British qualified accountants
Encyclopedia
British qualified accountants are full voting members of United Kingdom
professional bodies that evaluate individual experience and test competencies
for accountant
s.
The term accountant does not have the same legal protection in the United Kingdom as that given to other professions such as doctors and lawyers. Only certain functions are restricted 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 are eligible for such registration. If working in public practice, these qualified accountants must comply with additional regulations such as holding professional indemnity insurance and submitting to regular and independent inspections.
CCAB-qualified accountants are full members of any of the five UK accountancy
bodies formed by royal charter
, which founded the Consultative Committee of Accountancy Bodies
in 1974.
The British Government's Department for Business, Innovation and Skills
, implementing the Companies Acts 1989 and 2006
, allows members of six bodies to act as auditor
to a limited company
. These are the member bodies of CCAB excluding CIMA, and the AIA.
In the European Union
, under the EU mutual recognition directive, members of these six bodies may practise auditing in other EU member states, with 'absolute equal status'.
In addition, there are other non-CCAB bodies whose members also provide accountancy and related services.
Certain bodies, known under the Companies Acts 1989 and 2006 as Recognised Qualifying Bodies (RQBs), award the qualifications necessary for audit work, as an entry requirement. A similar but not identical list of Recognised Supervisory Bodies (RSBs) may authorise their members to carry out company audits.
The six RQBs in relation to company auditing under the Companies Acts are:
The AIA and CIPFA are not RSBs; their members, if engaging in audit, must therefore be supervised by another body.
The Association of Authorised Public Accountants
(AAPA) has the status of RSB, historically under a grandfather clause
in order to supervise individuals who had been authorised for audit purposes under the Companies Act 1948. The AAPA, which is now a subsidiary of ACCA, chiefly provides audit supervision for accountants who qualified through AIA.
RQBs and RSBs are self-regulated but monitored by the Professional Oversight Board
(POB), part of the Financial Reporting Council
(FRC), to support public confidence.
Under the European Union
's Mutual Recognition Directive
, all British accountants with practising rights and belonging to a RQB/RSB can practice as a public accountants in all member countries of the European Union
, European Economic Area
and Switzerland
, providing that they are citizens of one of these states. They can describe themselves only by their own accountancy qualification rather than the local professional accountant qualification; access to the local professional qualifications is based on an aptitude test.
Various other national bodies have mutual recognition agreement
s with most British RQBs. For example, in Hong Kong, members of RQBs excluding CIPFA are accredited by HKICPA
and therefore licensed under the Professional Accountants Ordinance with 'absolute equal status' to local CPAs.
, ICAEW, ICAI
and ICAS
are able to authorise members to conduct all the legally restricted work of insolvency
and 'investment business work' in the United Kingdom.
and methods of assessment vary between these bodies, and may include a project, case study or viva (One-to-one case study and oral examination). Candidates who hold degrees in accounting
or related subjects may be exempt from certain papers. Some bodies, including ICAEW, provide direct membership exchanges and short routes to admittance for members of certain overseas bodies. Once admitted members are expected to comply with ethical guidelines
, gain appropriate professional experience and undergo continuing professional development
.
The other bodies recognise academic qualifications and work experience.
Most bodies offer Fellowship after five or ten years' further experience in good standing as an Associate member.
(AAT) (designatory letters MAAT or FMAAT, standing for "Member of the Association of Accounting Technicians" or "Fellow Member of the Association of Accounting Technicians", respectively) is the UK’s leading body offering a qualification in book-keeping and related skills. After passing exams and obtaining relevant experience, its members can apply for MIP (Member in Practice) status and are then licensed and regulated by the AAT to provide Practice services. The AAT is sponsored by the professional accounting bodies CIMA, CIPFA, ICAEW and ICAS.
ACCA offers a similar status as a Certified Accounting Technician (CAT). CATs are not eligible for practising certificates.
AIA also offers IAT with the London Chamber of Commerce & Industry
.
IFA offers Financial Accounting Technician (AFT).
and Irish
professional accountancy bodies with a royal charter
were the founder members of the CCAB. These six are also the British professional bodies that belong to the International Federation of Accountants
(IFAC). They are:
All full members of these bodies are deemed to hold equivalent-level qualifications. Many job advertisements for accountants in the United Kingdom therefore specify 'CCAB qualified' as though it was a specific qualification rather than a group of qualifications.
