So, Who Are We?
It seems appropriate that our first blog post should give a bit of background about our profession, accountancy.
What does a chartered accountant actually do?
Every business organisation, from small companies to big global conglomerates, needs the services of chartered accountants for maintaining their business activities and finances. They handle the accounts of a company – monitoring the details of the incomes and out going costs. In addition, they take care of the policies surrounding financial dealings, and help project the strategic goals of the company.
Here’s why we’re important.
Chartered accountants are known as the founders of the modern accountancy profession. They regulate financial transactions in such a manner that produces a desirable, working equilibrium for a company. In fact, chartered accountants play the role of decision-makers, reliable advisers, and the business leader for their clients. Often you’ll find that, in practice, a chartered accountant assumes the role of a fund manager or the finance director.
So, how does one become a chartered accountant?
Training exists to prepare one to become an Associate Chartered Accountant (ACA). This forms the first step to a promising career in business and finance. The ACA qualification is awarded under the ICAEW after finishing schooling or college studies first. One of the university degrees available is from the Association of Accounting Technicians (AAT).
Various accountancy bodies
Now that you’ve (hopefully) grasped what a Chartered Accountant is, let’s the bodies involved. You have many accountancy bodies in the UK and Ireland. The umbrella organisation that covers all accountancy bodies is the Consultative Committee of Accountancy Bodies (CCAB). And, the oldest body of accountants in the world is the Institute of Chartered Accountants of Scotland (ICAS) – founded back in the 1850’s! The Association of Chartered Verified Accountants (ACCA) is the large accountancy body whose members remain employed in various businesses across the world.