An accountant is a practitioner of accountancy Accountancy is the art of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the financial´s form statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user (called accounting in the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language), which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and other decision makers make resource allocation decisions.

The word "accountant" is derived from the French French is a Romance language spoken as a first language by about 136 million people worldwide. Around 190 million people speak French as a second language, and an additional 200 million speak it as an acquired foreign language. French speaking communities are present in 57 countries and territories. Most native speakers of the language live in word Compter which took its origin from the Latin Latin or sometimes Roman is an Italic language originally spoken in Latium and Ancient Rome. Although often considered a dead language, in view of the fact that it has no native, fluent speakers, Latin continues to be taught in schools and has been, and currently is, used in the process of new word production in modern languages from many word Computare. The word was written in Middle English Middle English is the name given by historical linguists to the diverse forms of the English language in use between the late 11th century and about 1470, when the Chancery Standard, a form of London-based English, began to become widespread, a process aided by the introduction of the printing press into England by William Caxton in the late 1470s as Accomptant, but in process of time the word, which was always pronounced by dropping the "p", became gradually changed both in pronunciation and in orthography to its present form.[1]

The Big Four The Big Four are the four largest international accountancy and professional services firms, which handle the vast majority of audits for publicly traded companies as well as many private companies, creating an oligopoly over the auditing industry. The Big Four firms are shown below, with their latest publicly available data: are the largest employers of accountants worldwide.[2] However, they do not employ a majority of accountants; most are employed in commerce and industry.[3]

Contents

Commonwealth of Nations

In the Commonwealth of Nations The Commonwealth of Nations, normally referred to as the Commonwealth and previously as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states. All but two of these countries were formerly part of the British Empire, which includes the United Kingdom The United Kingdom of Great Britain and Northern Ireland[note 7] is a sovereign state located off the northwestern coast of continental Europe. It is an island country, spanning an archipelago including Great Britain, the northeastern part of the island of Ireland, and many small islands. Northern Ireland is the only part of the UK with a land, Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three, Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by the British, New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses , and numerous smaller islands, most notably Stewart Island/Rakiura and the Chatham Islands. The indigenous Māori language name for New Zealand is Aotearoa, commonly translated as The Land of the Long White Cloud. The Realm of New Zealand also and several other states, the primary accounting bodies are the Chartered Certified Accountant The Association of Chartered Certified Accountants is a British accountancy body which offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fastest-growing accountancy bodies with 131,500 members and 362,000 affiliates and students in 170 countries (as at (ACCA The Association of Chartered Certified Accountants is a British accountancy body which offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fastest-growing accountancy bodies with 131,500 members and 362,000 affiliates and students in 170 countries (as at), 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 (1854) and the Aberdeen Society of Accountants (1867) were each granted a royal charter almost from their inception. The title is an (CA or ACA), Chartered Management Accountant, International Accountant (AAIA), Certified Public Accountant (CPA - Ireland and CPA - Hong Kong), Certified Management Accountant (CMA - Canada), Certified General Accountant (CGA - Canada), Certified Practicing Accountant (CPA - Australia) and members of the NIA 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 and Chartered Institute of Management Accountants (CIMA) (Australia), Certified Public Practicing Accountant (CPPA) of the New Zealand Association of Certified Public Accountants (NZACPA).

The United Kingdom

Except Association of Certified Public Accountants,each of above bodies admits members only after passing examinations and undergoing a period of relevant work experience. Once admitted members are expected to comply with ethical guidelines and gain appropriate professional experience.

Chartered, Chartered Certified, Chartered Public Finance,and International Accountant engaging in practice (i.e. selling services to the public rather than acting as an employee) must gain a "practicing certificate" by meeting further requirements such as purchasing adequate insurance and undergoing inspections.

ICAEW, ICAS, ICAI, ACCA, AIA and CIPFA as six statutory RQB Qualification Bodies in UK, the member of them may also become Registered Auditors in accordance with the Companies Act, providing they can demonstrate the necessary professional ability in that area and submit to regular inspection. It is illegal for any individual or firm that is not a Registered Auditor to perform a company audit.