In practice some employers use the term as shorthand for 'professional accountant' and might consider members of non-Chartered bodies or overseas equivalents.
With the exception of CIMA, the CCAB bodies are Recognised Qualifying Bodies (RQBs) in relation to company auditing under the Companies Act 1989.
On 2 March 2011, CIMA announced that it would be leaving CCAB, because CCAB had become more focussed on audit since the formation of the Financial Reporting Council
as the regulator for accounting matters, and therefore less relevant to CIMA members.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
professional bodies that evaluate individual experience and test competencies
Competence (human resources)
Competence is the ability of an individual to perform a job properly. A competency is a set of defined behaviors that provide a structured guide enabling the identification, evaluation and development of the behaviors in individual employees. As defined, the term "competence" first appeared in...
for accountant
Accountant
An accountant is a practitioner of accountancy or accounting , which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources.The Big Four auditors are the largest...
s.
The term accountant does not have the same legal protection in the United Kingdom as that given to other professions such as doctors and lawyers. Only certain functions are restricted to professionally qualified accountants; for example, individuals who operate in the areas of audit
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
and insolvency
Insolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
must be registered, and only members of certain accountancy bodies are eligible for such registration. If working in public practice, these qualified accountants must comply with additional regulations such as holding professional indemnity insurance and submitting to regular and independent inspections.
CCAB-qualified accountants are full members of any of the five UK accountancy
Accountancy
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in...
bodies formed by royal charter
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
, which founded the Consultative Committee of Accountancy Bodies
Consultative Committee of Accountancy Bodies
The Consultative Committee of Accountancy Bodies is an umbrella group for the chartered professional bodies of British qualified accountants.The CCAB was formed in 1974 and has six members:* Association of Chartered Certified Accountants...
in 1974.
The British Government's Department for Business, Innovation and Skills
Department for Business, Innovation and Skills
The Department for Business, Innovation and Skills is a ministerial department of the United Kingdom Government created on 5 June 2009 by the merger of the Department for Innovation, Universities and Skills and the Department for Business, Enterprise and Regulatory Reform .-Ministers:The BIS...
, implementing the Companies Acts 1989 and 2006
Companies Act 2006
The Companies Act 2006 is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law. It had the distinction of being the longest in British Parliamentary history: with 1,300 sections and covering nearly 700 pages, and containing 16 schedules but it has since...
, allows members of six bodies to act as auditor
Financial audit
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion...
to a limited company
Limited company
A limited company is a company in which the liability of the members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. And the former of these, a limited company limited by shares, may be...
. These are the member bodies of CCAB excluding CIMA, and the AIA.
In the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, under the EU mutual recognition directive, members of these six bodies may practise auditing in other EU member states, with 'absolute equal status'.
In addition, there are other non-CCAB bodies whose members also provide accountancy and related services.
Audit of limited companies
It is illegal for any individual or firm that is not a Registered Auditor to perform an audit of a UK limited company. To become a Registered Auditor, an accountant must hold a practising certificate from a recognised body, demonstrate the necessary professional ability in that area, and submit to regular inspection.Certain bodies, known under the Companies Acts 1989 and 2006 as Recognised Qualifying Bodies (RQBs), award the qualifications necessary for audit work, as an entry requirement. A similar but not identical list of Recognised Supervisory Bodies (RSBs) may authorise their members to carry out company audits.
The six RQBs in relation to company auditing under the Companies Acts are:
- Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA) - Association of International AccountantsAssociation of International AccountantsThe Association of International Accountants 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.AIA is recognised by the UK...
(AIA) - Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants in IrelandInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
(ICAI) - Institute of Chartered Accountants of ScotlandInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
(ICAS) - Chartered Institute of Public Finance and Accountancy (CIPFA) since 2006
The AIA and CIPFA are not RSBs; their members, if engaging in audit, must therefore be supervised by another body.
The Association of Authorised Public Accountants
Association of Authorised Public Accountants
The Association of Authorised Public Accountants is a British professional body for public accountants.The AAPA was formed in 1978 as a professional body for auditors recognised individually under the Companies Act 1948. AAPA achieved formal recognition by the Department of Trade and Industry in...
