In accounting profession, there is no competitive league table similar to MBA. As such, no accounting body can ethically claim to be the best in the world or equivalent to a MBA in the absence of a fair comparison. Chartered accountant (CA) is a brand originated from British Royal Charter and widely spread in British Commonwealth since its inception in 19th century. It claimed its standard is equivalent to a British degree, if in UK. For non-British nations, CPA brands are the most popular. e.g. CPA (U.S.A.) In 21st century, CPAs or non-Chartered Accountants even in United Kingdom and Australia become the largest bodies in terms of global membership. e.g. ACCA & CPA-Australia. As CAs can now freely merge with or reciprocate with non-CAs or non-audit bodies, we had better stick to equitable treatment of stakeholder concept rather than by pure perceptionor preference. All auditing bodies recognized under statutes should have acceptable quality.
In the United Kingdom, there are five accounting bodies authorized by the Department of Trade and Industry under the Companies Acts to audit the accounts of a business as Registered Auditors. A member of these bodies will generally be known as a graduate member after passing all the necessary exams and then become an Affiliate, Associate or fellow. Their counterpart in U.S.A is called American CPA or CPA of individual state board of accountancy (without mutual recognition agreement at Federal level). He or she should have been trained by a recognized qualifying body (RQB) such as the Association of International Accountants (AIA), Institute of Chartered Accountants of Scotland (ICAS),the Institute of Chartered Accountants in England & Wales (ICAEW), Institute of Chartered Accountants in Ireland or Institute of Chartered Certified Accountants . The primary authority is the Companies Act while the traditional authority is a Royal Charter granted by Her Majesty the Queen. Apart from brand preference, all five registered auditors are with equal status under law, particularly by reference to EU directives for mutual recognition with auditors of all twenty-five EU member states.
In Britain, ICAS is the oldest and smallest of these organisations. The AIA is the youngest with just around 76 years. In terms of number of members, ICAEW is the largest in England and EU while ACCA is the British largest global accounting body. All five British registered auditors are recognized to be a member of the Hong Kong Institute of Certified Public Accountants (HKICPA) subject to certain requirements. As such, "English Chartered Accountant equivalents" in UK are AIA and ACCA, recognised by the DTI, and by mutual recognition agreement with HKICPA, China (as Hong Kong was formerly a British state pre-1997).HKICPA is the only accounting body which gained exemptions from China Institute of Certified Public Accountants, Beijing (CICPA)and with reciprocal with six chartered accountants.
Consumers or employers may be confused by the standing of Chartered Accountants (CA) in various jurisdictions. Three CAs in UK and those in British Commonwealth may not be interchangeable or be regarded as equivalent standards. Many jurisdictions have their own accreditation programs for admission of foreign or out of state accountants for quality assurance.
Similarly in the Republic of Ireland, there are five audit bodies under the Irish Companies Act : the Institute of Certified Public Accountant in Ireland , Institute of Incorporated Public Accountants , ICAI, ACCA, and ICAEW, three of which are the same in the UK. "Irish Chartered Accountant equivalents" in the Republic of Ireland are the CPA (Ireland) and IIPA.
In United Kingdom and Ireland, there are other accounting bodies which have received the Royal charter or Royal Coat of Arms such as CIPFA ,CIMA and ICEA but which are not yet authorised by the DTI to be Registered Auditors. It seems that such bodies will merge with other Registered Auditors in coming years.
EU accountants
Irrespective of brand preference or any traditional constraints, statutory auditors of all 25 EU nations are obliged for absolute mutual recognition under EU Directives. For nations outside EU, EU auditors should receive equitable recognition in line with its status throughout EU.
Canadian accounting bodies
In Canada, there are three recognized accounting bodies. CA (Canadian Institute of Chartered Accountants) is the oldest and the largest, followed by CGA (Certified General Accountants Association of Canada), and CMA (Society of Management Accountants of Canada). CA and CGA were established by Act of Parliament; CMA was established by the Company Act.
Auditing rights are regulated by provincial governments. In British Columbia, the Company Act provides that only CAs, CGAs, or anyone who has been granted an accounting licence by the provincial regulatory body may audit public companies. In Prince Edward Island, only qualified CAs and CGAs can perform public accounting and auditing in accordance with the Public Accounting and Auditing Act. In all other provinces, except Quebec, only qualified CAs, CGAs, and CMAs may audit public companies.
Due to historical and political reasons, Quebec still only allows CAs to audit public companies as of 2005. However, CGAs and CMAs can audit a selected list of public bodies in Quebec. This situation is currently under review and challenge based on the Agreement of Internal Trade (AIT). The size of the accounting bodies varies across Canada. In Ontario and Quebec, CA is substantially bigger than CGA or CMA. In Manitoba, CGA is the largest accounting body, whereas in British Columbia, CA and CGA are about the same size.
In the federal level, all statutes provide equal recognition of all three accounting bodies. Given that most Canadian provinces and statutes provide equitable treatments to CAs, CGAs, and CMAs, the "Canadian Chartered Accountant equivalents" are CGA and CMA.
