Jump to content

Institute of Chartered Accountants Australia: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
No edit summary
No edit summary
 
(35 intermediate revisions by 26 users not shown)
Line 1: Line 1:
{{Short description|Australian professional body}}
{{multiple issues|
{{multiple issues|
{{essay-like|date=July 2013}}
{{essay-like|date=July 2013}}
Line 4: Line 5:
}}
}}


{{Use dmy dates|date=October 2011}}
{{Use dmy dates|date=August 2020}}
{{Use Australian English|date=October 2011}}
{{Use Australian English|date=October 2011}}
{{Infobox accounting body
{{Infobox organization
| name =
|name_in_local_language= <!--Give name in other languages other than English here -->
|abbreviation = ICAA
| pronounce =
| native_name =
|image = InstituteofCharteredAccountantsinAustralia.jpg
| native_name_lang =
|image_border =
|alt =
| nickname =
|image_caption =
| named_after =
|motto = Nec Timens Nec Favens (Without fear, Without favour)
| image = Institute of Chartered Accountants in Australia logo.png
| image_size =
|predecessor = Australasian Corporation of Public Accountants
|formation = {{Start date and years ago|df=yes|1928|06|19}}
| alt =
|legal_status = Chartered body
| caption =
| logo =
|objective = <!-- focus as e.g. education and licensing of professional accountants etc -->
| logo_size =
|headquarters = <!--city of the headquarters in the format: City, {{flag|country} -->
| logo_alt =
|coords = <!-- Coordinates of headquarters using {{coord}} -->
|region_served = Australia
| logo_caption =
|membership_num = 61,000
| abbreviation = ICAA
| predecessor = Australasian Corporation of Public Accountants
|students_num = 12,000
| merged =
|members_designations = CA, FCA
|language = <!-- official languages -->
| successor = [[Chartered Accountants Australia and New Zealand]]
| formation = {{Start date|df=yes|1928|06|19}}
|highest_officer_title = <!-- position of the highest ranking officer like President, Chairman, Governor etc.. --> |highest_officer_name = <!-- name of the above person -->
| founder =
|second_officer_title = <!-- position of the second ranking officer like Vice President, Deputy Chairman etc.. --> |second_officer_name = <!-- name of the above person -->
| founding_location =
|third_officer_title = <!-- position of the third ranking officer like Secretary, CEO etc.. -->
| extinction = {{end date and age|2014|12|31|df=y}}
|third_officer_name = <!-- name of the above person -->
| merger =
|fourth_officer_title = <!-- position of the fourth ranking officer like Treasurer, CFO etc.. -->
| type =
|fourth_officer_name = <!-- name of the above person -->
| vat_id =
|administering_organ = Board of Directors
| registration_id = <!-- for non-profit org -->
|IFAC_membership_date = 1 October 1977
| status = Chartered body
|additional_data_name1 = <!-- Optional data1 name -->
| purpose =
|additional_data1 = <!-- Optional data1 -->
| headquarters =
|additional_data_name2 = <!-- Optional data2 name -->
| location =
|additional_data2 = <!-- Optional data2 -->
| coords =
|additional_data_name3 = <!-- Optional data3 name -->
| region = [[Australia]]
|additional_data3 = <!-- Optional data2 -->
|num_staff =
| services =
|website = {{url|http://www.charteredaccountants.com.au}}
| products =
|remarks =
| methods =
|former name =
| fields =
| membership = 61,000
| membership_year =
| language =
| owner = <!-- or | owners = -->
| sec_gen = <!-- or | gen_sec for General Secretary -->
| leader_title =
| leader_name =
| leader_title2 =
| leader_name2 =
| leader_title3 =
| leader_name3 =
| leader_title4 =
| leader_name4 =
| board_of_directors =
| key_people =
| main_organ =
| parent_organization =
| subsidiaries =
| secessions =
| affiliations =
| budget =
| budget_year =
| revenue =
| revenue_year =
| disbursements =
| expenses =
| expenses_year =
| endowment =
| endowment_year =
| staff =
| staff_year =
| volunteers =
| volunteers_year =
| students = 12,000
| students_year =
| website = {{URL|http://www.charteredaccountantsanz.com/}}
| remarks =
| formerly =
| footnotes =
}}
}}


