Institute of Chartered Accountants of Australia

The Institute of Chartered Accountants in Australia (the Institute) is the professional accounting body representing Chartered Accountant

Chartered Accountant

Chartered 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 in Australia

Australia

Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance

Global Accounting Alliance

The Global Accounting Alliance is an international coalition of accounting bodies that was formed in 2006.The GAA aims to promote quality professional services, support their members globally and share information and collaborate on international accounting issues...

(GAA).

History

The Institute of Chartered Accountants in Australia was constituted 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...

in 1928. The Institute now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor-General

Governor-General

A Governor-General, is a vice-regal person of a monarch in an independent realm or a major colonial circonscription. Depending on the political arrangement of the territory, a Governor General can be a governor of high rank, or a principal governor ranking above "ordinary" governors.- Current uses...

on behalf of Queen Elizabeth II

Elizabeth II of the United Kingdom

Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...

on 19 August 2005. The Institute of Chartered Accountants in Australia was called Australian Institute of Public Accountants before 1928.

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.

Accounting degree

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

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

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

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:

Auditing and Assurance
Taxation
Management Accounting and Analysis
Financial Accounting and Reporting
Ethics and Business Application

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.
Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia.
Australian Chartered Accountants are recognised by the international accounting bodies of the leading financial centres of the world. Members of the Institute are part of the international accounting coalition of the world’s premier accounting bodies, the GAA.

Practical experience

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
Recording your work experience with a Chartered Accountant mentor
Apply for full membership after completing the GradDipCA and accumulating at least three years of practical work experience.

Membership

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

Chartered Accounants 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.
The institute collaborates with CPA Australia

CPA Australia

CPA Australia is one of three professional accounting bodies in Australia, the others being the Institute of Public Accountants and the Institute of Chartered Accountants of Australia....

and the Institute of Public Accountants in supporting the Accounting Professional & Ethical Standards Board

Accounting Professional & Ethical Standards Board

The Accounting Professional & Ethical Standards Board is an Australian organization that defines a code of professional conduct which members of the three professional accounting bodies in Australia are required to follow.-Organization and mandate:...

(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

International Ethics Standards Board for Accountants

The International Ethics Standards Board for Accountants develops and promotes ethical standards and guidance for professional accountants...

(IESBA).

Reciprocial agreements

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
American Institute of Certified Public Accountants
Founded in 1887, the American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States, with more than 370,000 CPA members in 128 countries in business and industry, public practice, government, education, student...

(AICPA)
Canadian Institute of Chartered Accountants
Canadian Institute of Chartered Accountants
The Canadian Institute of Chartered Accountants was incorporated by a Private Act of the Canadian Parliament in 1902. This Act, now known as the Canadian Institute of Chartered Accountants Act, was last amended in 1990 to reflect the CICA’s current mandate and powers.Working in collaboration with...

(CICA)
Hong Kong Institute of Certified Public Accountants
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....

(HKICPA)
Institute of Chartered Accountants in England and Wales (ICAEW)
Institute of Chartered Accountants in Ireland
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....

(ICAI)
Institute of Chartered Accountants of Scotland
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...

(ICAS)
Institute of Public Auditors in Germany, Incorporated Association(IDW)
Japan Institute of Certified Public Accountants (JICPA)
New Zealand Institute of Chartered Accountants
New Zealand Institute of Chartered Accountants
The New Zealand Institute of Chartered Accountants is the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represents over 32,000 members in New Zealand and overseas...

(NZICA)
South African Institute of Chartered Accountants
South African Institute of Chartered Accountants
The South African Institute of Chartered Accountants , South Africa’s pre-eminent accountancy body, is widely recognized as one of the world’s accounting institutes....

(SAICA)
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:

The Business Students Association (Bond University)
University of Queensland Management Association
University of Queensland Management Association
The University of Queensland Management Association is an organisation established to facilitate the professional development of the students of the University of Queensland...

(University of Queensland)
Financial Management Association (University of Melbourne)
The Accountancy Students Association (Queensland University of Technology)
Student Accounting Association (Griffith University)

External links

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