploma that takes approximately 22 months to complete. Candidates enrolled in the Program must also complete three-years of practical experience which is undertaken before and while studying the Chartered Accountants Program. |
|||
The Chartered Accountants Program is comprised of five modules: audit & assurance, financial accounting & reporting, management accounting & analysis, taxation, and ethics & business application. |
|||
==Learning about Chartered Accountancy== |
|||
Members of certain other accounting bodies are granted exemption from the bachelor degree requirement but are required to pass the CA Program and complete qualifying service. |
|||
The Institute offers high school and university students a number of opportunities to gain work experience, or obtain further information about Chartered Accounting as a career option. |
|||
* [[Association of Chartered Certified Accountants]] (ACCA) |
|||
* [[Chartered Institute of Management Accountants]] (CIMA) |
|||
* [[Chartered Institute of Public Finance and Accountancy]] (CIPFA) |
|||
| ⚫ | |||
[[CIMA]] members are exempted from up to two papers of the CA Program and may access a reduced work experience requirement due to the strategic alliance between ICAA and CIMA. [http://www.icaa.org.au/entry/index.cfm?menu=353&id=A105824035 Details] |
|||
Partial recognition may also apply to members of accounting bodies with ''mutual recognition agreements'' with ICAA, where the member in question does not qualify for full mutual recognition. |
|||
==Employment== |
|||
Chartered Accountants in [[Australia]] are employed, in the most part, by public companies and professional accounting firms. |
|||
==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 70,000 fully qualified members. |
|||
==See also== |
==See also== |
||
* [[Accountant]] |
* [[Accountant]] |
||
* [[Chartered Accountant]] |
* [[Chartered Accountant]] |
||
* [[Global Accounting Alliance]] |
|||
* [[CPA Australia]] |
* [[CPA Australia]] |
||
* [[National Institute of Accountants]] |
* [[National Institute of Accountants]] |
||
| Line 66: | Line 52: | ||
==External links== |
==External links== |
||
| ⚫ | |||
* [http:// |
* [http://charteredaccountants.com.au/program The Institute’s Chartered Accountant Program] |
||
* [http://charteredaccountants.com.au/training The Institute’s Training & Development] |
|||
* [http://www.ifacnet.com/ IFACnet - A KnowledgeNet for Accountants in Business] |
* [http://www.ifacnet.com/ IFACnet - A KnowledgeNet for Accountants in Business] |
||
* [http://www.icaa.org.uk/ |
* [http://www.icaa.org.uk/ The Institute’s UK Members' Group] |
||
* [http://www.thinkresources.com.au/ Think Resources - A recruitment firm run by CA accredited members] |
* [http://www.thinkresources.com.au/ Think Resources - A recruitment firm run by CA accredited members] |
||
Revision as of 01:22, 30 October 2007
The Institute of Chartered Accountants in Australia (the Institute) is the professional body representing Chartered Accountants in Australia. The Institute’s reach extends to more than 56,000 of today’s and tomorrow’s business leaders, representing some 46,000 Chartered Accountants and 10,000 of Australia’s best accounting graduates who are currently enrolled in the Institute’s world class Chartered Accountants postgraduate program.
The Institute’s members work in diverse roles across commerce and industry, academia, government, and public practice throughout Australia and in 114 countries around the world.
The core objective of the Institute is to lead the profession by delivering visionary leadership projects, setting the benchmark for the highest ethical, professional and educational standards, and enhancing and promoting the Chartered Accountant brand. It also represents the interests of members to government, industry, academia and the general public by actively engaging its membership and local and international bodies on public policy, government legislation and regulatory issues.
The Institute leverages advantages for its members as a founding member of the Global Accounting Alliance (GAA), an international accounting coalition formed by the world’s premier accounting bodies. With a membership of 700,000, the GAA promotes quality professional services, shares information and collaborates on international accounting issues.
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.
The Institute 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 are 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.
The Global Accounting Alliance
The Institute is one of the founding members of the Global Accounting Alliance (GAA) – an international accounting coalition of the world’s premier accounting bodies - formed in 2006.
The GAA aims to promote quality professional services, support that global membership, share information and collaborate on international accounting issues. The GAA represents over 700,000 of the world’s leading professional accountants.
The Institute is the only Australian accounting body within the alliance.
The alliance bodies
- Australia - Institute of Chartered Accountants in Australia
- United States - American Institute of Certified Public Accountants (AICPA)
- New Zealand - New Zealand Institute of Chartered Accountants (NZICA)
- Canada - Canadian Institute of Chartered Accountants (CICA)
- South Africa - South African Institute of Chartered Accountants (SAICA)
- Ireland - Institute of Chartered Accountants in Ireland (ICAI)
- Scotland - Institute of Chartered Accountants of Scotland (ICAS)
- Hong Kong - Hong Kong Institute of Certified Public Accountants (HKCPA)
- England and Wales - Institute of Chartered Accountants in England and Wales (ICAEW)
What is a Chartered Accountant?
A Chartered Accountant holds Australia’s most prized professional designation, which they have attained through the rigorous and internationally recognised Chartered Accountants program.
The Chartered Accountant designation is attained through the most rigorous and internationally recognised professional designation program in the field. Upon qualifying, Chartered Accountants commit to the highest standards of integrity and professionalism and undertake continuing professional education throughout their careers.
Educational and professional requirements of a Chartered Accountant
The Chartered Accountant designation is gained upon completion of the Chartered Accountants Program, a graduate diploma that takes approximately 22 months to complete. Candidates enrolled in the Program must also complete three-years of practical experience which is undertaken before and while studying the Chartered Accountants Program. The Chartered Accountants Program is comprised of five modules: audit & assurance, financial accounting & reporting, management accounting & analysis, taxation, and ethics & business application.
Learning about Chartered Accountancy
The Institute offers high school and university students a number of opportunities to gain work experience, or obtain further information about Chartered Accounting as a career option.
See also
- Accountant
- Chartered Accountant
- Global Accounting Alliance
- CPA Australia
- National Institute of Accountants
- International Qualification Examination
- IFACnet