The '''Institute of Chartered Accountants Australia''' (the Institute) is the professional accounting body representing [[Chartered Accountant]]s in [[Australia]]. It has over 61,000 members and has some 12,000 students. It is one of two major legally recognised Professional Accountancy bodies in Australia. The other being [[CPA Australia]]. It is a founding member of the [[Global Accounting Alliance]] (GAA).<ref>{{cite web | url=http://www.globalaccountingalliance.com/globalaccountingalliance/Alliance-Members | title=Alliance Members | publisher=Global Accounting Alliance | accessdate=12 December 2013}}</ref> Members of the Institute are part of the international accounting coalition of the world’s premier accounting bodies, the GAA. Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia.
The '''Institute of Chartered Accountants in Australia''' was the professional accounting body representing [[Chartered Accountant]]s in [[Australia]] before it merged with the New Zealand Institute of Chartered Accountants to become [[Chartered Accountants Australia and New Zealand]].
Australian Chartered Accountants are recognised by the international accounting bodies of the leading financial centres of the world.


It had over 61,000 members and some 12,000 students. It was one of three major legally recognised Professional Accountancy bodies in Australia. The others being [[CPA Australia]] and [[Institute of Public Accountants]].<ref>[http://www.asic.gov.au/asic/asic.nsf/byheadline/Certificates+issued+by+a+qualified+accountant ASIC Website]</ref><ref>[http://www.australianaccountantsdirectory.com.au/about-accountants Australians Accountants Directory]</ref> It is a founding member of the [[Global Accounting Alliance]] (GAA).<ref>{{cite web | url=http://www.globalaccountingalliance.com/globalaccountingalliance/Alliance-Members | title=Alliance Members | publisher=Global Accounting Alliance | access-date=12 December 2013}}</ref> Members of the Institute are part of the international accounting coalition of the world's premier accounting bodies, the GAA. Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia.
In November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Chartered Accountants Australia and New Zealand".<ref>{{cite web | url=http://www.brw.com.au/p/professions/accountants_vote_yes_to_trans_tasman_IGAgmpm5z3ewYnh98mbJVM | title=Accountants vote yes to trans-Tasman Institute. Next stop: Asia | work=BRW | date=1 November 2013 | accessdate=12 December 2013 | author=Khadem, Nassim}}</ref>


New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia (ICAA) are amalgamating to become Chartered Accountants Australia and New Zealand. Although all legal requirements for the amalgamation have yet to be satisfied, from 1st July 2014 the Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants have decided to operate jointly under the trading name of Chartered Accountants Australia and New Zealand.
In November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Chartered Accountants Australia and New Zealand".<ref>{{cite web | url=http://www.brw.com.au/p/professions/accountants_vote_yes_to_trans_tasman_IGAgmpm5z3ewYnh98mbJVM | title=Accountants vote yes to trans-Tasman Institute. Next stop: Asia | work=BRW | date=1 November 2013 | access-date=12 December 2013 | author=Khadem, Nassim | archive-url=https://web.archive.org/web/20131214070057/http://www.brw.com.au/p/professions/accountants_vote_yes_to_trans_tasman_IGAgmpm5z3ewYnh98mbJVM | archive-date=14 December 2013 | url-status=dead }}</ref>

New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia (ICAA) amalgamated to become [[Chartered Accountants Australia and New Zealand]].


