Professional Accounting Bodies World

Sr.No.AssignmentPg.NoProfessional Accounting Bodies in Australia.CPA AustraliaInstitute of Chartered Accountants of Australia(ICAA)National Institute of Accountants(NIA)3-173-78-1213-17Professional Accounting Bodies in Pakistan.Institute of Chartered Accountants of Pakistan(ICAP).Institute of Cost and Management Accountants of Pakistan(ICMAP).Pakistan Institute of Public Finance Accountants. (PIPFA)18-3118-2425-2829-31Professional Accounting Bodies in United States of America.Association of Government Accountants (AGA).National Association of State Boards of Accountancy (NASBA).American Institute of Certified Public Accountants(AICPA).32-4132-3435-3637-41Professional Accounting Bodies in United Kingdom.Chartered Institute of Public Finance and Accountancy(CIPFA)Chartered Institute of Management Accountants(CIMA)Institute of Chartered Accountants in England & Wales (ICAEW)42-5442-4546-4950-54Professional Accounting Bodies in Hong Kong Hong Kong Institute of Certified Public Accountants (HKICPA)55-58Professional Accounting Body in ScotlandInstitute of Chartered Accountants of Scotland(ICAS)59-61

Professional Accounting Bodies in Australia

CPA AustraliaCPA Australia is one of three professional accounting bodies in Australia, the others being the National Institute of Accountants and the Institute of Chartered Accountants of Australia. CPA is an acronym for Certified Practicing Accountant, as opposed to United States (and other countries') usage of Certified Public Accountant. CPA Australia is one of the largest global accounting bodies, having members through Asia Pacific as well as its home base. History of Certified Practicing Accountant (CPA)- The name CPA Australia dates from April 2000. Prior to that, the society had been known as the Australian Society of Certified Practising Accountants since July 1990. In its current form the society dates from 1952 when it was incorporated as the Australian Society of Accountants. The main predecessor bodies of the Society, with year of formation, are: ,[object Object]

Federal Institute of Accountants, 1894

Association of Accountants of Australia, 1910

Australian Institute of Cost Accountants, approximately 1925

In 1952, the Commonwealth Institute and Federal Institute merged to form the Society. The Association of Accountants of Australia was merged into the Society some years later, with the Australian Institute of Cost Accountants following in 1966.Membership in Certified Practicing Accountant (CPA)- Full membership requires academic qualifications from an accredited university, of at least undergraduate degree level with an accounting major, completion of three years mentored work experience, and completion of six CPA Program segments (subjects) supervised by the organisation. Further qualifications are necessary to provide services directly to the public (Public Practice Certificate) or to offer financial planning services. Non-accounting graduates can achieve CPA status by studying approved graduate conversion courses (Graduate Certificate, Masters etc) before commencing the CPA Program. Fulfillment of 120 Continuing Professional Development (CPD) hours per triennium (3-year period) with a minimum of 20 CPD hours in each year is required for continued membership. Members must monitor their own CPD hours and declare their compliance with the annual renewal of membership. CPA Australia also conducts random audits of members to confirm that they are meeting the CPD requirements. Full members of CPA Australia use the designatory letters CPA, (CPA (Aust.) in Hong Kong). Senior members may become Fellows and use the letters FCPA, (FCPA (Aust.) in Hong Kong). The entry tier of membership, Associate level, can use the designatory letters ASA. Applicants must hold recognized or accredited degree AND must fulfill the core curriculum stipulated by CPA Australia in order to be admitted as an Associate. Membership at this level must successfully complete the CPA Australia CPA Program and fulfill the CPA Australia practical experience mentor program (or similar, offered by certain accounting bodies that are under mutual recognition agreement with CPA Australia) to become 'qualified' as full member of CPA Australia. CPA Australia has approximately 119,000 members (CPA/FCPA/ASA). An increasing proportion of these members are from other countries or Australians located overseas. Skill Assessment in Certified Practicing Accountant (CPA)- CPA Australia is a gazetted Assessing Authority for accountants, external auditors, corporate treasurers and finance managers seeking to migrate to Australia, in common with ICAA and the NIA. This is done under contract to the Australian Education International - Australian National Office of Overseas Skill Recognition (AEI-NOOSR). Related Organizations of CPA- In the Australian regulatory framework, CPA Australia and the Institute of Chartered Accountants of Australia co-operate in an advisory role in formulating and interpreting accounting standards. Both bodies co-operate closely on professional matters, and issue joint handbooks. There was some discussion about merging the membership of both bodies, but there are no concrete plans for this move. Such a move would likely be considered controversial given the different entry requirements of each organization Mutual recognition with CPA- CPA Australia has mutual recognition agreements with: ,[object Object]