All six RQBs are listed under EU mutual recognition directives to practise in 27 EU member states and individually entered into agreement with Hong Kong Institute of Certified Public Accountants (HKICPA).

Further restrictions apply to accountants who carry out insolvency work.

In addition to the bodies above, technical qualifications are offered by the Association of Accounting Technicians The Association of Accounting Technicians, or AAT, is an accountancy organisation with over 108,000 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 accounting technicians. The AAT is based in London but and Association of Chartered Certified Accountants The Association of Chartered Certified Accountants is a British accountancy body which offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fastest-growing accountancy bodies with 131,500 members and 362,000 affiliates and students in 170 countries (as at, which are respectively called AAT Technician and CAT (Certified Accounting Technician Although CAT can be obtained as a stand-alone qualification, it is often the case that individuals study for CAT as an introductionary qualification in accountancy prior to training to become a Chartered Certified Accountant through the ACCA Professional Scheme. It usually takes one and a half years to complete the nine CAT exams. However, there). Also, IAT of Association of International Accountants.

Canada

In Canada, there are three recognized accounting bodies: the Canadian Institute of Chartered Accountants The Canadian Institute of Chartered Accountants is a private, not-for-profit organization whose primary purpose is to develop Generally Accepted Accounting Principles (GAAP) within Canada in the public's interest. The CICA was incorporated in 1902 by an act of the Government of Canada (CA) and the provincial and territorial CA Institutes, the Certified General Accountants Association of Canada (CGA) Certified General Accountant is the designation of professionals who are jointly members of the Certified General Accountants Association of Canada (CGA-Canada) and a provincial or territorial CGA association, or a CGA association overseas. Provincial, territorial and offshore CGA affiliate associations work collaboratively with CGA-Canada as a, and the Society of Management Accountants of Canada The Society of Management Accountants of Canada, also known as CMA Canada, awards the Certified Management Accountant designation in Canada, also known as the Certified Management Accountants (CMA). CA and CGA were created by Acts of Parliament in 1902 and 1913 respectively and CMA was established in 1920.

The CA program focuses on public accounting and candidates must obtain auditing experience from public accounting firms; the CGA program takes a general approach allowing candidates to focus in their own financial career choices; the CMA program focuses in management accounting, but also provides a general approach to financial accounting and tax. The CA and CMA programs require a candidate to obtain a degree as a program entry requirement. The CGA program requires a degree as an exit requirement prior to certification.

Auditing and Public Accounting are regulated by the provinces. In British Columbia The capital of British Columbia is Victoria, the fifteenth largest metropolitan region in Canada. The largest city is Vancouver, the third-largest metropolitan area in Canada and the second-largest in the Pacific Northwest. In 2009, British Columbia had an estimated population of 4,419,974, Ontario Ontario is bordered by Manitoba on its west, Hudson Bay on its north, and Quebec on its east, and by five States of the United States to its south : Minnesota, Michigan, Ohio, Pennsylvania (Lake Erie) and New York. All but a small portion of Ontario's 2,700 km (1,677 mi) border with the United States follow inland waterways: from the west at Lake and Prince Edward Island Prince Edward Island is a Canadian province consisting of an island of the same name, as well as other islands. The maritime province is the smallest in the nation in both land area and population (excluding the territories). The island has a few other names: "Garden of the Gulf" referring to the pastoral scenery and lush agricultural, CAs and CGAs have equal status regarding public accounting and auditing; In the rest of Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three, CAs, CMAs, and CGAs are considered equivalents pursuant to provincial and territorial legislation.