==History==
==History==
Line 56: Line 97:
===Corporation of Accountants of Australia===
===Corporation of Accountants of Australia===
[[File:Armorial.gif|thumb|Coat of Arms for Institute of Chartered Accountants Australia]]
[[File:Armorial.gif|thumb|Coat of Arms for Institute of Chartered Accountants Australia]]
The Corporation of Accountants of Australia was granted the official coat of arms by the College of Arms in 1905.<ref>{{cite book | url=http://archive.org/stream/bookofpublicarms00foxd#page/8/mode/2up | title=The book of public arms : a complete encyclopedia of all royal, territorial, municipal, corporate, official, and impersonal arms | publisher=London, Edinburgh : T.C. & E.C. Jack | author=Fox-Davies, Arthur Charles | year=1915 | location=London | pages=8}}</ref> In 1906, the Corporation of Accountants of Australia and the Sydney Institute of Public Accountants moved to create a national accounting body of all practising public accountants in Australia.<ref name="Cooper14">{{cite web | url=http://ro.uow.edu.au/accfinwp/14 | title=Accounting by Women: Fear, Favour and the Path to Professional Recognition for Australian Women Accountants | publisher=School of Accounting & Finance, University of Wollongong | work=Working Paper 14 | year=2007 | accessdate=12 December 2013 | author=Cooper, K.}}</ref>
The Corporation of Accountants of Australia was granted the official coat of arms by the College of Arms in 1905.<ref>{{cite book | url=https://archive.org/stream/bookofpublicarms00foxd#page/8/mode/2up | title=The book of public arms : a complete encyclopedia of all royal, territorial, municipal, corporate, official, and impersonal arms | publisher=London, Edinburgh : T.C. & E.C. Jack | author=Fox-Davies, Arthur Charles | year=1915 | location=London | pages=8}}</ref> In 1906, the Corporation of Accountants of Australia and the Sydney Institute of Public Accountants moved to create a national accounting body of all practising public accountants in Australia.<ref name="Cooper14">{{cite journal | url=http://ro.uow.edu.au/accfinwp/14 | title=Accounting by Women: Fear, Favour and the Path to Professional Recognition for Australian Women Accountants | publisher=School of Accounting & Finance, University of Wollongong | journal=Working Paper 14 | year=2007 | access-date=12 December 2013 | author=Cooper, K.}}</ref>


===Australasian Corporation of Public Accountants===
===Australasian Corporation of Public Accountants===
In 1907, negotiations between the Corporation of Accountants of Australia, the Sydney Institute of Public Accountants and the Institutes in Melbourne, resulted in the formation of the Australasian Corporation of Public Accountants (ACPA) on June 14. The ACPA membership was composed exclusively of practising public accountants.<ref name="Cooper14" />
In 1907, negotiations between the Corporation of Accountants of Australia, the Sydney Institute of Public Accountants and the Institutes in Melbourne, resulted in the formation of the Australasian Corporation of Public Accountants (ACPA) on 14 June. The ACPA membership was composed exclusively of practising public accountants.<ref name="Cooper14" />


===Institute of Chartered Accountants Australia===
===Institute of Chartered Accountants in Australia===
The Institute of Chartered Accountants Australia was formed with the granting of a [[Royal Charter]] on 19 June 1928, to Thomas Brentnall, George Mason Allard and Henry Joshua Wise on behalf of the public accountants of Australia.<ref>{{cite web | url=http://ro.uow.edu.au/accfinwp/68 | title=Some Professionalisation Strategies Of Australian Accountancy | publisher=School of Accounting & Finance, University of Wollongong | work=Working Paper 2 | year=1995 | accessdate=12 December 2013 | author=Cooper, K.}}</ref><ref>{{cite journal | ISSN=1548-6583 | url=http://www.davidpublishing.org/DownLoad/?id=7815 | title=The Accounting Profession: A Descriptive Study of the Common and Code Law Countries | author=Altintas, Nalan | journal=Journal of Modern Accounting and Auditing |date=July 2012 | volume= 8 | issue= 7 | pages=932–950}}</ref> The ICAA was the first accountancy body outside the United Kingdom to receive a Royal Charter.<ref>{{cite book | url=http://www.cengagebrain.com/content/jones82010_0170182010_02.01_chapter01.pdf | title=Financial Accounting Theory, 3rd Edition | publisher=Cengage Learning Australia | author=Jones, Stewart | year=2010 | location=Victoria Australia | isbn=9780170182010}}</ref>
The Institute of Chartered Accountants in Australia was formed with the granting of a [[Royal Charter]] on 19 June 1928, to Thomas Brentnall, George Mason Allard and Henry Joshua Wise on behalf of the public accountants of Australia.<ref>{{cite journal | url=http://ro.uow.edu.au/accfinwp/68 | title=Some Professionalisation Strategies of Australian Accountancy | publisher=School of Accounting & Finance, University of Wollongong | journal=Working Paper 2 | year=1995 | access-date=12 December 2013 | author=Cooper, K.}}</ref><ref>{{cite journal | issn=1548-6583 | url=http://www.davidpublishing.org/DownLoad/?id=7815 | title=The Accounting Profession: A Descriptive Study of the Common and Code Law Countries | author=Altintas, Nalan | journal=Journal of Modern Accounting and Auditing |date=July 2012 | volume= 8 | issue= 7 | pages=932–950}}</ref> The ICAA was the first accountancy body outside the United Kingdom to receive a Royal Charter.<ref>{{cite book | url=http://www.cengagebrain.com/content/jones82010_0170182010_02.01_chapter01.pdf | title=Financial Accounting Theory, 3rd Edition | publisher=Cengage Learning Australia | author=Jones, Stewart | year=2010 | location=Victoria Australia | isbn=9780170182010}}</ref>