Hong Kong Institute of Certified Public Accountants (HKICPA)

Malaysian Institute of Accountants (MIA)

Institute of Certified Public Accountants of Singapore (ICPAS)

Chartered Institute of Public Finance and Accountancy (CIPFA)

Chartered Institute of Management Accountants (CIMA)

Institute of Chartered Accountants of India (ICAI)

Certified General Accountants Association of Canada (CGA)

Society of Management Accountants of Canada (CMA)Not every member of CPA Australia is eligible for these mutual recognition agreements. In particular, but not limited to, those CPAs who do not hold a recognized university degree or qualified before the 1980s, may be excluded from their scope. A mutual recognition agreement with New Zealand Institute of Chartered Accountants (NZICA) was terminated (by NZICA) in 2003. CPA Australia has had a mutual recognition agreement with the Institute of Certified Public Accountants in Ireland but as of 2006 this appears to have lapsed. Now as per new Mutual recognition with ICAI (Institute of Chartered Accountants of India)on Dt. 03-02-2009 an Indian CPA can do CPA Australia by passing one paper only and vice versa Four papers of Indian CPA. Those who have experience of more than one year can become members by passing supra mentioned exams. Homepage of CPA- www.cpaaustralia.com.au ,[object Object],Institute of Chartered Accountants Australia –Logo The Institute of Chartered Accountants in Australia (the Institute) is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance (GAA) History of ICAA- Original crest of Institute of Chartered Accountants in Australia. 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. Admission to membership in ICAA- There are two options to obtain membership: one for those with an accounting degree and the second for those with a non-accounting degree. Accounting Degree in ICAA- To take this path you will be required to have Accounting bachelor or masters degree, from an accredited Australian university. Non Accounting degree in ICAA- There are three routes for non-accounting graduates to take to qualify for the Chartered Accountants Program: ,[object Object]

Entrance exam: available for non-accounting graduates with significant on-the-job accounting experience and employer support

Graduate Certificate of Chartered Accounting Foundations: available from Deakin University as a part-time distance course covering the core accounting knowledge areas.Experience - Then: Be employed with a Chartered Accountant recognised organisation Enrol in the Program and start recording work experience Complete at least 26 weeks of prior work experience under the supervision of a mentor Complete the five modules of the Chartered Accountant Program (GradDipCA) which will take around 14 weeks each. apply for full membership after accumulating at least three year practical work experience. Membership in ICAA- There are a number for different membership categories. Affiliate Membership - have an accounting degree and at least 5 years membership, but has not completed the CA Program. Members - have the designation CA (Chartered Accountant) after their name. Fellows - have the designation FCA (Fellow Chartered Accountant) after their name - a continuous member for ten years in a senior position for seven years, you may be nominated for advancement to Fellowship. To be advanced to Fellow the member must have demonstrated
leadership
. Teacher of Accountancy - For teachers to obtain membership, they are required to have completed a Doctorate or Masters by research with a major in an accounting related field, held a senior academic position for not less than five years, have appropriate Australian Taxation and Corporation Law knowledge and have references from two Chartered Accountants and your Head of School and another significant academic. Certificate of Public Practice - Firms or members who offer their services to the public as
Chartered Accountants
Continuing Education- Chartered Accounants need to continue their education to ensure they continue to provide the highest standards of integrity and professionalism. A Chartered Accountant must complete a total of 120 hours of Continuing Professional Education every three years. Reciprocial agreements of ICAA- The Institute has reciprocity agreements with the following overseas accounting bodies: * The American Institute of Certified Public Accountants (AICPA) * Canadian Institute of Chartered Accountants (CICA) * Hong Kong Institute of Certified Public Accountants (HKICPA) * Institute of Chartered Accountants in England and Wales (ICAEW) * Institute of Chartered Accountants in Ireland (ICAI) * Institute of Chartered Accountants of Scotland (ICAS) * The Japanese Institute of Certified Public Accountants (JICPA) * New Zealand Institute of Chartered Accountants (NZICA) * South African Institute of Chartered Accountants (SAICA) * Institut der Wirtschaftsprüfer in Deutschland e.V. (IDW) Business Leader Awards- The Institute hosts the annual awards; Australia's highest accolade in business. The Business Leader Awards recognise and celebrate outstanding business leadership in Australian organisations across a whole spectrum of industries. Nominees for the Business Leader Awards are judged on their ability to demonstrate visionary leadership, exhibit best practice, show innovation and take risks, foster positive employee relations and contribute to the community as well as displaying honesty and integrity. Homepage of CA-http://charteredaccountants.com.au/ ,[object Object],The National Institute of Accountants (NIA) is an Australian professional accounting body. History of NIA- The history of the NIA dates back to 1923: 1923 - Institute of Factory and Cost Accountants, formed in Melbourne, Victoria. 1950 - Institute of Taxation and Cost Accountants, name change. 1957 - National Institute of Accountants, name change. 1967 - Institute of Commercial Studies, name change. 1970 - Institute of Affiliate Accountants, name change. 1988 - National Institute of Accountants, adoption of the precedent name. 2002 - NIA gazetted as an authorised assessing authority for skilled migration to Australia 2004 - NIA becomes a member of International Federation of Accountants (IFAC) Membership in NIA- The NIA has several grades of membership: ,[object Object]

