![]() | This article contains content that is written like an advertisement .(January 2017) |
![]() | |
Abbreviation | ICAS |
---|---|
Predecessor | Edinburgh Society of Accountants, Glasgow Institute of Accountants and Actuaries, Aberdeen Society of Accountants |
Formation | 11 December 1854 |
Website | www |
The Institute of Chartered Accountants of Scotland (ICAS) is the world's first professional body of Chartered Accountants (CAs).[ citation needed ]
ICAS act as a voice of the professional business community. Although other British accounting bodies use the title Chartered Accountant, the CA designation is unique to ICAS in the UK.[ citation needed ]
ICAS has more than 21,000 members and students worldwide. ICAS members are business advisors, business owners and entrepreneurs. They play roles in 80% of the FTSE 100 companies. [1] Half of ICAS members are based in Scotland; the other half work in England and around the globe. [1]
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:
These three bodies merged to form the Institute of Chartered Accountants of Scotland in 1951. [2] It was the first to adopt the designation "Chartered Accountant" and the designatory letters "CA" are still an exclusive privilege in the UK for ICAS members.
Anton Colella was the chief executive of the ICAS for about ten years, until retiring in 2018. [3]
In addition to the CA qualification, ICAS delivers the ICAS Tax Professional (ITP) qualification in partnership with Tolley Tax Training. Those completing the qualification are awarded the designiation 'ITP'.
It generally takes 3 years to qualify as a CA during which students will combine structured work experience with classroom-based study of relevant education syllabus. The training programme enables students to develop the professional knowledge, skills and attributes essential to qualify as a CA.
In order to be eligible to enter training to become a chartered accountant, prospective CA students must hold a UK degree (or overseas equivalent). The UK NARIC provides a service to individuals seeking confirmation on comparability between international qualifications and UK qualifications. In addition prospective CA students must obtain a training contract with an authorised employer.
The institute has mutual recognition agreements in place with:
ICAS members may be admitted 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 citizens 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, but was terminated by ICAS in 2005. [4]
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 that issues 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, the Republic of Ireland and Luxembourg. This right is held in common with ACCA, ICAEW and the ICAI.
ICAS is a member of The Global Accounting Alliance (GAA) – an alliance of the world's leading professional accountancy bodies, which was formed in 2005. The GAA is intended to promote quality services, share information and collaborate on important international issues. It works with national regulators, governments and stakeholders, through member-body collaboration, articulation of consensus views, and working in collaboration, where possible with other international bodies, especially IFAC.
ICAS is a founding member of Chartered Accountants Worldwide (CAW), an initiative by the leading chartered institutes to support, develop and promote the vital role that chartered accountants play throughout the global economy. It creates a community of hundreds of thousands of chartered accountants and students who share a commitment to the highest standards of professional and ethical practice.
ICAS was hesitant to join the Accountancy & Actuarial Discipline Board when it was first set up (as the AIDB), [5] but joined after approval by a special general meeting in October 2004. [6]
The AADB only hears matters considered to be in the public interest. The institute conducts its own hearings into less substantial allegations. These used to be held in private, but ICAS resolved at a further special meeting in 2009 to follow the example of other bodies such as ICAEW to make the hearings public. [7]
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, or Registered 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.
The Chartered Institute of Management Accountants (CIMA) is the global professional management accounting body based in the UK. CIMA offers training and qualification in management accountancy and related subjects. It is focused on accountants working in industry and provides ongoing support and training for members.
The Institute of Chartered Accountants in England and Wales (ICAEW) is a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. As of December 2023, it has over 208,000 members and students in 146 countries. ICAEW was established by royal charter in 1880.
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). It has 240,952 members and 541,930 future members worldwide. ACCA's headquarters are in London with principal administrative office in Glasgow. ACCA works through a network of over 110 offices and centres in 51 countries - with 346 Approved Learning Partners (ALP) and more than 7,600 Approved Employers worldwide, who provide employee development.
The Association of Accounting Technicians (AAT) is a UK-headquartered, global professional body for accounting technicians and bookkeepers, as well as a major provider of finance and accounting qualifications in the UK.
The South African Institute of Chartered Accountants (SAICA), South Africa’s pre-eminent accountancy body, is widely recognised as one of the world’s leading accounting institutes. The institute provides a wide range of support services to more than 48,000 members and associates who are chartered accountants (CAs(SA)), as well as associate general accountants (AGAs(SA)) and accounting technicians (ATs(SA)).
The Chartered Institute of Public Finance and Accountancy (CIPFA) is a UK based organisation for accountants who work in the public sector, accounting firms and other professional bodies where management of public funds are required. CIPFA is the only UK professional accountancy organisation who is dedicated to public financial management. They currently have approximately 14,000 members. They offer qualifications including a professional qualification for public sector accountants as well as a postgraduate diploma for people already working in management.
The Institute of Chartered Accountants of India, abbreviated as ICAI, is India's largest professional accounting body under the administrative control 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 for promotion, development and regulation of the profession of Chartered Accountancy in India.
The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the Canadian Institute of Chartered Accountants Act.
The Consultative Committee of Accountancy Bodies (CCAB) is an umbrella group of chartered professional bodies of British qualified chartered accountants. The primary objective of the CCAB is to provide a forum for the member bodies to discuss issues of common concern, and where possible, to provide a common voice for the accountancy profession when dealing with the United Kingdom government.
British qualified accountants are full voting members of United Kingdom professional bodies that evaluate individual experience and test competencies for accountants.
Accountancy in Hong Kong is regulated by the HKICPA under the Professional Accountants Ordinance. The auditing industry for limited companies is regulated under the Companies Ordinance, and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.
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.
The 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.
CPA Ireland, formerly the Institute of Certified Public Accountants in Ireland, is one of the main Irish accountancy bodies, with 5,000 members and students.
Herbert Jeffrey Wooller is an English accountant and educationalist. He is noted for his accountancy tuition initiatives, and for campaigning for reform of his professional institute, the Institute of Chartered Accountants in England and Wales. The institute eventually excluded him from its membership because of his association with the Irish International University, Irish University Business School and International University Business School. Wooller has founded several educational institutions such as the Jeff Wooller College, Institute of Professional Financial Managers and Irish University Business School.
Professor Gordon Stuart Lowden was a Scottish chartered accountant and businessman.
Chartered Accountants Australia and New Zealand is a professional accounting body, with over 131,673 members in Australia, New Zealand and overseas. CA ANZ focuses on the education and lifelong learning of members, and engage in advocacy and thought leadership in areas of public interest that impact the economy and domestic and international markets.