On 26 October 1929 The Earl Marshal of England granted the current arms to the Institute.<ref>{{cite journal | url=http://www.jstor.org/discover/10.2307/241140?uid=3737536&uid=2&uid=4&sid=21102546083277 | title=Comparative Professional Accountancy - Australia | author=Murphy, Mary | journal=The Accounting Review |date=Jan 1959 | volume=34 | issue=1 | pages=46–51}}</ref> The arms include the Latin motto 'Nec Timens Nec Favens' which translates to 'Without Fear or Favour'.
On 26 October 1929 The Earl Marshal of England granted the current arms to the institute.<ref>{{cite journal | title=Comparative Professional Accountancy - Australia | author=Murphy, Mary | journal=The Accounting Review |date=Jan 1959 | volume=34 | issue=1 | pages=46–51|jstor = 241140}}</ref> The arms include the Latin motto 'Nec Timens Nec Favens' which translates to 'Without Fear or Favour'.


The Institute now operates under a [http://www.charteredaccountants.com.au/files/documents/Institute_Supplemental_Royal_Charter2005.pdf Supplemental Royal Charter] (amended from time to time) granted by the [[Governor-General]] on behalf of [[Elizabeth II of the United Kingdom|Queen Elizabeth II]] on 19 August 2005.
The Institute now operates under a Supplemental Royal Charter (amended from time to time) granted by the [[Governor-General]] on behalf of [[Elizabeth II of the United Kingdom|Queen Elizabeth II]] on 19 August 2005.<ref>{{Cite web |url=http://www.charteredaccountants.com.au/files/documents/Institute_Supplemental_Royal_Charter2005.pdf |title=Archived copy |access-date=4 April 2009 |archive-url=https://web.archive.org/web/20080920075727/http://www.charteredaccountants.com.au/files/documents/Institute_Supplemental_Royal_Charter2005.pdf |archive-date=20 September 2008 |url-status=dead }}</ref>

===Chartered Accountants Australia and New Zealand===
After voting on the merger with the [[New Zealand Institute of Chartered Accountants]] the bodies formed [[Chartered Accountants Australia and New Zealand]] 31 December 2014.

CA ANZ is a professional body of over 120,000 Chartered Accountants around the world. CA ANZ focuses on the education and lifelong learning of its members, and on advocacy and thought leadership in areas of public interest and business.


==Admission to membership==
==Admission to membership==
To become a member of the Institute, Chartered Accountants complete the Chartered Accountants Program which includes study of the Graduate Diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry to the Program is available for graduates who hold an accounting degree, however those holding non-accounting degrees may also be permitted entry after some additional requirements are met.
To become a member of the institute, Chartered Accountants complete the Chartered Accountants Program which includes study of the Graduate Diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry to the Program is available for graduates who hold an accounting degree, however those holding non-accounting degrees may also be permitted entry after some additional requirements are met.