Professional National Accountant (PNA)

Fellow Professional National Accountant (FPNA)Students studying towards an accounting qualification can join the NIA Student Register. Membership requirements NIA- ,[object Object]

MNIA level membership requires:

Advanced Diploma in Accounting plus the NIA Professional Education Program Stage1 (Graduate Certificate in Professional Accounting); or

University degree in Accounting; plus

3 years experience in accounting

University degree in accounting plus

Completion of the NIA Professional Education Program Stage 1&2. This leads to a Master of Commerce (Professional Accounting) from the University of New England plus

NIA Mentored Experienced Program. This constitutes 3 years structured experience in accounting, under the supervision of an accountant qualified at PNA level or equivalent.

10 years experience in accounting (5 of which at senior level)

6 years membership of NIA.Members of other professional bodies- Members of certain other professional bodies may apply for membership of NIA at PNA level based on their existing qualifications. This includes members of Association of Chartered Certified Accountants (ACCA) and Chartered Institute of Management Accountants (CIMA). The NIA has a mutual recognition agreement in place with the The South African Institute of Professional Accountants (SAIPA). Formerly known as Institute of Certified Public Accountants of South Africa. On 17 September 2009, NIA signed mutual recognition agreement with The Institute of Chartered Accountants of Sri Lanka. This agreement grants members of both institutes the eligibility of admission to the other body, paving the way for Australian accountants to practise in Sri Lanka or vice-versa. PNA/FPNA members of the NIA are recognised by the UK's Securities & Investment Institute (SII) for admission to SII's full membership (MSI). Full membership of SII is recognised by several national investment professional bodies such as the Financial Services Institute of Australasia (FINSIA), formerly the Australian Institute of Banking and Finance and the Hong Kong Securities Institute (HKSI). Continuing Professional Education (CPE)- All members of NIA must complete at least 80 hours CPE every two years. Market reputation of NIA- The NIA has the same Australian legislative recognition as the other two Australian accounting bodies, CPA Australia (CPAA) and the Institute of Chartered Accountants of Australia (ICAA). In particular, the three accounting bodies are defined as 'professional accounting bodies
in the Corporations Act 2001. Such recognition entitles each of the three bodies to nominate a representative to the Australian Financial Reporting Council, the Australian Government's peak body responsible for providing oversight of the setting of accounting and auditing standards as well as monitoring the effectiveness of auditor independence requirements in Australia and giving the Government reports and advice on these matters. The PNA designation was introduced in 2000 as part of a strategy to upgrade the standing of NIA in the Australian market. At the time, to become a PNA, the applicant required a university degree in accounting plus 3 years work experience in accounting. The NIA became a member of the International Federation of Accountants in November 2004. In order to obtain IFAC membership, the NIA upgraded the academic requirements for the PNA designation to a Masters degree, developed in conjunction with the University of New England. Existing persons with the PNA designation were allowed to retain their status without further examination, and transitional arrangements were made for those completing their studies. From 1 July 2005, the NIA upgraded the experience requirements for the PNA designation to a three year competence-based mentored experience program. Aspirants for this class of membership must demonstrate to a senior accountant that they have the competence to undertake various tasks required by the NIA. The reputation of the NIA is also recognised in the Government forums and committees that it is represented on. These forums and committees include those of the Australian Securities and Investments Commission and Australian Taxation Office. Qualification assessment - Effective from 1 July 2002, the NIA was gazetted by the Australian Minister for Immigration as an authorised assessing authority for accountants seeking to migrate to Australia under Australia's skilled migration program. This gives the NIA the authority to assess the accounting qualifications of such persons. The requirements to obtain a qualification assessment as an accountant for migration purposes are not the same as those for actual membership of NIA. Public practice- Members of NIA at MNIA, PNA and FPNA level may apply for public practice certificates, after completing additional requirements set by NIA.Homepage – www.nia.com.au ,[object Object]