As of year 2006, the Chartered Certified Accountant (ACCA The Association of Chartered Certified Accountants is a British accountancy body which offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fastest-growing accountancy bodies with 131,500 members and 362,000 affiliates and students in 170 countries (as at or FCCA) is also recognized by Canadian government as an eligible qualification to audit federal government institutions in Canada. Furthermore, The Canadian branch of ACCA The Association of Chartered Certified Accountants is a British accountancy body which offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. It is one of the world's largest and fastest-growing accountancy bodies with 131,500 members and 362,000 affiliates and students in 170 countries (as at is pursuing recognition for statutory audit purposes in the province of Ontario under the province's Public Accounting Act of 2004.

New Zealand

In New Zealand, there are two local accountancy bodies the 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 30,000 members in New Zealand and overseas. Most public accountants and accounting technicians in New Zealand belong to the Institute (NZICA) and the New Zealand Association of Certified Public Accountants (NZACPA) the operating name of New Zealand Association of Accountants Inc (NZAA).

To audit public companies an individual must be a member of either the NZICA or an otherwise gazetted body. Chartered Certified Accountant (Association of Chartered Certified Accountants or FCCA) qualification has also been gazetted under the relevant act (Under Section 199 of the Companies Act 1993: Qualifications of Auditors). An ACCA member can practice as long as they hold an ACCA public practice certificate (with audit qualification) in their country of origin.

Sri Lanka

In Sri Lanka, a Chartered Accountant must be a member of the Institute of Chartered Accountants of Sri Lanka (designatory letters ACA or FCA), therefore it is the sole local accountancy body. To audit public companies an individual must be a member of the ICASL.

Bangladesh

Main article: Accountancy profession in Bangladesh In Bangladesh, the profession of accountancy developed during the British colonial period , and is represented by two professional bodies, the Institute of Cost & Management Accountants of Bangladesh (ICMAB) and the Institute of Chartered Accountants of Bangladesh (ICAB). The GAAP in Bangladesh are based upon standards set by the ICAB, which

United States

In the United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language, legally practicing accountants are Certified Public Accountants Certified 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. Individuals who have passed the Exam but have not either accomplished the required on- (CPAs), and other non-statutory accountants are Certified Internal Auditors Established in 1941, The Institute of Internal Auditors is a guidance-setting body. Serving members in 165 countries, The IIA is the internal audit profession's global voice, chief advocate, recognized authority, and principal educator, with global headquarters in Altamonte Springs, Fla., United States (CIAs), Certified Management Accountants The Institute of Management Accountants' Certified Management Accountant (CMA) certification is a comprehensive credentialing program that assesses mastery of the management accounting and financial management body of knowledge. Subject matter includes economics, corporate finance, cost management, internal controls, performance measurement, (CMAs) and Accredited Business Accountants (ABAs). The difference between these certifications is primarily the legal status and the types of services provided, although individuals may earn more than one certification. Additionally, much accounting work are performed by uncertified individuals, who may be working under the supervision of a certified accountant.

A CPA is licensed by the state of their residence to provide auditing services to the public, although most CPA firms also offer accounting, tax, litigation support, and other financial advisory services. The requirements for receiving the CPA license varies from state to state, although the passage of the Uniform Certified Public Accountant examination is required by all states. [2] This examination is designed and graded by the American Institute of Certified Public Accountants The American Institute of Certified Public Accountants is the national, professional association of Certified Public Accountants (CPAs) in the United States, with more than 360,000 members, including CPAs in business and industry, public practice, government, and education; student affiliates; and international associates. The AICPA maintains.

A CIA is granted a certificate from the Institute of Internal Auditors (IIA), provided that the candidate passed a rigorous examination of four parts. A CIA mostly provides their services directly to their employer rather than the public.

A CMA is granted a certificate from the Institute of Management Accountants (IMA), provided that the candidate passed a rigorous examination of two parts and meet the practical experience requirement from the IMA. A CMA mostly provides their services directly to their employers rather than the public. A CMA can also provide their services to the public, but to an extent much lesser than that of a CPA.