===Accounting degree===
===Accounting degree===
Line 83: Line 129:


===Graduate Diploma in Chartered Accounting===
===Graduate Diploma in Chartered Accounting===
The GradDipCA component of the Chartered Accountants Program consists of the following five modules which each take approximately 14 weeks of part-time study to complete:<ref>{{cite web | url=http://www.myfuture.edu.au/The%20Facts/Education%20and%20Training/Courses%20and%20Programs/Details.aspx?CourseId=24631 | title=Graduate Diploma of Chartered Accounting | work=myfuture | accessdate=12 December 2013}}</ref>
The GradDipCA component of the Chartered Accountants Program consists of the following seven modules which each take between 7-9 weeks of part-time study to complete:
* Auditing and Assurance
* Ethics and Business
* Risk and Technology
* Taxation
* Management Accounting and Applied Finance (As of 1 January 2013)
* Financial Accounting and Reporting
* Financial Accounting and Reporting
* Tax (AU or NZ)
* Ethics and Business Application
* Business Performance
* Audit and Risk
* Integrated Chartered Accounting Practice (ICAP)


Additionally, two electives must be completed from the following list:
The Institute is the only Australian professional accounting body that is a government accredited Higher Education provider.

* Advanced Tax (AU or NZ)
* Assurance
* Data Analytics and Insights
* Strategy and Performance
* Advanced Financial Reporting
* Financial Modelling
* Sustainability for Accountants

The institute is the only Australian professional accounting body that is a government accredited Higher Education provider.
Unlike other Australian accounting designations, the Chartered Accountants Program leads to the awarding of a Graduate Diploma.
Unlike other Australian accounting designations, the Chartered Accountants Program leads to the awarding of a Graduate Diploma.
The Australian Chartered Accountant qualification is recognised as an “approved qualification” - a significant requirement for auditor registration purposes in the UK.
The Australian Chartered Accountant qualification is recognised as an "approved qualification" - a significant requirement for auditor registration purposes in the UK.


===Practical experience===
=== Mentored Practical experience===
To meet the practical experience requirements to become a Chartered Accountant in Australia, you must:
To meet the practical experience requirements to become a Chartered Accountant in Australia, you must:
# Be employed with an organisation recognised by the Institute for at least 17.5hpw whilst completing the GradDipCA
# Be employed with an organisation recognised by the Institute for at least 17.5hpw whilst completing the GradDipCA
Line 112: Line 170:
==Continuing education==
==Continuing education==


Chartered Accountants continue their education to ensure they are able 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.<ref>{{cite web | url=http://www.charteredaccountants.com.au/Members/Training-requirements/How-to-meet-the-requirements/FAQs-Training-requirements | title=FAQs Training requirements | publisher=ICAA | accessdate=12 December 2013}}</ref>
Chartered Accountants continue their education to ensure they are able 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.<ref>{{cite web | url=http://www.charteredaccountants.com.au/Members/Training-requirements/How-to-meet-the-requirements/FAQs-Training-requirements | title=FAQs Training requirements | publisher=ICAA | access-date=12 December 2013}}</ref>


==Ethical Standards==
==Ethical Standards==
Line 120: Line 178:
|title=About APESB
|title=About APESB
|publisher=APESB
|publisher=APESB
|accessdate=2011-06-08}}</ref><ref name=APESBglance>{{cite web
|access-date=2011-06-08
|archive-url=https://web.archive.org/web/20110404010246/http://www.apesb.org.au/apesb-content/47/about-us
|archive-date=4 April 2011
|url-status=dead
}}</ref><ref name=APESBglance>{{cite web
|url=http://www.apesb.org.au/apesb-content/48/APESB-at-a-Glance
|url=http://www.apesb.org.au/apesb-content/48/APESB-at-a-Glance
|title=APESB at a Glance
|title=APESB at a Glance
|publisher=APESB
|publisher=APESB
|accessdate=2011-06-08}}</ref>
|access-date=2011-06-08
|archive-url=https://web.archive.org/web/20110412014812/http://www.apesb.org.au/apesb-content/48/APESB-at-a-Glance