Institute of Chartered Accountants of Pakistan(ICAP)

Type Chartered accountancy body, Professional institute

CampusKarachi Head Office, Lahore, Islamabad, Multan and Faisalabad

AffiliationsInternational Federation of Accountants and International Accounting

Websitewww.icap.org.pkThe Institute of Chartered Accountants of Pakistan is a professional accountancy body in Pakistan. By 5 May, 2008, it has total 4393 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. In view of globalization of the accountancy profession, the Institute is in the process of updating the Ordinance and Bye-Laws once again. The course of ICAP involves a blend of theoretical education and practical training which run concurrently for a period of three years and equips a student with knowledge, ability, skills and other qualities required of a professional accountant. The head office of the institute is in Clifton, Karachi where it has its own premises. The institute also has regional offices at Lahore, Islamabad, Multan and Faisalabad. History of ICAP ,[object Object]

1882-1913- Then the Companies Act of 1882 was passed. Regulations 83-94 of Table A contained in the First Schedule provided for the audit of accounts of the companies adopting that table and for the appointment, remuneration and duties of the auditors. In those times, it was not necessary for an auditor to be a qualified accountant. Companies used to employ lawyers as their auditors.

1913-1932- On 1 April, 1914, the Companies Act, 1913 was passed and it was necessitated that every auditor of a public limited company must be a certified auditor by the government. The provincial governments were empowered to grant auditors' certificates but, at the same time, the central government also reserved the right to recognise members of certain professional bodies as qualified auditors without obtaining Auditor's Certificate from the government. Consequently the members of the English, Scottish and Irish Institutes of Chartered Accountants and the English Society of Incorporated Accountants and Auditors were recognised as qualified auditors.At that time there was no provision of any kind for the training and examination of the accountants. Government of Bombay was the first provincial government to take a constructive step in the direction of organising the profession. In 1918, it instituted the Government Diploma in Accountancy called GDA and made regulations for the examination and training of those who wanted to obtain that Diploma and certificate to practise. An Accountancy Board was set up by the Government and was attached to the Sydenham College of Commerce and Economics, Bombay. This functioned till 1932. The Board was required to register apprenticeships and conduct the required examinations. The successful candidates were granted the GDA Diploma and they could practise if they had previously received training as apprentices with a practising accountant. The Accountancy Board was also required to advise the Government on all matters relating to accountancy and the Government. ,[object Object]