(AAPA) has the status of RSB, historically under a grandfather clause
Grandfather clause
Grandfather clause is a legal term used to describe a situation in which an old rule continues to apply to some existing situations, while a new rule will apply to all future situations. It is often used as a verb: to grandfather means to grant such an exemption...
in order to supervise individuals who had been authorised for audit purposes under the Companies Act 1948. The AAPA, which is now a subsidiary of ACCA, chiefly provides audit supervision for accountants who qualified through AIA.
RQBs and RSBs are self-regulated but monitored by the Professional Oversight Board
Professional Oversight Board
The Professional Oversight Board is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council , the independent regulator of corporate governance and reporting in the UK.-Functions:The Board's state d purpose is to...
(POB), part of the Financial Reporting Council
Financial Reporting Council
The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.-Structure:...
(FRC), to support public confidence.
Under the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
's Mutual Recognition Directive
European professional qualification directives
There are two main European legal instruments covering the mutual recognition of professional qualifications: Directive 89/48/EEC and Directive 92/51/EEC....
, all British accountants with practising rights and belonging to a RQB/RSB can practice as a public accountants in all member countries of the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, European Economic Area
European Economic Area
The European Economic Area was established on 1 January 1994 following an agreement between the member states of the European Free Trade Association and the European Community, later the European Union . Specifically, it allows Iceland, Liechtenstein and Norway to participate in the EU's Internal...
and Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
, providing that they are citizens of one of these states. They can describe themselves only by their own accountancy qualification rather than the local professional accountant qualification; access to the local professional qualifications is based on an aptitude test.
Various other national bodies have mutual recognition agreement
Mutual recognition agreement
A mutual recognition agreement or MRA is an international agreement by which two or more countries agree to recognize one another's conformity assessments....
s with most British RQBs. For example, in Hong Kong, members of RQBs excluding CIPFA are accredited by HKICPA
Hong Kong Institute of Certified Public Accountants
The Hong Kong Institute of Certified Public Accountants is the professional accounting body of Hong Kong.Its main responsibilities are:*Registration and regulation of profession accountants in Hong Kong....
and therefore licensed under the Professional Accountants Ordinance with 'absolute equal status' to local CPAs.
Insolvency and investment business work
Under the Companies Act, Insolvency Act & Financial Services and Markets Act, only the ACCAAssociation of Chartered Certified Accountants
Founded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
, ICAEW, ICAI
Institute of Chartered Accountants in Ireland
Members of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
and ICAS
Institute of Chartered Accountants of Scotland
The Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
are able to authorise members to conduct all the legally restricted work of insolvency
Insolvency
Insolvency means the inability to pay one's debts as they fall due. Usually used to refer to a business, insolvency refers to the inability of a company to pay off its debts.Business insolvency is defined in two different ways:...
and 'investment business work' in the United Kingdom.
Titles of British accountancy qualifications
In the UK, there is no licence requirement for individuals to describe themselves or practise as an accountant (except for audit or insolvency work). However, to use certain titles and designatory letters requires membership of the appropriate professional body, thus:- Bodies with royal charter
- Chartered AccountantChartered AccountantChartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
s must be members of one of the following:- the Institute of Chartered Accountants in England & WalesInstitute of Chartered Accountants in England & WalesThe Institute of Chartered Accountants in England and Wales 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...
(ICAEW) (designatory letters ACA or FCA) - the Institute of Chartered Accountants of ScotlandInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
(ICAS) (designatory letters CA) - the Institute of Chartered Accountants in IrelandInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
(ICAI) (designatory letters ACA or FCA) - a recognised equivalent body in another CommonwealthCommonwealth of NationsThe Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...
country (designatory letters being CA (name of country) e.g. CA(Canada))
- the Institute of Chartered Accountants in England & Wales
- Chartered Certified AccountantChartered Certified AccountantChartered Certified Accountant was historically seen as a British qualified accountant designation awarded by the Association of Chartered Certified Accountants . However, although ACCA is UK based, it is a global body for professional accountants with 147,000 qualified members and 424,000...
s must be members of the Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA) (designatory letters ACCA or FCCA) - Chartered Management Accountants must be members of the Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-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 one of a number of professional...
