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or Qualified Accountant, or Professional Accountant, is a certified accountancy and financial expert in the jurisdiction of many countries. Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Such as other legally-restricted professions including medical doctors and lawyers, different countries have their own training and examination systems to maintain the practice quality and restrict the number of qualified accountants in their jurisdictions. A physician, medical practitioner or medical doctor who practices Medicine, and is concerned with maintaining or restoring human Health A lawyer, according to Black's Law Dictionary, is "a person learned in the law as an attorney, Counsel or Solicitor; a person

Accountants originally worked only in public practice, selling advice and services to other individuals and businesses, but today, in addition, many work within private corporations, the financial industry and various government bodies.

Accountancy is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions.

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world, some of them are legally recognized in their jurisdictions. Such as British qualified accountants including Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (CA, ACA or FCA), International Accountant (FAIA or AAIA), Chartered Management Accountant (ACMA or FCMA), Canadian qualified accountants such as Chartered Accountants, Certified Management Accountants, Certified General Accountants and Registered Public Accountants (CA, CMA, CGA or RPA)as well as American qualified accountants such as Certified Public Accountant (CPA). British qualified accountants are full members of those United Kingdom Accountancy bodies which are themselves members of the Consultative Committee of Accountancy Chartered Certified Accountant (Designatory letters ACCA or FCCA) is a British qualified accountant designation awarded by the Association Chartered Accountant (CA is the title used by members of certain professional Accountancy associations in the British Commonwealth countries and Ireland Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform

The Certified Management Accountant (CMA) designation is unusual in the United States in that it does not have a statutory basis. The title Certified Management Accountant is a professional designation awarded by various professional bodies around the world However it is accepted by industry and by its peer associations. In Canada the Canadian CMA designation is recognised under provincial/territorial legislation. Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page


Contents

Accountancy qualifications and regulation

The requirements for entry in the profession of accounting vary from country to country.

Accountants may be licensed by a variety of organizations, such as the Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants, and are recognized by titles such as Chartered Certified Accountant, Chartered Accountant, Certified Public Accountant, Certified Management Accountant, Certified General Accountant and Certified Practicing Accountant. The verb license or grant license means to give permission The noun license is the document demonstrating that permission The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified The Institute of Chartered Accountants in England & Wales (ICAEW was established by a Royal Charter in 1880 Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform The title Certified Management Accountant is a professional designation awarded by various professional bodies around the world ' Certified General Accountant (CGA' is a professional designation representing members of the Certified General Accountants Association of Canada (CGA- Canada) provincial CPA Australia is one of three professional accounting bodies in Australia, the others being the National Institute of Accountants and the Institute Many countries recognize two or more accounting bodies. There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes and other bodies which are effectively a form of professional trade union. Unlike the Law Society, which can legally stop a solicitor from practicing, accountancy institutes do not have such authority. A Law Society in current and former Commonwealth jurisdictions is an association of solicitors (effectively the trade organisation for solicitors which has a regulatory role Generally, certain specialized areas of accountancy such as auditing and insolvency are tightly regulated. The most general definition of an audit is an evaluation of a person organization system process project or product

Commonwealth of Nations

In the United Kingdom, Canada, Australia and several other Commonwealth of Nations countries, the equivalents of Certified Public Accountant (CPA) include Chartered Certified Accountant (ACCA), Chartered Accountant (CA or ACA), Chartered Management Accountant, International Accountant, Certified Public Accountant (CPA - Ireland and CPA - Hong Kong), Certified General Accountant (CGA - Canada), and Certified Practicing Accountant (CPA - Australia). The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page For a topic outline on this subject see List of basic Australia topics. The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Chartered Accountant (CA is the title used by members of certain professional Accountancy associations in the British Commonwealth countries and Ireland

United Kingdom

In the UK, there are no license requirements for an individual to describe himself/herself or practice as an accountant (except in the areas of audit or insolvency) but to use certain titles requires membership of one of the many appropriate professional bodies.

Each of these bodies admits members only after passing examinations and undergoing a period of relevant work experience. Once admitted members are expected to comply with ethical guidelines and gain appropriate professional experience.

Chartered Certified, Chartered and International Accountants engaging in practice (i. e. selling services to the public rather than acting as an employee) must gain a "practicing certificate" by meeting further requirements such as purchasing adequate insurance and undergoing inspections.

