chartered accountant


Chartered Accountants were the first accountants to form a professional accounting body, initially established in Scotland in 1854. The Edinburgh Society of Accountants (1854), 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.^[1] The title is an internationally recognised professional designation, and is generally equivalent to the American certified public accountant designation.

Chartered accountants work in all fields of business and finance, including audit, taxation, financial and general management. Some are engaged in public practice work, others work in the private sector and some are employed by government bodies.

Chartered accountants' institutes require members to undertake a minimum level of continuing professional development to stay professionally competitive. They facilitate special interest groups (for instance, entertainment and media, or insolvency and restructuring) which lead in their fields. They provide support to members by offering advisory services, technical helplines and technical libraries. They also offer opportunities for professional networking, career and business development

India[edit]

In India, Chartered Accountants are regulated by the Institute of Chartered Accountants of India (ICAI) which was established by the Chartered Accountants Act, 1949. Prior to 1950, restricted state auditors were registered with the respective princely states and British provincial state governments. Associate members of the ICAI are entitled to add the prefix 'CA' to their names. Members who are in full-time practice, and have completed five years of practice, can add 'FCA' as a prefix to their names.^[9]

As of April 2014, the ICAI is had nearly 230,000 registered members.^[10]

Entry to the profession can be made by taking the CPT^[11] after completion of schooling (12th grade). Alternatively, graduates may take the intermediate exam.

The intermediate examination is divided into two groups of subjects. On clearing the first group of the IPC level, the student has to get training as an articled assistant for three years in a chartered firm. In the third year of training, before taking the final exam, trainees have the option to work in any industry. A comprehensive 100 hours of information technology training and an orientation programme for soft skills development have to be completed before being articled.^[12]

For overall development, the student has to undergo a training course in soft skills and communication, named GMCS, which usually last for fifteen days. GMCS-II and advanced information technology training have to be completed in the final year of article ship or can be undertaken after the exams.