The Significance of a Professional Body for Certified Public Accountants
Certified Public Accountant or a CPA is a global designation provided by the Institute of Certified Public Accountants to the individuals who have passed the examination conducted by them. This institute or body offers certification to the people meeting specific educational criteria and work experience requirements. Moreover, such professional bodies also provide license to the certified individuals which helps them to practice independently in their country. Apart from this, such professional organizations regularly evaluate the quality of their members and ensure that they abide by a professional code of conduct.
In majority of countries across the world, accounting is self-regulated industry. For instance, in the United States the CPA certification is awarded by the American Institute of Certified Public Accountants. The title of a Certified Public Accountant is used as a public accounting designation in several other countries. Moreover, many nations have specific certifications that are equivalent to the CPA. Likewise, in Canada, the accountants’ equivalent to the CPA is referred to as Chartered Accountant. This designation is awarded by the Canadian Institute of Chartered Accountants, the Canadian equivalent of the Institute of Certified Public Accountants.
The Canadian Institute of Chartered Accountants (CICA) conducts research in the existing business issues and provides support in establishing the standards of accounting, assurance and auditing for the government, not-for-profit organizations ad well as businesses. Moreover, the institute is also involved in publishing professional literature, issuing guidance on governance and control as well as developing constant educational programs. Besides this, the institute is also responsible for representing the Chartered Accountants nationally as well as internationally. The members of this professional body or Chartered Accountants are valued for their expertise and integrity. These professional offer their services to business organizations in different areas such as finance, taxes, law and accounting.
The Canadian Institute of Chartered Accountants has established certain educational and professional criteria for becoming a Chartered Accountant. To qualify as a Chartered Accountant, you need to complete a university degree with certain business course credits as well as professional program. This kind of education helps in providing the basic knowledge required for the profession. Apart from this, you also need to have experience. This implies that you need to undergo professional training under direction of qualified and experienced Chartered Accountants. The training program helps you to develop the attributes, values and skills of a capable Chartered Accountant.