|archive-date=12 April 2011
==Reciprocial agreements==
|url-status=dead

}}</ref>
As a member of the Global Accounting Alliance, the Institute has reciprocity agreements with the following overseas accounting bodies:
* [[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)
* [http://www.idw.de Institute of Public Auditors in Germany, Incorporated Association](IDW)
* [http://www.hp.jicpa.or.jp/english/ Japan Institute of Certified Public Accountants] (JICPA)
* [[New Zealand Institute of Chartered Accountants]] (NZICA)
* [[South African Institute of Chartered Accountants]] (SAICA)
* [http://www.micpa.com.my The Malaysian Institute of Certified Public Accountants] (MICPA)

==University affiliation==

The Institute works closely Australian universities and is a sponsor of the following student accounting organisations:
* [[University of Queensland Business Association]] (University of Queensland)
* [http://www.bondbsa.com/ The Business Students Association] (Bond University)
* [http://www.fmaa.com.au/ Financial Management Association] (University of Melbourne)
* [http://www.bus.qut.edu.au/currentstude/student-groups/qutasa.jsp The Accountancy Students Association] (Queensland University of Technology)
* [http://www.gugcstudentguild.com.au/clubs/front_page/37 Student Accounting Association] (Griffith University)


==See also==
==See also==
Line 157: Line 199:
* [[International Qualification Examination]]
* [[International Qualification Examination]]
* [[University of Queensland Business Association]]
* [[University of Queensland Business Association]]

==References==
{{reflist}}


==External links==
==External links==
* [http://charteredaccountants.com.au Institute of Chartered Accountants Australia]
* {{Official website|http://charteredaccountants.com.au}}
* [https://web.archive.org/web/20130725100041/http://www.missionexceptional.com.au/ Student Challenge]
* [http://charteredaccountants.com.au/program The Institute's Chartered Accountant Program]
* [https://web.archive.org/web/20151102040437/http://ozres.com/uni/australian_professional_bodies.php#CPA/Australian Resources (Professional Bodies in Australia)]
* [http://charteredaccountants.com.au/training The Institute's Training & Development]
* [http://charteredaccountants.com.au/charter Charter]
* [http://www.missionexceptional.com.au Student Challenge]
* [https://www.facebook.com/pages/Sydney-Australia/Chartered-Accountants-Careers-Australia/32018578490 Chartered Accountants on Facebook]
* [https://twitter.com/Chartered_Accts Follow Chartered Accountants on Twitter]
* [https://www.charteredaccountants.com.au/secure/myCommunity/blogs ][[Chartered Accountants blog]]
* [https://www.youtube.com/CharteredAccts Chartered Accountants on YouTube]
* [http://www.linkedin.com/company/institute-of-chartered-accountants-australia Chartered Accountants on LinkedIn]
* [http://ozres.com/uni/australian_professional_bodies.php#CPA/Australian Resources (Professional Bodies in Australia)]


==References==
<references/>
{{IFAC Members}}
{{IFAC Members}}


{{DEFAULTSORT:Institute Of Chartered Accountants Australia}}
{{DEFAULTSORT:Institute Of Chartered Accountants Australia}}
[[Category:Accounting in Australia]]
[[Category:Accounting in Australia]]
[[Category:Professional accounting bodies|Australia]]
[[Category:Organisations based in Australia with royal patronage]]
[[Category:Organisations based in Australia with royal patronage]]
[[Category:1928 establishments in Australia]]
[[Category:1928 establishments in Australia]]
[[Category:Member bodies of the International Federation of Accountants]]

Latest revision as of 16:30, 26 July 2024

AbbreviationICAA
PredecessorAustralasian Corporation of Public Accountants
SuccessorChartered Accountants Australia and New Zealand
Formation19 June 1928 (1928-06-19)
Legal statusChartered body
Region
Australia
Membership61,000
Students12,000
Websitewww.charteredaccountantsanz.com

The Institute of Chartered Accountants in Australia was the professional accounting body representing Chartered Accountants in Australia before it merged with the New Zealand Institute of Chartered Accountants to become Chartered Accountants Australia and New Zealand.

