What is the ICAEW?
ICAEW which stands for the Institute of Chartered Accountants in England and Wales is a professional membership organisation of Chartered Accountants, who have met various industry competency standards for practice in the profession.
Founded in 1880, the ICAEW is headquartered in London and is also recognised the world over with divisions in numerous other countries.
The ICAEW provides professional development, and qualifications to help its members pursue successful careers specifically as Chartered Accountants.
Most times, many people confuse Chartered Accountants and regular accountants. The reality is there are distinct differences between both professions.
What are Chartered Accountants?
Chartered accountants are accounting experts that have gone on to achieve an additional Chartered Accounting program with a recognised Chartered Accountant institute or body such as the ICAEW.
The qualification they receive is usually very valued and highly respected within the business community because as a member, the professional has received an even higher level of training and experience.
This additional training and qualification enable a Chartered Accountant to take on a broad range of complex tasks in accountancy.
What are regular accountants?
On the other hand, regular accountants perform more of a transactional financial role and although they have certain specialisations, their certification is much different from the license that Chartered Accountants hold.
Since its founding, the ICAEW has been integral to protecting the quality & integrity of the accountancy profession by promoting the highest standards of professional conduct, ethics, and education, for the ultimate benefit of society.
The ICAEW is a large and fast-growing professional body, with over 153,000 members working in 148 countries, and more than 28,700 students currently training for the ACA qualifications around the world.
Similar to other leading professional associations the ICAEW provides ongoing support to their students and members all over the world, to develop & sharpen the knowledge, skills, and experience they need to perform at the highest level in accounting.
An important function of the ICAEW is the control and administration of the highly respected ACA qualification, for individuals seeking to become an ICAEW Chartered Accountant.
The ICAEW Chartered Accountant (ACA) qualification assures an employer or client that the individual has the relevant skills necessary to succeed and work as an authority in accountancy.
The benefits of choosing an ICAEW Chartered Accountant.
Undoubtedly there are numerous benefits of hiring a regulated Chartered Accountant, especially when seeking specialist advice or services related to accountancy, and here we will discuss some of them:
1. They are well trained
Before an individual can use the designatory letters ACA after their name or qualify as an ICAEW Chartered Accountant, they must complete four integrated components (Practical work experience, ethics & professional skepticism, accountancy, finance, & business modules; and professional development) of the ACA program.
Each component gives students a deep understanding and broadens their knowledge of accountancy, business & finance.
Furthermore, they require at least 3 years of on-the-job training, while passing a series of exams spread across different levels(Certificate, Professional & Advanced).
This makes the ACA qualification an advanced learning and professional development program that helps to build the technical knowledge, professional skills, and practical experience of ICAEW Chartered Accountants.
2. They provide a wide range of professional services
ICAEW Chartered Accountants usually undergo extensive training that allows them to offer a wide range of professional services related to accountancy, acting as a trustee, audit, insolvency, investments, pensions probate, tax, and other areas of advice to both individuals and businesses.
For each type of service, an ICAEW Chartered Accountant will apply turnkey strategies and a unique approach that is result-driven and bound to yield tangible results.
3. They adhere to the highest professional standards
ICAEW Chartered Accountants must obey the ICAEW’s bye-laws and regulations and also provide expert advice and services to the highest professional levels.
The ICAEW proactively monitors the conduct and performance of its members to ensure that they do not deviate from set standards on matters concerning the body’s code of ethics and quality assurance.
Final thoughts:
Now that you know what the ICAEW is and the benefits of choosing an ICAEW Chartered Accountant, then you know that they are indispensable to you as an individual, your business, or your organisation.
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