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An accountant is a practitioner of accounting or accountancy. Accountants who have demonstrated competency through their professional associations' certification exams are certified to use titles such as Chartered Accountant, Chartered Certified Accountant or Certified Public Accountant. Such professionals are granted certain responsibilities by statute, such as the ability to certify an organization's financial statements, and may be held liable for professional misconduct. Non-qualified accountants may be employed by a qualified accountant, or may work independently without statutory privileges and obligations.
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.
A 'financial audit' is conducted to provide an opinion whether "financial statements" are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organisation. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.
Chartered accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), the Glasgow Institute of Accountants and Actuaries (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an internationally recognised professional designation; the certified public accountant designation is generally equivalent to it. Women were able to become chartered accountants only following the Sex Disqualification (Removal) Act 1919 after which, in 1920, Mary Harris Smith was recognised by the Institute of Chartered Accountants in England and Wales and became the first woman chartered accountant in the world.
Founded in 1904, the Association of Chartered Certified Accountants(ACCA) is the global professional accounting body offering the Chartered Certified Accountant qualification (ACCA). ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 104 offices and centres in 52 countries - with 323 Approved Learning Partners (ALP) and more than 7,300 Approved Employers worldwide, who provide employee development.
An external auditor performs an audit, in accordance with specific laws or rules, of the financial statements of a company, government entity, other legal entity, or organization, and is independent of the entity being audited. Users of these entities' financial information, such as investors, government agencies, and the general public, rely on the external auditor to present an unbiased and independent audit report.
The South African Institute of Chartered Accountants (SAICA), is a professional accountancy body in South Africa.
The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India under the jurisdiction of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament to regulate the profession in India. ICAI is the second largest professional Accounting & Finance body in the world in terms of membership and number of students. It recommends the accounting standards to be followed by companies in India to the National Financial Reporting Authority the Public Accounting Oversight Board which supersedes ICAI. ICAI is solely responsible and accountable for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India.
The Financial Reporting Council (FRC) is an independent regulator in the UK and Ireland, responsible for regulating auditors, accountants and actuaries, and setting the UK's Corporate Governance and Stewardship Codes. The FRC seeks to promote transparency and integrity in business by aiming its work at investors and others who rely on company reports, audits and high-quality risk management.
The Auditor General of Pakistan is a government organization and the prime and Supreme Audit Institution (SAI) in the country for ensuring public accountability and fiscal transparency and oversight in governmental operations. The organization is expected to bring improvements in the financial discipline and internal control environment in the executive departments for minimizing the possibility of waste and fraud.
The Institute of Cost and Management Accountants of India (ICMAI), previously known as The Institute of Cost & Works Accountants of India (ICWAI), is a premier statutory professional accountancy body in India under the jurisdiction of Ministry of Corporate Affairs, Government of India with the objects of promoting, regulating and developing the profession of Cost & Management Accountancy. Institute is also known as ICMAI. It is the only licensing cum regulating body of Cost & Management Accountancy profession in India. It recommends the Cost and Management Accounting Standards to be followed by companies in India to which statutory maintenance of cost records applicable. ICMAI is solely responsible for setting the auditing and assurance standards for statutory Cost Audit to be followed in the Audit of cost statements in India. It also issues other technical guidelines on several aspects like Internal Audit, Management Accounting etc. to be followed by practising Cost Accountants while discharging their services. It works closely with the industries, various departments of Government of India, State governments in India and other Regulating Authorities in India e.g. Reserve Bank of India, Insurance Regulatory and Development Authority, Securities and Exchange Board of India etc. on several aspects of performance, cost optimisation and reporting.
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
The Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body and research institute in Bangladesh. It is the sole organisation in Bangladesh with the right to award the Associate Chartered Accountant designation. It has 2,005 members.
The Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. As of December 2018, it has 9989 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.
The Association of International Accountants (AIA) is a professional accountancy body. It was founded in the UK in 1928 and since that date has promoted the concept of ‘international accounting’ to create a global network of accountants in over 85 countries worldwide.
In Bangladesh, the profession of accountancy developed during the British colonial period. The basic requirements for financial reporting by all companies in Bangladesh are provided by the Companies Act of 1994. Today, it is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB).
Corruption in Somalia pertains to purported levels of corruption within Somalia's public and private sectors according to official metrics, anti-graft measures aimed at addressing those issues, as well as political dispensations and structural changes in government affecting transparency. Owing to a reported lack of accountability in the receipt and expenditure of public funds by the Transitional Federal Government, a federal Anti-Corruption Commission was put into place in 2011 so as to deter and eliminate graft. Somalia ranked joint last in Transparency International's 2014 Corruption Perceptions Index, which measures the perception of public sector corruption around the world.
The Chamber of Auditors of the Republic of Azerbaijan is an Azerbaijani government agency. It is an independent financial control body.
Financial Reporting Council Bangladesh is a Bangladesh government regulatory agency responsible for regulating auditing and audit firms.
References
- ↑ "Bangladesh enacted Financial Reporting Act 2015". resource.ogrlegal.com. Retrieved 3 October 2015.
- ↑ "JS passes Financial Reporting Bill". The Financial Express. Dhaka. Retrieved 2015-09-07.
- ↑ "Financial Reporting Act 2015". Insurance News Bangladesh. Retrieved 2021-05-01.CS1 maint: discouraged parameter (link)
- ↑ "Mission, Vision and values". Financial Reporting Council, Bangladesh. Retrieved 2021-05-01.CS1 maint: discouraged parameter (link)
- ↑ "Bangladesh enacted Financial Reporting Act 2015". resource.ogrlegal.com. Retrieved 3 October 2015.
