The Institute of Chartered Accountants in Australia (the institute) was the professional accounting body representing
Chartered Accountants in
Australia
Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...
before it merged with the New Zealand Institute of Chartered Accountants to become
Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand (CA ANZ) represents 131,673 members in Australia, New Zealand and overseas. CA ANZ focuses on the education and lifelong learning of members, and engage in advocacy and thought leadership in areas o ...
.
It had over 61,000 members and some 12,000 students. It was one of three major legally recognised Professional Accountancy bodies in Australia. The others being
CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 1 ...
and
Institute of Public Accountants
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and p ...
. It is a founding member of the
Global Accounting Alliance
The Global Accounting Alliance (GAA) is an international coalition of accounting organisations that was formed in 2006.
The GAA aims to promote standards of quality professional services, support their members, and share information and collabor ...
(GAA). Members of the Institute are part of the international accounting coalition of the world's premier accounting bodies, the GAA. Chartered Accountants audit 100 per cent of the Top ASX-listed companies in Australia.
In November 2013 Members of The Institute of Chartered Accountants in Australia and the New Zealand Institute of Chartered Accountants voted yes on a proposal to create One New Institute: "Chartered Accountants Australia and New Zealand".
New Zealand Institute of Chartered Accountants and the Institute of Chartered Accountants in Australia (ICAA) amalgamated to become
Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand (CA ANZ) represents 131,673 members in Australia, New Zealand and overseas. CA ANZ focuses on the education and lifelong learning of members, and engage in advocacy and thought leadership in areas o ...
.
History
Corporation of Accountants of Australia
The Corporation of Accountants of Australia was granted the official coat of arms by the College of Arms in 1905. In 1906, the Corporation of Accountants of Australia and the Sydney Institute of Public Accountants moved to create a national accounting body of all practising public accountants in Australia.
Australasian Corporation of Public Accountants
In 1907, negotiations between the Corporation of Accountants of Australia, the Sydney Institute of Public Accountants and the Institutes in Melbourne, resulted in the formation of the Australasian Corporation of Public Accountants (ACPA) on 14 June. The ACPA membership was composed exclusively of practising public accountants.
Institute of Chartered Accountants in Australia
The Institute of Chartered Accountants in Australia was formed with the granting of a
Royal Charter
A royal charter is a formal grant issued by a monarch under royal prerogative as letters patent. Historically, they have been used to promulgate public laws, the most famous example being the English Magna Carta (great charter) of 1215, bu ...
on 19 June 1928, to Thomas Brentnall, George Mason Allard and Henry Joshua Wise on behalf of the public accountants of Australia. The ICAA was the first accountancy body outside the United Kingdom to receive a Royal Charter.
On 26 October 1929 The Earl Marshal of England granted the current arms to the institute. The arms include the Latin motto 'Nec Timens Nec Favens' which translates to 'Without Fear or Favour'.
The Institute now operates under a Supplemental Royal Charter (amended from time to time) granted by the
Governor-General
Governor-general (plural ''governors-general''), or governor general (plural ''governors general''), is the title of an office-holder. In the context of governors-general and former British colonies, governors-general are appointed as viceroy t ...
on behalf of
Queen Elizabeth II
Elizabeth II (Elizabeth Alexandra Mary; 21 April 1926 – 8 September 2022) was Queen of the United Kingdom and other Commonwealth realms from 6 February 1952 until Death and state funeral of Elizabeth II, her death in 2022. She was queen ...
on 19 August 2005.
Chartered Accountants Australia and New Zealand
After voting on the merger with the
New Zealand Institute of Chartered Accountants
The New Zealand Institute of Chartered Accountants (NZICA) was the operating name for the Institute of Chartered Accountants of New Zealand. The Institute represented over 33,000 members in New Zealand and overseas. Most accountants in New Zealan ...
the bodies formed
Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand (CA ANZ) represents 131,673 members in Australia, New Zealand and overseas. CA ANZ focuses on the education and lifelong learning of members, and engage in advocacy and thought leadership in areas o ...
