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Role of Institute of Chartered Accountants in the Country

It is a very well known fact that the management of finances in any country is important although an arduous task. How good the financial health of a nation is depends a lot on the efficiency of the institute of charted accountants as well as the resources that they have and of course the honesty and the integrity that their members show. The institute of charted accountants is the supreme body that manages the finances of the nation. All the rules and regulations regarding the control as well as the management of the finances and accounts are formulated by the Institute of the chartered accountants in the country.

To further emphasize upon the importance of this institute; this body is constituted under the law passed by the parliament of the country.

The Three Major Functions of the Institute of the Chartered Accountants in the Country are:

  1. The Professional Development
  2. The Regulatory Function
  3. The Advisory Role
This institute is responsible for the education and the professional development of the chartered accountants in the country and to make sure that the students who enroll to become the chartered accountants are given the best curriculum as well as the training so that once they step into the professional field and start their careers they are very much familiar with the ethics, integrity and the knowledge that is very much expected from him. The regulations, rules and procedures are very much in control of the institute of the chartered accountants of the country. Institute of the chartered accountants of a country is the highest and the only responsible body in the nation to formulate laws as well as other statutes related to the charted accountancy profession.

The Institute of Charted Accountants has Different Membership Categories that are:

  1. Members: They have the designation of the CA or CPA after their names
  2. Fellows: These members have the designation of Fellow charted accountants after their name
  3. Affiliate Members: These have five years of experience and are accountants but have not completed the charted accountancy
  4. Teacher of Accountancy: In order to be a teacher of accountancy, the individual must have the doctorate or masters by research with a major in any of the accounting field
  5. Certificate of Public Practice: Individuals or firms who offer their services as chartered accountants to the public
In many cases the institute of chartered accountants have their overseas offices as well where they help train the resources as well as manage the accounts of that country.