Accountants holding "practicing certificates" may also become Registered Auditors in accordance with the Companies Act, providing they can demonstrate the necessary professional ability in that area and submit to regular inspection. It is illegal for any individual or firm that is not a Registered Auditor to perform a company audit.

Further restrictions apply to accountants who carry out insolvency work.

In addition to the bodies above, the Association of Accounting Technicians offers its members training and support in accountancy skills. The Association of Accounting Technicians, or AAT, is an accountancy organisation with over 108000 members worldwide

For more details regarding British qualified accountancy professionals, please refer to the page of British qualified accountants. British qualified accountants are full members of those United Kingdom Accountancy bodies which are themselves members of the Consultative Committee of Accountancy

Canada

In Canada, there are three recognized accounting bodies: the Canadian Institute of Chartered Accountants (CA) and the provincial and territorial CA Institutes, the Certified General Accountants Association of Canada (CGA), and the Society of Management Accountants of Canada, also known as the Certified Management Accountants (CMA). ' Certified General Accountant (CGA' is a professional designation representing members of the Certified General Accountants Association of Canada (CGA- Canada) provincial The Society of Management Accountants of Canada, which is also known as CMA Canada, awards the Certified Management Accountant designation in Canada. CA and CGA were created by Acts of Parliament in 1902 and 1913 respectively and CMA was established in 1920.

The CA program focuses on public accounting and candidates must obtain auditing experience from public accounting firms; the CGA program takes a general approach allowing candidates to focus in their own financial career choices; the CMA program focuses in management accounting. The CA and CMA programs require a candidate to obtain a degree as a program entry requirement. The CGA program requires a degree as an exit requirement prior to certification.

Auditing and Public Accounting are regulated by the provinces. Historically, only CAs can perform audits in Ontario. Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec In 2004, the provincial government of Ontario passed a new Public Accounting Act that would allow qualified CGAs and CMAs to perform audits, conditional on their organizations being able to demonstrate that their qualification and regulatory programs are equivalent in rigour to that of the CA program. Ontario (ɒnˈtɛrioʊ is a province located in the central part of Canada, the largest by population and second largest after Quebec As of March 2006, this process of evaluation had not yet begun. In Quebec as well, CAs still have exclusive public company audit rights by statute. Quebec (kwɨˈbɛk In British Columbia and Prince Edward Island, CAs and CGAs have equal status regarding public accounting and auditing; In the rest of Canada, CAs, CGAs, and CMAs are considered equivalents pursuant to provincial and territorial legislation. British Columbia (ˌbrɪtɨʃ kəˈlʌmbiə ( BC) ( (la Colombie-Britannique C Prince Edward Island (ˌprɪns ˌɛdwɚd ˈaɪlɨnd ( PEI or P Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page

As of year 2006, the Chartered Certified Accountant (ACCA or FCCA) is also recognized by Canadian government as an eligible qualification to audit federal government institutions in Canada. The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Furthermore, The Canadian branch of ACCA is pursuing recognition for statutory audit purposes in the province of Ontario under the province's Public Accounting Act of 2004

Australia

In Australia there are four main local professional accountancy bodies. The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified

However, the Chartered Certified Accountant (ACCA or FCCA) qualification is also recognized as a prescribed body for insolvency purposes under the Corporation Act 2001, section 1282 and for audit purposes by ASIC under Practice Statement 180 Auditor recognition in Australia. The Association of Chartered Certified Accountants ( ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified For a topic outline on this subject see List of basic Australia topics.

Additionally the Institute of Certified Management Accountants (ICMA) awards the CMA designation, and is specialized in the area of Management Accounting. The Institute of Certified Management Accountants (ICMA is an Australian organisation focused on management accounting it differs from other Australian Accounting societies CPA Management accounting is concerned with the provisions and use of Accounting information to managers within organizations to provide them with the basis to make informed business

New Zealand

In New Zealand, there is only one local accountancy body, the New Zealand Institute of Chartered Accountants (NZICA). The New Zealand Institute of Chartered Accountants (NZICA is the operating name for the Institute of Chartered Accountants of New Zealand

To audit public companies an individual must be a member of either the NZICA or an otherwise gazetted body. Chartered Certified Accountant (Association of Chartered Certified Accountants or FCCA) qualification has also been gazetted under the relevant act (Under Section 199 of the Companies Act 1993: Qualifications of Auditors). An ACCA member can practice as long as they hold an ACCA public practice certificate (with audit qualification) in their country of origin.