31 December 2014.
CA ANZ is a professional body of over 120,000 Chartered Accountants around the world. CA ANZ focuses on the education and lifelong learning of its members, and on advocacy and thought leadership in areas of public interest and business.
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. Entry to the Program is available for graduates who hold an accounting degree, however those holding non-accounting degrees may also be permitted entry after some additional requirements are met.
Accounting degree
To take this path you will have either a bachelor or master's degree in commerce, business or accounting from an Institute accredited Australian university. The commerce and business degrees will require a major in accounting, in order to qualify.
Non Accounting degree
There are three 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
# A Graduate Certificate of Chartered Accounting Foundations from Deakin University.
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 Applied Finance (As of 1 January 2013)
* Financial Accounting and Reporting
* Capstone (as of 1 January 2014)
The institute is the only Australian professional accounting body that is a government accredited Higher Education provider.
Unlike other Australian accounting designations, the Chartered Accountants Program leads to the awarding of a Graduate Diploma.
The Australian Chartered Accountant qualification is recognised as an "approved qualification" - a significant requirement for auditor registration purposes in the UK.
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.
Membership
There are a number for different membership categories:
* Members: Have the designation CA 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'.
Continuing education
Chartered Accountants 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.
Ethical Standards
The institute collaborates with
CPA Australia
CPA Australia ("Certified Practising Accountant") is a professional accounting body in Australia founded in 1886. As of 31 December 2020, it has 168,736 members working in 150 countries and regions around the world. CPA Australia currently has 1 ...
and the
Institute of Public Accountants
The Institute of Public Accountants (IPA) is one of the three legally recognised professional bodies for accountants in Australia. The IPA represents more than 40,000 members and students working in industry, commerce, government, academia and p ...
in supporting the
Accounting Professional & Ethical Standards Board
The Accounting Professional & Ethical Standards Board (APESB) is an independent, national body that sets out the code of ethics and professional standards with which accounting professionals who are members of CPA Australia, Institute of Chartered ...
(APESB), founded in 2006.
APESB publishes ethics-related standards that must be followed by accountants in Australia based on the international standards published by the
International Ethics Standards Board for Accountants
The International Ethics Standards Board for Accountants (IESBA) develops and promotes the International Code of Ethics for Professional Accountants (including International Independence Standards). The IESBA also supports debate on issues related ...
(IESBA).
See also
*
Tax Institute (Australia)
The Tax Institute, formerly the Taxation Institute of Australia, is a member-based association of tax professionals in Australia. Members include accountants, lawyers and academics.
The Tax Institute was founded in July 1943 by a Sydney accountant ...
*
List of Australian organisations with royal patronage
List of Australian organisations with royal patronage
Organisations
* 1st/15th Royal New South Wales Lancers
* Australasian Institute of Mining and Metallurgy (incorporated by Royal Charter)
* Australian Academy of the Humanities (incorporated ...
*
Global Accounting Alliance
The Global Accounting Alliance (GAA) is an international coalition of accounting organisations that was formed in 2006.
The GAA aims to promote standards of quality professional services, support their members, and share information and collabor ...
*
IFACnet
{{Short description, Worldwide accountancy search engine
IFACnet, the KnowledgeNet for Professional Accountants, was the global, multilingual search engine developed by the International Federation of Accountants (IFAC) and its members to provide p ...
*
International Qualification Examination The International Qualification Examination (IQEX) is an examination sat by certain non-U.S. qualified accountants seeking the Certified Public Accountant designation in the United States.
The examination is set by the American Institute of Certif ...
*
University of Queensland Business Association
A university () is an educational institution, institution of higher education, higher (or Tertiary education, tertiary) education and research which awards academic degrees in several Discipline (academia), academic disciplines. Universities ty ...
References
External links
*
Student ChallengeResources (Professional Bodies in Australia)
{{DEFAULTSORT:Institute Of Chartered Accountants Australia
Accounting in Australia
Organisations based in Australia with royal patronage
1928 establishments in Australia
Member bodies of the International Federation of Accountants