(CIMA) (designatory letters ACMA or FCMA) - Chartered Public Finance Accountants must be members of the Chartered Institute of Public Finance and AccountancyChartered Institute of Public Finance and AccountancyThe Chartered Institute of Public Finance and Accountancy 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...
(CIPFA) (designatory letters CPFA)
- Chartered Accountant
- Other recognised bodies
- International Accountants must be members of the Association of International AccountantsAssociation of International AccountantsThe Association of International Accountants 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.AIA is recognised by the UK...
(AIA), one of six Recognised Qualifying Bodies in the UK (designatory letters AAIA or FAIA) - Authorised Public Accountants must be members of the Association of Authorised Public AccountantsAssociation of Authorised Public AccountantsThe Association of Authorised Public Accountants is a British professional body for public accountants.The AAPA was formed in 1978 as a professional body for auditors recognised individually under the Companies Act 1948. AAPA achieved formal recognition by the Department of Trade and Industry in...
(AAPA), one of five Recognised Supervisory Bodies in the UK (designatory letters AAPA)
- International Accountants must be members of the Association of International Accountants
- Other professional bodies
- Incorporated Financial Accountants are members of the Institute of Financial AccountantsInstitute of Financial AccountantsThe Institute of Financial Accountants is a professional body representing financial accountants in the United Kingdom as well as abroad....
(IFA) (designatory letters FFA or AFA) - Incorporated Executive Accountants are members of the Institute of Executive and Costs Accountants (ICEA) (designatory letters ACEA or FCEA)
- Associate Professional Accountants are members of the Institute of Professional Accountants (IPA) (designatory letters APA-UK or FPA)
- Certified Public AccountantCertified Public AccountantCertified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA...
s may be members of the Association of Certified Public AccountantsAssociation of Certified Public AccountantsThe Association of Certified Public Accountants is an amalgamation of The Society of Public Accountants which was founded in 1989, and the Association of Certified Public Accountants which was formed in 1991...
(CPA) (designatory letters ACPA or FCPA), or of a CPA body in another country - Certified Practising Accountants are members of the Institute of Certified Practising AccountantsInstitute of Certified Practising AccountantsThe Institute of Certified Practising Accountants was founded in 2001 in the United Kingdom. It is a professional organisation representing practising accountants.The Association's headquarters are in Hornchurch, England.- Designation :...
(ICPA) (designatory letters ICPA)
- Incorporated Financial Accountants are members of the Institute of Financial Accountants
Entry requirements
The chartered bodies and the AIA (which is the other Recognised Qualifying Body) admit members only after passing examinations and undergoing a period of relevant work experience. SyllabiSyllabus
A syllabus , is an outline and summary of topics to be covered in an education or training course. It is descriptive...
and methods of assessment vary between these bodies, and may include a project, case study or viva (One-to-one case study and oral examination). Candidates who hold degrees in accounting
Bachelor of Accountancy
The degree of Bachelor of Accountancy is the principal academic degree in accountancy in several countries, and is often the only degree recognised for subsequent practice; see First professional degree. It is abbreviated B.Acy. or B.Acc. or B. Accty....
or related subjects may be exempt from certain papers. Some bodies, including ICAEW, provide direct membership exchanges and short routes to admittance for members of certain overseas bodies. Once admitted members are expected to comply with ethical guidelines
Business ethics
Business ethics is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct of individuals and entire organizations.Business...
, gain appropriate professional experience and undergo continuing professional development
Continuing Professional Development
Continuing professional development or Continuing professional education is the means by which people maintain their knowledge and skills related to their professional lives.-CPD research:...
.
The other bodies recognise academic qualifications and work experience.
Most bodies offer Fellowship after five or ten years' further experience in good standing as an Associate member.
Practising certificates
Before engaging in practice (i.e. selling services to the public rather than acting as an employee), an accountant belonging to any of these bodies must gain a 'practising certificate' by meeting further requirements such as purchasing adequate insurance and undergoing inspections.Accounting Technicians
The Association of Accounting TechniciansAssociation of Accounting Technicians
The Association of Accounting Technicians, or AAT, is an accountancy organisation with over 120,000 members worldwide. The AAT is a technician level qualification which entitles those who have completed the exams and obtained relevant supervised work experience to call themselves associate...
