In the UK, there are no licence requirements for individuals to describe themselves or to practice as accountants, but to use the description "Chartered Accountant" they must be members of one of the following organisations:
- the Institute of Chartered Accountants in England & Wales (ICAEW) (designatory letters ACA or FCA);
- the Institute of Chartered Accountants of Scotland (ICAS) (designatory letters CA); or
- the Institute of Chartered Accountants in Ireland (ICAI) (which is a UK body as it operates in Northern Ireland, designatory letters ACA or FCA).
(Although three other UK accounting bodies were also formed by Royal Charter, they grant separate designations to their members.)
The three Institutes above admit members, who become Chartered Accountants, only after passing examinations and undergoing a period of relevant work experience. The ICAEW requires that students complete 15 examinations as well as 450 days of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate continuing professional development. Fully qualified members of the ICAEW and ICAI earn the designation ACA (Associate Chartered Accountant). After 10 years membership, members are invited to apply for fellowship of their Institute and earn the designation FCA (Fellow Chartered Accountant).
Chartered Accountants who engage in public practice work (i.e. providing services to the public rather than acting as an employee) must gain a "practising certificate" by meeting further requirements such as purchasing adequate insurance and undergoing regular inspections.
Chartered Accountants holding practising certificates may also become "Registered Auditors", providing they can demonstrate the necessary professional ability in that area. A Registered Auditor is able to perform statutory financial audits in accordance with the Companies Act 2006.
Further restrictions apply to accountants who work as insolvency practitioners.
British Commonwealth
In the Commonwealth of Nations, which includes the United Kingdom, Canada, Australia, New Zealand, Hong Kong pre 1997 and several other states, commonly recognised accounting qualifications are Chartered Accountant (CA or ACA), Chartered Certified Accountant (ACCA), Chartered Management Accountant (ACMA) and International Accountant (AAIA). Other qualifications in particular countries include Certified Public Accountant (CPA - Ireland and CPA - Hong Kong), Certified Management Accountant (CMA - Canada), Certified General Accountant (CGA - Canada), Certified Practising Accountant (CPA - Australia) and members of the IPA (Australia), and Certified Public Practising Accountant (CPPA - New Zealand).
The United Kingdom
- A Chartered Accountant must be a member of one of the following:
- the Institute of Chartered Accountants in England & Wales (ICAEW) (designatory letters ACA or FCA)
- the Institute of Chartered Accountants of Scotland (ICAS) (designatory letters CA)
- Chartered Accountants Ireland (CAI)
- a recognised equivalent body from another Commonwealth country (designatory letters being CA (name of country) e.g. CA (Canada))
- A Chartered Certified Accountant must be a member of the Association of Chartered Certified Accountants (designatory letters ACCA or FCCA).
- A Chartered Management Accountant must be a member of the Chartered Institute of Management Accountants (designatory letters ACMA or FCMA).
- A Chartered Public Finance Accountant must be a member of the Chartered Institute of Public Finance and Accountancy (designatory letters CPFA).
- An International Accountant is a member of the Association of International Accountants (designatory letters AIAA or FAIA).
- An Incorporated Financial Accountant is a member of the Institute of Financial Accountants (designatory letters AFA or FFA).
- An Associate Professional Accountant is a member of the Institute of Professional Accountants(designatory letters APA-UK or FPA).[3]
- A Certified Public Accountant may be a member of the Association of Certified Public Accountants (designatory letters AICPA or FCPA) or its equivalent in another country.
Excepting the Association of Certified Public Accountants, each of the above bodies admits members only after passing examinations and undergoing a period of relevant work experience. Once admitted, members are expected to comply with ethical guidelines and gain appropriate professional experience.
Chartered, Chartered Certified, Chartered Public Finance, and International Accountants engaging in practice (i.e. selling services to the public rather than acting as an employee) must gain a "practising certificate" by meeting further requirements such as purchasing adequate insurance and undergoing inspections.
The ICAEW, ICAS, ICAI, ACCA, AIA and CIPFA are six statutory RQB Qualification Bodies in the UK. A member of one them may also become aRegistered Auditor in accordance with the Companies Act, providing they can demonstrate the necessary professional ability in that area and submit to regular inspection. It is illegal for any individual or firm that is not a Registered Auditor to perform a company audit.
All six RQBs are listed under EU mutual recognition directives to practise in 27 EU member states and individually entered into agreement with the Hong Kong Institute of Certified Public Accountants (HKICPA).
Further restrictions apply to accountants who carry out insolvency work.
In addition to the bodies above, technical qualifications are offered by the Association of Accounting Technicians, ACCA and AIA, which are respectively called AAT Technician, CAT (Certified Accounting Technician) and IAT (International Accounting Technician).