1947-1984- After independence, Pakistan adopted the Auditors' Certificates Rules 1932 with certain amendments in 1950, and thus the auditing profession was administered under the Auditors' Certificates Rules, 1950. The Rules of 1950 were generally based on the old rules with some amendments incorporated therein. A person who passed the Registered Accountants first and final examinations and who satisfied the Ministry of Commerce, Central Government of Pakistan that the had completed the prescribed practical training could have his name placed on the register maintained by the said Ministry and was entitled to use the designation 'Registered Accountant' (RA). The Companies Act, 1913, as adapted by Pakistan allowed only a Registered Accountant to act as the auditor of a public limited company, although his services could also be utilised for the audit of private companies, partnership, etc.In 1952, the Registered Accountants formed a private body known as 'Pakistan Institute of Accountants' with the object of looking after their own interest and taking up with the Ministry of Commerce, Government of Pakistan, matters affecting the accountancy profession. In June 1959 the Department of Accountancy was established in the Ministry of Commerce with a Controller of Accountancy to deal with the profession instead of a Section Officer. During this period, an advisory body called the 'Council of Accountancy' was set up under Auditors' Certificates Rules, 1950 and recommended the establishment of the Institute of Chartered Accountants in Pakistan. The Government accepted the recommendations and the Department of Accountancy assisted by the officials of the Institute and a number of its members prepared the Draft Ordinance to be passed. The Chartered Accountants Ordinance, 1961, received the assent of the President of Pakistan, Field Marshall General Ayub Khan on March 3, 1961 and was published in Part 1 of the Extraordinary Gazette of Pakistan on March 10, 1961. The Institute of Chartered Accountants of Pakistan came into being on July 1, 1961. A draft of the Chartered Accountants Bye-Laws was also prepared and published for inviting public comments. The amended version called the Chartered Accountants Bye-Laws, 1961 was published in the Part 1 of the Extraordinary Gazette of Pakistan on July 1, 1961 and was enforced as on that date. As of that date the Department of Accountancy and the Pakistan Institute of Accountants having served a very useful purpose for a long time were finally liquidated. The Chartered Accountants Bye-Laws provided for the formation of regional committees to look after the interests of their members. The members are divided into two classes – namely, Associate Chartered Accountants (ACA) and Fellow Chartered Accountants (FCA). ,[object Object],In December 1984, the Companies Act, 1913 was replaced by the Companies Ordinance, 1984 with an order by the President of Pakistan General Zia-ul-haq. With this Ordinance, it was also necessitated for the manufacturing concern to prepare and maintain cost accounting records and to arrange cost audit on annual basis by a Chartered Accountant or a Cost and Management Accountant. It also lays down the requirements for the preparation of financial statements of unlisted companies. For listed companies the above Ordinance also made mandatory the National Accounting Standards (NAS) and other standards to be strictly followed while preparing financial statements. Keeping in view the convergence, undergone by the major economies of the world such as United States of America, China and Canada, of the International Financial Reporting Standards with respective local GAAP, the demand for IFRS specialists is increasing. The Institute of Chartered Accountants of Pakistan (ICAP) has introduced a diploma in IFRS to prepare the candidates to avail such opportunities. Mission Statement of ICAP-
To achieve excellence in professional competence, add value to businesses and economy, safeguard public interest; ensure ethical practices and good corporate governance while recognizing the needs of globalization.
International Association - The ICAP is a member of International Federation of Accountants (IFAC), International Accounting Standards Board (IASB), Confederation of Asian and Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). ,[object Object]

Type Professional institute

CampusKarachi Head Office, Karachi Camp Office, Dubai, Lahore, Islamabad,

Standards BoardThe Institute of Cost and Management Accountants of Pakistan was established in 1951 and was granted statutory status under the Cost and Management Accountants Act, 1966 for the regulation of the profession of Cost and Management Accounting. The said institute was originally established with the name 'Pakistan Institute of Industrial Accountants (PIIA)' which was changed to ICMAP in 1976. It is considered as the oldest professionial accountancy institute of Pakistan. ICMAP is the sole provider of cost and management accounting education, training and professional certification in Pakistan. The institute has earned reputation both nationally and internationally for its high standard in imparting education and testing. The Institute has been meeting an important national human resource need through a steady flow of professional management accountants to occupy leading positions in the corporate world. ICMAP has over 4000 members, who hold senior positions in trade, commerce, industry and government in Pakistan as well as abroad. The number of active registered students is around 15000, which makes ICMAP one of the largest professional institutions in Pakistan. The institute has its head office in Karachi. International Association of ICMAP- The Institute is member of the following international accounting bodies: ,[object Object]

International Accounting Standards Board (IASB)

Confederation of Asian and Pacific Accountants (CAPA)

South Asian Federation of Accountants (SAFA)International and National Recognition- The accounting bodies that have recognised ICMAP qualification and granted exemptions to ICMAP Members or Qualified Students in different papers are: ,[object Object]

The Society of Management Accountants (SMA), Canada

Professional Accounting Bodies World

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