(AAT) (designatory letters MAAT or FMAAT, standing for "Member of the Association of Accounting Technicians" or "Fellow Member of the Association of Accounting Technicians", respectively) is the UK’s leading body offering a qualification in book-keeping and related skills. After passing exams and obtaining relevant experience, its members can apply for MIP (Member in Practice) status and are then licensed and regulated by the AAT to provide Practice services. The AAT is sponsored by the professional accounting bodies CIMA, CIPFA, ICAEW and ICAS.
ACCA offers a similar status as a Certified Accounting Technician (CAT). CATs are not eligible for practising certificates.
AIA also offers IAT with the London Chamber of Commerce & Industry
London Chamber of Commerce & Industry
The London Chamber of Commerce & Industry was established on 25 July 1881 at Mansion House in the City of London with 130 members. The London Chamber represented the London Metropolis and not just the City of London. Many of the original 130 members still play a role in London Chamber today...
.
IFA offers Financial Accounting Technician (AFT).
CCAB-qualified accountants
The Consultative Committee of Accountancy Bodies (known as CCAB), formed in 1974, is an umbrella group for the major British qualified accountancy bodies. The six BritishUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and Irish
Ireland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
professional accountancy bodies with a royal charter
Royal Charter
A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organizations such as cities or universities. Charters should be distinguished from warrants and...
were the founder members of the CCAB. These six are also the British professional bodies that belong to the International Federation of Accountants
International Federation of Accountants
International Federation of Accountants is the global organization for the accountancy profession. IFAC has 164 member and associates in 124 countries and jurisdictions, representing more than 2.5 million accountants employed in public practice, industry and commerce, government, and academe...
(IFAC). They are:
- Association of Chartered Certified AccountantsAssociation of Chartered Certified AccountantsFounded in 1904, the Association of Chartered Certified Accountants is the global body for professional accountants offering the Chartered Certified Accountant qualification . it is one of the largest and fastest-growing global accountancy bodies with 147,000 members and 424,000 students in 170...
(ACCA) - Chartered Institute of Management AccountantsChartered Institute of Management AccountantsThe Chartered Institute of Management Accountants is a United Kingdom-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 one of a number of professional...
(CIMA) - Chartered Institute of Public Finance and AccountancyChartered Institute of Public Finance and AccountancyThe Chartered Institute of Public Finance and Accountancy 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...
(CIPFA) - Institute of Chartered Accountants in England and Wales (ICAEW)
- Institute of Chartered Accountants in IrelandInstitute of Chartered Accountants in IrelandMembers of the Institute use the designatory letters ACA. Senior members may be elected Fellows and use the designatory letters FCA....
(ICAI) which covers the Republic of IrelandRepublic of IrelandIreland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
and Northern IrelandNorthern IrelandNorthern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
, and is considered to be both a British and Irish professional body - Institute of Chartered Accountants of ScotlandInstitute of Chartered Accountants of ScotlandThe Institute of Chartered Accountants of Scotland is the Scottish professional body of Chartered Accountants . It is a regulator, educator and influencer.ICAS act as a thought leader and voice of the professional business community...
(ICAS)
All full members of these bodies are deemed to hold equivalent-level qualifications. Many job advertisements for accountants in the United Kingdom therefore specify 'CCAB qualified' as though it was a specific qualification rather than a group of qualifications.
In practice some employers use the term as shorthand for 'professional accountant' and might consider members of non-Chartered bodies or overseas equivalents.
With the exception of CIMA, the CCAB bodies are Recognised Qualifying Bodies (RQBs) in relation to company auditing under the Companies Act 1989.
On 2 March 2011, CIMA announced that it would be leaving CCAB, because CCAB had become more focussed on audit since the formation of the Financial Reporting Council
Financial Reporting Council
The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.-Structure:...
as the regulator for accounting matters, and therefore less relevant to CIMA members.
External links
- Consultative Committee of Accountancy Bodies
- Key Facts and Trends in the UK Accountancy Profession, annual publication by the Professional Oversight BoardProfessional Oversight BoardThe Professional Oversight Board is a UK regulatory body specializing in the accounting, auditing and actuarial professions. It is a part of the Financial Reporting Council , the independent regulator of corporate governance and reporting in the UK.-Functions:The Board's state d purpose is to...