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In the 1990s, ICAN predominantly had members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA). Although ICAN claimed complete independence from the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements. [7]
The institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the UK and Ireland. The fragmented nature of the accountancy profession in the UK is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal ...
ACCA traces its origin to 1904, when eight people formed the London Association of Accountants to allow more open access to the profession than was available through the accounting bodies at the time, notably the Institute of Chartered Accountants in England and Wales (ICAEW) and the Institute of Chartered Accountants of Scotland (ICAS).
The National Registration Act 1965 (last amendment in 2016) legislates the establishment of a national registry, as well as the issuance and usage of NRICs. [3] The government agency responsible for the national registry and issuance of NRICs is the Immigration and Checkpoints Authority (ICA), a department under the Ministry of Home Affairs.
A separate registration is needed for Chartered Accountants wishing to act as auditors in public practice as a registered auditor (RA). The RA designation is conferred by IRBA (Independent Regulatory Board For Auditors, previously known as Public Accountants and Auditors Board [PAAB]) under the Auditing Profession Act (AP Act).
It is illegal for any individual or firm that is not a Registered Auditor to perform an audit of a UK limited company. To become a Registered Auditor, an accountant must hold a practising certificate from a recognised body, demonstrate the necessary professional ability in that area, and submit to regular inspection.
Members of the Associate Chartered Accountant College use the designatory letters ACA.. The Associate Chartered Accountant designation is a mid-level qualification. Members of the ACA College must complete professional education requirements, but are not entitled to offer service to the public.
The responsibility for training prospective CAs(SA) is a shared one. SAICA is responsible for the registration of trainees and management of their training contracts, either in public practice or outside public practice. Trainees who do not wish to follow the public practice route may specialise in financial management.