World top professional accounting bodies in the world
In the realm of accountancy, several professional accounting bodies hold significant influence worldwide. Let me introduce you to some of the most esteemed ones:
Institute of Chartered Accountants in England & Wales (ICAEW):
- Established in 1880 by Royal Charter under Queen Victoria, ICAEW is one of the oldest and most prestigious chartered accounting bodies globally.
- It has trained and licensed over 181,500 professional members and students across 148 countries.
- ICAEW serves as both a leading professional accounting institution and a regulatory body. It has the authority to investigate and hold members and companies accountable to the law.
- Notably, 83% of the top companies in the UK have an ICAEW-certified chartered accountant on their board of directors.
- Qualifications Offered:
- Associate Chartered Accountant (ACA)
- Certificate in Finance, Accounting, and Business (CFAB)
- Business & Finance Professional (BFP)
The Institute of Chartered Accountants of Scotland (ICAS):
- Founded in 1854 by Royal Charter, ICAS is one of the oldest professional accounting bodies globally.
- With approximately 23,000 members, ICAS acts as an industry regulator and thought leader. It supervises its members and firms across over 100 countries, representing their interests in accountancy, business, and finance while prioritizing the public’s welfare.
American Institute of Certified Public Accountants (AICPA):
- AICPA is the professional organization of Certified Public Accountants(CPA) in the United States of America. It was founded in 1887 as the American Association of Public Accounts(AAPA), and currently has 4,28,000 members in 130 countries. AICPA establishes regulations and standards for the profession of CPA for private companies while monitoring and enforcing compliance. AICPA sets standards in professional ethics, business valuation, financial statement auditing, attest services, and CPA firm quality control. AICPA offers the qualification of Certified Public Accountant.
Remember that each of these bodies contributes significantly to the global accounting profession, and their qualifications are highly respected. The choice of the “best” accounting body may vary based on individual preferences and regional context.
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