It had over 61,000 members and some 12,000 students. It was one of three major legally recognised Professional Accountancy bodies in Australia. The others being CPA Australia and Institute of Public Accountants.[1][2] It is a founding member of the Global Accounting Alliance (GAA).[3] Members of the Institute are part of the international accounting coalition of the world's premier accounting bodies, the GAA. Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia.

In November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Chartered Accountants Australia and New Zealand".[4]

New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia (ICAA) amalgamated to become Chartered Accountants Australia and New Zealand.

History

[edit]

Corporation of Accountants of Australia

[edit]
Coat of Arms for Institute of Chartered Accountants Australia

The Corporation of Accountants of Australia was granted the official coat of arms by the College of Arms in 1905.[5] In 1906, the Corporation of Accountants of Australia and the Sydney Institute of Public Accountants moved to create a national accounting body of all practising public accountants in Australia.[6]

Australasian Corporation of Public Accountants

[edit]

In 1907, negotiations between the Corporation of Accountants of Australia, the Sydney Institute of Public Accountants and the Institutes in Melbourne, resulted in the formation of the Australasian Corporation of Public Accountants (ACPA) on 14 June. The ACPA membership was composed exclusively of practising public accountants.[6]

Institute of Chartered Accountants in Australia

[edit]

The Institute of Chartered Accountants in Australia was formed with the granting of a Royal Charter on 19 June 1928, to Thomas Brentnall, George Mason Allard and Henry Joshua Wise on behalf of the public accountants of Australia.[7][8] The ICAA was the first accountancy body outside the United Kingdom to receive a Royal Charter.[9]

On 26 October 1929 The Earl Marshal of England granted the current arms to the institute.[10] The arms include the Latin motto 'Nec Timens Nec Favens' which translates to 'Without Fear or Favour'.

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.[11]

Chartered Accountants Australia and New Zealand

[edit]

After voting on the merger with the New Zealand Institute of Chartered Accountants the bodies formed Chartered Accountants Australia and New Zealand 31 December 2014.

CA ANZ is a professional body of over 120,000 Chartered Accountants around the world. CA ANZ focuses on the education and lifelong learning of its members, and on advocacy and thought leadership in areas of public interest and business.

Admission to membership

[edit]

To become a member of the institute, Chartered Accountants complete the Chartered Accountants Program which includes study of the Graduate Diploma in Chartered Accounting (GradDipCA) and three years of practical experience. Entry to the Program is available for graduates who hold an accounting degree, however those holding non-accounting degrees may also be permitted entry after some additional requirements are met.

Accounting degree

[edit]

To take this path you will have either a bachelor or master's degree in commerce, business or accounting from an Institute accredited Australian university. The commerce and business degrees will require a major in accounting, in order to qualify.

Non Accounting degree

[edit]

There are three routes for non-accounting graduates can take to qualify for the Chartered Accountants Program:

  1. Institute accredited Graduate Conversion course: Available from most Australian universities
  2. Entrance exam: Available for non-accounting graduates with significant on-the-job accounting experience and employer support
  3. A Graduate Certificate of Chartered Accounting Foundations from Deakin University.

Graduate Diploma in Chartered Accounting

[edit]

The GradDipCA component of the Chartered Accountants Program consists of the following seven modules which each take between 7-9 weeks of part-time study to complete:

  • Ethics and Business
  • Risk and Technology
  • Financial Accounting and Reporting
  • Tax (AU or NZ)
  • Business Performance
  • Audit and Risk
  • Integrated Chartered Accounting Practice (ICAP)

Additionally, two electives must be completed from the following list:

  • Advanced Tax (AU or NZ)
  • Assurance
  • Data Analytics and Insights
  • Strategy and Performance
  • Advanced Financial Reporting
  • Financial Modelling
  • Sustainability for Accountants

The institute is the only Australian professional accounting body that is a government accredited Higher Education provider. Unlike other Australian accounting designations, the Chartered Accountants Program leads to the awarding of a Graduate Diploma. The Australian Chartered Accountant qualification is recognised as an "approved qualification" - a significant requirement for auditor registration purposes in the UK.

