Association of Chartered Accountants and the Roles it Plays
One of the premier bodies of association of chartered accountants in the world today is the Association of Certified Chartered Accountants located in UK. This body is one of the premier bodies in the world today that offers various courses as well as qualifications around the world that lead to the certifications in finance. Association of Chartered Certified Accountants has students in around 170 countries and has affiliates as well as members all across the globe.
The term Chartered was granted to the body in the year 1974 by Her Majesty the Queen in the United Kingdom. The term Chartered accountant is a legally protected term and thus anybody who uses the term must be the member of the association of the chartered accountants. While carrying out their responsibilities as the CAs they need to be the members of the ACCA and must follow the regulations of the body like possessing a practicing certificate, submitting to inspections, and should be insured against any liability claim.
In order to be the members of this association of chartered accountants there are certain requirements that need to be followed. These are:
The individuals generally at first register themselves as the student members of the body and qualify the necessary examinations.
Once the students have qualified the examinations they automatically attain the status of Affiliate members.
For the affiliates to attain the full membership status they must provide evidence that they have successfully completed three years of acceptable, supervised, and practical experience in the accountancy role and thus have acquired the requisite standards of competence.
The senior membership of the ACCA or Fellowship is awarded to the CAs with 3 to 5 years of experience, once they have completed three years of membership with the acknowledged continuing professional experience. Members who were admitted to the association before 2002, the fellowship is awarded immediately after five years of continuous membership.
Some of the Countries where the ACCA has Forged Association with the respective Associations are:
There are many other countries with which the ACCA has formed professional associations.