Bodies with royal charter

Chartered Accountants must be members of one of the following:

– the Institute of Chartered Accountants in England & Wales (ICAEW) (designatory letters ACA or FCA)

the Institute of Chartered Accountants of Scotland (ICAS) (designatory letters CA)

the Institute of Chartered Accountants in Ireland (ICAI) (designatory letters ACA or FCA)

a recognised equivalent body from another Commonwealth country (designatory letters being CA (name of country) eg CA(Canada))

Chartered Certified Accountants must be members of the Association of Chartered Certified Accountants (ACCA) (designatory letters ACCA or FCCA)

Chartered Management Accountants must be members of the Chartered Institute of Management Accountants (CIMA) (designatory letters ACMA or FCMA)

Chartered Public Finance Accountants must be members of the Chartered Institute of Public Finance and Accountancy (CIPFA) (designatory letters CPFA)

Exams

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According to UK’s Companies Act 1985, Insolvency Act & Financial Services and Markets Act, only the Chartered accountancy bodies – ACCA, ICAEW, ICAI and ICAS are able to authorise members to conduct the legally restricted works including audit, insolvency and investment business work in the United Kingdom and Republic of Ireland.

Moreover, AIA is a Recognised Qualifying Body (RQB) in relation to company auditing under the Companies Act 1989.

Also, the Association of Authorised Public Accountants (AAPA) achieved the status of a Recognised Supervisory Body to eligible AAPA members to use the designation Registered Auditor for audit purposes under the Companies Act 1948.

In each case Chartered Certified Accountants (ACCA), Chartered Accountants (ICAEW, ICAI and ICAS), International Accountants (AIA), Authorised Public Accountants (AAPA) engaging in practice (ie selling services to the public rather than acting as an employee) must gain a “practising certificate” by meeting further requirements such as purchasing adequate insurance and undergoing inspections.

Chartered Certified Accountants and Chartered Accountants holding “practising certificates” 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.