Mentored Practical experience

[edit]

To meet the practical experience requirements to become a Chartered Accountant in Australia, you must:

  1. Be employed with an organisation recognised by the Institute for at least 17.5hpw whilst completing the GradDipCA
  2. Recording your work experience with a Chartered Accountant mentor
  3. Apply for full membership after completing the GradDipCA and accumulating at least three years of practical work experience.

Membership

[edit]

There are a number for different membership categories:

  • Members: Have the designation CA after their name.
  • Fellows: Have the designation FCA (Fellow Chartered Accountant) after their name. These members have been nominated for advancement Fellowship and have been a continuous member for 10 years and have been in a senior position for seven years. To be advanced to Fellow the member must have demonstrated 'leadership'
  • Affiliate membership: Have an accounting degree and at least five years membership, but have not completed the Chartered Accountants Program.
  • 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 their 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

[edit]

Chartered Accountants continue their education to ensure they are able 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.[12]

Ethical Standards

[edit]

The institute collaborates with CPA Australia and the Institute of Public Accountants in supporting the Accounting Professional & Ethical Standards Board (APESB), founded in 2006. APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the International Ethics Standards Board for Accountants (IESBA).[13][14]

See also

[edit]

References

[edit]
  1. ^ ASIC Website
  2. ^ Australians Accountants Directory
  3. ^ "Alliance Members". Global Accounting Alliance. Retrieved 12 December 2013.
  4. ^ Khadem, Nassim (1 November 2013). "Accountants vote yes to trans-Tasman Institute. Next stop: Asia". BRW. Archived from the original on 14 December 2013. Retrieved 12 December 2013.
  5. ^ Fox-Davies, Arthur Charles (1915). The book of public arms : a complete encyclopedia of all royal, territorial, municipal, corporate, official, and impersonal arms. London: London, Edinburgh : T.C. & E.C. Jack. p. 8.
  6. ^ a b Cooper, K. (2007). "Accounting by Women: Fear, Favour and the Path to Professional Recognition for Australian Women Accountants". Working Paper 14. School of Accounting & Finance, University of Wollongong. Retrieved 12 December 2013.
  7. ^ Cooper, K. (1995). "Some Professionalisation Strategies of Australian Accountancy". Working Paper 2. School of Accounting & Finance, University of Wollongong. Retrieved 12 December 2013.
  8. ^ Altintas, Nalan (July 2012). "The Accounting Profession: A Descriptive Study of the Common and Code Law Countries". Journal of Modern Accounting and Auditing. 8 (7): 932–950. ISSN 1548-6583.
  9. ^ Jones, Stewart (2010). Financial Accounting Theory, 3rd Edition (PDF). Victoria Australia: Cengage Learning Australia. ISBN 9780170182010.
  10. ^ Murphy, Mary (January 1959). "Comparative Professional Accountancy - Australia". The Accounting Review. 34 (1): 46–51. JSTOR 241140.
  11. ^ "Archived copy" (PDF). Archived from the original (PDF) on 20 September 2008. Retrieved 4 April 2009.{{cite web}}: CS1 maint: archived copy as title (link)
  12. ^ "FAQs Training requirements". ICAA. Retrieved 12 December 2013.
  13. ^ "About APESB". APESB. Archived from the original on 4 April 2011. Retrieved 8 June 2011.
  14. ^ "APESB at a Glance". APESB. Archived from the original on 12 April 2011. Retrieved 8 June 2011.
[edit]
Retrieved from "https://en.wikipedia.org/w/index.php?title=Institute_of_Chartered_Accountants_Australia&oldid=1236805583"