Ireland

Ireland tends to take its lead from the United Kingdom. In a positive move, the Irish Auditing and Accounting Supervisory Authority has recommended to the Minister for Trade & Commerce, Michael Ahern, that the term "accountant" be statutorily protected, only allowing members of recognized bodies to use the term. RTE news article on proposed statutory recognition of term "accountant"

United States of America

In the United States, legally practicing accountants are Certified Public Accountants (CPAs), and other non-statutory accountants are Certified Internal Auditors (CIAs), Certified Management Accountants (CMAs) and Accredited Business Accountants (ABAs). The United States of America —commonly referred to as the The title Certified Management Accountant is a professional designation awarded by various professional bodies around the world An Accredited Business Accountant is a professional designation for accountants The difference between these certifications is primarily the legal status and the types of services provided, although individuals may earn more than one certification. Additionally, much accounting work is performed by uncertified individuals, who may be working under the supervision of a certified accountant.

A CPA is licensed by the state of his/her residence to provide auditing services to the public, although most CPA firms also offer accounting, tax, litigation support, and other financial advisory services. The requirements for receiving the CPA license varies from state to state, although the passage of the Uniform Certified Public Accountant examination is required by all states. [1] This examination is designed and graded by the American Institute of Certified Public Accountants. The American Institute of Certified Public Accountants (AICPA is the national professional association of CPAs in the United States, with more than 330000 members

A CIA is granted a certificate from the Institute of Internal Auditors (IIA), provided that the candidate passed a rigorous examination of four parts. A CIA mostly provides his/her services directly to his/her employer rather than the public.

A CMA is granted a certificate from the Institute of Management Accountants (IMA), provided that the candidate passed a rigorous examination of four parts and meet the practical experience requirement from the IMA. A CMA mostly provides his/her services directly to his/her employers rather than the public. A CMA can also provide his services to the public, but to an extent much lesser than that of a CPA.

An ABA is granted accreditation from the Accreditation Council for Accountancy and Taxation (ACAT), provided that the candidate passed the eight-hour Comprehensive Examination for Accreditation in Accounting which tests proficiency in financial accounting, reporting, statement preparation, taxation, business consulting services, business law, and ethics. An ABA specializes in the needs of small-to-mid-size businesses and in financial services to individuals and families. In states where use of the word "accountant” is not permitted by non state licensed individuals, the practitioner may use Accredited Business adviser.

The United States Department of Labor's Bureau of Labor Statistics estimates that there are about one million persons [2] employed as accountants and auditors in the U. The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety wage and hour standards The Bureau of Labor Statistics ( BLS) a unit of the United States Department of Labor, is the principal fact-finding agency for the U S.

U.S. tax law grants accountants a limited form of accountant-client privilege. Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation Accountant-client privilege is a confidentiality Privilege, or more precisely a group of privileges available in American federal and state law

Hong Kong SAR

In Hong Kong, the accountancy industry is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders The Hong Kong Institute of Certified Public Accountants ( Chinese 香港會計師公會 (HKICPA is a professional body for Accountants in Hong Kong. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders The Auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders

For further details see Accountancy in Hong Kong. Accountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance (Chapter 50 Laws of Hong Kong)

Austria

In Austria the Professional Accountants business is regulated by the Bilanzbuchhaltungsgesetz 2006 (BibuG - Management Accountancy Law). Offering accounting services needs a license provided by

See also

External links

Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, British qualified accountants are full members of those United Kingdom Accountancy bodies which are themselves members of the Consultative Committee of Accountancy The title Certified Management Accountant is a professional designation awarded by various professional bodies around the world Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform Chartered Certified Accountant (Designatory letters ACCA or FCCA) is a British qualified accountant designation awarded by the Association Chartered Accountant (CA is the title used by members of certain professional Accountancy associations in the British Commonwealth countries and Ireland BAΨ (Beta Alpha Psi is an honorary organization for Accounting, Finance and Information systems students and professionals GAAPweb is a specialist jobs site for accounting and finance professionals

Dictionary

accountant

-noun

  1. One who renders account; one accountable.
  2. A reckoner, or someone who maintains financial matters for a person(s)
  3. One who is skilled in, keeps, or adjusts, accounts; an officer in a public office, who has charge of the accounts.
  4. One whose profession includes organizing, maintaining and auditing the records of another. The records are usually, but not always, financial records.

-adjective

  1. (obsolete, Shakespearian) accountable
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