An ABA is granted accreditation from the Accreditation Council for Accountancy and Taxation (ACAT), provided that the candidate passed the eight-hour Comprehensive Examination for Accreditation in Accounting which tests proficiency in financial accounting, reporting, statement preparation, taxation, business consulting services, business law, and ethics. An ABA specializes in the needs of small-to-mid-size businesses and in financial services to individuals and families. In states where use of the word "accountant” is not permitted by non state licensed individuals, the practitioner may use Accredited Business Adviser.

Public Accountants. In certain states, state law grants State Public Accountant to practise accountancy and taxation (except for audit).

The United States Department of Labor The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments. The department is headed by the United States Secretary of's Bureau of Labor Statistics The Bureau of Labor Statistics is a unit of the United States Department of Labor. It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics. The BLS is a governmental statistical agency that collects, processes, analyzes, and disseminates essential statistical data to the American public, estimates that there are about one million persons [3] employed as accountants and auditors in the U.S.

U.S. tax law Taxation in the United States is a complex system which may involve payment to many different levels of government and many methods of taxation. United States taxation includes local government, possibly including one or more of municipal, township, district and county governments. It also includes regional entities such as school and utility, and grants accountants a limited form of accountant-client privilege Accountant-client privilege is a confidentiality privilege, or more precisely, a group of privileges, available in American federal and state law. Accountant-client privileges may be classified in two categories: evidentiary privileges and non-evidentiary privileges.

Hong Kong

Main article: Accountancy in Hong Kong

In Hong Kong Hong Kong is one of the two special administrative regions of the People's Republic of China; the other is Macau. Situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour. With land mass of 1,104 km2 (426 sq mi) and a population of seven million, the accountancy industry is regulated by the HKICPA The Hong Kong Institute of Certified Public Accountants (HKICPA) is a professional body for accountants in Hong Kong under the Professional Accountants Ordinance (Chapter 50, Laws of Hong Kong). The Auditing industry for limited companies is regulated under the Companies Ordinance (Chapter 32, Laws of Hong Kong), and other Ordinances such as the Securities and Futures Ordinance, the Listing Rules, etc.

Removal of requirement for a qualified accountant in the Listing Rules of Hong Kong In November 2008, the Stock Exchange of Hong Kong Limited has removed the requirement for a qualified accountant from the Listing Rules but expanded the Code Provisions in the Code on Corporate Governance Practices regarding internal controls to make specific references to the responsibility of the directors to conduct an annual review of the adequacy of staffing of the financial reporting function and the oversight role of the audit committee.

Austria

In Austria the accountancy profession is regulated by the Bilanzbuchhaltungsgesetz 2006 (BibuG - Management Accountancy Law).

Portugal

In Portugal, to be a qualified accountant or auditor, having an academic degree is obligatory, and the certification is exclusively awarded by the Ordem dos Revisores Oficiais de Contas (OROC), a professional organization. In general, accountants or auditors accredited by the Ordem dos Revisores Oficiais de Contas are individuals with university graduation diplomas in business management, economics, mathematics and even law, who after further studies, applied for an exam at the Ordem dos Revisores Oficiais de Contas and received the certification to be a ROC (Revisor Oficial de Contas), the highest professional qualification in the field of accountancy. Any citizen having a polytechnic degree as accounting technician is also entitled to apply for the exam and certification at the OROC.[4]

References

  1. ^ Pixley, Francis William: Accountancy - constructive and recording accountancy (Sir Isaac Pitman & Sons, Ltd, London, 1900), p4[1]
  2. ^ Accounting News
  3. ^ For example, in 2009 in Ontario, Canada, national firms employ 4,425 Chartered Accountants, which is less than 50% of the members in public practice. (Chartered Accountants in National Firms in Ontario, Canada) As total membership is 33,146, the national firms employ about 13% of all Chartered Accountants in Ontario. (Ontario Chartered Accountants demographics) Most of the members are employed in industry, with the majority in small and medium sized enterprises.
  4. ^ OROC official site; Access 2008
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