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The Institute of Chartered Accountants in Australia (the Institute) is the professional accounting body representing Chartered Accountants in Australia. It has over 50,000 members and has some 12,000 students. It is a founding member of the Global Accounting Alliance (GAA)^[1].

[edit] History

Original crest of Institute of Chartered Accountants in Australia

The Institute of Chartered Accountants in Australia was constituted by Royal Charter in 1928. The Institute now operates under a Supplemental Royal Charter (amended from time to time) granted by the Governor-General on behalf of Queen Elizabeth II on 19 August 2005.

[edit] 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. The Program is available for graduates who hold either an accounting or non accounting degree.

[edit] Accounting degree

To take this path you will have an accounting bachelor or masters degree, from an Institute accredited Australian university.

[edit] Non Accounting degree

There are two 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.

[edit] 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 to offer a recognised higher education award.

[edit] 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.

[edit] Membership

There are a number for different membership categories:^[2]

Members: Have the designation CA (Chartered Accountant) 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'.

[edit] 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.

[edit] 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 (AICPA)
Canadian Institute of Chartered Accountants (CICA)
Hong Kong Institute of Certified Public Accountants (HKICPA)
Institute of Chartered Accountants in England and Wales (ICAEW)
Institute of Chartered Accountants in Ireland (ICAI)
Institute of Chartered Accountants of Scotland (ICAS)
Institute of Public Auditors in Germany, Incorporated Association(IDW)
Japan Institute of Certified Public Accountants (JICPA)
New Zealand Institute of Chartered Accountants (NZICA)
South African Institute of Chartered Accountants (SAICA).

[edit] See also

[edit] External links

[edit] References

[0] ttp://www.globalaccountingalliance.com/Alliancebodies1.html

[1] ttp://www.charteredaccountants.com.au/membership_types

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